Figma Q3 2026 earnings review

Revenue rose 42.8% and beat consensus by 4.0%, a clear beat.

Figma · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Figma Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Figma (FIG) Q3 2026 earnings review

Revenue rose 42.8% and beat consensus by 4.0%, a clear beat

  1. 1.Revenue rose 42.8% to $391.4M, above the top of prior guidance
  2. 2.Non-GAAP EPS of $0.10 beat the $0.05 consensus (Seeking Alpha)
  3. 3.Non-GAAP gross margin fell 435 bps to 82.0%
  4. 4.FY revenue outlook raised by $33M to a $1,498M midpoint
  5. 5.Q4 revenue outlook midpoint implies 32.7% growth, a slowdown
  6. 6.Shares closed at $22.13 on Nov 4 and traded at $20.76 after hours

Note: The after-hours price (4:27 PM ET) is not a close.Source: Figma Form 8-K, Nov 4, 2026; Seeking Alpha; Yahoo Finance prices, Nov 3–4, 2026

2

2 · Executive summary

Q3 revenue beat consensus by 4.0% and non-GAAP EPS doubled the estimate

Q3 2026 results vs. consensus (Seeking Alpha; Investing.com, Nov 4, 2026)

MetricActualConsensusVarianceResult
Revenue (Seeking Alpha)$391.4M$376.4M+$15.0M / +4.0%Beat
Non-GAAP EPS (Seeking Alpha)$0.10$0.05+$0.05 / +100.0%Beat
Non-GAAP EPS (Investing.com)$0.10$0.05+$0.05 / +100.0%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

Figma (NYSE)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours move
FIG$21.03$22.13$20.76-6.2%

After-hours price at 4:27 PM ET, not a close. Nov 4 regular session: +5.2%, before the release.

Note: Revenue consensus is implied from Seeking Alpha’s stated beat. No LSEG figure was found.Source: Figma Form 8-K, Nov 4, 2026; Seeking Alpha, Nov 4, 2026; Investing.com, Nov 4, 2026; Yahoo Finance prices

3

3 · Q3 results vs. consensus

FY revenue outlook rose $33M, but Q4 implies growth slows to 33%

Outlook (earnings release, Nov 4, 2026)

MetricLowHighMidpointComparison
Q4 revenue$402M$404M$403M+32.7% YoY
FY revenue$1,497M$1,499M$1,498M+$33M raise
FY non-GAAP operating income$158M$163M$161M10.7% margin

Implied Q4 profit (analysis)

MetricValue
Implied Q4 non-GAAP operating income$25.3M
Implied Q4 non-GAAP operating margin6.3%
Change vs. Q3 margin-574 bps

Note: Implied Q4 is the FY midpoint less 9M actuals. No Q4 consensus was found, so guidance is not scored.Source: Figma Form 8-K, Nov 4, 2026; Q4 2025 revenue, Feb 18, 2026 release via CNBC; analysis of company data

4

4 · Q4 and FY 2026 outlook

Revenue rose 42.8% and non-GAAP operating income rose 38.1%

  1. Growth well above guidanceRevenue of $391.4M beat the top of prior guidance by $16.4M.
  2. GAAP loss narrowedGAAP operating loss was ($119.2M), against ($1,137M) a year ago.
  3. IPO-year stock pay fell awayStock-based compensation fell to $158.6M from $1,138M.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$274.2M$391.4M42.8%
Non-GAAP gross profit$236.9M$321.1M35.6%
Non-GAAP operating income$34.0M$47.0M38.1%
Free cash flow$49.0M$41.5M(15.4%)
Non-GAAP diluted EPS$0.10$0.10

Note: Non-GAAP figures follow Figma’s own definitions. Q3 2025 included IPO-related stock pay.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

5

5 · Q3 key financials

Customers above $10K ARR reached 16,566, with 131% net dollar retention

Customer metrics

As of Sep 30, 2026

MetricSep 30, 2026Added in 12 months
Paid customers above $10K ARR16,566More than 3,650
Paid customers above $100K ARR1,717More than 450
Net Dollar Retention Rate131%
65% of customers above $10K ARR used the Figma agent weekly“As code becomes a commodity, value is moving up the stack to design.” Dylan Field, CEO

Note: ARR is annual recurring revenue. Agent usage is weekly, as of Oct 31, 2026, as the company reports it.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

6

6 · Customers and retention

Stock pay of $159M turned a GAAP loss into $47M non-GAAP profit

GAAP operating loss to non-GAAP operating income

$M, Q3 2026

$M · GAAP loss: -$119.2M$M · Stock pay: $158.6M$M · Other items: $7.6M$M · Non-GAAP: $47.0MGAAP lossStock payOther itemsNon-GAAP-$150.0M-$100.0M-$50.0M$0.0M$50.0M$100.0M-$119.2M$158.6M$7.6M$47.0M
Stock pay was 41% of revenue, from 415%

Note: Other items are payroll taxes on stock, amortization and acquisition costs.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

7

7 · Operating profit bridge

8 · Non-GAAP expenses

Net loss narrowed to ($81.3M) from ($1,097M), mainly lower stock pay

GAAP net loss bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: -$1,097M$M · Operating loss: $1,018M$M · Other income: $18M$M · Income tax: -$20M$M · Q3 2026: -$81MQ3 2025OperatinglossOther incomeIncome taxQ3 2026-$1,200.0M-$1,000.0M-$750.0M-$500.0M-$250.0M$100.0M$1,018M$18M-$20M-$81M
Operating loss shrank by $1,018M

Note: Q3 2025 stock pay was lifted by IPO-related awards.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

9

9 · Net loss bridge

Non-GAAP gross margin fell 435 bps to 82.0%, a margin squeeze

Margins to revenue

%, Q3 2025 vs. Q3 2026

GAAP gross margin · Q3 2025: 69.4%GAAP gross margin · Q3 2026: 80.3%Non-GAAP gross margin · Q3 2025: 86.4%Non-GAAP gross margin · Q3 2026: 82.0%Non-GAAP operating margin · Q3 2025: 12.4%Non-GAAP operating margin · Q3 2026: 12.0%Q3 2025Q3 20260%25%50%75%100%69.4%80.3%86.4%82.0%12.4%12.0%
Non-GAAP operating margin held at 12.0%

Note: Non-GAAP gross margin excludes stock pay, related payroll taxes and amortization.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

11 · Free cash flow

12 · Operating cost ratios

Cash and securities of $1.72B with no debt, a strong balance sheet

Cash and deferred revenue

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$403M$508M
Marketable securities$1,252M$1,212M
Deferred revenue$595M$627M
Total stockholders’ equity$1,511M$1,544M
Deferred revenue rose by $31M since Dec 31

Note: The balance sheet shows no borrowings at Sep 30, 2026.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

13

13 · Balance sheet

Q4 guidance implies 33% growth, a step down from 43%

Indicator
What to watch
Implication
Latest reading
Revenue growth
Slowing pace
Q4 guide midpoint
$403M
Gross margin
AI cost pressure
Non-GAAP margin
82.0% in Q3
Retention
Seat expansion
Net dollar retention
131% at Sep 30
AI credits
New monetization
Customers above $10K using credits
Over 80%

Note: These are analytical watch points, not company targets.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: customer and AI usage detail

ClaimEvidenceCalculation
Paid customers above $10K ARR16,566As of Sep 30, 2026
Paid customers above $100K ARR1,717As of Sep 30, 2026
Net Dollar Retention Rate131%As of Sep 30, 2026
Weekly Figma agent users, $10K+ customers65%As of Oct 31, 2026
AI credit users, $10K+ customersOver 80%As of Oct 31, 2026

ARR is annual recurring revenue. Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

15

15 · Appendix: Customer metrics

Appendix: profit and non-GAAP detail

ClaimEvidenceCalculation
GAAP operating margin improved(415%) to (30%)Loss from operations to revenue
GAAP gross margin rose69.4% to 80.3%Statements of operations
Non-GAAP net income fell$62.4M to $53.7MNon-GAAP reconciliation
GAAP net loss per share narrowed($2.72) to ($0.15)Basic and diluted
Other income rose$29.3M to $47.3MIncludes equity investment gains

Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

16

16 · Appendix: Profit detail

Appendix: GAAP operating expense detail

ClaimEvidenceCalculation
GAAP R&D fell$680.9M to $205.2MStatements of operations
GAAP sales and marketing fell$274.8M to $130.7MStatements of operations
GAAP G&A fell$371.4M to $97.7MStatements of operations
Total operating expenses fell$1,327.1M to $433.6MStatements of operations
Cost of revenue fell$83.9M to $77.0MStatements of operations
Depreciation and amortization rose$4.4M to $5.5MStatements of cash flows

Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

17

17 · Appendix: GAAP expenses

Appendix: cash flow and share detail

ClaimEvidenceCalculation
Operating cash flow fell$51.2M to $48.4MStatements of cash flows
Capital expenditures rose$1.7M to $6.9MStatements of cash flows
Basic and diluted shares rose403M to 532MGAAP weighted average
Non-GAAP diluted shares rose472M to 551MNon-GAAP share count
Free cash flow fell$49.0M to $41.5MNon-GAAP reconciliation
Cash and securities rose$1,656M to $1,720MDec 31, 2025 to Sep 30, 2026

Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

18

18 · Appendix: Cash and shares

Appendix: income statement and non-GAAP detail

GAAP income statement, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Revenue$274.2M$391.4M42.8%
Gross profit$190.3M$314.4M65.2%
Total operating expenses$1,327.1M$433.6M
Loss from operations($1,136.8M)($119.2M)

Loss from operations to non-GAAP operating income, $M

$MQ3 2025Q3 2026
Loss from operations($1,136.8M)($119.2M)
Stock-based compensation$1,138.3M$158.6M
Other items$32.5M$7.6M
Non-GAAP operating income$34.0M$47.0M

Note: Other items are payroll taxes on stock, amortization, impairment and acquisition costs.Source: Figma Form 8-K, Nov 4, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Filing: Figma Form 8-K, Nov 4, 2026 (accepted 4:07 PM ET) — https://www.sec.gov/Archives/edgar/data/1579878/000162828026070133/0001628280-26-070133-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1579878/000162828026070133/q326pressrelease.htm
  • Q3 consensus: Seeking Alpha, Nov 4, 2026, 4:11 PM ET — https://seekingalpha.com/news/4665586-figma-inc-non-gaap-eps-of-0_10-beats-by-0_05-revenue-of-391_4m-beats-by-14_97m
  • Q3 EPS consensus check: Investing.com, Nov 4, 2026 — https://in.investing.com/news/stock-market-news/figma-earnings-on-deck-can-ai-products-offset-competition-93CH-5680410
  • Q4 2025 revenue: CNBC, Feb 18, 2026 — cnbc.com/2026/02/18/figma-fig-q4-earnings-report-2025.html
  • Share price: Yahoo Finance FIG, Nov 3 and Nov 4 closes and Nov 4 after-hours (4:27 PM ET) — https://finance.yahoo.com/quote/FIG/
  • No Q4 consensus was found, so guidance is not scored.
  • Times are US Eastern. The after-hours price is not a close.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Figma's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (Seeking Alpha, Investing.com) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Non-GAAP gross profit, operating income, net income, EPS and free cash flow follow Figma's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Figma, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available shortly after the release on November 4, 2026, including the November 4 close.

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21

21 · Disclosures

Sources

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