Figma Q4 Revenue Soars 40% to $303.8M, Guides 8% 2026 Margin
Figma reported Q4 revenue of $303.8 million, up 40% year-over-year, driving full-year revenue to $1.056 billion with 88% gross margins and 53% Rule of 40 score. The company achieved 136% net dollar retention in 1,405 customers over $100,000 ARR and guides 8% operating margin in 2026 due to AI investments.
1. Q4 2025 Financial Results
Figma generated Q4 revenue of $303.8 million, marking 40% year-over-year growth, and achieved full-year revenue of $1.056 billion with 88% gross margins and Rule of 40 performance of 53%.
2. Customer Expansion and Retention
The company’s net dollar retention rate reached 136%, with 1,405 customers generating over $100,000 in ARR and 67 customers exceeding $1 million ARR, reflecting deepening enterprise penetration.
3. AI Investments and Margin Guidance
Management forecasted a 2026 operating margin of approximately 8% due to increased investment in AI-driven products like Figma Make and Claude Code integration, aiming to embed AI across collaborative workflows.
4. Valuation and Growth Outlook
With $1.7 billion in cash, forward EV/Sales of about 7.5x based on 2026 guidance of $1.37 billion, Figma appears attractively valued among high-growth SaaS peers, supported by potential AI monetization and 30%+ growth trajectory.