Figma Q4 Revenue Up 40% to $304M, Margins Seen Falling to 8%
Figma's Q4 2025 revenue rose 40% to $304 million, lifting full-year sales above $1.056 billion while net dollar retention hit 136% and international revenue expanded 45%. It projects Q1 2026 revenue of $315-317 million but expects non-GAAP margins to drop from 12% to 8% as AI infrastructure and stock-based compensation investments rise.
1. Q4 Financial Highlights
Figma reported Q4 2025 revenue of $304 million, up 40% year-over-year, and achieved full-year sales of $1.056 billion. Net dollar retention for customers with over $10,000 in ARR reached 136%, while international revenue expanded by 45%.
2. Margin Outlook and Investments
Management expects non-GAAP margins to decline from 12% in 2025 to 8% in 2026, driven by increased spending on AI infrastructure, higher stock-based compensation after its IPO, and costs related to a hybrid monetization model integrating seats and AI credits. The company highlighted that 75% of large customers now use weekly AI credits through Figma Make.
3. 2026 Guidance and Strategic Focus
Figma issued Q1 2026 revenue guidance of $315 million to $317 million and set full-year targets around $1.37 billion. Leadership emphasized a unified platform strategy to integrate design, engineering, and product management and capitalize on AI-native functionality to drive customer engagement.