Figma, Inc. Q4 FY2025 earnings call

• 2025 was a significant year for Figma, with Q4 being the best quarter ever, having $304 million in revenue and a 40% year-over-year growth. The net dollar retention rate for customers with over $10k ARR increased by 5 percentage points quarter-over-quarter to 136%. It generated cash with a non-GAAP operating margin of 14% and an adjusted free cash flow margin of 13%, ending the year with $1.7 billion in cash, etc. • Carried the momentum into 2026, launching the ability to bring work from Claude Code into Figma. • In Q4, usage of Figma Make saw a surge, with weekly active users growing over 70% quarter-over-quarter. Over 50% of paid customers spending more than $100,000 in ARR were building in Figma Make weekly, and nearly 60% of Figma Make files in 2025 were created by non-designers. • Acquired Weavy, now Figma Weave, which expands creative work in Figma. • Examples of customer adoption include Cisco and Flexport using Figma Make to drive speed and innovation. • Focused on completing the loop from design to production with the Dev Mode MCP, with GitHub using Figma for design system evolution. • Enhanced AI image editing capabilities, which were used over 10 million times in weeks, and introduced new vector functionality in Figma Draw.

In Q4 2025, Figma delivered $304 million in revenue, marking a 40% year-over-year growth. The net dollar retention rate for customers with over $10,000 in ARR stood at 136%, a 5-percentage point increase quarter-over-quarter. Gross profit for Q4 was $262 million, with a gross margin of 86%. For the full year 2025, revenue reached $1.056 billion, up 41% year-over-year. The net dollar retention rate for paid customers spending more than $10,000 in ARR ended Q4 at 136%, and the gross retention rate was 97%. International revenue grew 45% year-over-year, accounting for 54% of Q4 revenue. Non-GAAP operating margin for Q4 was 14%, and full-year operating income was $130 million, exceeding guidance.

• For 2026 Q1, revenue is expected to be in the range of $315 million to $317 million, implying a 38% growth at the midpoint. Full-year 2026 revenue is anticipated to be between $1.366 billion to $1.374 billion, implying a 30% growth at the midpoint. • Full-year 2026 non-GAAP operating income is expected to be between $100 million and $110 million, representing a non-GAAP operating margin of 8% at the midpoint. • Adjusted free cash flow is expected to be relatively consistent with non-GAAP operating profit for the full year. March 2026 will see the model shift to monetizing both seats and credits, not reflected in historical revenue results. Plan to refine assumptions in the months ahead based on customer consumption behavior and AI adoption.

Q: Arjun Bhatia inquired about the perspective on agentic layer offerings and UI/UX.

A: Dylan Field stated that humans will continue to use software, agents will too, design remains important with the need for visual interfaces, and new interaction paradigms will emerge.

Q: Michael Turrin asked about Figma Make user types and free cash flow.

A: Dylan Field mentioned seeing product managers and others using Make, while Praveer Melwani said free cash flow was impacted by AI investment, vendor payments, etc.

Q: Keith Weiss asked about the Claude integration and price increases.

A: Dylan Field said design is non-verifiable so focus on that, and Praveer Melwani said pricing changes ramped with a waning benefit later.

Q: Gabriela Borges asked about the implications of Figma adoption and budget.

A: Dylan Field said responsibilities were blurring, and Praveer Melwani said pitching to IT for broader budget.

Q: Rishi Jaluria asked about partnerships and revenue mix.

A: Dylan Field said focusing on the round trip and model capabilities, and Praveer Melwani said studying usage and monetization mix.

Q: William Fitzsimmons asked about operating income and OpEx.

A: Praveer Melwani said investing in AI with the goal of durable growth, and Dylan Field said putting foot on gas for the future.

Q: John McShane asked about the Claude Code integration, Make, Draw, Buzz, and Sites.

A: Dylan Field said the Claude Code was early, Make was getting attention, and Draw, Buzz, Sites were early with promising traction.

Q: Aleksandr Zukin asked about product usage surprises and Make contribution.

A: Praveer Melwani said Make had momentum, and AI features were baked into guidance based on trends