Figma (NYSE:FIG) reported fourth-quarter and full-year 2025 results that management described as a record close to the year, highlighted by accelerating revenue growth, strong expansion metrics among larger customers, and continued investment in AI-driven product development.
Q4 and full-year financial results
Co-founder and CEO Dylan Field said the company delivered $304 million in Q4 revenue, calling it Figma’s “best quarter yet.” CFO Praveer Melwani added that Q4 revenue grew 40% year over year and came in above the high end of guidance. For the full year, Figma posted $1.056 billion in revenue, up 41% year over year, also above the high end of guidance.
On profitability, management emphasized non-GAAP results. Melwani reported Q4 gross profit of $262 million for an 86% gross margin. Full-year gross profit was $931 million for an 88% gross margin. The CFO said infrastructure optimization helped keep gross margins stable quarter over quarter even as adoption of Make and AI features ramped.
Non-GAAP operating income was $44 million in Q4, representing a 14% operating margin. For full-year 2025, non-GAAP operating income was $130 million, with a 12% operating margin, exceeding the high end of guidance.
Figma reported Q4 adjusted free cash flow of $38 million, for a 13% margin, and ended the year with $1.7 billion in cash, cash equivalents, and marketable securities. Melwani said adjusted free cash flow declined sequentially in Q4 due to continued investment in infrastructure and AI, vendor payment timing, and a one-time $25 million IP transfer tax payment related to the company’s acquisition of Weavy, partially offset by customer collections.
Retention, customer growth, and enterprise expansion
Field said net dollar retention for customers with more than $10,000 in annual recurring revenue increased five points quarter over quarter to 136%. Melwani described that figure as the highest in the last 10 quarters. Gross retention for that same cohort was 97%, which management said reflected the durability of customer relationships.
In Q4, Figma added 951 net customers spending more than $10,000 in ARR and 143 net customers spending more than $100,000 in ARR. Melwani said the $100,000+ tier grew 46% year over year, accelerating three points from Q3. He also noted the company ended the year with 67 customers spending more than $1 million in ARR, up 68% year over year.
Management highlighted examples of seat expansion and broader persona adoption, including product managers and developers. Melwani cited a hyperscaler that doubled its footprint, with over a quarter of new licenses going to product managers, and a top 10 global bank expanding developer seats by 69% as it embedded Figma deeper into engineering workflows. Field and Melwani also pointed to increased engagement with central IT and growing demand for the company’s Governance Plus add-on as enterprises prioritize security, compliance, and centralized governance.
AI, product velocity, and new workflows
Field said 2025 included an expansion “from four to eight products” and more than 200 feature launches, including “AI-native functionality.” He argued that as AI improves, “Figma gets better,” and said the company is shipping faster than ever.
Field also described a new integration launched “just yesterday” that enables users to bring work from Claude Code directly into Figma, sending an app to Figma as editable design layers and then returning refined designs back into code via an MCP server. He positioned it as part of a broader push for a “round trip” workflow between code and design, building on the existing Dev Mode MCP that supports going from canvas to code.
On AI usage, Melwani said that at this time last year the company had no customers consuming AI credits, but as of the call it was seeing approximately 75% of paid customers with more than $10,000 in ARR consuming AI credits weekly, with adoption continuing to ramp.
Figma Make adoption and broader user personas
Field and Melwani said Figma Make saw a surge in Q4. Weekly active users grew over 70% quarter over quarter, and management said that as of Q4, over 50% of paid customers spending more than $100,000 in ARR were building in Figma Make weekly. Field also said nearly 60% of Make files created in 2025 were created by non-designers, including developers, product managers, and marketers.
Field shared customer examples from Cisco and Flexport to illustrate how Make is being used to accelerate iteration, align teams, and build working prototypes quickly. He also said Figma is focused on tighter integration between Make and Figma Design, noting that in Q4 over 80% of Make weekly active users on full seats also used Figma Design, and pointing to features such as copying UI generated in Make as layers into Design and embedding Make files as prototypes on the Design canvas.
Acquisition, creative tooling, and 2026 outlook
Field highlighted new and enhanced creative capabilities, including AI image editing updates that were used more than 10 million times in “just a matter of weeks,” and new vector features in Figma Draw, such as Vectorize. He also discussed the company’s Q4 acquisition of Weavy, now called Figma Weave, which he said expands AI image, video, animation, and motion generation within the platform.
For guidance, Melwani said Figma expects Q1 2026 revenue of $315 million to $317 million, implying 38% growth at the midpoint. For full-year 2026, the company guided revenue to $1.366 billion to $1.374 billion, implying 30% growth at the midpoint.
Melwani also said the company expects full-year 2026 non-GAAP operating income of $100 million to $110 million, or an 8% operating margin at the midpoint, reflecting plans to accelerate investment in AI and inference while building the team and go-to-market motion. He added that the business expects adjusted free cash flow to be “relatively consistent” with non-GAAP operating profit for the year, and noted seasonality tied to the company’s Config user conference, which has historically impacted Q2 operating income.
Finally, Melwani said the company’s revenue model will shift in March to monetizing both seats and credits, a dynamic not reflected in historical results. He characterized the move as a hybrid approach supported by telemetry and structured through add-on packs that co-term with subscriptions as well as pay-as-you-go options intended for burst usage.
About Figma (NYSE:FIG)
Figma is a San Francisco–based software company that offers a web-based platform for interface design, prototyping and collaboration. Its flagship product, Figma, enables teams to create and refine user interfaces, vector graphics and design systems directly in a browser, eliminating the need for local installations. The platform’s real-time collaboration features allow multiple stakeholders—designers, developers and product managers—to edit and comment simultaneously, streamlining workflows and reducing version control issues.
In addition to its core design tool, Figma provides FigJam, a digital whiteboarding solution that facilitates brainstorming sessions, wireframing and diagramming.
