Figma NYSE: FIG reported second-quarter 2026 revenue of $370 million, up 48% from a year earlier, as the company recorded its third consecutive quarter of accelerating growth and its first full quarter of AI credit monetization.
Co-founder and CEO Dylan Field said companies are “doubling down on Figma” as they adapt product-development workflows for artificial intelligence. The company ended the quarter with $1.7 billion in cash equivalents and marketable securities.
Financial Results and Outlook
Figma’s net dollar retention rate for paid customers with more than $10,000 in annual recurring revenue was 136% in the second quarter. Chief Financial Officer Praveer Melwani said approximately two-thirds of those customers added full seats at renewal, while gross retention remained in the mid- to high-90% range.
Paid customers with more than $10,000 in annual recurring revenue increased 34% year over year, while customers with more than $100,000 in annual recurring revenue rose 46%. International revenue grew 50% from a year earlier.
On a non-GAAP basis, gross profit totaled $314 million, up 40% year over year, and gross margin reached 85%, improving 2.5 percentage points sequentially. Non-GAAP operating income was $36 million, representing a 10% operating margin. Free cash flow was $53 million, or a 14% margin.
Melwani said the company’s annual Config user conference, which drew more than 10,000 community members in San Francisco during the quarter, affected both operating income and free cash flow. Increased AI inference costs were also the largest driver of the year-over-year change in free cash flow.
For the third quarter, Figma forecast revenue of $373 million to $375 million, representing 36% growth at the midpoint. The company raised its full-year revenue outlook by $40 million to a range of $1.463 billion to $1.467 billion, implying 39% growth at the midpoint. It maintained its full-year non-GAAP operating-income outlook of $125 million to $135 million.
Melwani said the full-year revenue increase reflects strength in monetized AI credit consumption, customer conversion and expansion, as well as early signals from recently launched products. However, products still in beta or early-access programs are not included in the outlook because they do not yet consume paid credits.
AI Monetization and Product Expansion
Figma began applying credit limits to all seats in mid-March, with customers able to buy additional credits through add-on subscriptions or pay-as-you-go arrangements. As of the end of the second quarter, more than 80% of paid customers with over $10,000 in annual recurring revenue were consuming AI credits weekly, according to Melwani.
Field said the company is expanding the potential uses of AI across design and software-development workflows. In June, Figma announced Code Layers, a planned early-access feature that will allow interactive code to exist on the Figma canvas, enabling teams to edit code, manipulate it visually and compare code-backed prototypes side by side.
The company is also expanding Figma Make, including an ability introduced in May for teams to work directly in production code bases. Field said 1Password uses Figma from prototyping through code that is deployed to production.
Figma’s Model Context Protocol, or MCP, server is intended to let teams move work between Figma and external tools. Usage of MCP write-to-Figma capabilities rose 75% sequentially in the second quarter, Field said.
Other new capabilities include Figma Motion for animations, Shaders for generating and editing visual effects, and Weave for refining AI-generated visual media on the canvas. Field said these features could expand Figma’s reach to audiences including in-house brand designers and creative agencies.
Agent Adoption and Cost Management
Figma’s agent entered open beta in June. As of July 31, more than half of paid customers with over $10,000 in annual recurring revenue were using the Figma agent weekly, according to Field. More than 20% of weekly credit-consuming users on paid plans were exclusively consuming credits through the agent.
The company also reported that weekly creation of generative plugins had more than doubled from levels before the feature’s launch. Generative plugins allow users to describe a needed tool, which the agent can create for teams to reuse.
Melwani said Figma is investing in model routing, provider optimization and first-party models trained on its design corpus. The company seeks to improve quality and latency while reducing inference costs, though it expects gross margin to vary quarter to quarter as it funds usage of products in beta before monetizing them.
“We do not charge our customers for their usage of products that are currently in beta, and we bear the cost of inference without offsetting consumption revenue,” Melwani said.
Figma has begun rolling out user-level AI credit limits, providing administrators more control over credit allocations. Executives said customers want greater choice, governance and visibility into the return on AI spending.
Leadership Changes
Field announced several leadership transitions. Chief Technology Officer Kris Rasmussen will become chief architect and focus on business-critical engineering challenges, beginning with the Figma agent. The company has started a search for a new CTO, while the engineering teams responsible for AI and editor efforts will report directly to Field in the interim.
Security leader Dev Akhawe will become chief security officer. Chief Product Officer Yuhki Yamashita will depart after seven years to take extended time off, with Chief Design Officer Loredana Crisan expanding her responsibilities to lead the product function. Chief Marketing Officer Sheila Vashee will leave at the end of August, and Chief Communications Officer Nairi Hourdajian will become CMO.
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.
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