Figma earnings: revenue up 43% to $391.4M, outlook raised

Figma reported third-quarter 2026 earnings on November 4: revenue of $391.4 million, up 43%, and a full-year outlook raised by $33 million to $1.497 billion to $1.499 billion. The stock still fell after the close, with MarketWatch saying investors worry that the cost of AI features is high.

The numbers

From Figma's earnings release, for the quarter ended September 30, 2026:

Net dollar retention, which measures how much existing customers spend compared with a year earlier, was 131%. Figma had 16,566 customers paying more than $10,000 a year, and 1,717 paying more than $100,000.

Outlook raised

Figma expects Q4 revenue of $402.0 million to $404.0 million, about 33% growth at the midpoint. For 2026 it now expects revenue of $1.497 billion to $1.499 billion, 42% growth at the midpoint, and non-GAAP operating income of $158 million to $163 million.

The AI numbers

Figma gives usage figures for its AI tools rather than AI revenue. Among customers paying over $10,000 a year, 65% used the Figma agent weekly as of October 31, and more than 80% consumed AI credits. Weekly active users consuming credits rose almost 50% between July 1 and October 31. Usage of the Figma MCP server, which lets outside AI tools read and write designs, tripled from the prior quarter, and write-back usage grew fourfold.

Why the stock fell

Reuters, as summarized by Techmeme, said Figma's 80% gross margin came in below the 81% analysts expected, and that the shares fell more than 6% after hours. MarketWatch wrote that the AI features driving usage are expensive to deliver. Figma's release does not say how much AI costs weigh on margin.

What to watch

The Q4 report will show whether gross margin holds at 80% as AI credit use keeps growing.