FIGNYSEServices-Prepackaged SoftwareUS GAAP · USD

Figma, Inc.

Figma, Inc. builds a cloud-based, AI-powered platform for designing, prototyping, and shipping digital products and experiences. Its tools let designers, developers, product managers, marketers, writers, and other collaborators work together in one browser-based workspace from idea through implementation.

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Revenue1,056m USD
+41.0 %y/y
Operating profit (EBIT)-1,290m USD
−47.1 %y/y
EBIT margin-122.2%
−5.1 ppy/y
Net income-1,250m USD
−70.8 %y/y
Free cash flow246m USD
+486.6 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-1,500-1,000-50005001,0001,500m USD2023: 505 m USD2023: EBIT -73 m USD20232024: 749 m USD2024: EBIT -877 m USD20242025: 1,056 m USD2025: EBIT -1,290 m USD20251,056-1,290
RevenueOperating profit (EBIT)
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Business

Share of revenue
Core design platform55 %

Browser-based tools for UI/UX design, prototyping, and shared product workflows.

Collaboration and ideation15 %

Whiteboarding and cross-functional planning tools used before and during product creation.

Developer handoff and workflow10 %

Features that connect design files to engineering implementation and product delivery.

Content and publishing tools10 %

Newer products for slides, websites, and branded content creation.

Enterprise governance and security10 %

Admin, permissioning, and compliance features for larger and more regulated customers.

Customers

Figma sells subscriptions to individuals, freelancers, small teams, and large enterprise product organizations that need a shared system for designing and building digital products. Its user base spans designers and non-designers, including developers, PMs, researchers, marketers, writers, and security-conscious organizations such as government and regulated industries. The company uses both self-serve and direct sales motions, with paid seats and plan upgrades driving expansion inside customer accounts.

Individuals and freelancers

Buy Starter or low-tier paid seats to create personal projects and learn the platform.

Small teams and startups

Buy Professional seats for collaborative design libraries, unlimited files, and team workflows.

Enterprise product organizations

Buy Organization plans and add-ons for centralized admin, security, and multi-team collaboration.

Government and regulated industries

Buy compliant, secure deployments and governance features to meet procurement and policy needs.

Cross-functional non-design users

PMs, developers, researchers, marketers, and writers use the platform to collaborate on product delivery.

Strategy

Figma is expanding from a design tool into a broader system of record for product creation, adding products that cover ideation, handoff, publishing, and governance. The company is also investing in AI, enterprise security, and integrations so it can sit inside existing workflows and deepen retention across teams.

Broaden the platform beyond design into adjacent workflow toolsMedium term

More products increase seat usage, retention, and the chance to become the system of record.

Invest in AI-powered product creationShort term

AI can lower friction for non-designers and improve speed across the product lifecycle.

Win larger and more regulated customersMedium term

Enterprise and public-sector accounts support higher seat counts and longer retention.

Deepen ecosystem integration and community adoptionShort term

Integrations and community reduce switching risk and expand usage into daily workflows.

Geography

Q1/2026

Figma serves customers across the United States and internationally, with a community footprint that includes Friends of Figma chapters from Lagos to Los Angeles. The reports do not provide a country revenue split, but they show broad usage across industries and geographies and note sales to U.S. federal, state, local, and foreign governmental entities. Geography matters mainly through compliance, localization, and data-security requirements, especially for regulated and public-sector customers.

Other countries (US filing)53 %
United States47 %

Share of the revenue the company reports by geography.

Risks

Figma faces execution risk from rapid growth, product expansion, and the challenge of scaling a collaborative platform across many user types. It also has meaningful exposure to cybersecurity, privacy, and government-regulatory requirements because the platform stores sensitive customer data and serves regulated and public-sector users. Competition is intense and the company must keep innovating in AI, workflow integration, and enterprise controls to defend adoption and pricing power.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Security and privacy breaches1Rapid growth and scaling complexity2Competitive pressure3Government and regulated-industry compliance4AI and intellectual property uncertainty5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Security and privacy breachesImpact: CriticalLikelihood: Medium

    The platform hosts and transmits proprietary and sensitive customer data, so any breach could cause legal and reputational damage.

    ExposureCustomer filesCollaboration dataThird-party processors
  2. Rapid growth and scaling complexityImpact: HighLikelihood: Medium

    The company has grown quickly, which can strain operations, product quality, and go-to-market execution.

    ExposureCustomer supportProduct developmentSales scaling
  3. Competitive pressureImpact: HighLikelihood: Medium

    The market for design and collaboration software is crowded and fast-moving, including AI-enabled alternatives.

    ExposurePricingProduct differentiationCustomer retention
  4. Government and regulated-industry complianceImpact: HighLikelihood: Low

    Sales to public-sector and regulated customers require certifications and ongoing compliance, which can be expensive and time-consuming.

    Exposure: FedRAMP and other security requirements

  5. AI and intellectual property uncertaintyImpact: MediumLikelihood: Medium

    The company is building AI features in an area where copyright and ownership rules are still evolving.

    Exposure: Product development and legal exposure

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Accounting

Judgemental items
Revenue recognition for subscriptions

Revenue is recognized ratably over the contract term, while customers are typically invoiced in advance.

Impact: Creates deferred revenue and timing differences between cash and reported sales

Deferred revenue and seat expansion

Additional seats added during a quarter are invoiced at quarter-end for some customers.

Impact: Can cause quarterly revenue and billings to move differently

Stock-based compensation

IPO- and RSU-related compensation can be large and volatile.

Impact: Affects operating margin and comparability across periods

Capitalized internal-use software

Development costs for internal-use software are capitalized and amortized over time.

Impact: Shifts expense recognition between periods

Acquired intangibles and customer relationships

Acquisitions can create amortization expense and valuation judgments.

Impact: Affects operating expenses and future impairment risk

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Last updated: 24/09/2026

Figma, Inc. (NYSE) – Services-Prepackaged Software | Financial Analysis – Clarifo