Figma Q2 Earnings Call Highlights

Figma’s Q2 revenue rose 48% year over year to $370 million , with 136% net dollar retention among larger customers and strong international growth.

The company raised its full-year revenue outlook to $1.463 billion-$1.467 billion while maintaining its operating-income forecast.

AI monetization is gaining traction: more than 80% of larger paid customers used AI credits weekly, while over half used the Figma agent weekly by July 31.

Figma is expanding AI features across design, prototyping and coding workflows, including Code Layers, Figma Make and its MCP server.

Figma is investing heavily in AI infrastructure and beta products, with inference costs pressuring free cash flow and causing quarterly gross-margin variability.

The company also announced leadership changes, including a search for a new CTO and expanded product responsibilities for Chief Design Officer Loredana Crisan.

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.

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.

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 ...