Figma, Inc.

Figma reported Q2 revenue of $370 million, up 48% year over year. Non-GAAP gross profit was $314 million, up 40% year over year, and non-GAAP gross margin was 85%, up 2.5 percentage points quarter over quarter. Q2 operating income was $36 million, or a 10% operating margin, and free cash flow was $53 million, a 14% margin. For Q3, management expects revenue of $373 million to $375 million, implying 36% growth at the midpoint. For the full year, Figma raised revenue guidance to $1.463 billion to $1.467 billion, implying 39% growth at the midpoint, and maintained non-GAAP operating income guidance of $125 million to $135 million.

Dylan Field framed the quarter as evidence that Figma’s platform is becoming the ‘canvas for full stack creation,’ with AI, code, motion, shaders and media tools expanding what users can build inside Figma. He emphasized that the company is seeing early promise from AI monetization, with usage patterns that start with a core group and broaden across organizations. His tone was upbeat and strategically expansive, but he also highlighted leadership changes, including a CTO transition, a new CSO, and changes at CPO and CMO.

Praveer Melwani said Q2 was Figma’s first full quarter with AI credit monetization and that the impact was already visible in both revenue and gross profit. He cited revenue of $370 million, gross profit of $314 million, gross margin of 85%, operating income of $36 million, and free cash flow of $53 million, noting that Config and increased inference costs weighed on margins. He said the company ended Q2 with $1.7 billion in cash, cash equivalents and marketable securities, raised full-year revenue guidance by $40 million, and kept full-year operating income guidance at $125 million to $135 million while planning to invest further in product and go-to-market.

Analysts focused on why the Q3 revenue guide looks more conservative sequentially, how to think about the gross margin path, and whether AI product usage is translating into new customer logos or mostly expansion within existing accounts. Management said the guide reflects a conservative philosophy: they are only baking in trends they have high confidence in, while beta and early-access products like Figma agent, Code Layers and Make on local code are not yet monetizing. On margins, they said they are in an investment cycle as new AI surfaces roll out and that monetization should improve gross profit dollars over time as those products move to GA. They also said customers want more control and choice in AI pricing, and that pricing iteration is aimed at improving ROI visibility and lowering adoption barriers.