Illustrative board pack, built by SnapHost from public filings. Not prepared by or affiliated with Figma, Inc.
Figma
Q2 2026
A board style review of the quarter ended 30 June 2026, the outlook for the rest of the year and five questions worth asking. Every figure comes from Figma's published results.
Of every $100 of Q2 revenue (non-GAAP)
Growth accelerated to 48%. The guide says 36% next quarter. That gap is the board's conversation.
The live version of this pack is interactive: toggles, a what-if slider and a link for every slide.
02 The quarter at a glance
Revenue up 48% to $370.1m, $21.1m above the guide midpoint
Switch the comparison and every tile follows. A PDF would need a second page for it.Not possible in a PDF
Source: Figma Q2 2026 and Q1 2026 results releases (8-K). Operating income and free cash flow are non-GAAP as Figma defines them. Net dollar retention covers customers above $10k ARR.
03 Growth
Growth accelerated for a third straight quarter, to 48%
Quarterly revenue is up 86% since Q3 2024. The hatched column is the midpoint of Figma’s Q3 guide, which implies 36% growth.
Switch to “Added each quarter” to see what the Q3 guide really implies. Hover any column for the exact figure.Not possible in a PDF
Live version: switch to the dollars added each quarter.
Source: Figma results releases Q3 2025 to Q2 2026 and the Q2 2026 outlook ($373.0m to $375.0m). Q3 2024 revenue as stated in the Q3 2025 release.
04 The guide
Figma has beaten its revenue guide by 3.7% to 6.0% in each of the last three quarters
If Q3 lands where the guide points, growth drops to 36%. Apply any of Figma's last three beats and it lands between 41% and 45%.
Drag the slider and the readout and the Q3 column follow. Arithmetic on the guide, not a forecast.Not possible in a PDF
Live version: drag a slider to apply any beat to the Q3 guide.
Source: quarterly guidance in the Q3 2025, Q4 2025, Q1 2026 and Q2 2026 releases (Q4 2025 guide $292m to $294m, Q1 2026 $315m to $317m, Q2 2026 $348m to $350m, Q3 2026 $373m to $375m) against reported revenue.
05 The number to watch
The Q3 guide adds $3.9m to Q2. The last three quarters each added between $29.6m and $36.6m.
Management said the outlook leaves out AI products still in beta that do not yet draw paid credits. Either the guide is prudent, or growth is about to step down. Q3 results are expected in early November.
06 Profitability
Operating margin more than doubled to 9.8%, despite giving up 4.9 points of gross margin
AI inference made each dollar of revenue more expensive to serve. Operating leverage in every expense line paid for it, most of all in G&A.
Switch between the quarter and the half year. Hover a row for how each step is worked out.Not possible in a PDF
Source: Figma Q2 2026 release, reconciliation of GAAP to non-GAAP results (three and six months). Calculations by SnapHost.
07 Margins over time
Gross margin gave up 9 points to AI inference, then won 2.5 back once credits were charged
AI credit limits started on 18 March 2026. Beta products are still served free, so management expects the margin to move quarter to quarter.
Live version: switch between gross, operating and free cash flow margin.
Source: Figma results releases Q1 2025 to Q2 2026; Q3 2025 derived as the full year less the other three quarters. Q2 2026 earnings call for the comment on beta products.
08 Customers
The biggest accounts compound fastest: customers above $100k ARR are up 46%
Retention held at 136% and more than 80% of customers above $10k ARR used AI credits every week. Additions above $10k slowed to 746, the fewest of the four quarters shown.
Above $10k ARR
Above $100k ARR
Live version: switch the columns to customers added each quarter.
Source: Figma results releases Q3 2025 to Q2 2026; Q2 2025 counts as reported with Q3 2025 results. Retention and AI credit use from the Q2 2026 release. ARR is annual recurring revenue.
09 Stock pay and dilution
Stock pay fell to 40% of revenue from 72% two quarters ago, mostly in R&D; G&A barely moved
Stock pay is almost the entire gap between a GAAP operating loss of $117.3m, a (32%) margin, and non-GAAP operating income of $36.1m. G&A stock pay of $64.9m was larger than all non-GAAP G&A spend of $39.4m.
Pick a quarter, or point at a slice to see its share. Basic shares rose 3.2% in two quarters.Not possible in a PDF
Live version: step through Q4 2025, Q1 2026 and Q2 2026.
Source: Figma results releases Q4 2025, Q1 2026 and Q2 2026, stock based compensation note to the statements of operations; weighted average basic shares 511.0m, 523.5m and 527.5m.
10 Cash
Tax paid on vesting employee shares, $161.6m, absorbed all of H1's $141.8m free cash flow
Figma settles vesting shares net, paying the employees' tax in cash instead of issuing those shares. Option exercises and the employee share plan brought $60.5m back. Total cash and securities stand at $1.67b, with no debt.
Live version: switch between the half year and the quarter.
Source: Figma Q2 2026 release, condensed statements of cash flow (three and six months to 30 June 2026). "Securities and other" nets purchases, maturities and sales of marketable securities, intangible purchases and other items.
11 Outlook
The full year guide implies H2 growth of 31.8% and a 5.5% margin, after 47.2% and 12.5% in H1
The revenue guide was raised twice this year, by $55m in May and $40m in August. The operating income guide has not moved since May, so the second half carries the investment.
H1 2026, reported
H2 2026, implied by the guide
Live version: test the low end and high end of the guide range.
Source: full year 2026 outlook in the Q4 2025, Q1 2026 and Q2 2026 releases (August: revenue $1.463b to $1.467b, non-GAAP operating income $125m to $135m). H2 equals the full year guide less reported H1. Calculations by SnapHost.
12 Risks and questions
Five questions for the board
The midpoint implies 36.4% growth after 48.2%. Figma beat by 3.7% to 6.0% in each of the last three quarters, and says beta AI products are not in the guide.
Non-GAAP cost of revenue grew 118% against revenue at 48%. Credits recovered 2.5 points in Q2; new beta products are served free until they are monetised.
Revenue plus the change in deferred revenue grew 33.7% in Q2; deferred revenue was flat after rising $26.5m a year earlier. A rough proxy that billing timing and usage credits can move.
Stock pay ran at 40% of revenue, basic shares rose 3.2% in two quarters, and tax on net settled shares exceeded free cash flow in H1.
Q1 added 1,357. Reported growth rates imply Q2 2025 added about 800, so part of the dip looks seasonal; $100k+ additions also eased, from 143 to 110.
Source: Figma results releases Q3 2025 to Q2 2026 and statements of cash flow; Q2 2026 earnings call as reported. Billings proxy and seasonality estimate by SnapHost.
13 About this pack
Why this board pack is a page, not a PDF
Same numbers, same slides. The difference is what a director can do with them between meetings.
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14 Summary
Four numbers to take into the meeting
- 48%revenue growth to $370.1m, the third straight quarter of acceleration and $21.1m above the guide midpoint.
- $3.9mof revenue added in the Q3 guide. Figma beat by 3.7% to 6.0% in each of the last three quarters.
- 9.8%non-GAAP operating margin, more than double a year ago, while AI inference took 4.9 points of gross margin.
- $161.6mof tax on vesting employee shares in H1, more than the $141.8m of free cash flow.
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Sources: Figma results releases for Q3 2025 (5 Nov 2025), Q4 2025 (18 Feb 2026), Q1 2026 (14 May 2026) and Q2 2026 (5 Aug 2026), filed on Form 8-K; Q2 2026 earnings call as reported. US dollars; non-GAAP measures as Figma defines them. Analysis by SnapHost. Illustrative only, not affiliated with Figma, Inc. and not investment advice.