Figma Q2 Earnings Call Puts AI Monetization Broadening in Focus
Figma, Inc. FIG used its second-quarter 2026earnings callto frame AI consumption as the next expansion layer on top of seat growth, while noting that several new AI products still do not draw paid credits.
Management raised its 2026 revenue outlook after the first full quarter of AI credit monetization, but analysts focused on the modest sequential third-quarter guide and the gross-margin cost of funding beta products before monetization.
Figma Sees AI Monetization Broadening
CEO Dylan Field said the second quarter marked Figma’s first full quarter of AI monetization and described adoption as following a familiar pattern: concentrated usage among power users that broadens across organizations.
CFO Praveer Melwani said more than 80% of paid customers with over $10,000 in ARR were consuming AI credits weekly. Net dollar retention remained 136%, while roughly two-thirds of those customers added full seats at renewal.
Non-GAAP EPS of 8 cents topped the Zacks Consensus Estimate of 4 cents. Revenues of $370.10 million exceeded the consensus mark of $350.80 million and rose 48% year over year.
Figma, Inc. Price, Consensus and EPS Surprise
Figma, Inc. price-consensus-eps-surprise-chart | Figma, Inc. Quote
FIG Expands the Full-Stack Creation Push
Field positioned Code Layers, Figma Make and the MCP server as core pieces of Figma’s move toward a full-stack creation canvas. Write-to-Figma MCP usage rose 75% quarter over quarter.
Management also highlighted Motion, Shaders and Weave as tools extending the platform beyond interface design into animation, visual effects and AI-generated media.
More than 50% of paid customers above $10,000 in ARR were using the Figma agent weekly by July 31. More than 20% of weekly credit-consuming users on paid plans were exclusively using credits through the agent.
Figma Balances AI Costs With Margin Discipline
Melwani said non-GAAP gross profit rose 40% year over year to $314 million, while non-GAAP gross margin reached 85%, up 2.5 percentage points sequentially.
He emphasized model routing, provider optimization and first-party models as levers for lowering inference costs. Field said cost improvements would not come at the expense of quality or latency.
The agent, Make on local code, Motion, generative plugins and Code Layers do not yet consume paid credits while in beta or early access. Management said that can pressure gross margin before monetization begins.
FIG Guidance Faces Sequential Growth Scrutiny
Figma guided third-quarter revenues to $373-$375 million, implying 36% year-over-year growth at the midpoint. Full-year guidance rose $40 million to $1.463-$1.467 billion, or 39% growth at the midpoint.
Goldman Sachs and Citigroup analysts pressed management on the limited sequential increase implied by third-quarter guidance. Melwani said the outlook reflects high-visibility trends and begins to lap the March 2025 pricing changes.
In response to JPMorgan, Melwani said the full-year outlook does not include revenues from products still in beta or early access that are not drawing paid credits. Figma will incorporate them only after observing monetization.
Figma Deepens Enterprise Expansion
Melwani said paid customers with more than $10,000 in ARR increased 34% year over year to 15,964, while customers above $100,000 in ARR rose 46% to 1,635. International revenues grew 50%.
He also cited enterprise customers increasing AI commitments after productivity gains and broader adoption. One technology infrastructure customer increased its purchased credit commitment fivefold from its first add-on within the quarter.
Asked by RBC whether new products drive new logos or expansion, Melwani said the larger opportunity currently centers on adding paid seats within existing enterprise plans, while the lower end has also seen stronger customer acquisition.
FIG Keeps Investment Ahead of Near-Term Margin
Management maintained full-year non-GAAP operating income guidance of $125-$135 million, equal to a 9% operating margin at the midpoint, despite raising revenue guidance.
Melwani said Figma will keep investing in product and go-to-market capacity where it can strengthen long-term advantage, even at a temporary margin cost. He also said AI tools have allowed the company to hire fewer people than originally planned.
Zacks Signals for Figma
FIG carries a Zacks Rank #2 (Buy). Its Momentum Score of B is the strongest Style Score, while the Value Score is F, the Growth Score is D and the VGM Score is F.
Zacks Style Scores complement the rank, with A and B grades preferred alongside Zacks Rank #1 (Strong Buy) or 2. FIG’s profile therefore combines a favorable rank and Momentum reading with weak Value, Growth and VGM signals. The Zacks Rank can change as earnings estimates are revised after the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpFigma, Inc. (FIG) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
