A month has gone by since the last earnings report for Figma, Inc. (FIG Quick QuoteFIG - Free Report) . Shares have added about 5.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Figma, Inc. due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Figma, Inc. before we dive into how investors and analysts have reacted as of late.

Figma’s Q2 Earnings Surpass Expectations, Revenues Rise Y/Y

Figma came out with non-GAAP earnings of 8 cents per share, beating the Zacks Consensus Estimate by 100%.

Figma posted revenues of $370.1 million in the second quarter of 2026, surpassing the Zacks Consensus Estimate by 5.5%. Revenues increased 48% year over year, marking the company’s third consecutive quarter of accelerated year-over-year growth.

Figma’s second-quarter results reflected continued seat expansion, strong customer retention and increasing AI adoption. The quarter also marked the company’s first full quarter of AI credit monetization, with customers expanding both seats and AI credit add-ons. Net dollar retention was 136% at the end of the quarter.

FIG’s AI Monetization Gains Momentum

A key theme in the second quarter was Figma’s progress in monetizing AI usage while continuing to expand adoption across its platform. The company began enforcing AI credit limits across seats in March 2026 and introduced additional options, including AI credit add-ons and pay-as-you-go usage.

More than 80% of paid customers generating more than $10,000 in annual recurring revenue were consuming AI credits weekly as of June 30. Figma also launched new AI capabilities, including the Figma agent, while introducing Code Layers and additional creative tools that expand the potential applications for AI on its platform.

Figma’s Quarterly Results in Detail

FIG’s GAAP gross profit increased to $309.6 million, while GAAP gross margin was 84%. Non-GAAP gross profit was $314 million, up 40% year over year, with a non-GAAP gross margin of 85%.

The company reported a GAAP operating loss of $117.3 million, compared with non-GAAP operating income of $36.1 million. Non-GAAP operating margin was 10%. Results were impacted by increased sales and marketing spending related to Figma’s annual Config user conference. Management also noted that higher inference costs weighed on the year-over-year change in free cash flow.

Figma ended the quarter with 15,964 paid customers generating more than $10,000 in ARR, up 34% year over year. The company had 1,635 customers generating more than $100,000 in ARR, representing 46% year-over-year growth. Net dollar retention improved from 129% in the year-ago quarter to 136%.

FIG’s Balance Sheet

As of June 30, 2026, Figma held $1.7 billion in cash, cash equivalents and marketable securities. The company generated $60.9 million in net cash from operating activities during the quarter and $53.2 million in free cash flow, representing a free cash flow margin of 14%.

Figma Raises 2026 Revenue Outlook

For the third quarter of 2026, Figma expects revenues between $373 million and $375 million, implying 36% year-over-year growth at the midpoint.

For 2026, the company raised its revenue outlook to $1.463-$1.467 billion, implying 39% year-over-year growth at the midpoint and representing a $40 million increase from its previously issued guidance. Figma maintained its non-GAAP operating income outlook at $125-$135 million, implying a 9% operating margin at the midpoint.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -6.86% due to these changes.

VGM Scores

Currently, Figma, Inc. has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock has a score of F on the value side, putting it in the lowest quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Figma, Inc. has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Figma, Inc. belongs to the Zacks Internet - Software industry. Another stock from the same industry, Snap (SNAP Quick QuoteSNAP - Free Report) , has gained 9.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Snap reported revenues of $1.6 billion in the last reported quarter, representing a year-over-year change of +18.9%. EPS of $0.06 for the same period compares with -$0.01 a year ago.

Snap is expected to post earnings of $0.16 per share for the current quarter, representing a year-over-year change of +166.7%. Over the last 30 days, the Zacks Consensus Estimate has changed +75%.

Snap has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.