Figma shares fall 7.1% after hours despite Q3 revenue beat

Figma (FIG) said on Nov. 4 that third-quarter revenue rose 43% to $391.42 million, topping the $379.58 million consensus estimate, and that it raised its full-year revenue and non-GAAP operating income outlook.

Shares fell 7.1% in after-hours trading as of 4:43 p.m. ET, from a regular-session close of $22.12.

Non-GAAP earnings of 10 cents per share beat the 6 cents consensus estimate.

Here's how the company did:

• Revenue: $391.42 million vs. $274.17 million a year earlier, against a $379.58 million consensus estimate
• Non-GAAP EPS: 10 cents per share vs. 6 cents expected
• GAAP net loss: $81.3 million vs. a $1.10 billion loss a year earlier
• Non-GAAP operating income: $47.0 million vs. $34.0 million a year earlier

Figma's intelligent canvas brings teams, agents, code and design together, and the company was founded in 2012.

Full-year outlook

The company expects fourth-quarter revenue of $402.0 million to $404.0 million, implying 33% growth at the midpoint of the range.

For 2026, it now expects revenue of $1.497 billion to $1.499 billion, a raise of $33.0 million. That is up from the $1.463 billion to $1.467 billion range it gave on Aug. 5.

Non-GAAP operating income is now forecast at $158.0 million to $163.0 million, up from the $125.0 million to $135.0 million range given in August.

CFO Praveer Melwani said the company is “seeing customers move from trying AI to making larger commitments.” He added that the results “give us confidence to raise our full-year revenue and non-GAAP operating income outlook while continuing to invest in our AI capabilities.”

Customers and products

The company had 16,566 paid customers with more than $10,000 in ARR as of Sept. 30, an increase of more than 3,650 from a year earlier. Customers with more than $100,000 in ARR rose to 1,717, up more than 450.

Net dollar retention was 131% as of Sept. 30.

CEO Dylan Field said, “As code becomes a commodity, value is moving up the stack to design—and our Q3 results reflect that.”

Code Layers began rolling out in open beta on Oct. 14, letting teams build and edit code-backed prototypes on the Figma Design canvas.

Costs and cash

The GAAP net loss was $81.3 million, against a $1.10 billion loss a year earlier. Net cash provided by operating activities was $48.4 million, and free cash flow was $41.5 million.

Cash, cash equivalents and marketable securities totaled $1.7 billion as of Sept. 30.

Revenue has risen in each of the last three quarters, from $274.2 million to $370.1 million, according to its SEC filings.

A company press release said the figures were released alongside its quarterly report on Form 10-Q, which it said would be filed on Nov. 4.