A lot of people counted Figma out after the Adobe deal collapsed. And then again as the stock price fell again and again post-IPO.
They were wrong.
Figma just reported Q4 2025 earnings, and the numbers are genuinely remarkable — not just for a design tool company, but for any B2B software company at this scale:
- $304M in a single quarter
- Growing 40% year-over-year — and accelerating!
- With a 136% Net Dollar Retention Rate.
- Strong profitability
These aren’t “we’re doing okay” numbers. These are elite-tier B2B metrics.
The Headline Numbers
$304M in Q4 revenue, up 40% YoY. For context, they did $217M in Q4 2024. That’s $87M in net new revenue added in a single year’s worth of Q4. At their scale, that’s extraordinary.
Full-year 2025 revenue came in right around $1.055B (adding up the quarterly figures: $228M + $250M + $274M + $304M). They’re guiding to $1.366–$1.374B for full-year 2026 — roughly 30% growth on a $1B+ base. That’s hard to do.
136% Net Dollar Retention. This is the metric I pay most attention to. NDR of 136% means that even if Figma never signed a single new customer, their existing customers would grow revenue by 36% just through expansion. That’s the sign of a product people can’t stop using more of — and increasingly, can’t stop adding their colleagues to. For comparison, the median public B2B software company runs around 110–115% NDR. Best-in-class is 120%+. 136% is exceptional.
97% Gross Retention Rate. Nobody is leaving. Among paid customers with more than $10K in ARR, 97 cents of every dollar from a year ago is still there. Combined with the 136% NDR, that math tells you the expansion is real, not just offsetting churn.
86% Non-GAAP Gross Margins. Down from 92% historically, which bears watching — this is likely AI cost pressure. But 86% is still a very healthy software gross margin, and if the revenue growth continues to outpace the margin compression, it won’t matter much.
14% Non-GAAP Operating Margin. Profitable on a non-GAAP basis, with $1.7B in cash on the balance sheet. They’re not burning the house down. They have options.
The Figma Make Story Is the Real Story
The financial results are impressive. But the more interesting story is what’s driving them: Figma Make.
Here are the product metrics they disclosed, and every one of them is striking:
70%+ quarter-over-quarter growth in Figma Make weekly active users. That’s not 70% year-over-year. That’s quarter-over-quarter. They’re essentially doubling MAUs every two quarters right now.
50%+ of paid customers with more than $100K in ARR are using Figma Make on a weekly basis. Think about that. More than half of their largest customers have made an AI-assisted creation tool part of their weekly workflow. That’s not an experiment anymore — that’s adoption.
Nearly 60% of Figma Make files created in 2025 were made by non-designers. This is the land-and-expand story rewriting itself in real time. Figma always sold to designers. Now PMs, marketers, CEOs, and developers are creating in Figma. The ICP just expanded by probably 5–10x.
80%+ of Figma Make’s weekly active users on Full seats also used Figma Design. The products are reinforcing each other, not cannibalizing. Figma Make isn’t replacing Figma Design — it’s making Figma Design more valuable and more sticky. That’s the ideal scenario for a platform play.
The customer testimonials in the deck back this up. Ryan Petersen at Flexport talking about getting away from “document culture” and into rapid prototyping. Cisco’s VP of Design talking about how speed to something-to-react-to is magic. GitHub’s staff engineer talking about being freed up for experimentation. These are enterprise customers using Figma as a core workflow tool — not a nice-to-have.
The Customer Count Tells the Enterprise Story
13,861 paid customers with more than $10K in ARR — up 32% year-over-year.
1,405 paid customers with more than $100K in ARR — up 46% year-over-year.
The $100K+ cohort growing faster than the $10K+ cohort is textbook healthy enterprise motion. Your biggest customers are growing faster than your base, which means your NRR will stay elevated and your average contract value will keep climbing. This is exactly the pattern you want to see.
For B2B founders, this is worth internalizing: enterprise motion compounds. Your first 1,000 customers with $100K+ in ARR seems like a mountain to climb. But once you’re there and they’re expanding at 46% per year, the model becomes remarkably durable.
The Gross Margin Compression Question
The one thing worth watching is gross margin compression. Figma was running 92% non-GAAP gross margins for about six consecutive quarters. In Q2 2025 they dropped to 90%, and in Q3 and Q4 they’ve been running at 86%.
Six points of compression in two quarters. That’s material. The most likely explanation is the cost of serving AI-powered features — the inference costs for Figma Make, the AI editing tools, the generation features. This is a real dynamic across all of B2B right now: AI features that users love are often expensive to serve.
The question is whether the revenue growth from AI features outpaces the margin pressure. So far, Figma’s answer is yes — 40% revenue growth with 6 points of margin compression is a trade most CFOs would make. But they’ll need to keep an eye on this as Figma Make scales further.
The 2026 Outlook
Figma is guiding to $1.366–$1.374B in full-year 2026 revenue, with $100–110M in non-GAAP operating income.
That’s roughly 30% growth on a $1B+ base, with improving absolute profitability. The operating income guidance implies a roughly 7–8% non-GAAP operating margin for the year — lower than Q4’s 14%, which means they’re signaling investment ahead. Likely continued AI infrastructure spend and possibly some go-to-market expansion, given how well the enterprise motion is working.
Q1 guidance is $315–317M — about 4% sequential growth quarter-over-quarter, which is reasonable given Q1 tends to be seasonally softer for enterprise software.
Is Figma Now an AI Story, Like Palantir? And a Few Other Take-Aways
There’s a genuine question worth sitting with here: is Figma’s re-acceleration primarily an AI story, the way Palantir’s growth narrative became almost entirely about AI after AIP launched?
The numbers suggest yes — or at least, increasingly yes. Figma Make’s 70%+ QoQ WAU growth, 50%+ adoption among $100K+ customers, and 60% non-designer usage are all AI-driven metrics. The NDR hitting an all-time high of 136% this quarter correlates directly with the period when AI features went mainstream inside the product. The gross margin compression is the AI cost signature. This looks a lot like what happened at Palantir: an established enterprise software company found an AI use case that resonated deeply with existing customers, and existing customers started spending a lot more.
The difference is that Figma’s AI expansion is organically embedded in the workflow, not a separate platform sell. That may make it more durable.
A few things are genuinely instructive here for anyone building B2B:
Platform beats point solution, every time. Figma started as a design tool. They became a collaboration platform. Now they’re becoming a creation platform for everyone in the organization. Each expansion enlarged the TAM without abandoning the core. This is the right way to grow.
Non-designer adoption is a superpower. When 60% of your AI feature’s usage is coming from people who aren’t in your original ICP, you’ve found product-led expansion. That’s how Slack grew. That’s how Notion grew. Figma is doing the same thing with Make.
97% gross retention is a moat. You can build a very large business if nobody ever churns and customers keep spending more. The path to enterprise success isn’t acquiring customers — it’s making them so dependent on your product that leaving feels irrational.
Survive the failed deal, come back stronger. The Adobe acquisition falling apart at $20B could have gutted Figma’s momentum. They went public anyway, executed the AI transition, and are growing faster post-deal than most people expected. Don’t let a deal define your company’s trajectory.
Figma is one of the most interesting B2B stories of the last decade, and Q4 2025 is proof that the best chapters may still be ahead of them.
