Figma Financials
This page shows Figma (FIG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Exceptional gross economics are being absorbed by extraordinary reinvestment, leaving cash generation healthier than the income statement implies.
Cash conversion quality diverged sharply from accounting earnings between FY2024 and FY2025: operating cash flow swung from-$61.7M to$250.7M while the net loss got larger. With free cash flow also positive at$246.2M , the reported loss appears to be driven much more by non-cash charges than by cash leaving the business.
Product delivery is still high-margin, but scaling is getting costlier: gross margin slipped from
Liquidity is better than the loss figure suggests. A 2.6x current ratio and no reported long-term debt help, but with cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Figma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Figma has an operating margin of -122.2%, meaning the company retains $-122 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is down from -117.2% the prior year.
Figma's revenue surged 41.0% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Figma has a moderate D/E ratio of 0.55. This balance of debt and equity financing earns a leverage score of 58/100.
With a current ratio of 2.58, Figma holds $2.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 70/100.
Figma converts 23.3% of revenue into free cash flow ($246.2M). This strong cash generation earns a score of 99/100.
Figma's ROE of -82.8% shows moderate profitability relative to equity, earning a score of 32/100. This is down from -55.3% the prior year.
Figma scores 7.09, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($12.1B) relative to total liabilities ($837.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Figma passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Figma generates $-0.20 in operating cash flow ($250.7M OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Figma generated $1.1B in revenue in fiscal year 2025. This represents an increase of 41.0% from the prior year.
Figma's EBITDA was -$1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 46.6% from the prior year.
Figma reported -$1.3B in net income in fiscal year 2025. This represents a decrease of 70.8% from the prior year.
Figma earned $-3.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.8% from the prior year.
Cash & Balance Sheet
Figma generated $246.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 486.6% from the prior year.
Figma held $403.5M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Figma's gross margin was 82.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.9 percentage points from the prior year.
Figma's operating margin was -122.2% in fiscal year 2025, reflecting core business profitability. This is down 5.1 percentage points from the prior year.
Figma's net profit margin was -118.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 20.7 percentage points from the prior year.
Figma's ROE was -82.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.5 percentage points from the prior year.
Capital Allocation
Figma invested $1.0B in research and development in fiscal year 2025. This represents an increase of 37.1% from the prior year.
Figma spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Figma invested $4.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 124.8% from the prior year.
FIG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $333.4M+9.8% | $303.8M+10.8% | $274.2M+9.8% | $249.6M+9.4% | $228.2M | N/A | $198.6M+12.1% | $177.2M |
| Cost of Revenue | $68.7M+26.5% | $54.3M-35.3% | $83.9M+200.8% | $27.9M+43.4% | $19.5M | N/A | $18.7M-52.7% | $39.6M |
| Gross Profit | $264.8M+6.1% | $249.5M+31.1% | $190.3M-14.2% | $221.8M+6.2% | $208.7M | N/A | $179.9M+30.7% | $137.6M |
| R&D Expenses | $173.0M-11.7% | $195.8M-71.2% | $680.9M+719.8% | $83.1M+18.8% | $69.9M | N/A | $104.2M-80.6% | $535.7M |
| SG&A Expenses | $103.6M-9.8% | $114.9M-69.1% | $371.4M+854.3% | $38.9M+28.7% | $30.2M | N/A | $43.8M-80.1% | $220.0M |
| Operating Income | -$137.4M+29.7% | -$195.5M+82.8% | -$1.1B-54858.2% | $2.1M-94.8% | $39.7M | N/A | -$47.3M+94.7% | -$894.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $678K-97.0% | $22.3M+313.3% | -$10.5M-196.6% | $10.8M+405.7% | $2.1M | N/A | -$13.8M+75.4% | -$56.3M |
| Net Income | -$142.4M+37.1% | -$226.6M+79.3% | -$1.1B-3986.4% | $28.2M-37.1% | $44.9M | N/A | -$15.6M+98.1% | -$827.9M |
| EPS (Diluted) | $-0.27 | N/A | $-2.72 | $0.00-100.0% | $0.04 | N/A | $-0.07+98.4% | $-4.39 |
FIG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B-2.4% | $2.3B+13.3% | $2.1B+1.9% | $2.0B | N/A | $1.8B | N/A | N/A |
| Current Assets | $1.9B-3.4% | $2.0B+8.7% | $1.8B+2.0% | $1.8B | N/A | $1.6B | N/A | N/A |
| Cash & Equivalents | $405.7M+0.5% | $403.5M+18.5% | $340.5M-45.2% | $621.6M+0.5% | $618.6M+27.0% | $487.0M+17.0% | $416.1M-29.0% | $586.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $188.4M-24.0% | $247.9M+58.9% | $156.0M+25.1% | $124.7M | N/A | $131.3M | N/A | N/A |
| Goodwill | $101.4M0.0% | $101.4M+313.2% | $24.5M0.0% | $24.5M | N/A | $11.4M | N/A | N/A |
| Total Liabilities | $833.8M-0.4% | $837.6M+22.3% | $684.7M+12.7% | $607.4M | N/A | $469.1M | N/A | N/A |
| Current Liabilities | $774.5M-0.2% | $776.1M+24.7% | $622.5M+13.9% | $546.6M | N/A | $447.0M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.5B-3.6% | $1.5B+8.8% | $1.4B-2.7% | $1.4B+4.1% | $1.4B+3.5% | $1.3B+13.3% | $1.2B+35.5% | $862.4M |
| Retained Earnings | -$1.6B-9.9% | -$1.4B-18.6% | -$1.2B-915.7% | -$119.8M | N/A | -$192.9M | N/A | N/A |
FIG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $97.3M+144.0% | $39.9M-22.0% | $51.2M-18.1% | $62.5M-35.7% | $97.2M+33.0% | $73.1M+18.7% | $61.6M | N/A |
| Capital Expenditures | $7.8M+964.3% | $734K-56.9% | $1.7M+50.1% | $1.1M+29.7% | $874K+32.0% | $662K+60.3% | $413K | N/A |
| Free Cash Flow | $89.5M+128.6% | $39.2M-20.8% | $49.5M-19.3% | $61.3M-36.3% | $96.3M+33.0% | $72.4M+18.4% | $61.2M | N/A |
| Investing Cash Flow | -$7.4M+90.3% | -$77.0M+70.5% | -$260.9M-248.6% | -$74.8M-281.4% | $41.3M+165.0% | -$63.5M+69.9% | -$210.9M | N/A |
| Financing Cash Flow | -$87.5M-188.4% | $99.0M+238.6% | -$71.5M-562.6% | $15.4M+4456.0% | $339K-99.4% | $61.2M+396.3% | -$20.7M | N/A |
| Dividends Paid | N/A | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $0 | $0 | N/A | N/A | $0 | $0 | N/A |
FIG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.4%-2.7pp | 82.1%+12.7pp | 69.4%-19.4pp | 88.8%-2.6pp | 91.5% | N/A | 90.6%+12.9pp | 77.7% |
| Operating Margin | -41.2%+23.1pp | -64.4%+350.3pp | -414.6%-415.5pp | 0.8%-16.6pp | 17.4% | N/A | -23.8%+480.9pp | -504.7% |
| Net Margin | -42.7%+31.9pp | -74.6%+325.5pp | -400.1%-411.4pp | 11.3%-8.4pp | 19.7% | N/A | -7.8%+459.3pp | -467.2% |
| Return on Equity | -9.8%+5.2pp | -15.0%+64.0pp | -79.0%-81.0pp | 2.0%-1.3pp | 3.3% | N/A | -1.3%+94.7pp | -96.0% |
| Return on Assets | -6.2%+3.4pp | -9.7%+43.3pp | -52.9%-54.3pp | 1.4% | N/A | N/A | N/A | N/A |
| Current Ratio | 2.50-0.1 | 2.58-0.4 | 2.96-0.3 | 3.31 | N/A | 3.66 | N/A | N/A |
| Debt-to-Equity | 0.57+0.0 | 0.55+0.1 | 0.49+0.1 | 0.43 | N/A | 0.35 | N/A | N/A |
| FCF Margin | 26.8%+14.0pp | 12.9%-5.2pp | 18.0%-6.5pp | 24.6%-17.6pp | 42.2% | N/A | 30.8% | N/A |
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Frequently Asked Questions
What is Figma's annual revenue?
Figma (FIG) reported $1.1B in total revenue for fiscal year 2025. This represents a 41.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Figma's revenue growing?
Figma (FIG) revenue grew by 41% year-over-year, from $749.0M to $1.1B in fiscal year 2025.
Is Figma profitable?
No, Figma (FIG) reported a net income of -$1.3B in fiscal year 2025, with a net profit margin of -118.4%.
What is Figma's EBITDA?
Figma (FIG) had EBITDA of -$1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Figma's gross margin?
Figma (FIG) had a gross margin of 82.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Figma's operating margin?
Figma (FIG) had an operating margin of -122.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Figma's net profit margin?
Figma (FIG) had a net profit margin of -118.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Figma's return on equity (ROE)?
Figma (FIG) has a return on equity of -82.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Figma's free cash flow?
Figma (FIG) generated $246.2M in free cash flow during fiscal year 2025. This represents a 486.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Figma's operating cash flow?
Figma (FIG) generated $250.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Figma's total assets?
Figma (FIG) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Figma's capital expenditures?
Figma (FIG) invested $4.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Figma spend on research and development?
Figma (FIG) invested $1.0B in research and development during fiscal year 2025.
What is Figma's current ratio?
Figma (FIG) had a current ratio of 2.58 as of fiscal year 2025, which is generally considered healthy.
What is Figma's debt-to-equity ratio?
Figma (FIG) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Figma's return on assets (ROA)?
Figma (FIG) had a return on assets of -53.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Figma's Altman Z-Score?
Figma (FIG) has an Altman Z-Score of 7.09, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Figma's Piotroski F-Score?
Figma (FIG) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Figma's earnings high quality?
Figma (FIG) has an earnings quality ratio of -0.20x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Figma?
Figma (FIG) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.