# Figma (FIG) Q2 2025 Financial Results Summary
Figma, Inc. (NYSE: FIG) announced its financial results for the second quarter ended June 30, 2025, on September 3, 2025.
## Financial Highlights
– **Revenue**: $249.6 million, a *41% increase* year-over-year from $177.2 million in Q2 2024.
– **Income from Operations**: $2.1 million; operating margin was *1%*.
– **Non-GAAP Operating Income**: $11.5 million; non-GAAP operating margin was *5%*.
– **Net Cash Provided by Operating Activities**: $62.5 million; operating cash flow margin was *25%*.
– **Adjusted Free Cash Flow**: $60.6 million; adjusted free cash flow margin was *24%*.
– **Net Income**: $28.2 million, compared to a net loss of $827.9 million a year ago.
– **Non-GAAP Net Income**: $19.8 million, up from $14.3 million in Q2 2024.
– **Cash, Cash Equivalents, and Marketable Securities**: $1.6 billion as of June 30, 2025.
## Business Highlights
– **Net Dollar Retention Rate**: *129%* as of June 30, 2025, reflecting strong customer investment in Figma’s platform.
– **Paid Customers**: 11,906 customers with more than $10,000 in ARR; an increase from previous periods.
– **High-Value Customers**: 1,119 paid customers with more than $100,000 in ARR.
– Launch of four new products:
– Figma Make (AI-powered prototyping)
– Figma Draw (richer visual expression)
– Figma Sites (publishing designs as live websites)
– Figma Buzz (for marketing asset creation)
– Development of Figma’s Dev Mode MCP server to enhance developer workflows.
– **Annual User Conference**: Config, featuring increased sales and marketing spending, which impacted operating margins.
– More than 80% of customers utilized two or more products; two-thirds used three or more.
## Future Outlook
### Third Quarter 2025 Guidance:
– **Forecasted Revenue**: Between $263.0 million and $265.0 million, indicating a projected *33% year-over-year growth* at the midpoint.
### Full Year 2025 Guidance:
– **Forecasted Revenue**: Between $1.021 billion and $1.025 billion, implying *37% year-over-year growth* at the midpoint.
– **Non-GAAP Operating Income**: Expected between $88.0 million and $98.0 million.
## Dividends and Stock Buyback
– **Quarterly Dividend**: No quarterly dividend was declared.
– **Stock Repurchase**: Figma did not execute any stock repurchases during the quarter.
## Additional Notes
– Figma is preparing for an early lock-up period release that allows certain shares of Class A common stock to be sold after the earnings announcement for Q2 2025.
– The extended lock-up agreement signed on August 30, 2025, restricts up to 54.1% of outstanding shares of Class A common stock until August 31, 2026.
– Company’s management emphasizes its commitment to design and innovation, aligning future products with customer needs.
Figma continues to demonstrate strong financial performance with substantial revenue growth and operational improvements, setting a positive outlook for the upcoming quarters.
| Three Months Ended 2025 | June 30, 2024 | Six Months Ended 2025 | June 30, 2024 | |
|---|---|---|---|---|
| Revenue | $ 249,640 | $ 177,198 | $ 477,839 | $ 333,427 |
| Cost of revenue(1) | 27,889 | 39,558 | 47,341 | 52,348 |
| Gross profit | 221,751 | 137,640 | 430,498 | 281,079 |
| Operating expenses: | ||||
| Research and development(1) | 83,052 | 535,676 | 152,977 | 588,387 |
| Sales and marketing(1) | 97,701 | 276,246 | 166,541 | 331,580 |
| General and administrative(1) | 38,922 | 220,005 | 69,155 | 242,878 |
| Total operating expenses | 219,675 | 1,031,927 | 388,673 | 1,162,845 |
| Income (loss) from operations | 2,076 | -894,287 | 41,825 | -881,766 |
| Other income, net | 36,978 | 10,139 | 44,252 | 27,324 |
| Income (loss) before income taxes | 39,054 | -884,148 | 86,077 | -854,442 |
| Provision for (benefit from) income taxes | 10,827 | -56,294 | 12,968 | -40,113 |
| Net income (loss) | $ 28,227 | $ -827,854 | $ 73,109 | $ -814,329 |
| Less: net income attributable to participating | -27,381 | — | -51,332 | — |
| securities | ||||
| Net income (loss) attributable to common | $ 846 | $ -827,854 | $ 21,777 | $ -814,329 |
| stockholders | ||||
| Net income (loss) per share, basic | $ — | $ -4.39 | $ 0.10 | $ -4.53 |
| Net income (loss) per share, diluted | $ — | $ -4.39 | $ 0.10 | $ -4.53 |
| Weighted-average shares outstanding used | ||||
| in computing net income (loss) per share | 215,062 | 188,782 | 214,973 | 179,703 |
| attributable to common stockholders, basic | ||||
| Weighted-average shares outstanding used | ||||
| in computing net income (loss) per share | 231,702 | 188,782 | 231,386 | 179,703 |
| attributable to common stockholders, diluted | ||||
| (1)Includes stock-based compensation | ||||
| expense as follows: | ||||
| Cost of revenue | $ 218 | $ 24,858 | $ 218 | $ 24,859 |
| Research and development | 5,939 | 463,255 | 6,136 | 463,798 |
| Sales and marketing | 544 | 186,659 | 544 | 186,670 |
| General and administrative | 609 | 183,618 | 609 | 183,670 |
| Total | $ 7,310 | $ 858,390 | $ 7,507 | $ 858,997 |
| As of June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 621,619 | $ 486,954 |
| Digital assets | 30,136 | — |
| Marketable securities | 971,719 | 970,883 |
| Accounts receivable, net | 124,721 | 131,315 |
| Prepaid expenses and other current assets | 60,059 | 48,873 |
| Total current assets | 1,808,254 | 1,638,025 |
| Property and equipment, net | 16,593 | 15,017 |
| Intangible assets, net | 13,227 | 2,511 |
| Goodwill | 24,541 | 11,398 |
| Operating lease right-of-use assets | 64,261 | 28,806 |
| Restricted cash | 9,799 | 3,631 |
| Other assets | 97,988 | 93,760 |
| Total assets | $ 2,034,663 | $ 1,793,148 |
| Liabilities and stockholders’ equity | ||
| Accounts payable | 12,029 | 4,163 |
| Accrued and other current liabilities | $ 52,761 | $ 31,119 |
| Accrued compensation and benefits | 39,225 | 19,377 |
| Operating lease liabilities, current | 9,400 | 10,937 |
| Deferred revenue | 433,147 | 381,363 |
| Total current liabilities | 546,562 | 446,959 |
| Operating lease liabilities, non-current | 55,298 | 17,833 |
| Other non-current liabilities | 5,589 | 4,303 |
| Total liabilities | 607,449 | 469,095 |
| Commitments and contingencies | ||
| Stockholders’ equity | ||
| Convertible preferred stock | 329,441 | 329,441 |
| Common stock | 1 | 1 |
| Additional paid-in capital | 1,215,071 | 1,186,207 |
| Accumulated other comprehensive income | 2,502 | 1,314 |
| Accumulated deficit | -119,801 | -192,910 |
| Total stockholders’ equity | 1,427,214 | 1,324,053 |
| Total liabilities and stockholders’ equity | $ 2,034,663 | $ 1,793,148 |
