Figma drops after-hours despite a beat and a higher outlook

The results at a glance

Figma delivered about 43% revenue growth year over year to $391.4 million, outpacing LSEG's $375.8 million consensus. Adjusted earnings were 10 cents per share, double LSEG's 5 cent estimate.

Losses narrowed sharply. In the quarter, the company recorded a net loss equal to 15 cents per share, totaling $81.3 million, versus $1.10 billion, or $2.72 per share, in the same period last year. Profitability also improved on an adjusted basis, with a 12% operating margin compared with the 6.1% StreetAccount consensus.

Executives plan to discuss the quarter on a conference call at 5 p.m. ET.

Guidance and the market reaction

Even with the beat and raised outlook, the stock slipped 7% in late trading. Management lifted full-year revenue guidance to a range of $1.497 billion to $1.499 billion, up from $1.463 billion to $1.467 billion previously. The company now expects an 11% operating margin for the year, up from 9% as of August.

Figma guided to about 33% growth in fourth-quarter revenue. LSEG's tally had pointed to 28% growth for the period. Separately, LSEG's poll of analysts pegged 2026 revenue at $1.471 billion. The update arrives with Figma shares off about 41% year-to-date in 2026 even as the S&P 500 is up 12%, and it comes a day after Canva announced plans to reduce its workforce by 22%.

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AI push and usage trends

Concerns earlier this year that AI models might threaten Figma have eased across much of software as larger incumbents kept growing. Figma, for its part, is leaning into AI to help build websites and apps and is handing out more AI credits to customers without changing prices. "What that means is you're potentially trading off near-term revenue, investing in your customers, and then allowing yourself to then grow durably over the long term," finance chief Praveer Melwani told CNBC.

Usage is ticking up where customers spend the most. Among weekly users at companies that pay more than $10,000 for Figma, the count using AI credits climbed by almost 50% during the quarter. The portion of work handled by Figma's in-house AI model doubled, and the rate at which users reversed AI-generated actions declined. Melwani added, "If there's certain actions that we can power for our customers at lower latency, lower cost, or similar quality to third party, we're open to that as well."

What it means for your portfolio

The setup is a classic growth-stock tension: faster top line, improving margins, softer near-term growth cadence. The full-year raise and a stronger profit profile are positives, but guidance for slower fourth-quarter growth and a stock already down 41% this year help explain the after-hours dip. Watch adoption of Figma's AI features - the company is seeding usage with credits while keeping prices steady, betting that engagement converts to durable revenue over time.

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