The design platform's 48% year-over-year growth and massive AI engagement numbers offer a window into how software companies are actually monetizing artificial intelligence
Figma just posted $370.1 million in second-quarter revenue, a 48% jump from the same period last year, and promptly raised its full-year revenue forecast by $40 million. For a company that was nearly swallowed by Adobe’s $20 billion acquisition attempt before regulators killed the deal, life as an independent public company seems to be going just fine.
The design software maker now expects full-year 2026 revenue between $1.463 billion and $1.467 billion, implying roughly 39% growth at the midpoint. That Q2 number also blew past the company’s own guidance of $348 to $350 million. Three consecutive quarters of accelerating year-over-year revenue growth is the kind of trend line that makes growth investors salivate.
The numbers behind the numbers
Net dollar retention came in at 136%. Existing customers are spending 36% more than they were a year ago. That’s an exceptional number in SaaS land, where anything above 120% is generally considered strong.
The enterprise traction is particularly striking. Customers generating more than $100,000 in annual recurring revenue grew 46% year-over-year to 1,635. The cohort spending above $10,000 in ARR expanded 34% to 15,964.
Free cash flow hit $53.2 million for the quarter, and the company is sitting on approximately $1.7 billion in cash and marketable securities.
AI is actually driving revenue, not just press releases
Over 80% of customers in the $10K+ ARR tier are consuming AI credits on a weekly basis. More than 50% of that same cohort is engaging with the Figma agent weekly as of July 31.
Despite all the good news, Figma’s stock actually declined in after-hours trading following the earnings release. Investors had already priced in a strong quarter, and even a beat-and-raise wasn’t enough to satisfy expectations that had gotten ahead of reality.
