Figma, Inc. (FIG) SEC Filings & Earnings Calls

GAAP operating loss of $117.3M due to stock-based compensation and conference spend.

“GAAP loss from operations was $(117.3) million; GAAP operating margin was (32)%.” · word for word

Increased sales and marketing investment may pressure near-term margins.

“GAAP and non-GAAP operating income were impacted by the increased investment in sales and marketing spend related to Figma’s annual user conference, Config.” · word for word

AI Monetization Risk

“following our enforcement of AI credit limits starting in March 2026, we observed elevated customer support volume, instances of customer dissatisfaction expressed through public and social channels, and reduced usage by certain customers.” · word for word

AI Cost Margin Risk

“in the short term, we expect that our AI investments and use of AI technologies, including as part of Figma Make and our other AI features, will negatively impact our gross margins and operating margins” · word for word

AI Agent Disintermediation Risk

“The introduction of AI agents or other third-party tools on our platform could reduce the number of paid seats required for a given level of output, circumvent or undermine our intended pricing and packaging controls, increase platform load, or create fraud and abuse risk.” · word for word

Founder selling and dilution risk

“Mr. Field entered into a trading plan ... providing for the potential sale of up to (i) 750,000 shares of Class A Common Stock issuable upon the conversion of shares of Class B Common Stock held directly by Mr. Field and (ii) 250,000 shares of Class A Common Stock issuable upon the conversion of shares of Class B Common Stock held directly by an investment e” · word for word

Founder selling and dilution risk

“Mr. Field entered into a trading plan ... providing for the potential sale of up to (i) 750,000 shares of Class A Common Stock issuable upon the conversion of shares of Class B Common Stock held directly by Mr. Field and (ii) 250,000 shares of Class A Common Stock issuable upon the conversion of shares of Class B Common Stock held directly by an investment e” · word for word

GAAP net loss of $142.4M driven by stock-based compensation and other non-cash charges.

“GAAP loss from operations was $(137.4) million; GAAP operating margin was (41)%.” · word for word

AI Cost Margin Compression

“We expect that our AI investments and use of AI technologies, including spend on AI inference and model training, will impact our cost of revenue, research and development expenses, and sales and marketing expenses, which we expect to negatively impact our gross margins and operating margins.” · word for word

AI Credit Enforcement Customer Churn

“Following our enforcement of AI credit limits starting in March 2026, we observed elevated customer support volume, instances of customer dissatisfaction expressed through public and social channels, and reduced usage by certain customers.” · word for word

Third-Party AI Model Dependency

“We have significant purchase commitments with a limited number of foundational AI model providers and a material portion of our AI features currently depend on models from them.” · word for word

Stock-Based Compensation Dilution

“Stock-based compensation, net of amounts capitalized, was $169.0 million for the three months ended March 31, 2026, compared to $0.2 million in the prior year period.” · word for word

Pricing Model Transition Risk

“Changes to our pricing, packaging, and billing models, including the changes to our pricing and packaging plans introduced in March 2025 and the enforcement of AI credit limits starting in March 2026, and any further changes that we make in the future, may, among other things, result in customer dissatisfaction, lead to a loss of customers.” · word for word

Key person dependency on CEO

“Dylan Field holds 65.8% of Class B common stock and 48.5% of total voting power; his continued service is critical.”

Concentrated ownership / controlled company

“Mr. Field is entitled to vote shares representing a majority of our outstanding voting power, and we are, therefore, eligible to be treated as a 'controlled company' under the NYSE rules.” · word for word

Board composition change may signal governance transition, but no disagreement disclosed.

“Resignation effective immediately; no disagreement stated.”

Revenue growth deceleration

“Even if our revenue continues to increase, we expect our revenue growth rate to decline in the future as our business matures and our platform achieves more widespread adoption.” · word for word

Pricing model disruption

“Changes to our pricing, packaging, or billing models could adversely affect our business, operating results, financial condition, and future prospects.”

AI cost pressure on margins

“Impacts on our cost structure, including, but not limited to, any decrease in our gross margins and operating margins associated with AI-related products and features.” · word for word

Competitive pressure from AI-native tools

“Our competitive set also includes design-to-code and AI-driven companies and tools that compress or accelerate steps in the workflow or take a different approach to building digital experiences.” · word for word

Macroeconomic headwinds

“Changes in the global macroeconomic environment, including, but not limited to, the imposition of trade barriers, tariffs, and other protectionist measures, volatile interest rates and inflation... may impact our growth.” · word for word

Growth deceleration expected: FY26 guidance implies 30% YoY revenue growth vs 41% in FY25, indicating natural maturation.

“FY26 revenue guidance $1.366-1.374B (+30% YoY) vs FY25 +41% YoY.”

GAAP losses persist due to stock-based compensation; GAAP operating margin -64% in Q4, though non-GAAP profitable.

“GAAP loss from ops $(195.5)M; GAAP operating margin (64)% in Q4.”

IPO-related stock-based compensation volatility

“In connection with the IPO, the Company recognized a one-time cumulative stock-based compensation expense of $975.7 million associated with the vested restricted stock units.” · word for word

One-time SBC expense of $975.7M from IPO impacted GAAP results; non-GAAP metrics more indicative.

“GAAP loss from operations, GAAP net loss, and GAAP net loss per share were impacted by a one-time stock-based compensation expense of $975.7 million” · word for word