Research Reports

Q1 2026 total revenue of $333M grew 46% YoY, accelerating from 40% in Q4 2025 and 38% in Q3 2025, exceeding the high end of guidance (CFO).
Net dollar retention rate (NDR) for customers >$10K ARR reached 139%, up 3pp QoQ and the highest in over 2 years (CEO, CFO).
Non-GAAP operating margin was 16% (Q1 operating income $52M); free cash flow margin was 27% (FCF $89M), with the latter impacted by a $56M bonus payout (17pp headwind) (CFO).
Cash position ended Q1 at $1.6B in cash, equivalents, and marketable securities (CFO).
Paid customer count grew to ~690K from ~450K in Q1 2025, up 54% YoY (CFO).
Customer expansion: >$10K ARR customers grew 37% YoY (up 5pp vs Q4 2025); >$100K ARR customers grew 48% YoY (up 2pp vs Q4) (CFO).
AI feature adoption: ~60% of largest customers used Figma Make weekly in Q1; among >$100K ARR customers, ~60% used Make weekly (up from >50% last quarter) (CEO, CFO).
AI credit monetization launched March 18: >75% of previously over-limit Org/Enterprise users continued using credits through April; >95% remained active on platform (CFO).
MCP (Model Context Protocol) weekly active users in Design grew 5x QoQ (CEO).
Pro team conversions (new paid plans) up >150% YoY, seen as a leading indicator for future growth (CFO).
International revenue grew 48% YoY, contributing to Q1 outperformance (CFO).
Gross margin was 82% in Q1 (CFO).

Official guidance:

Q2 2026: Revenue $348M–$350M, implying ~40% YoY growth at midpoint (CFO).
Full-year 2026: Revenue $1.422B–$1.428B (raised $55M vs prior outlook), implying ~35% growth at midpoint; Non-GAAP operating income $125M–$135M (raised $25M vs prior), ~9% operating margin at midpoint (CFO).

Mgmt quotes:

"When execution is cheap, design and creativity are the edge." —— CEO
"We've all experienced AI tools that just don't quite hit the mark or reflect our brand standards. Embedding our design system into Figma Make has fundamentally changed that." —— CEO (quoting Rocket Mortgage Design Director)
"Our Q1 results are a testament to the team's relentless work building, shipping, iterating and listening to feedback from our customers." —— CFO
"The early signs from AI credit monetization give us tremendous confidence in the road ahead." —— CFO

Metric	Value	Speaker/Context
Total Revenue (Q1 2026)	$333M	CFO
YoY Revenue Growth	46%	CEO, CFO
Net Dollar Retention Rate (>$10K ARR)	139%	CEO, CFO
Paid Customers (>$10K ARR) Growth YoY	37%	CFO
Paid Customers (>$100K ARR) Growth YoY	48%	CFO
Non-GAAP Operating Margin (Q1)	16%	CFO
Free Cash Flow Margin (Q1)	27%	CFO
Cash, Equivalents & Securities	$1.6B	CFO
Gross Margin	82%	CFO
Total Paid Customers	~690K	CFO

Topic: 竞争格局与差异化，Q2指引信心
Key points:
- 与Google合作紧密，Gemini系列模型受到认可；Anthropic不可忽视，但尚未观察到实质性影响。
- 差异化包括：高性能多人画布（被低估）、深度产品上下文、以及将AI/设计/代码/自由操作整合为一的能力。
- Q2指引有信心；NDR强劲，最大客户中AI使用率从Q4的50%增至Q1的60%；Pro团队转化同比+150%。
- 信用额度限制后，截至4月底，75%曾超限的企业用户仍在持续消耗credits。
Mgmt stance: 非常乐观——增长指标强劲（NDR、使用率、转化率），竞争未造成实质冲击，指引基于实际数据。

Topic: 代码到画布双向工作流与未来用户转化
Key points:
- 目前处于产品界面围绕模型和推理的早期阶段，长期用户将转向更丰富的任务适配界面。
- Figma帮助客户在IDE、终端与Figma之间高效连接（token消耗和时间成本），MCP使用量增长显著，实施设计速度加快。
- 双向工作流（代码⇄画布）在Figma内部已有应用，未来仍有大量拓展空间。
Mgmt stance: 积极但务实——认可早期阶段，强调已看到实际价值（MCP增长），但未给出具体用户转化预期。