FIG Stock Earnings Preview: What to Expect from Figma’s First Report

Figma [FIG] is a software company offering browser-based tools for collaborative web and app design.

The company made its debut on the New York Stock Exchange on July 31, 2025, with FIG shares surging 277% above the $33 IPO price on day one.

On September 3, Figma will report its first earnings report since going public. Will the company be able to justify its elevated market valuation, or will it see a correction?

What to expect from FIG’s Q2 Report

Eight Wall Street analysts covering FIG stock expect the company to report Q2 revenue in the range of $248.67m to $249.80m, an increase of 9–9.5% from the $228.2m reported in Q1 2025.

EPS projections fall in the range of $0.04–0.09.

In Q1 2025, Figma reported earnings per share of $0.04.

Key Focus Areas: AI Adoption and Acquisition Plans

Investors will be watching to see whether artificial intelligence (AI) features are driving stronger conversions and retention.

The company has launched several AI features that let users generate templates and visuals using simple prompts, summarize meeting notes and automate repetitive tasks.

In July, Figma launched a prompt-to-app tool called Figma Make, which lets users build application prototypes. 

A key metric to monitor going forward will be “AI Credits.” Figma uses a credit system across all products that lets users access its AI tools.

According to Figma, nearly two-thirds of its 13 million monthly active users are non-designers. The company expects this trend to accelerate as “advances in AI allow more people to participate in the process of creating digital products and experiences”.

The market will also be on the lookout for updates on the acquisition front. 

Management has hinted that a portion of the IPO proceeds will be used to make strategic acquisitions and investments, as part of its AI push.

A Look at Figma’s Financial Health: Strong Revenue Growth

Since the upcoming Q2 report will be the first time that Figma is reporting its quarterly earnings, we have to depend on the company’s IPO prospectus to learn about its financial health. 

Let’s see how the company has fared in recent years.

In the full year ended December 2024, Figma reported an annual revenue of $749.01m, a year-over-year increase of 48.4% from $504.87m reported in 2023.

Gross profit increased by 43.7% year-over-year to $661.49m in 2024. Gross margins came in at an impressive 88%.

Figma saw its operating expenses nearly triple to $1.54bn in 2024 compared to $533.83m in the year-ago period.

2024 operating expenses increased after Figma modified and released 34.6 million restricted stock units to employees and former employees by removing the performance-based vesting condition, adding $801.2m in stock-based compensation expense. 

The company reported a net loss of $732.12m in 2024, compared to a profit of $737.84m reported in 2023.

Had it not been for the $1bn termination fee received from Adobe [ADBE] following its failed acquisition of Figma in 2022, Figma would have reported back-to-back years of net losses.

Competitor Review: FIG vs ADBE vs SHOP

With little to gauge Figma’s financial earnings growth, let’s see how the company compares against its direct rival, Adobe.

Adobe specializes in delivering professional-grade creative software. Figma provides collaboration tools to create websites and applications. Adobe’s products are mainly in-situ software with cloud integration, while Figma’s solutions are lightweight and browser-native.

In 2022, Adobe tried to acquire Figma for a deal worth $20bn. However, the deal fell through following a pushback from European and British antitrust regulators.

In 2024, Adobe posted year-over-year revenue growth of 11% to $21.51bn. 

Revenue from the company’s flagship Creative Cloud division, which features popular apps such as Photoshop, Lightroom, Illustrator and Premiere Pro, brought in 58.9% of its annual revenue.

Gross profit increased 12.3% year-over-year to $19.15bn. Gross margin was 89%.

Operating income growth was close to flat in 2024, while the operating margin was 31.3%.

Net income for the year inched up 2.4% year-over-year to $5.56bn in 2024.

Shopify [SHOP], an e-commerce focused website development stock, offers another useful comparison. Here are how the companies’ fundamentals measure up:

Source: Yahoo Finance

At the time of writing, Adobe was more than four times the size of Figma with a market cap of over $151bn. 

Being the bigger company, it is not unusual to see Adobe lag behind Figma in terms of annual revenue growth. 

Figma, on the other hand, is in hypergrowth mode. Unlike Adobe’s cash-cow Creative Cloud product, which is mainly used by designers, artists and visual creators, Figma’s suite of design and product development products is used by designers and non-designers to turn ideas into software.

Adobe is the more stable company of the two, with steady net income. Meanwhile, Figma is still on the road to profitability.

In terms of user retention, both companies have sticky customers. Adobe’s Digital Media segment’s annualized recurring revenue, which includes its flagship Creative Cloud division, grew 12.1% year-over-year in Q2 2025, indicating growth in its subscription-based model.

Meanwhile, Figma reported a net dollar retention rate of 132% at the end of Q1 2025, which means that existing customers are spending 32% more than last year.

In terms of valuation, Figma’s market cap currently stands at roughly $34.42bn ($70.28 per share), down from its peak of nearly $68bn ($142.92 per share). Despite the recent downturn, FIG shares are still trading well above their IPO valuation. 

As of the September 1 close, FIG shares were trading at a P/S ratio of over 38, carrying a premium above Adobe, which was trading at less than seven times sales.

Figma’s current market valuations outstrip popular website development and management stocks as well, such as Shopify and Wix [WIX], which were trading at a price-to-sales ratio of 18.5 and 4.59, respectively.

Conclusion

Figma’s AI tools, strong retention and growing non-designer base show solid growth potential. But at 38x sales, far above Adobe, Shopify and Wix, it must deliver exceptional results to keep momentum.