• Figma, Inc. has reported its fourth-quarter 2025 results, with sales rising to US$303.78 million from US$216.95 million a year earlier, while quarterly net loss widened to US$226.56 million from net income of US$33.07 million.
• For full-year 2025, Figma crossed the US$1.06 billion revenue mark amid heavy spending that pushed annual net loss to about US$1.25 billion, as it rolled out over 200 features and deepened AI partnerships with Anthropic and OpenAI.
• With this backdrop of strong revenue growth but larger losses, we’ll consider how Figma’s accelerated AI investment and new consumption-based pricing affect its investment narrative.

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Figma Investment Narrative Recap

To own Figma today, you need to believe that its AI native design platform can justify heavy spending and ongoing losses by becoming core to how teams build digital products. The latest results reinforce that trade off: revenue rose to US$303.78 million in Q4, but losses deepened sharply. Near term, the key catalyst is whether new AI features and usage based pricing translate into higher revenue per customer, while the biggest risk is that AI investments keep outpacing monetization.

Against that backdrop, Figma’s move to a consumption based model for AI credits starting in March looks especially important. It directly addresses the concern that strong AI usage is not yet fully reflected in revenue, and ties into the catalyst of expanding Figma beyond designers to product managers and developers. If customers embrace paying for incremental AI usage, it could help narrow the gap between the company’s rapid product rollout and its widening net loss.

Yet beneath the impressive revenue growth, investors should be aware of how rising AI infrastructure costs could...

Figma’s narrative projects $1.7 billion revenue and $214.1 million earnings by 2028. This requires 21.2% yearly revenue growth and about a $1.14 billion earnings increase from -$926.1 million today.

Uncover how Figma's forecasts yield a $65.25 fair value, a 170% upside to its current price.

Exploring Other Perspectives

Before this earnings release, the most pessimistic analysts were already assuming Figma would stay unprofitable, even if revenue reached about US$1.7 billion by 2028, highlighting how differently you might interpret risks around AI spending and slow monetization.

Explore 28 other fair value estimates on Figma - why the stock might be worth over 6x more than the current price!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Figma research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Figma research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Figma's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.