Figma stock just gave investors a hard reset, sliding about 15% today after a strong recent run. The immediate reaction is all about that price drop. The real story sits in the numbers. Q2 revenue reached about US$370m and net dollar retention of 136% underlines how existing customers keep spending more.

Short term traders are fixated on the red screen. Long term holders will likely focus on a design and AI platform that just reported its third consecutive quarter of faster growth and now carries US$1.7b in cash and marketable securities into the next phase.

Love Figma's 136% net dollar retention and US$1.7b cash position but hesitant after a 15% single day drop? Check out a focused list of 77 resilient stocks with low risk scores to see how other resilient companies with steadier price action and stronger risk profiles compare.

Q2 2026 Earnings Summary

• Revenue, Q2 2026 vs. Q2 2025: US$370.1 million vs. US$249.6 million (higher year on year)
• Net Income, Q2 2026 vs. Q2 2025: loss of US$112.2 million vs. profit of US$52.2 million (moved from profit to loss)
• Basic EPS, Q2 2026 vs. Q2 2025: loss of US$0.21 per share vs. profit of US$0.24 per share (moved from profit to loss)
• Net Dollar Retention, Q2 2026: 136% vs. prior year period not disclosed (strong expansion from existing customers)

Prefer clean charts instead of scrolling through long earnings tables and revenue figures for Figma? Get a complete visual view of Figma's valuation story at a glance in the company report for Figma.

Figma bull case leans on AI pull and expansion

Bulls argue Figma can become the control layer for product and creative work, with AI driving deeper adoption, higher spend per customer, and durable retention. Q2 gives some support. Revenue reached US$370.1 million with a third straight quarter of faster growth, and net dollar retention of 136% shows existing customers still expanding. Large accounts are engaging with AI in a meaningful way. Over 80% of paid customers above US$10,000 ARR consumed AI credits weekly, and more than 20% of weekly credit users accessed AI only through the Figma agent. Customer cohorts above US$10,000 ARR and above US$100,000 ARR grew 34% and 46% year on year. Non GAAP gross margin of 85% and free cash flow margin of 14% indicate that the AI credit model can support healthy unit economics, at least at the current scale.

Figma bear case focuses on profit strain and AI risk

Bears worry that the AI push drags on profitability, invites tougher competition, and adds execution risk around usage based pricing. Q2 does surface pressure points. The company moved from a profit of US$52.2 million in Q2 2025 to a net loss of US$112.2 million and from basic EPS of US$0.24 to a loss of US$0.21. Management kept full year non GAAP operating income guidance flat at US$125 to US$135 million despite raising revenue guidance. This implies less margin improvement than bulls might prefer. Leadership turnover in product and marketing after a reset in AI direction adds uncertainty just as Anthropic and others release competing tools. The stock reaction also highlights these concerns. The share price fell about 15% on the day to US$24 after earlier gains over 7, 30, and 90 days.

After a sudden swing from profit to loss, plus leadership changes around AI, it is fair to ask whether this is a one quarter wobble or a sign of deeper structural strain inside Figma. Review our independent risk analysis for Figma which shows 2 important warning signs

Stay Ahead Of Your Next Move

Figma just moved from a profit in Q2 2025 to a loss in Q2 2026 and the share price fell about 15% in a single day, which makes timing more important if you are watching the stock. Register for free with Simply Wall St and add Figma to your Watchlist to track price versus fair value and watch how the thesis develops after this reset. If you already hold Figma, use the Portfolio Command Center to cut through market noise and focus on the key fundamental changes and risk updates that matter most. For a longer term edge, lean on the collective insight of thousands of investors inside the Community so you can spot potential catalysts or emerging risks early and stay ahead of the market.

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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.