Filing Flows › Figma (FIG) › Q4 2025
Figma (FIG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Figma (FIG) reported revenue of $304M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +11% from the quarter before. Operating margin was -64.4%, net loss $227M (74.6% of revenue).
Figma, Q4 2025: revenue $304M (+40% year over year), operating margin -64.4%, net loss $227M, operating cash flow $39.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $304M | +11% | +40% |
| Operating profit | −$196M | — | — |
| Net earnings | −$227M | — | — |
| Operating cash flow | $39.9M | -22% | -45% |
| Free cash flow | $38.5M | — | — |
What changed
Revenue was $303.8M in Q4 2025, up 40% year over year and up 11% from the previous quarter.
Gross margin was 82.1%, down 10.3 points from a year earlier. Operating costs exceeded revenue by $195.5M, an operating margin of -64.4%. Operating expenses grew 199% against revenue growth of 40%. The fastest-growing cost line was General & admin (+296%). The quarter ended with a net loss of $226.6M, narrower than the previous quarter's $1,097.0M loss.
Operating cash flow was $39.9M (down 45% year over year). Non-cash charges added back $6.0M of depreciation and amortization and $218.3M of share-based compensation. Working capital and other items added $42.1M. After capital expenditures ($734K) and capitalized internal use software development costs ($700K), free cash flow as the company reports it was $38.5M.
Questions
What was Figma's revenue in the fourth quarter 2025?
Figma (FIG) reported revenue of $304M for the fourth quarter 2025 (Q4 2025), +40% from a year earlier and +11% from the quarter before.
Was Figma profitable in the fourth quarter 2025?
Operating loss was $196M (-64.4% of revenue) and net loss $227M.
Source: Figma 10-K on SEC EDGAR.