Figma (FIG) isn’t flinching at the AI “software scare.”
“Figma is winning in AI, and our users are winning with us,” Figma CFO Praveer Melwani told Yahoo Finance’s Opening Bid following the company’s fourth quarter earnings results. “We’ve tightened the feedback loop between design and code, and … we’re starting to see that really resonate in our metrics.”
Investors initially cheered the results, which featured a top-to-bottom beat and a 2026 revenue guide that landed well ahead of Wall Street’s estimates. While the stock popped roughly 5% on Thursday, shares remain down a whopping 70% over the past year.
That context is vital in a market where good results are often punished if they lack an AI wow factor. Figma’s results suggest it is raising the bar for a software industry currently contending with a sell-off.
In Q4, Figma reported revenue of roughly $303.8 million, up 40% year over year, beating Wall Street’s $293 million forecast, per Bloomberg data. Adjusted EPS came in at $0.08, edging past the $0.07 expectation.
For fiscal 2026, the company expects to reach revenue of $1.366 billion to $1.374 billion, suggesting 30% year-over-year growth at the midpoint. The Street had forecast $1.29 billion.
Fueling Melwani’s bullishness is the rapid adoption of Figma Make, the company’s prompt-to-app AI tool. He noted weekly active users for the product surged more than 70% quarter over quarter.
More importantly, the growth is being led by Figma “whales” — those with $100,000 ARR customer accounts. More than half of those whales used Figma Make by the close of Q4, up from 30% at the end of Q3 2025. Currently, more than 1,400 customers spend at least that amount with the platform.
However, Wall Street remains wide-awake with skepticism. Despite Figma “putting the foot on the AI gas pedal,” Stifel analyst J. Parker Lane is proceeding with caution. He maintained a Hold rating on the stock even as he hiked his price target to $30, posing a looming question for the bears: “How much does [user interface] matter in a world where agents do the work?”
Melwani dismissed the idea that AI agents will make human-led design obsolete. He argued that while AI makes it easy to go from an idea to code, speed is useless if you aren’t “building the right thing.” He sees Figma as the “idea maze” where teams coalesce before pushing code to production, citing a new integration with Anthropic’s (ANTH.PVT) Claude Code as proof.
