Live update #1

Figma’s Q1 Earnings Report Could Reset the Story for the Stock

From live coverage: Live: Figma Up 6% Ahead of Q1 Earnings Tonight - Will Q1 Results Drive a Rebound for $FIG?

Tonight’s earnings marks the first earnings report since the lock-up expiration flood, and management now has its first real opportunity to reset the story with the stock trading near $20 per share.

Despite the recent pressure, Wall Street’s consensus price target still sits at $40.25, implying more than 100% upside from current levels. The stock is also up 6% today, ahead of earnings.

The key question is whether management can reconnect investors to the long-term AI growth narrative. If CEO Dylan Field and CFO Yuhki Yamashita can quantify how AI demand is translating into revenue growth while maintaining confidence in the broader outlook, sentiment could shift quickly from post-lock-up selling pressure toward fundamentals again.

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Overall Grade: A

A clean beat-and-raise across revenue, EPS, and FY26 guidance, validating the AI seat-expansion thesis.

Category	Grade	Notes
Revenue	A	Grew 46% YoY to $333.4M, topping $313.2M consensus.
Earnings	A	Adjusted EPS of $0.10 beat the $0.06 estimate.
Guidance	A	FY26 raised to $1.422B-$1.428B vs. $1.36B.
Margins	B+	FCF margin of 27%; gross margin watch remains.
Cash Flow	A-	Free cash flow reached $88.6M.
Confidence	A-	NDR of 139%; $100K+ ARR cohort grew 48% YoY.

Shares trade at $20.24, still down 49.32% YTD. The tone on tonight’s call will help determine whether the rerate toward $40.25 holds.

Wall Street Wants Figma's FY'26 Plans on Tonight's Earnings Call

4:37pm ET Thomas Richmond

With Q1 in the books, now investors will be watching the company’s earnings call at 5 PM EST for hints of further guidance.

Bullish Scenario

Sustained net dollar retention near 139% and continued AI seat expansion.
Operating margin commentary supporting a credible path to GAAP profitability.

Bearish Scenario

Soft full-year commentary or vague AI revenue attribution.
Gross margin slips below 84.76%.

Wall Street’s average price target of $40.25 assumes guidance holds. Management’s tone on the call will help decide whether shares rerate toward that number.

Bull vs Bear Case for Figma After Q1 Earnings

4:22pm ET Thomas Richmond

With Q1 earnings now public and shares jumping 6.86% on the news, here is the refreshed thesis check on Figma (NYSE:FIG).

Bull Case

Revenue accelerated to 46% YoY growth at $333.4M, topping the $313.2M consensus and signaling AI-led seat expansion is real.
Raised FY26 guidance to $1.422B-$1.428B versus $1.36B consensus removes the post-lock-up overhang.
Net dollar retention of 139% and 48% YoY growth in $100K+ ARR customers validate enterprise traction.
Analyst target of $40.25 implies meaningful upside from $20.24.

Bear Case

Shares are still down 49.32% YTD, and Q3 saw a -11.79% one-week fade after an initial pop.
Ratings skew cautious at 3 buys and 8 holds.
AI pricing pressure from competitors could weigh on gross margins.
GAAP profitability remains unproven at this valuation.

Figma Delivers Blowout Quarter and Jumps 9% as AI Adoption Accelerates Across Enterprises

4:11pm ET Thomas Richmond

Figma reported strong Q1 results, beating expectations across revenue, earnings, and guidance as AI adoption and enterprise expansion accelerated. The stock immediately jumped about 9% following results.

Key highlights:

Revenue grew 46% YoY to $333.4M, above the $313.2M consensus
Adjusted EPS came in at $0.10 vs. $0.06 expected
Net dollar retention hit 139%
Free cash flow reached $88.6M with a 27% margin
Customers spending over $100K ARR grew 48% YoY

Management said the quarter was driven by stronger-than-expected “seat expansion across entire organizations” alongside growing adoption of Figma’s AI products.

Figma also raised FY26 guidance: