A month has gone by since the last earnings report for Figma, Inc. (FIG). Shares have added about 5.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Figma, Inc. due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Figma, Inc. before we dive into how investors and analysts have reacted as of late.

Figma's Q2 Earnings Surpass Expectations, Revenues Rise Y/Y

Figma came out with non-GAAP earnings of 8 cents per share, beating the Zacks Consensus Estimate by 100%.

Figma posted revenues of $370.1 million in the second quarter of 2026, surpassing the Zacks Consensus Estimate by 5.5%. Revenues increased 48% year over year, marking the company's third consecutive quarter of accelerated year-over-year growth.

Figma's second-quarter results reflected continued seat expansion, strong customer retention and increasing AI adoption. The quarter also marked the company's first full quarter of AI credit monetization, with customers expanding both seats and AI credit add-ons. Net dollar retention was 136% at the end of the quarter.

FIG's AI Monetization Gains Momentum

A key theme in the second quarter was Figma's progress in monetizing AI usage while continuing to expand adoption across its platform. The company began enforcing AI credit limits across seats in March 2026 and introduced additional options, including AI credit add-ons and pay-as-you-go usage.

More than 80% of paid customers generating more than $10,000 in annual recurring revenue were consuming AI credits weekly as of June 30. Figma also launched new AI capabilities, including the Figma agent, while introducing Code Layers and additional creative tools that expand the potential applications for AI on its platform.

Figma's Quarterly Results in Detail

FIG's GAAP gross profit increased to $309.6 million, while GAAP gross margin was 84%. Non-GAAP gross profit was $314 million, up 40% year over year, with a non-GAAP gross margin of 85%.

The company reported a GAAP operating loss of $117.3 million, compared with non-GAAP operating income of $36.1 million. Non-GAAP operating margin was 10%. Results were impacted by increased sales and marketing spending related to Figma's annual Config user conference. Management also noted that higher inference costs weighed on the year-over-year change in free cash flow.

Figma ended the quarter with 15,964 paid customers generating more than $10,000 in ARR, up 34% year over year. The company had 1,635 customers generating more than $100,000 in ARR, representing 46% year-over-year growth. Net dollar retention improved from 129% in the year-ago quarter to 136%.