Short Answer

Figma's paid customers generating >$100k ARR in Q1 2027 are not expected to exceed 1850, despite strong AI product adoption and management's indication that prior pricing headwinds will resolve. The market prices this outcome at 0.0%.

1. Market Behavior & Drivers

No historical price data available.
  • Probability favors Figma reporting fewer than 1850 >$100K ARR customers in Q1 2027.
  • This outcome reflects sequential deceleration in net customer additions through Q3 2026.
  • AI product adoption and pricing resolution may stabilize growth, limiting significant upside.

Who Wins and Why

Outcome Market Model Why
Above 1850 0.0% 0.7% Figma's AI adoption, 131% Net Dollar Retention, and resolving pricing headwinds suggest reaccelerated growth.
Above 1900 0.0% 0.6% Figma's AI adoption, 131% Net Dollar Retention, and resolving pricing headwinds suggest reaccelerated growth.
Above 1950 0.0% 0.5% Figma's AI adoption, 131% Net Dollar Retention, and resolving pricing headwinds suggest reaccelerated growth.
Above 2000 0.0% 0.4% Figma's AI adoption, 131% Net Dollar Retention, and resolving pricing headwinds suggest reaccelerated growth.
Above 2050 0.0% 0.3% Figma's AI adoption, 131% Net Dollar Retention, and resolving pricing headwinds suggest reaccelerated growth.

Current Context

Figma's large customer base expanded consistently through 2026. The company reported 1,525 paid customers with over $100K ARR as of Q1 2026, representing 48% year-over-year growth, a 2 percentage point acceleration from Q4 2025 [1][2]. This cohort grew to 1,635 by Q2 2026, with 46% year-over-year growth, and reached 1,717 by Q3 2026, an increase of more than 450 accounts year-over-year [1][3][4][5][6]. Net Dollar Retention Rate stood at 131% in Q3 2026, marking the fifth consecutive quarter above 130% [1][5]. It peaked at 139% in Q1 2026, the highest in over two years [1][2]. Large customer ARR, from customers with over $10K ARR, contributed nearly 70% of total ARR in Q3 2026, up from 64% in Q1 2025 [4]. Bank of America projects the $100K+ ARR customer cohort to grow 26.2% in 2026, moderating to over 22% annually through 2028 [7][8][9].
Figma reported strong Q3 2026 revenue, driven by growing AI adoption. Q3 2026 revenue was $391.4M, growing 43% year-over-year and exceeding the high end of previous guidance by $16.4M [4][10][5][6]. Full-year 2026 revenue guidance was raised to $1.497B-$1.499B, representing 42% year-over-year growth [4][10][5][6]. The Non-GAAP gross margin declined to 82% in Q3 2026 from 86% in the prior year, reflecting investments in AI inference costs [4]. Non-GAAP operating income was $47.0M in Q3 2026, a 12% margin [4]. By October 31, 2026, 65% of paid customers with over $10K ARR were using the Figma agent weekly, and over 80% consumed AI credits [4][5]. Weekly AI credit consumption increased 2.5-fold between the agent's general availability launch and October 31 [4][5]. The MCP server, which drives 5% of total credit consumption, was the fastest-growing product in Q3 2026 by weekly active users, with total MCP usage growing three times quarter-over-quarter [4][5]. Piper Sandler's Billy Fitzsimmons sees a path to 50% year-over-year growth in Figma Make AI credit revenue and 90% growth in total AI credit revenue for fiscal 2027 [11]. Stifel's Parker Lane expects AI-driven upside to be more of a Q4 2026 or 2027 event [11]. Citi estimates Figma's total addressable market at approximately $25B in 2025 with ~4% penetration, believing the opportunity could expand to ~$50B by 2029 [12]. Despite 43% revenue growth, Figma's stock is down 44% in 2026 due to competitive threats from AI-native design tools [11][13][14]. Q4 2026 earnings are projected for February 17-24, 2027, and Q1 2027 earnings for May 13, 2027 [11][13][14].
Prediction markets appear to have mispriced Figma's Q3 2026 large customer count. The Kalshi prediction market for Figma's Q3 2026 paid customers over $100K ARR resolved with an actual count of 1,717, which was below the 1,725 threshold [15]. Octagon AI's model had a 100% probability for Q3 and 98% for Q2, while the market priced these at 4% and 0% respectively, suggesting significant mispricing [15].
Sources (15)
  1. 1Financials - Quarterly Results | Figma, Inc.investor.figma.com
  2. 2Figma Announces First Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  3. 3Figma Announces Second Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  4. 4Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  5. 5Figma Announces Third Quarter 2026 Financial Resultsbusinesswire.com
  6. 6Figma raises 2026 revenue guidance by $33M | FIG 8-K Filingstocktitan.net
  7. 7BofA reinstates Figma at Buy, says AI turning into a ’growth catalyst’finance.yahoo.com
  8. 8Figma Isn’t Losing To AI, It’s Winning Because of It: Analystlongbridge.com
  9. 9Figma shares slip as chart battles key 100-day moving average resistancescanx.trade
  10. 10Figma (FIG) Q3 earnings report 2026cnbc.com
  11. 11Figma earnings on deck: Can AI products offset competition? By Investing.cominvesting.com
  12. 12Citi initiates Figma with Buy rating, sees AI monetization driving growthfinance.yahoo.com
  13. 13Figma (FIG) earnings date and fiscal calendar 2027earnings.fru.dev
  14. 14Figma, Inc. Class A (FIG) Earnings Dates, Call Summary & Reports - TipRanks.comtipranks.com
  15. 15Figma paid customers >$100k arr in Q3 Prediction Market Results - Public.compublic.com

2. Market Data

Contract Snapshot

This market resolves based on the number of Figma paid customers with over $100k Annual Recurring Revenue (ARR) for Q3 2026. For a contract such as "Above 1850," a "Yes" resolution is triggered if this number is greater than 1850, while a "No" resolution occurs if the number is 1850 or less. Trading for this market is set to end on May 13 at 4:00 PM EDT, and it is currently launching soon, meaning trading has not yet commenced.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Above 1850 $0.00 $1.00 0%
Above 1900 $0.00 $1.00 0%
Above 1950 $0.00 $1.00 0%
Above 2000 $0.00 $1.00 0%
Above 2050 $0.00 $1.00 0%
Above 2100 $0.00 $1.00 0%
Above 2300 $0.00 $1.00 0%

Market Discussion

Figma's paid customers with >$100K ARR reached 1,717 as of September 30, 2026, reflecting 36% year-over-year growth, though sequential customer additions decelerated in Q3 2026 and the count fell slightly below some prediction market thresholds [1][2][3][4]. Despite this, strong net dollar retention rates (131% in Q3 2026), deeper enterprise engagement, and significant AI monetization are expected to continue driving growth in this segment [5][6]. However, Figma's CFO announced that the company is "not commenting on our 2027 guide" at this time, and pricing changes from Q1 2025 are expected to "completely flow out of our model by Q1 of 2027" [7].

Sources (7)
  1. 1Figma Announces Third Quarter 2026 Financial Resultsbusinesswire.com
  2. 2Figma Inc. (via Public) / Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)ebs.publicnow.com
  3. 3Figma paid customers >$100k arr in Q3 Prediction Market Results - Public.compublic.com
  4. 4Figma Trades at 9x Sales as Growth Stays Near 40% and AI Usage Ramps | Investing.cominvesting.com
  5. 5Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  6. 6Financials - Quarterly Results | Figma, Inc.investor.figma.com
  7. 7Figma (FIG) Q3 2026 Earnings Call Transcript & Audiostockanalysis.com

3. What are the Q1 2027 forecasts for Figma's >$100K ARR customer count from major financial analysts like Bank of America and Citi?

BoA FY2027 ARR Customersroughly 2,350-2,400 customers (end of fiscal 2027) [1][2][3]
Figma Q2 2026 ARR Customers1,635 customers (as of June 30, 2026) [4][5]
Estimated Q1 2027 ARR Customersapproximately 1,850-1,950 customers [4]
Major financial analysts have not published precise Q1 2027 Figma customer counts. In available sources, Citi did not publish a specific Q1 2027 forecast for Figma's >$100K ARR customer count, despite initiating coverage on June 17, 2026 [6][7][8][9]. Similarly, Bank of America does not provide a specific forecast for Figma's >$100K ARR customer count as of Q1 2027 (March 2027). However, Bank of America estimates that customers generating more than $100,000 in ARR will grow 26.2% in 2026, followed by more than 22% annually through 2028, suggesting approximately 2,350-2,400 such customers by the end of fiscal 2027 [1][2][3].
Figma's historical growth rate indicates approximately 1,850-1,950 customers by Q1 2027. Figma's sequential growth in >$100K ARR customers has shown a decelerating trend, with quarter-over-quarter growth rates of 11.3% in Q4 2025, 8.5% in Q1 2026, and 7.2% in Q2 2026 [4]. For context, Figma reported 1,635 paid customers with >$100K ARR as of June 30, 2026 (Q2 2026) [4][5]. Given this pattern of decelerating growth, a continued trend suggests the number of >$100K ARR customers could reach approximately 1,850-1,950 by Q1 2027 [4].
Sources (9)
  1. 1Figma Isn’t Losing To AI, It’s Winning Because of It: Analystlongbridge.com
  2. 2Figma Stock Gains Analyst Support on AI Outlook | InsiderFinanceinsiderfinance.io
  3. 3Figma shares slip as chart battles key 100-day moving average resistancescanx.trade
  4. 4Financials - Quarterly Results | Figma, Inc.investor.figma.com
  5. 5https://s206.q4cdn.com/973901332/files/doc_financials/2026/q2/242074090_2010801861_3782208_Transcript_EditedCopy_20260806030511.pdfs206.q4cdn.com
  6. 6Citi initiates Figma with Buy rating, sees AI monetization driving growthfinance.yahoo.com
  7. 7Figma Stock (FIG) Rises after Citi Initiates Buy Rating, Sees 100% Upside - TipRanks.comtipranks.com
  8. 8Citi Initiates Bullish Coverage on Figma Stock as the AI Monetization Story Takes Shapebarchart.com
  9. 9Citi sets $36 target on Figma stock, sees 100% upside on AI design tool demand | Dealroom.coapp.dealroom.co

4. What impact will the adoption of Figma's AI products, particularly the Figma Agent, have on large customer acquisition and expansion rates through Q1 2027?

Figma Agent GA DateOctober 6, 2026 [1][2]
Paid customers weekly Figma Agent usage (>10k ARR)65% as of October 31, 2026 [1][3]
Net Dollar Retention Rate131% in Q3 2026 [1][3]
Figma Agent shows strong user adoption and credit consumption post-general availability. The Figma Agent officially achieved General Availability on October 6, 2026 [1][2]. User adoption has been robust, with 65% of paid customers generating over $10,000 in Annual Recurring Revenue (ARR) utilizing the Figma Agent weekly as of October 31, 2026 [1][3]. Over 80% of these customers also consume AI credits [1][3]. Weekly AI credit consumption surged 2.5 times during the agent's General Availability launch transition [1][3]. Furthermore, among users on Org and Enterprise plans who engaged with agent beta credits prior to GA, over 80% continued to use credits, and more than 95% remained active on the platform [1][2].
AI products are poised to significantly boost Figma's financial expansion. Figma's AI products are expected to positively influence large customer expansion rates through Q1 2027 [1]. This growth is anticipated due to strong user adoption and AI monetization, which contribute to increased net dollar retention and seat expansion [1]. The company's Net Dollar Retention Rate stood at 131% in Q3 2026, marking the fifth consecutive quarter above 130%, a performance fueled by upgrades, robust seat expansion, and AI monetization [1][3]. As of September 30, 2026, Figma reported 1,717 paid customers with over $100,000 ARR, representing a year-over-year increase of more than 450 accounts, with over 80 new customers added in this tier during Q3 2026 alone [1][3]. Looking forward, Piper Sandler projects Figma's total AI credit revenue growth of 90% year-over-year in fiscal 2027, contributing to an analyst consensus of approximately $1.83 billion in total FY2027 revenue [4][5][6].
Sources (6)
  1. 1Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  2. 2Figma's AI Agent Was Eating Its Margins. As of Tuesday, You're Paying for It. | State of AIthestateofai.com
  3. 3Figma raises 2026 revenue guidance by $33M | FIG 8-K Filingstocktitan.net
  4. 4Piper Sandler reiterates Figma stock rating on AI credit growth By Investing.comng.investing.com
  5. 5Figma, Inc. (FIG) Analyst Ratings, Estimates & Forecasts - Yahoo Financefinance.yahoo.com
  6. 6Figma earnings (Q1 FY2027): May 13, 2027 | Calendarcalendar.fru.dev

5. How does Figma's enterprise product strategy compare to emerging AI-native design tools in attracting and retaining customers with >$100K ARR?

Figma >$100K ARR Customers1,717 (as of September 30, 2026) [1]
Figma Net Dollar Retention131% in Q3 2026 [2][1][3]
Figma UI/UX Market Share80-90% [4][5]
Figma dominates the enterprise market with a product-led, AI-integrated growth strategy. As of September 30, 2026, Figma reported 1,717 paid customers with over $100K ARR [1], significantly surpassing emerging AI-native design tools in this segment [6][7][8][9][10]. The company maintains an estimated 80-90% dominant market share in UI/UX design, supported by its robust design system, collaboration graph, and established designer community [4][5]. Figma's strong land-and-expand dynamics are evident, with large customer ARR contributing nearly 70% of total ARR and approximately 70% of Organization and Enterprise customers initially adopting the Professional plan [5][1][11].
Figma's financial health is strong, driven by successful AI monetization. In Q3 2026, the company reported a 131% net dollar retention rate with gross retention in the mid-to-high 90s [2][1][3]. While AI inference costs led to a decline in non-GAAP gross margin from 86% in Q3 2025 to 82% in Q3 2026, AI serves as a key expansion engine, with over 80% of paid customers earning more than $10K ARR consuming AI credits weekly [5][1][3]. Pro teams purchasing AI credit add-ons generate average annual recurring revenues more than three times higher than those without add-ons, and over 75% of users exceeding AI credit limits continued purchasing credits and remained active [12][13][14]. However, the newer Figma Enterprise MCP six-month retention was 25% by August 2026, compared to 71.5% for the core Enterprise platform [2][1][3].
Emerging AI-native tools lag Figma in enterprise features and customer base. Tools like Lovable, v0, and Claude Design primarily aim to automate the design process but currently lack Figma's deep collaboration features and enterprise governance capabilities [4][5][6][15]. For instance, Lovable reached $400M ARR by February 2026, yet its enterprise customer base is considerably smaller than Figma's [6][7]. Similarly, Framer, which achieved $50M ARR in 2025 and targeted $100M ARR in 2026, is likely to have a much lower number of customers with over $100K ARR, highlighting Figma's substantial lead in the enterprise market [8][9][10].
Sources (15)
  1. 1Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  2. 2Figma Enterprise MCP Retention Falls to 25% as Core Platform Retention Holds Above 70%blog.tickertrends.io
  3. 3Figma raises 2026 revenue guidance by $33M | FIG 8-K Filingstocktitan.net
  4. 4Design tech's hot mess: Claude Design vs. Adobe, Canva, and Figma - Fast Companyfastcompany.com
  5. 5Figma's Moat Was Never the Pixels - Hongbee Parkhongbeepark.com
  6. 6Claude Design vs Figma vs Lovable vs v0 (2026) | Mantlrmantlr.com
  7. 7Is Swedish Lovable a threat to Figma's dominance and IPO? Breaking down the facts — TFNtechfundingnews.com
  8. 8Framer revenue, funding & growth rate | Sacrasacra.com
  9. 9Framer: will it survive the AI era? Assessed 22 July 2026 · WillItSurvivewillitsurvive.net
  10. 10A Prototyping Tool That Stalled at $5M Rebuilt Itself to Publish Sites — Framer Serves Its Own Site From Its Own Hosting, and Lets an AI Agent and Template Creators Bring In the Next Users — Service Anatomyserviceanatomy.com
  11. 11Figma sold to people who were already using it | Programmable Revenuecience.com
  12. 12Can AI-Native Workflow Monetization Become FIG's Next Growth Engine?finance.yahoo.com
  13. 13Figma Announces First Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  14. 14Figma’s numbers say AI is a tailwind. Its stock price says the market isn’t sure.thenextweb.com
  15. 15Design — the top 5, v2026.Q3 | elemselems.ai

6. What are the key dates for Figma's Q4 2026 and Q1 2027 earnings reports, and which metrics will be leading indicators for the >$100k customer count?

Projected Q4 2026 Earnings DateFebruary 17, 2027 [1][2][3] or February 24, 2027 [4][5]
Net Dollar Retention Rate (Paid Customers >$10k ARR)131% (as of September 30, 2026) [6][7][8]
Q3 2026 Net Adds (Paid Customers >$100k ARR)More than 80 [6][9][8]
Figma's upcoming earnings reports have projected dates but lack official confirmation. Figma's Q4 2026 earnings report is projected for February 17, 2027 [1][2][3] or February 24, 2027 [4][5], with both expected after market close. The Q1 2027 earnings report is anticipated for May 13, 2027 [1][2][3] or May 20, 2027 [5], also after market close. As of November 6, 2026, Figma has not officially confirmed either of these projected dates [1][4][2][3][5].
Several key indicators reveal growth potential for Figma's high-value customers. Leading indicators for the count of Paid Customers with over $100,000 in Annual Recurring Revenue (ARR) include the Net Dollar Retention Rate for Paid Customers exceeding $10,000 in ARR, which was 131% as of September 30, 2026 [6][7][8]. This rate is vital for understanding expansion, contraction, and churn within the customer base contributing to the enterprise tier. Additionally, the quarterly net add rate for customers exceeding $100,000 ARR serves as a direct predictor for the Q1 2027 count, with Figma adding more than 80 net Paid Customers in this tier during Q3 2026 [6][9][8].
Product adoption and new team conversions also signal future enterprise expansion. AI adoption metrics are significant for ARR expansion among existing customers, which in turn drives the growth of the >$100,000 ARR customer count. As of October 31, 2026, 65% of Paid Customers with more than $10,000 in ARR were utilizing the Figma agent weekly, and over 80% were consuming AI credits on a weekly basis [6][8]. Management has further emphasized Figma Make adoption as a key factor in enterprise expansion and ARR growth within the >$100,000 tier, with weekly usage among Paid Customers in this segment reaching approximately 60% in Q1 2026 [10][11]. Moreover, new Pro team conversions, which saw over 150% year-over-year growth in Q1 2026, are considered a leading indicator for future growth and potential migration to the enterprise tier [10][11].
Sources (11)
  1. 1FIGMA AKTIE AKTIE Termine | Quartalszahlen | Zwischenbericht | A41DRCfinanzen.net
  2. 2Figma (FIG) earnings date and fiscal calendar 2027earnings.fru.dev
  3. 3Figma earnings (Q1 FY2027): May 13, 2027 | Calendarcalendar.fru.dev
  4. 4Figma, Inc. Class A (FIG) Earnings Dates, Call Summary & Reports - TipRanks.comtipranks.com
  5. 5Figma Stock Price | FIG Stock Quote, News, and Historygoogle.com
  6. 6Figma Announces Third Quarter 2026 Financial Resultsbusinesswire.com
  7. 7fig-20260930sec.gov
  8. 8Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  9. 9Figma (FIG) Q4 2025 Earnings Call Transcript | The Motley Foolfool.com
  10. 10Figma Announces First Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  11. 11Figma (FIG) Q1 2026 Earnings Call Transcript | The Motley Foolfool.com

7. Based on Figma's sequential growth trends from Q1 to Q3 2026, what growth trajectory is implied for the >$100K ARR customer cohort by Q1 2027?

>$100K ARR Customers (Q3 2026)1,717 customers [1]
>$100K ARR Net Adds (Q3 2026)82 net adds [2]
AI Adoption (>$10K ARR customers)65% using Figma agent weekly [3]
Figma's >$100K ARR customer cohort experienced a significant deceleration in sequential growth from Q1 to Q3 2026. Net additions to this critical cohort, which represents nearly 70% of total ARR [3][4][5], declined from approximately 120 in Q1 2026 to 82 in Q3 2026 [2]. Correspondingly, quarter-over-quarter growth rates for this segment fell from about 8.5% in Q1 2026 to approximately 5.0% by Q3 2026 [1][6][7][8][9][10]. This trend, if continued, implies a trajectory of approximately 50–70 net adds for Q1 2027, leading to an estimated 1,830–1,860 total customers in this cohort [3][2][6][7][8][11][4]. The company's management acknowledged this slowdown in the Q3 2026 earnings call, noting that "customer growth in the $10,000 and $100,000 ARR cohorts stepped back slightly from heightened levels" [12][3][4]. The cohort grew from 1,405 customers in Q4 2025 to 1,525 in Q1 2026, 1,635 in Q2 2026, and reached 1,717 by Q3 2026 [1][13][2][6][14][7][15][8][5][11].
AI adoption and pricing changes could reaccelerate future growth for Figma's >$100K ARR customer cohort. Despite the recent deceleration, strong AI adoption metrics indicate that 65% of paid customers with >$10K ARR were utilizing the Figma agent weekly as of October 31, 2026 [3][5][11][4]. Additionally, pricing and packaging changes implemented in Q1 2025 are expected to "completely flow out of our model by Q1 of '27," which the CEO believes could support a reacceleration [3][11][4]. The Q1 2027 trajectory will ultimately depend on the extent to which AI monetization and enterprise expansion can counteract the natural deceleration that accompanies a larger customer base [12][3][4].
Sources (15)
  1. 1Documentsec.gov
  2. 2Figma (FIG) Q4 2025 Earnings Call Transcript | The Motley Foolfool.com
  3. 3Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  4. 4Figma, Inc. (FIG) 2026Q3電話會議重點和逐字稿 - 財報狗statementdog.com
  5. 5Figma Announces Third Quarter 2026 Financial Resultsbusinesswire.com
  6. 6Figma Announces First Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  7. 7Figma Announces Second Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  8. 8Figma Inc. (via Public) / Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)ebs.publicnow.com
  9. 9Figma Announces Third Quarter 2025 Financial Results | Figma, Inc.investor.figma.com
  10. 10Figma Announces Third Quarter 2025 Financial Results | Figma, Inc.investor.figma.com
  11. 11Figma raises 2026 revenue guidance by $33M | FIG 8-K Filingstocktitan.net
  12. 12Figma Inc (FIG) (Q3 2026) Earnings Call Highlightsnz.finance.yahoo.com
  13. 13Figma Announces Fourth Quarter and Fiscal Year 2025 Financial Results | Figma, Inc.investor.figma.com
  14. 14Documentsec.gov
  15. 15Documentsec.gov

8. What Could Change the Odds

Key Catalysts

Figma's paid customer base with >$100K ARR reached 1,717 as of September 30, 2026, growing 36% year-over-year from 1,262 in Q3 2025 [1][2][3][4]. This compares to 1,525 customers with 48% YoY growth in Q1 2026 [5][6][7][8]. Large customer ARR contribution (>$10K ARR) constituted nearly 70% of total annual recurring revenue as of Q3 2026 [1]. Net Dollar Retention Rate remained strong at 131% as of September 30, 2026, marking five consecutive quarters above 130% [5][1][2][3]. Q3 2026 revenue was $391.4M (43% YoY), surpassing guidance by $16.4M [1][9][2][10]. The company raised full-year 2026 guidance to $1.497B-$1.499B (42% YoY growth), with Q4 2026 guidance at $402M-$404M [1][9][2][10]. Kalshi traders project Q4 2026 >$100K ARR customers at approximately 1,863 [11]. Upcoming disclosures include Q4 2026 earnings between February 17-24, 2027, and Q1 2027 earnings around May 13, 2027, which will reveal the Q1 2027 >$100K ARR customer count [12][13][14].
AI product adoption and competitive pressures remain critical drivers. As of October 31, 2026, 65% of paid customers with >$10K ARR utilized the Figma agent weekly, with over 80% consuming AI credits [1][2]. Weekly AI credit consumption increased 2.5-fold since the agent's general availability launch [1][2]. The Figma MCP server became the fastest-growing product in Q3 2026 by weekly active users, reaching approximately 1 million users [1][2][15]. Analysts forecast potential 50% YoY growth in Figma Make AI credit revenue and 90% growth in total AI credit revenue for fiscal 2027 [16][17]. However, competitive threats from Anthropic's Claude Design, launched April 17, 2026, caused Figma shares to fall ~7% [16][17][15][18]. Canva, valued at ~$60B privately with ~$4B ARR, represents another significant competitor [16][17][15][18]. Non-GAAP gross margin declined from 86% in Q3 2025 to 82% in Q3 2026, reflecting investments in AI inference costs [1][9][2]. Figma's stock closed at $18.44 on November 5, 2026, down 16.7% on the day, with a 44% YTD decline in 2026 [16][19][20].

Key Dates & Catalysts

  • Expiration: September 10, 2027
  • Closes: September 10, 2027
Sources (20)
  1. 1Figma (FIG) Q3 2026 Earnings Call Transcript | The Motley Foolfool.com
  2. 2Figma Announces Third Quarter 2026 Financial Resultsbusinesswire.com
  3. 3Figma Inc. (via Public) / Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)ebs.publicnow.com
  4. 4Figma Announces Third Quarter 2026 Financial Results | Nasdaqnasdaq.com
  5. 5Financials - Quarterly Results | Figma, Inc.investor.figma.com
  6. 6Figma Announces First Quarter 2026 Financial Results | Figma, Inc.investor.figma.com
  7. 7Figma (FIG) Q1 2026 Earnings Call Transcript | The Motley Foolfool.com
  8. 8Figma’s numbers say AI is a tailwind. Its stock price says the market isn’t sure.thenextweb.com
  9. 9Figma (FIG) Q3 earnings report 2026cnbc.com
  10. 10Figma (FIG) Q3 earnings report 2026cnbc.com
  11. 11Figma (FIG) earnings | Kalshikalshi.com
  12. 12https://www.tipranks.com/stocks/fig/earningstipranks.com
  13. 13Figma (FIG) earnings date and fiscal calendar 2027earnings.fru.dev
  14. 14Figma, Inc.: Company Events Publications and Financial Calendar | FIG | US3168411052 | MarketScreenermarketscreener.com
  15. 15Figma opens its canvas to Claude Code and Cursor as growth slows from 48% to 36% · The Inferencetheinference.org
  16. 16Figma earnings on deck: Can AI products offset competition? By Investing.comuk.investing.com
  17. 17Figma earnings on deck: Can AI products offset competition? By Investing.cominvesting.com
  18. 18Figma — The Teardowntheteardown.co
  19. 19Figma, Inc. (FIG) Stock Analysis, November 2026: Insider Selling, Superinvestors & Valuation | Nexqualnexqual.com
  20. 20Figma (FIG) Stock Forecast & Analyst Price Targetsstockanalysis.com