Figma makes its AI case as it gains wallet share

Figma's first quarter results and outlook indicate that the company's core customers are spending more with the design software company. The results counter the narrative that Figma, like other enterprise software vendors, is going to be roadkill for agentic AI.

The company reported a first quarter net loss of $142.4 million, or 27 cents a share, on revenue of $333.4 million, up 46% from a year ago. More importantly, Figma's revenue growth accelerated from the 40% in the fourth quarter. Non-GAAP earnings were 10 cents a share.

Wall Street was expecting non-GAAP earnings of 6 cents a share.

Dylan Field, Figma's CEO, said the first quarter highlighted how code has become a commodity and design is the differentiator. Dylan has spent his days arguing AI is good for his software company ever since it went public in 2025.

Figma is seeing seat expansion for its AI products including Figma Make, MCP and Figma Weave. Paid customers with more than $10,000 in annual recurring revenue were up 37% from a year ago. Paid customers with ARR of more than $100,000 were up 48% from a year ago.

The company implemented AI credit limits on all seats beginning on March 18. The early evidence is that customers are sticking with Figma and buying credits for AI consumption.

As for the outlook, Figma projected 2026 revenue of $1.422 billion to $1.428 billion with non-GAAP operating income of $135 million to $135 million. Figma projected second quarter revenue between $348 million and $350 million, or 40% growth.

Field named customers that were expanding usage. He called out the following customers:

• Google: "As they build the next generation of AI native products, they're doubling down on Figma. The team designing agentic Gemini experiences for millions of enterprise customers uses Figma end-to-end as their single source of truth from the earliest concept work all the way through to shipping. In their words, they can only "get to a level of detail that we want in Figma, that's not possible with vibe coding," said Field.
• Lufthansa: "Their Lido navigation product design team used Figma Make to prototype Lido mPilot, an integrated iOS charting app that streamlines flight navigation for commercial pilots. They did it with a level of fidelity that goes well beyond traditional prototypes, though. By connecting can make to their in-house API, the team could prototype dynamic, interactive map features. That way pilots could test real gestures before any production code was written," said Field.
• Rocket Mortgage: "To help scale that vision, the team built their design system directly into Figma Make as a shared template infrastructure for their entire org, accelerating adoption well beyond the design team. As design engineering lead, Will Hobick, describes it: "We're seeing adoption across the organization. Teams across Rocket are now using Figma Make to rapidly build dashboards, craft presentations and explore new customer experiences, all built on top of our shared design system and brand foundations." Design Director, Emily Strobl, had this to say on why it's resonating. "We've all experienced AI tools that just don't quite hit the mark or reflect our brand standards. Embedding our design system into Figma Make has fundamentally changed that," said Field.

Field covered everything from weekly usage for Figma as well as AI uptake for its AI assistant.

Were Wall Street analysts buying Field's take? Not really. Sentiment on the earnings call was slightly negative with most questions revolving around competitive risk and monetization.

Field was optimistic and management said the Figma is executing well.

The elephant in the room remains Anthropic as well as other LLM providers that will crib Figma's position in design. Field acknowledged that "many of them will be tools that we can integrate while others will be more direct competitors."

Bottom line: Figma's performance is a good start. Wall Street isn't buying it though. Figma shares are seeing a solid 10% gain Friday, but shares are starting the day down 45% year to date.