Figma 2Q'26: Near-Term Re-acceleration vs. Long-Term Durability

Following its IPO last year, Figma reported two consecutive quarters of revenue growth deceleration. Then it flipped and revenue growth re-accelerated in each of the last three quarters. Given investors ever growing obsession with “accelerating revenue” companies, at first glance you may be surprised that the stock has been flailing around despite such accelerating revenue growth trajectory.

Of course, part of the story here is terminal value concerns related to AI which is definitionally unfalsifiable regardless of near-term operating performance. But more importantly, the stock reacted really poorly after its earnings last week because of 3Q’26 guide which implies an anemic sequential revenue growth QoQ.

For context, in February they guided to 30% growth (against a ~24% sell-side consensus for 2026), raised to 35% in May, and are now guiding for 39% revenue growth in 2026. Back in my 4Q’25 update I wrote it “won’t surprise me at all” if actual 2026 growth landed close to mid-30s; the guide itself has now blown past that. Despite such outlook, the sequential growth of ~1% next quarter has likely spooked investors. Moreover, while Figma raised the revenue outlook for the year, the non-GAAP operating income guide was held flat at $125-135 million despite the $40 million revenue raise. So investors may be concerned about the incremental revenue as “empty calories”.

I will discuss other key metrics and some key takeaways from the quarter as well as some additional thoughts on Figma’s AI risk behind the paywall.

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