New York, Feb 20, 2026, 06:56 EST — Premarket
- Figma shares slipped 1.2% in premarket action, giving back a portion of Thursday’s 6.9% surge.
- The company’s 2026 revenue forecast came in ahead of expectations, driven by a deeper push into AI-related add-ons.
- Analysts pointed to margin risk, as AI usage moved from being “included” to a system of metered credits back in March.
Figma Inc slipped roughly 1.2% to $25.54 before the bell Friday, trimming some of Thursday’s 6.9% pop that left shares at $25.86. Investing
The stock is right back in the middle of an ongoing question facing software investors: can additional AI features actually drive sales if infrastructure expenses balloon alongside? Figma’s latest pricing shift is set to put heavier users on usage-based billing, a real-world test of that idea.
Traders are weighing if the strong guidance marks a single adjustment after a volatile run for fresh software listings, or if it’s the first sign of more stable demand from enterprise clients. These customers may be cutting back in other areas, but they continue to invest in tools that help them deliver products quickly.
Figma late Wednesday reported fourth-quarter revenue at $303.8 million, marking a 40% climb from the prior year. The company’s outlook for the first quarter sees revenue between $315 million and $317 million. Looking further ahead, Figma projects 2026 revenue to land between $1.366 billion and $1.374 billion, with non-GAAP operating income targeted at $100 million to $110 million. Figma investor release
Some of the operating numbers jumped out. Net dollar retention hit 136%, showing existing customers ramped up their spending. The company also wrapped up 2025 holding $1.7 billion in cash, cash equivalents and marketable securities.
Figma is leaning harder into AI, treating it as a full-fledged product line rather than simply a feature. Chief financial officer Praveer Melwani told Reuters the company plans to start enforcing credit limits in March, and customers who exceed those built-in caps will have to purchase add-ons. Reuters
This change isn’t just cosmetic—it alters the math for investors tracking growth. Subscriptions tied to seats tend to offer predictable numbers. In contrast, usage-based pricing might juice revenues faster, but there’s risk: unexpected charges can irritate customers.
Competition isn’t standing still. Adobe’s rolled out AI features across its creative suite, leaving investors uneasy—generative AI might dampen appetite for old-school design workflows, instead of giving them a boost.
Thursday brought more of the same from analysts. Stifel slashed its price target for the stock to $30 from $40 but stuck with a Hold rating, citing a murky outlook on margins and questions about the pace of paid AI adoption as credit limits kick in. Stifel note via Investing.com
There’s another layer here: the earnings package is officially part of the filing record now. On Figma’s investor site, a Form 10-K and an 8-K, both stamped Feb. 18, popped up, offering investors a closer look at costs, pay, and the nuts and bolts of the AI initiative. SEC filings index
The arc of Figma’s ascent—and more recent tumble—hasn’t faded from view. Fresh earnings numbers landed just as shares were coming off a sharp slide from their initial post-IPO surge, keeping valuation skeptics wary. Competitive pressure is still out there, especially with Canva in the mix. Barron’s
