New York, February 19, 2026, 11:35 EST — Regular session.
• Figma popped higher in early trading after posting results and raising its 2026 revenue outlook
• The company will move to a hybrid pricing model in March, including AI credits for power users
• A few analysts flagged that rising AI costs might squeeze margins, even as growth remains steady
Figma Inc stock climbed 6.7% to $25.82 late Thursday morning, buoyed by the design software firm’s latest earnings and guidance. Shares shifted between $23.28 and $26.08 during the session, with trading volume topping 37 million. (Investing)
Figma’s price action has been turbulent since its IPO in July 2025. The stock launched at $33, then shot up to $142.92 just days after debuting. Despite Thursday’s rally, shares remain over 80% below that early peak. (TradingView)
Why it matters now: investors want to know which software players can actually charge for AI tools, instead of watching rising compute costs eat into profits. Figma’s report adds another data point, but it circles back to the core question: how much room for error is left, with the entire sector scrambling to bolt on AI?
Figma’s fourth-quarter revenue climbed 40% to $303.8 million, with adjusted earnings landing at 8 cents per share, stripping out items like stock-based compensation. For 2026, the company is guiding for $1.366 billion to $1.374 billion in revenue, and it’s targeting $315 million to $317 million for the first quarter. The number of weekly active users on Figma Make, its AI tool, jumped more than 70% quarter-over-quarter. CEO Dylan Field called 2025 “a massive year.” (Figma Investor Relations)
Pricing is central to Figma’s strategy. Starting in March, the company will roll out “AI credits,” which will let heavy users pay for extra AI usage beyond their usual seat subscriptions. “We will begin enforcing credit limits … we’ll be selling add-ons,” CFO Praveer Melwani said in an interview with Reuters. He also flagged that spending on AI could put pressure on gross margins. (Reuters)
Wall Street’s take hasn’t landed in one place. Stifel dropped its price target to $30 from $40, Hold rating unchanged, flagging margin risks and questions about how quickly usage-based revenue might grow after credit limits hit. Piper Sandler stuck with an Overweight and set its target at $35. RBC, for its part, trimmed its target to $31. (Investing)
Figma’s products go up against bigger names like Adobe, all competing for the same line item in company budgets. For buyers, it’s a calculation: which design, prototyping, and handoff tasks can they automate, and where do they still need people involved? The real battle isn’t just over features—it’s about which workflow ecosystem grabs hold.
It’s a risk scenario investors know well. Should AI-related expenses outpace revenue gains, the stock could snap back into its “growth at any price” mode. There’s also the matter of usage-based billing—a rocky customer response once March arrives might lay bare levels of churn that bullish forecasts aren’t capturing.
Eyes turn to March as AI credit limits and add-on sales get enforced. The key question: does this drive actual consumption revenue, or does it just pad the expense side with another item? Margins could get a lift, but that’s not guaranteed.
