NEW YORK, Feb 19, 2026, 05:04 EST — Premarket
- Figma surged about 15% out of the gate, with the company’s forecast and recent results topping expectations.
- The company caught a lift from rising demand and fresh AI features, but expenses remain in focus.
- Traders point to the opening bell as the key test for whether the rally has staying power.
Figma shares jumped about 15% before Thursday’s bell after the design software company posted quarterly results and a 2026 revenue outlook that topped expectations. The stock was set to open at $27.79, up from $24.19 at Wednesday’s close.
Figma’s shares have been on a wild ride since the IPO, underscoring just how divided investors remain over the future of newer software players as AI takes a bigger bite and budgets tighten. “2025 was a massive year for us,” CEO Dylan Field said in a post-results interview with MarketWatch. MarketWatch
Figma’s fourth-quarter revenue surged 40% to $303.8 million. Looking ahead, the company guided first-quarter revenue between $315 million and $317 million. For 2026, Figma is aiming for $1.366 billion to $1.374 billion in revenue, with a non-GAAP operating income target set at $100 million to $110 million.
Chief Financial Officer Praveer Melwani didn’t mince words: Figma is betting that AI improvements will make its platform more valuable, not less. “The core sort of thesis for us is that as AI gets better, Figma gets better,” he told Reuters. The company’s strategy leans on rolling out fresh features and making acquisitions, moves aimed at standing apart from giants like Adobe. Reuters
Field called it “our best quarter yet” during prepared remarks for the earnings call, noting that Figma is “shipping faster than ever” after expanding its product range from four to eight for 2025.
He pointed to a batch of new AI-driven workflow features, including one that lets users drop interfaces built in Anthropic’s Claude Code right into Figma as editable layers. After a December update, Figma says its AI image-editing tools saw more than 10 million uses within just a few weeks. The company also mentioned its acquisition of Weavy, now going by “Figma Weave,” as part of its push to broaden its creative toolbox.
Figma shares are still well below their post-IPO peak, giving up that early surge. Each time earnings drop, investors seem to treat it as a fresh verdict on the company’s growth and customer stickiness — and whether those pillars might eventually justify a steadier price tag.
Cost pressures haven’t gone away. Figma reported a GAAP net loss of $226.6 million last quarter. That’s even with non-GAAP profits in the mix. The company pointed out that IPO-related stock compensation distorted the headline figures.
Investors have a couple of fresh filings to sort through. Figma, per its investor relations site, filed both a Form 10-K annual report and a Form 8-K current report on Feb. 18.
Investors are weighing whether AI tie-ups translate to durable product improvements or simply pile on expenses for infrastructure and R&D. The Figma-Anthropic deal is a case in point—it’s drawing focus as they roll out new tools designed to bridge code and design.
