There are good years, great years and then whatever Figma just had. The San Francisco-based design platform closed out 2025 by blowing past analyst expectations, crossing the $1 billion annual revenue mark for the first time in its history and delivering what its own leadership described as the company’s best quarter on record. For a company that spent years being known primarily as the tool designers use to argue about fonts, the numbers tell a significantly more ambitious story.
The growth is real, the enterprise customers are spending more and the artificial intelligence push that skeptics might have dismissed as a trend is turning out to be something closer to a structural shift in how the platform is being used.
What the numbers actually show
Figma reported $304 million in revenue for the fourth quarter of 2025 — 40% growth compared to the same period a year earlier and above the top end of its own guidance range. For the full fiscal year, the company posted $1.056 billion in revenue, a 41% increase year over year, also clearing its guidance ceiling.
The margins held up impressively alongside that growth. Gross margins came in at 86% for Q4 and 88% for the full year on a non-GAAP basis, figures that reflect a company scaling without meaningfully eroding its profitability. Non-GAAP operating income reached $44 million in Q4 and $130 million for the full year, both exceeding guidance. Figma ended 2025 holding $1.7 billion in cash, equivalents and marketable securities — a position that leaves significant room for what comes next.
Enterprise customers are spending more and staying
The most telling signal in the report is not the top-line revenue — it is what existing customers are doing. Net dollar retention among customers spending more than $10,000 annually climbed to 136%, the highest level the company had recorded in 10 quarters. Gross retention for the same group held at 97%. In plain terms: customers are not leaving, and the ones staying are spending considerably more than they were before.
The fourth quarter alone added 951 net new customers in the over-$10,000 tier and 143 in the over-$100,000 tier, the latter growing 46% year over year. Figma finished 2025 with 67 customers spending more than $1 million annually — up 68% from the prior year. One example that illustrates the trend: a major global bank expanded its developer seat count on the platform by 69% as it embedded Figma more deeply into its engineering workflows.
The AI numbers that nobody was expecting
A year ago, Figma had essentially zero customers consuming AI credits. By the end of 2025, approximately 75% of paid customers spending more than $10,000 annually were using AI credits on a weekly basis. That is not a gradual adoption curve. That is a feature set that landed and stuck quickly.
Figma Make, the company’s AI-powered prototyping tool, saw weekly active users grow more than 70% quarter over quarter in Q4. More than half of customers in the over-$100,000 tier were actively building in the product each week. The detail that changes the story most, though, is this: nearly 60% of files created in Make during 2025 were produced by non-designers — developers, product managers and marketers. Figma is no longer just a design tool. It is becoming infrastructure for anyone who needs to build and communicate visually, regardless of their job title.
The company also launched a direct integration connecting Claude Code to Figma, allowing AI-generated application work to be brought into the platform as editable design layers and sent back into code. Its acquisition of Weavy, rebranded as Figma Weave, added AI-driven image, video, animation and motion generation to the platform during the quarter.
What Figma is projecting for 2026
The forward guidance is confident without being reckless. Figma expects first-quarter 2026 revenue of $315 million to $317 million, implying roughly 38% growth at the midpoint. For the full year, the company projected $1.366 billion to $1.374 billion — approximately 30% growth over 2025.
Starting in March, Figma will also shift its revenue model to charge customers for both seats and AI credits, a hybrid approach designed to capture the growing value customers are pulling from its expanding AI capabilities. It is a meaningful structural change to how the business monetizes — and given how quickly AI adoption accelerated in 2025, it is a bet that appears well-timed.
