Figma Grew Revenue 48%. A Cautious Outlook for Next Quarter Sent the Stock Down 14% Anyway

Figma reported second-quarter 2026 earnings of $0.08 per share on August 5, 2026, against an estimate of $0.04, on revenue of $370.08 million versus $351.56 million expected — 48% growth year over year, and the company's third straight quarter of accelerating growth. The stock fell 13.7% in the fifteen minutes after the release, with the decline building through the window rather than landing in the first move.

The mechanism is guidance, not the quarter itself. Figma raised its full-year revenue forecast alongside the report, but investors focused on a next-quarter outlook viewed as conservative given the pace of AI-driven adoption the company has been citing all year. For a recently public, high-growth software stock, the market's question after any quarter is rarely just 'did growth hold up' — it is 'does the next number show growth still accelerating.' A raise to the full-year number paired with a cautious next-quarter guide reads, to that kind of investor, as the company itself signaling the acceleration may be leveling off.

Figma's costs also grew faster than revenue in the quarter — cost of revenue rose enough to compress both GAAP and non-GAAP gross margins by roughly five percentage points, alongside higher stock-based compensation, which is common for a company in its first year of public reporting. None of that is unusual for a fast-growing software company scaling its infrastructure and headcount; it simply gives a cautious market another reason to focus on the next quarter's guide rather than this quarter's beat.