Figma Reports 38% Revenue Growth to $274.2 Million Despite $1.1 Billion Net Loss in Q3 2025

Figma, Inc. reported significant financial results for the third quarter of 2025, with revenue reaching $274.2 million, a 38% increase from $198.6 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $752.0 million, up 41% from $532.1 million in 2024. Despite this growth, the company recorded a net loss of $1.1 billion for the quarter, compared to a loss of $15.6 million in Q3 2024. The substantial increase in losses was primarily attributed to a one-time stock-based compensation expense of $975.7 million related to the company's initial public offering (IPO) and the vesting of restricted stock units (RSUs).

Figma's operating expenses surged to $1.3 billion for the quarter, a 484% increase from $227.3 million in Q3 2024. This rise was driven by significant increases in research and development, sales and marketing, and general and administrative expenses, largely due to stock-based compensation. Research and development expenses alone rose to $680.9 million, reflecting a 554% increase year-over-year, while sales and marketing expenses increased by 247% to $274.8 million. The company attributed these increases to investments in AI technologies and the expansion of its product offerings.

The company also reported a notable increase in its customer base, with 12,910 paid customers generating over $10,000 in annual recurring revenue (ARR), a 32% increase from the previous year. Additionally, the number of customers with over $100,000 in ARR rose by 44% to 1,262. Figma's net dollar retention rate remained stable at 131%, indicating strong customer retention and expansion within its existing customer base. The company continues to expand its product portfolio, launching several new offerings in 2025, including Figma Sites and Figma Make, which leverage AI capabilities to enhance user experience.

Figma's balance sheet as of September 30, 2025, showed total assets of $2.1 billion, up from $1.8 billion at the end of 2024. The company held $340.5 million in cash and cash equivalents, alongside $1.2 billion in marketable securities. The increase in total assets was driven by the proceeds from the IPO, which generated net proceeds of $393.1 million. The company also drew $330.5 million from its revolving credit facility to cover tax obligations related to the RSU vesting, which it subsequently repaid using IPO proceeds.

Looking ahead, Figma expressed optimism about its growth trajectory, emphasizing its commitment to investing in AI and expanding its product offerings. The company believes that its current cash reserves, marketable securities, and available credit will be sufficient to support its operations and growth initiatives for at least the next twelve months. However, Figma acknowledged the inherent risks associated with its rapid growth and the competitive landscape, particularly in the AI sector, which could impact its future performance.