Figma Inc: 1Q26 Results – Accelerating Revenue Growth Matches the Accelerating Pace of Change

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Figma Inc: 1Q26 Results – Accelerating Revenue Growth Matches the Accelerating Pace of Change

Idea

May 15, 2026 05:38 AM GMT

Morgan Stanley & Co. LLCMFigma Inc | North America Elizabeth Porter, CFA

Equity Analyst

1Q26 Results – Accelerating Elizabeth.E.Porter@morganstanley.comKeith Weiss, CFA +1 212 761-3632

Keith.Weiss@morganstanley.com +1 212 761-4149

Revenue Growth Matches the Kathleen A Keyser

Research Associate

Katie.Keyser@morganstanley.com +1 212 761-0518

Accelerating Pace of Change

Figma Inc (FIG.N, FIG US)

What’s Changed Software | United States of America

Figma Inc (FIG.N) From To Stock Rating Equal-weight

Price Target $44.00 $38.00 Industry View Attractive

Price target $38.00

Shr price, close (May 14, 2026) $20.24

Mkt cap, curr (mm) $10,595

Reaction to earnings 52-Week Range $142.88-16.62

Unchanged Meaningful upside Modest revision higher Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Impact to our thesis Financial results versus consensus Direction of next 12-month

EPS ($)** 0.46 0.29 0.35 0.39

consensus EPS

Prior EPS ($)** - 0.25 0.30 0.37

Source: Company data, Morgan Stanley Research P/E 79.1 59.9 50.0 40.9

EPS ($)§ 0.38 0.24 0.29 0.37

Expanding AI-powered capabilities pushed seat expansion, paid Div yld (%) - - - -

customer conversion, & new credit monetization in Q1, yielding a Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

further reacceleration to 46% YoY revenue growth. While a **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

e = Morgan Stanley Research estimates

faster pace of change increases investor uncertainty on margins Quarterly EPS ($)

and competition, results show Figma is winning in AI. 2026e 2026e 2027e 2027e Quarter 2025 Prior Current Prior Current