FIG: First Glance: Solid Q1, Higher FY26 Guide, and Accelerating Large Customer Traction

研报英文原文证据摘录

FIG: First Glance: Solid Q1, Higher FY26 Guide, and Accelerating Large Customer Traction

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Rishi Jaluria (Analyst)

Max Persico, CFA (Senior Associate)

Matthew Hedberg (Head of Global TIMT

Research)

May 14, 2026

Figma, Inc.

First Glance: Solid Q1, Higher FY26 Guide, and Accelerating Large Customer Traction

NYSE: FIG | USD 18.94 | Sector Perform | Price Target USD 31.00

Sentiment: Positive

Our quick take: Figma delivered generally solid F1Q results with revenue (+46% YoY), and Non-GAAP operating margins (15.6%)

coming in above consensus, although Non-GAAP gross margins (82.3%) came in below. An increased FY26 guide ahead of

consensus sent shares up ~8% after-hours. Beyond this, we were pleased to see accelerating large customer traction with: 1)

Customers with >$10K ARR increasing 37% YoY; and 2) Customers with >$100K ARR increasing 48% YoY.

In terms of guidance, F2Q26 revenue guidance came in nicely ahead of consensus. FY26 revenue and implied Non-GAAP operating

margin also came in nicely ahead of consensus.

Last we were pleased to see positive commentary around both Figma Make and Figma Design, indicating increased adoption of

AI workflows across Figma's platform.

On the call, which is slated for 5PM EST, we'll be looking for management commentary around: 1) new product adoption trends,

particularly for Figma Make; 2) AI and how Figma can be a net beneficiary of AI over time as it continues investing aggressively in

embedding AI throughout the platform; 3) commentary around the new AI partnerships and platform features; and 4) assumptions

underpinning the updated FY26 guidance.

F1Q26 Highlights:

• Revenue was $333.4M, up 46% YoY (RBCe: $314.9M, consensus: $316.0M), beating consensus by 5.5% (vs. 3.7% in Q4)