Figma, Inc.

Previous wording

With the addition of these new products and increasing AI functionality across our platform, Figma has expanded to help teams go from idea to shipped product all in one place. We believe AI will continue to accelerate this journey by helping users of all skill levels to ideate, iterate, and build faster. Over the last few years we have integrated generative AI and code-related capabilities across our platform, including through AI-powered design generation, agentic workflows, and native code layers. We are continuing to invest in AI so our customers can continue to innovate and push what is possible on our platform. We have also made acquisitions that expand Figma’s capabilities, such as Payload CMS, Inc., a leading open-source headless content management system, and Weavy Inc., now Figma Weave, which brings the world’s leading AI models together with professional editing tools on a single, browser-based canvas.

Current wording

With the addition of these new products and increasing AI functionality across our platform, Figma has expanded to help teams go from idea to shipped product all in one place. We believe AI will continue to accelerate this journey by helping users of all skill levels to ideate, iterate, and build faster. Over the last few years we have integrated generative AI and code-related capabilities across our platform, including through AI-powered design generation, the Figma agent and other agentic workflows, and native code layers. We are continuing to invest in AI so our customers can continue to innovate and push what is possible on our platform. We have also made acquisitions that expand Figma’s capabilities, such as Payload CMS, Inc., a leading open-source headless content management system, and Weavy Inc., now Figma Weave, which brings the world’s leading AI models together with professional editing tools on a single, browser-based canvas.

Previous wording

As we have grown our platform, we have also grown our community of both free and paying users, in part by offering enhanced features and functionality based on user and organizational needs. Our free Starter plan makes it easy for anyone to quickly get started with Figma and experience the benefits of our platform. More advanced functionality is available on our paid plans, including our Professional, Organization, and Enterprise plans, each of which are designed to meet the specific and sometimes complex needs of teams. In 2025, we introduced AI credits across all Figma seats. In March 2026, we began enforcing AI credit limits and introduced flexible options for incremental usage, including monthly AI credit add‑ons to existing subscriptions or usage billed under a pay‑as‑you‑go model.

Current wording

As we have grown our platform, we have also grown our community of both free and paying users, in part by offering enhanced features and functionality based on user and organizational needs. Our free Starter plan makes it easy for anyone to quickly get started with Figma and experience the benefits of our platform. More advanced functionality is available on our paid plans, including our Professional, Organization, and Enterprise plans, each of which is designed to meet the specific and sometimes complex needs of teams. In 2025, we introduced AI credits across all Figma seats. In March 2026, we began enforcing AI credit limits and introduced flexible options for incremental usage, including AI credit add‑ons to existing subscriptions or usage billed under a pay‑as‑you‑go model.

Previous wording

$10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the applicable period of measurement. We believe that $10,000 in ARR is an important threshold, as it is a strong indicator of significant paid usage of our products.

Current wording

We believe that the number of Paid Customers with more than $10,000 in ARR on our platform is an important indication of the value that our products deliver. We define a Paid Customer with more than $10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the applicable period of measurement. We believe that $10,000 in ARR is an important threshold, as it is a strong indicator of significant paid usage of our products.

Previous wording

We define non-GAAP operating income and non-GAAP operating margin as income (loss) from operations and operating margin, respectively, excluding stock-based compensation expense, amortization of stock-based compensation expense included in capitalized internal use software development costs, employer payroll taxes on employee stock transactions, and amortization of acquired intangibles from acquisitions. Additionally, we exclude certain non-recurring charges, such as impairment losses on long-lived assets. Non-GAAP operating margin represents non-GAAP operating income as a percentage of revenue.

Current wording

We define non-GAAP operating income and non-GAAP operating margin as income (loss) from operations and operating margin, respectively, excluding stock-based compensation expense, amortization of stock-based compensation expense included in capitalized internal-use software development costs, employer payroll taxes on employee stock transactions, and amortization of acquired intangibles from acquisitions. Additionally, we exclude certain non-recurring charges, such as impairment losses on long-lived assets, and charges that we do not believe are reflective of our ongoing operating performance, such as acquisition-related expenses. Non-GAAP operating margin represents non-GAAP operating income as a percentage of revenue.

Previous wording

The following table reflects the reconciliation of income (loss) from operations to non-GAAP operating income and non-GAAP operating margin for the periods presented:

Current wording

The following table reflects the reconciliation of loss from operations to non-GAAP operating income and non-GAAP operating margin for the periods presented:

Previous wording

Free Cash Flow Margin represents Free Cash Flow divided by revenue. We believe that Free Cash Flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after the purchases of property and equipment and capitalized internal use software development costs, can be used for strategic initiatives, including investing in our business, making strategic acquisitions, and strengthening our balance sheet. Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of Free Cash Flow are that it does not reflect our future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. These activities, along with certain increased operating expenses as described below, may result in a decrease in Free Cash Flow as a percentage of revenue in future periods.

Current wording

Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of Free Cash Flow are that it does not reflect our future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. These activities, along with certain increased operating expenses as described below, may result in a decrease in Free Cash Flow as a percentage of revenue in future periods.

Previous wording

(1)Net cash provided by operating activities for the six months ended June 30, 2026 includes the impact of a $56.1 million payment under our annual corporate bonus program, accrued during the year ended December 31, 2025, with no comparable payment in the prior year period.

Current wording

(1)Net cash provided by operating activities for the nine months ended September 30, 2026 includes the impact of a $56.1 million payment under our annual corporate bonus program, accrued during the year ended December 31, 2025, with no comparable payment in the prior year period.

Previous wording

Our revenue is driven primarily by the number of paying customers and the price we charge for access to our platform, which varies based on the type of plan and products to which a customer subscribes. In March 2026, we began enforcing AI credit limits and introduced flexible options for incremental usage, including monthly AI credit add‑ons to existing subscriptions or usage billed under a pay‑as‑you‑go model.

Current wording

Our revenue is driven primarily by the number of paying customers and the price we charge for access to our platform, which varies based on the type of plan and products to which a customer subscribes. In March 2026, we began enforcing AI credit limits and introduced flexible options for incremental usage, including AI credit add‑ons to existing subscriptions or usage billed under a pay‑as‑you‑go model.

Previous wording

Cost of revenue consists primarily of technical infrastructure and hosting costs, including AI inference, employee-related costs, including stock-based compensation and related employer payroll taxes, for infrastructure and product support teams for paid users of Figma, payment processing fees, amortization of capitalized internal-use software development costs, amortization of acquired developed technologies, and allocated overhead. Depending on the timing of investments in our platform, including those related to our AI initiatives, we expect that our cost of revenue will increase in absolute dollars as our business grows and will fluctuate as a percentage of our revenue from period-to-period depending on the timing of these investments.

Current wording

Cost of revenue consists primarily of technical infrastructure and hosting costs, including AI inference, employee-related costs, including stock-based compensation and related employer payroll taxes, for infrastructure, customer enablement, and product support teams for paid users of Figma, payment processing fees, amortization of capitalized internal-use software development costs, amortization of acquired developed technologies, and allocated overhead. Depending on the timing of investments in our platform, including those related to our AI initiatives, we expect that our cost of revenue will increase in absolute dollars as our business grows and will fluctuate as a percentage of our revenue from period-to-period depending on the timing of these investments.

Previous wording

General and administrative. Our general and administrative expenses consist primarily of employee-related costs, including stock-based compensation and related employer payroll taxes, for our legal, finance, human resources, and other administrative teams, as well as certain executives. In addition, general and administrative expenses include general business expenses, professional services fees, software subscription fees, and allocated overhead. We expect to continue to incur additional expenses as a result of operating as a newly public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obligations, and increased expenses for insurance, investor relations, and professional services. Over time, we expect that our general and administrative expenses will increase in absolute dollars relative to our general and administrative expenses prior to 2025, as our business grows. However, we anticipate that general and administrative expenses will decrease as a percentage of revenue over time, although these expenses may fluctuate as a percentage of our revenue from period-to-period depending on the timing of these expenses.

Current wording

General and administrative. Our general and administrative expenses consist primarily of employee-related costs, including stock-based compensation and related employer payroll taxes, for our legal, finance, human resources, and other administrative teams, as well as certain executives. In addition, general and administrative expenses include general business expenses, professional services fees, software subscription fees, and allocated overhead. We expect to continue to incur additional expenses as a result of operating as a public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obligations, and increased expenses for insurance, investor relations, and professional services. Over time, we expect that our general and administrative expenses will increase in absolute dollars relative to our general and administrative expenses prior to 2025, as our business grows. However, we anticipate that general and administrative expenses will decrease as a percentage of revenue over time, although these expenses may fluctuate as a percentage of our revenue from period-to-period depending on the timing of these expenses.

Previous wording

Other income (expense), net consists primarily of interest income earned on our cash, cash equivalents, and marketable securities, income from digital assets, current, unrealized and realized gains or losses on equity securities, which includes our investment in a Bitcoin exchange traded fund and strategic investments, remeasurement gains or losses on our investment in Bitcoin, which is included within digital assets, non-current on the condensed consolidated balance sheets, gains or losses on foreign currency exchange, amortization of deferred financing costs, interest, and commitments expense on our Revolving Credit Facility (as defined below), and miscellaneous other expenses.

Current wording

Other income, net consists primarily of interest income earned on our cash, cash equivalents, and marketable securities, income from digital assets, current, unrealized and realized gains or losses on equity securities, which includes our investment in a Bitcoin exchange traded fund and strategic investments, remeasurement gains or losses on our investment in Bitcoin, which is included within digital assets, non-current on the condensed consolidated balance sheets, gains or losses on foreign currency exchange, amortization of deferred financing costs, interest, and commitments expense on our Revolving Credit Facility (as defined below), and miscellaneous other expenses.

Previous wording

Provision for income taxes consists of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance on our federal, state and foreign deferred tax assets as we have concluded that it is not more likely than not that the deferred tax assets will be realized.

Current wording

Provision for (benefit from) income taxes consists of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business. We maintain a full valuation allowance on our federal, state and foreign deferred tax assets as we have concluded that it is not more likely than not that the deferred tax assets will be realized.

Previous wording

Revenue increased by $120.4 million, or 48%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in revenue was primarily driven by growth and expansion in total Paid Customers, as the number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR increased by 34% and 46%, respectively, as of June 30, 2026 compared to the prior year.

Current wording

Revenue increased by $117.2 million, or 43%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase in revenue was primarily driven by growth and expansion in total Paid Customers, as the number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR increased by 28% and 36%, respectively, as of September 30, 2026 compared to the prior year.

Previous wording

Cost of revenue increased by $81.8 million, or 173%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to $60.8 million of higher technical infrastructure and hosting costs relating to AI and increased usage of our platform by paid users, and an $11.5 million increase in employee-related costs driven by $7.6 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our IPO in July 2025. There was also an increase of $4.7 million in payment processing fees driven by the growth in Paid Customers.

Current wording

Cost of revenue decreased by $6.9 million, or 8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $39.1 million net decrease in employee-related costs, reflecting a $40.3 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $1.2 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our initial public offering (our “IPO”) in July 2025. The decrease in employee-related costs was partially offset by a $29.5 million increase in technical infrastructure and hosting costs relating to AI and increased usage of our platform by paid users.

Previous wording

Research and development expenses increased by $84.3 million, or 101%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a $70.8 million increase in employee-related costs primarily driven by $58.1 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our IPO in July 2025 and increased headcount due to the growth of our business, and a $10.1 million increase in technical infrastructure and hosting costs, primarily driven by AI-related costs as we improved and extended our product offerings and developed new technologies.

Current wording

Research and development expenses decreased by $475.7 million, or 70%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $496.7 million net decrease in employee-related costs, reflecting a $513.5 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $16.8 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our IPO in July 2025. The decrease in employee-related costs was partially offset by a $14.5 million increase in technical infrastructure and hosting costs, primarily driven by AI-related costs as we improved and extended our product offerings and developed new technologies.

Previous wording

Sales and marketing expenses increased by $113.9 million, or 68%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to a $70.7 million increase in employee-related costs primarily driven by $44.0 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our IPO in July 2025 and increased headcount due to the growth of our business, $21.5 million of higher technical infrastructure and hosting costs for users of our free version of Figma due to continuing growth in our user base and AI-related costs as we continued to roll out our AI offerings to free users during the period, and $10.4 million of higher spend related to marketing and advertising expenses, including due to our annual user conference.

Current wording

Sales and marketing expenses decreased by $144.1 million, or 52%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily due to a $164.7 million net decrease in employee-related costs, reflecting a $177.0 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $12.3 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our IPO in July 2025. The decrease in employee-related costs was partially offset by an $8.8 million increase in technical infrastructure and hosting costs for users of our free version of Figma, driven by continued growth in our user base and AI-related costs as we continued to roll out our AI offerings to free users during the period, and a $5.7 million increase in marketing and advertising expenses.

Previous wording

Other income, net decreased by $29.4 million, or 79%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was due to a $26.5 million unfavorable change in the fair value of equity securities, primarily due to a shift from an unrealized gain on our investment in a Bitcoin exchange traded fund during the three months ended June 30, 2025 to an unrealized loss during the three months ended June 30, 2026.

Current wording

Other income, net increased by $18.0 million, or 61%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily due to a $19.5 million favorable change in the fair value of equity securities, which was primarily driven by our investment in a Bitcoin exchange traded fund.

Previous wording

Comparison of the Six Months Ended June 30, 2026 and 2025

Current wording

Comparison of the Nine Months Ended September 30, 2026 and 2025

Previous wording

Revenue increased by $225.7 million, or 47%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in revenue was primarily due to the addition of new Paid Customers, as our number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR increased by 34% and 46%, respectively, as of June 30, 2026 compared to the prior year.

Current wording

Revenue increased by $342.9 million, or 46%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in revenue was primarily due to the addition of new Paid Customers, as our number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR increased by 28% and 36%, respectively, as of September 30, 2026 compared to the prior year.

Previous wording

Cost of revenue increased by $32.6 million, or 117%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a $27.1 million increase in technical infrastructure and hosting costs relating to AI and increased usage of our platform by paid users, and a $2.8 million increase in employee-related costs primarily driven by $2.0 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our initial public offering (our “IPO”) in July 2025. There was also an increase of $2.3 million in payment processing fees driven by the growth in Paid Customers.

Current wording

Cost of revenue increased by $74.9 million, or 57%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily due to a $90.3 million increase in technical infrastructure and hosting costs relating to AI and increased usage of our platform by paid users, and an increase of $6.6 million in payment processing fees driven by the growth in Paid Customers. These increases were partially offset by a $27.6 million net decrease in employee-related costs, reflecting a $32.7 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $5.1 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our IPO in July 2025.

Previous wording

Research and development expenses increased by $187.3 million, or 122%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to a $164.1 million increase in employee-related costs driven by $142.9 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our IPO in July 2025 and increased headcount due to the growth of our business, and a $14.6 million increase in technical infrastructure and hosting costs, primarily driven by AI-related costs as we improved and extended our product offerings and developed new technologies.

Current wording

Research and development expenses decreased by $288.4 million, or 35%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $328.7 million net decrease in employee-related costs, reflecting a $370.6 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $41.9 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our IPO in July 2025. The decrease in employee-related costs was partially offset by a $29.1 million increase in technical infrastructure and hosting costs, primarily driven by AI-related costs as we improved and extended our product offerings and developed new technologies.

Previous wording

Sales and marketing expenses increased by $57.2 million, or 58%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily due to a $32.4 million increase in employee-related costs primarily driven by $19.0 million of stock-based compensation expense and related employer payroll taxes we recognized after and as a result of the completion of our IPO in July 2025 and increased headcount due to the growth of our business, $13.5 million of higher technical infrastructure and hosting costs for users of our free version of Figma due to continuing growth in our user base and AI-related costs as we continued to roll out our AI offerings to free users during the period, and $5.0 million of higher spend related to marketing and advertising expenses, including due to our annual user conference.

Current wording

Sales and marketing expenses decreased by $30.2 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $92.7 million net decrease in employee-related costs, reflecting a $133.1 million decrease in stock-based compensation expense and related employer payroll taxes, partially offset by a $40.4 million increase in other employee-related costs, primarily driven by higher headcount. The decrease in stock-based compensation expense and related employer payroll taxes was primarily due to higher expense recognized in the prior-year period following, and as a result of, the completion of our IPO in July 2025. The decrease in employee-related costs was partially offset by $30.3 million of higher technical infrastructure and hosting costs for users of our free version of Figma due to continuing growth in our user base and AI-related costs as we continued to roll out our AI offerings to free users during the period, and $16.1 million of higher spend related to marketing and advertising expenses.

Previous wording

Other income, net decreased by $41.0 million, or 93%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was due to a $33.9 million unfavorable change in the fair value of equity securities, primarily due to a shift from an unrealized gain on our investment in a Bitcoin exchange traded fund during the six months ended June 30, 2025 to an unrealized loss during the six months ended June 30, 2026, and a $5.0 million remeasurement loss on our Bitcoin investment.

Current wording

Other income, net decreased by $23.0 million, or 31%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily due to a $14.4 million unfavorable change in the fair value of equity securities, primarily driven by our investment in a Bitcoin exchange traded fund, a $4.5 million decrease in legal settlements received, a $2.2 million decrease in interest income, and a $0.7 million remeasurement loss on our Bitcoin investment.

Previous wording

The provision for income taxes decreased by $8.4 million, or 77%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The provision for income taxes recorded for the three months ended June 30, 2026 was primarily due to taxes in foreign jurisdictions. The provision for income taxes recorded in the three months ended June 30, 2025 was primarily due to our estimated U.S. federal taxable income position as of June 30, 2025.

Current wording

The provision for income taxes increased by $10.1 million, or 403%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The provision for income taxes in the nine months ended September 30, 2026 included discrete tax expense for expected withholding taxes on the planned repatriation of a portion of the undistributed earnings of our Israel subsidiary. The provision for income taxes recorded in the nine months ended September 30, 2025 was primarily due to income tax expenses related to our foreign subsidiaries.

Previous wording

As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents of $445.8 million, digital assets, current of $15.8 million, which is comprised of holdings in USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars, and marketable securities of $1.2 billion. Our Revolving Credit Facility also serves as a source of liquidity. Cash and cash equivalents are comprised of bank deposits, money market funds, U.S. agency securities, U.S. treasury securities, corporate bonds, and commercial paper. Digital assets, current on the condensed consolidated balance sheets is comprised of USDC. Marketable securities are comprised of commercial paper, U.S. agency securities, U.S. treasury securities, corporate bonds, and a Bitcoin exchange traded fund. The majority of our cash and cash equivalents are held in the United States, with the remainder held in international regions to support our foreign operations. Since our inception, we have financed our operations primarily through proceeds from the issuance of our convertible preferred stock and common stock and cash generated from the sale of our products. During the third quarter of 2025, we completed our IPO, in which we issued and sold an aggregate of 12.5 million shares of Class A common stock at a public offering price of $33.00 per share, resulting in net proceeds to us of approximately $393.1 million after deducting underwriting discounts and commissions, but before deducting offering expenses payable by us.

Current wording

As of September 30, 2026, our principal sources of liquidity were cash and cash equivalents of $508.0 million, digital assets, current of $15.9 million, which is comprised of holdings in USDC, a stablecoin redeemable on a one-to-one basis for U.S. dollars, and marketable securities of $1.2 billion. Our Revolving Credit Facility also serves as a source of liquidity. Cash and cash equivalents are comprised of bank deposits, money market funds, U.S. agency securities, U.S. treasury securities, corporate bonds, and commercial paper. Digital assets, current on the condensed consolidated balance sheets is comprised of USDC. Marketable securities are comprised of commercial paper, U.S. agency securities, U.S. treasury securities, corporate bonds, and a Bitcoin exchange traded fund. The majority of our cash and cash equivalents are held in the United States, with the remainder held in international regions to support our foreign operations. Since our inception, we have financed our operations primarily through proceeds from the issuance of our convertible preferred stock and common stock and cash generated from the sale of our products. During the third quarter of 2025, we completed our IPO, in which we issued and sold an aggregate of 12.5 million shares of Class A common stock at a public offering price of $33.00 per share, resulting in net proceeds to us of approximately $393.1 million after deducting underwriting discounts and commissions, but before deducting offering expenses payable by us.

Previous wording

As of June 30, 2026, we held approximately 173 Bitcoins for investment purposes with a fair value of $10.1 million based on observable market prices, which is included within digital assets, non-current on the consolidated balance sheets. We expect to hold these Bitcoins for the long term, but will continue to reassess our Bitcoin investment relative to our balance sheet.

Current wording

As of September 30, 2026, we held approximately 173 Bitcoins for investment purposes with a fair value of $14.4 million based on observable market prices, which is included within digital assets, non-current on the condensed consolidated balance sheets. We expect to hold these Bitcoins for the long term, but will continue to reassess our Bitcoin investment relative to our balance sheet.

Previous wording

We believe that our current cash, cash equivalents, digital assets, current, and marketable securities, in addition to amounts available for borrowing under our Revolving Credit Facility, will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements, however, will depend on many factors, including our subscription growth rate, the timing and extent of spending to support our research and development efforts, our investments in and usage of AI, the expansion of sales and marketing activities, the introduction of new and enhanced products and features, particularly for large organizations, and the continuing market adoption of Figma. We have historically, and may in the future, enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. See the section titled “Risk

Current wording

We believe that our current cash, cash equivalents, digital assets, current, and marketable securities, in addition to amounts available for borrowing under our Revolving Credit Facility, will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements, however, will depend on many factors, including our subscription growth rate, the timing and extent of spending to support our research and development efforts, our investments in and usage of AI, the expansion of sales and marketing activities, the introduction of new and enhanced products and features, particularly for large organizations, and the continuing market adoption of Figma. We have historically, and may in the future, enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. See the section titled “Risk Factors—Risks Related to Financial and Accounting Matters—We may require additional capital to fund our business and support our growth, and any inability to generate or obtain such capital may adversely affect our business, operating results, and financial condition” included in Part II, Item 1A of this Quarterly Report on Form 10-Q.

Previous wording

Our principal commitments consist of our operating lease commitments, future purchase commitments for cloud hosting services, and other commitments consisting of future minimum payments under non-cancelable purchase commitments. Our significant non-cancelable commitments are disclosed in Note 7 “Commitments and Contingencies” to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

Our principal commitments consist of our operating lease commitments, future purchase commitments for cloud hosting services, and other commitments consisting of future minimum payments under non-cancelable purchase commitments. Our significant non-cancelable commitments are disclosed in Note 7 “Leases” and Note 8 “Commitments and Contingencies” to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Previous wording

During the six months ended June 30, 2026, operating activities provided $158.2 million in cash. The primary factors affecting our cash flows during this period were our net loss of $254.6 million, adjusted for $373.3 million from non-cash charges, and net cash inflows of $39.4 million from changes in our operating assets and liabilities. The non-cash charges primarily consisted of $316.6 million of stock-based compensation expense, net of amounts capitalized and $20.0 million in unrealized losses from the remeasurement of equity securities. The cash provided from changes in our operating assets and liabilities was primarily due to a $56.6 million decrease in accounts receivable, reflecting an increase in collections and a $31.4 million increase in deferred revenue related to increased billings. These amounts were partially offset by a $43.6 million decrease in accrued compensation and benefits, which includes the impact of a $56.1 million payment under our annual corporate bonus program.

Current wording

During the nine months ended September 30, 2026, operating activities provided $206.6 million in cash. The primary factors affecting our cash flows during this period were our net loss of $335.9 million, adjusted for $516.6 million from non-cash charges, and net cash inflows of $25.9 million from changes in our operating assets and liabilities. The non-cash charges primarily consisted of $475.1 million of stock-based compensation expense, net of amounts capitalized, and $21.0 million of amortization of deferred commissions. The cash provided from changes in our operating assets and liabilities was primarily due to a $33.8 million decrease in accounts receivable reflecting an increase in collections, and a $31.2 million increase in deferred revenue related to increased billings. These amounts were partially offset by a $38.4 million increase in other assets primarily due to an increase in deferred commissions, a $32.7 million increase in prepaid expenses primarily due to technical infrastructure and hosting, and a $12.9 million decrease in accrued compensation and benefits, which includes the impact of a $56.1 million payment under our annual corporate bonus program.

Previous wording

During the six months ended June 30, 2025, operating activities provided $159.6 million in cash. The primary factors affecting our cash flows during this period were our net income of $73.1 million and net cash inflows of $77.0 million from changes in our operating assets and liabilities, adjusted for $9.5 million from non-cash charges. The non-cash charges primarily consisted of $9.7 million of amortization of deferred commissions, $8.7 million of non-cash operating lease costs, $7.5 million of stock-based compensation expense, net of amounts capitalized, and $5.1 million of depreciation and amortization, partially offset by $13.9 million in unrealized gains from the remeasurement of equity securities and $9.0 million in net accretion of discounts on marketable securities. The cash provided from changes in our operating assets and liabilities was primarily due to a $51.8 million increase in deferred revenue related to increased billings, a $19.8 million increase in accrued compensation and benefits as a result of our increased headcount associated with the growth of our business and implementation of a company-wide annual bonus program, and an $8.7 million increase in accrued and other current liabilities. These amounts were partially offset by a $10.3 million increase in other assets.

Current wording

During the nine months ended September 30, 2025, operating activities provided $210.8 million in cash. The primary factors affecting our cash flows during this period were our net loss of $1.0 billion, adjusted for $1.1 billion from non-cash charges, and net cash inflows of $85.7 million from changes in our operating assets and liabilities. The non-cash charges primarily consisted of $1.1 billion of stock-based compensation expense, net of amounts capitalized, $15.0 million of amortization of deferred commissions, $13.2 million of non-cash operating lease costs, and $9.5 million of depreciation and amortization, partially offset by $21.6 million in unrealized gains from the remeasurement of equity securities and $12.5 million in net accretion of discounts on marketable securities.

Previous wording

Cash Provided by (Used in) Financing Activities

Current wording

Cash Provided by (Used in) Investing Activities

Previous wording

Net cash used in investing activities during the six months ended June 30, 2026 was $13.7 million, which was primarily due to the purchase of marketable securities of $420.6 million, capital expenditures of $14.5 million, and purchase of intangible assets of $2.8 million, partially offset by proceeds from sales and maturities of marketable securities of $426.3 million.

Current wording

Net cash provided by investing activities during the nine months ended September 30, 2026 was $6.4 million, which was primarily due to the proceeds from sales and maturities of marketable securities of $618.4 million, partially offset by the purchase of marketable securities of $585.7 million, capital expenditures of $21.4 million, and purchase of intangible assets of $2.8 million.

Previous wording

Net cash used in investing activities during the six months ended June 30, 2025 was $33.6 million, which was primarily due to the purchase of marketable securities of $525.6 million, the purchase of digital assets of $30.0 million, $21.0 million of cash paid for business combinations, and the capitalization of internal-use software development costs of $2.4 million, partially offset by proceeds from sales and maturities of marketable securities of $548.3 million.

Current wording

Net cash used in investing activities during the nine months ended September 30, 2025 was $294.4 million, which was primarily due to the purchase of marketable securities of $1.0 billion, the purchase of digital assets of $30.0 million, $21.0 million of cash paid for business combinations, the purchase of intangible assets of $5.1 million, and capital expenditures of $3.7 million, partially offset by proceeds from sales and maturities of marketable securities of $784.0 million.

Previous wording

Net cash used in financing activities during the six months ended June 30, 2026 was $101.3 million, which was primarily due to $161.6 million used to pay the employee portion of taxes related to the net share settlement of equity awards, partially offset by proceeds from option exercises of $47.3 million and proceeds from the issuance of shares of Class A common stock under our 2025 ESPP of $13.2 million.

Current wording

Net cash used in financing activities during the nine months ended September 30, 2026 was $107.9 million, which was primarily due to $210.7 million used to pay the employee portion of taxes related to the net share settlement of equity awards, partially offset by proceeds from option exercises of $89.4 million and proceeds from the issuance of shares of Class A common stock under our 2025 ESPP of $13.2 million.

Previous wording

Net cash provided by financing activities during the six months ended June 30, 2025 was $15.8 million, which was primarily due to proceeds from option exercises of $20.7 million, partially offset by $3.5 million used to pay deferred offering costs and $1.4 million used to pay for issuance costs on the Revolving Credit Facility.

Current wording

Net cash used in financing activities during the nine months ended September 30, 2025 was $55.7 million, which was primarily due to $494.6 million used to pay the employee portion of taxes related to the net share settlement of RSU awards, $330.5 million used to repay borrowings under the Revolving Credit Facility, $2.2 million used to pay deferred offering costs in connection with the IPO, and $1.4 million used to pay for issuance costs on the Revolving Credit Facility, partially offset by proceeds from the IPO, net of underwriting discounts and commissions, of $393.1 million, proceeds from borrowings under the Revolving Credit Facility of $330.5 million, and proceeds from option exercises of $48.3 million.