Adobe agreed to buy Figma for

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Cedric77
02-16 15:41

Adobe agreed to buy Figma for $20B.

Regulators refused to approve the deal, so Adobe walked away, and Figma went public.

Figma is now trading at a $11.17B valuation.

AI is destructive to SaaS!

Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious

Title Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious Abstract Figma will report quarterly results on February 18, 2026 Post Market; investors...

Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious

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Regulators refused to approve the deal, so Adobe walked away, and Figma went public. Figma is now trading at a $11.17B valuation. AI is destructive to SaaS!","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/533323866555632","repostId":1169206248,"repostType":2,"repost":{"id":"1169206248","kind":"news","weMediaInfo":{"introduction":"Focus on earnings forecast and in-depth analysis","home_visible":1,"media_name":"Earnings Agent","id":"1025659746","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1771038400,"share":"https://ttm.financial/m/news/1169206248?lang=en_US&edition=fundamental","pubTime":"2026-02-14 11:06","market":"hk","language":"en","title":"Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious","url":"https://stock-news.laohu8.com/highlight/detail?id=1169206248","media":"Earnings Agent","summary":"Title Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious Abstract Figma will report quarterly results on February 18, 2026 Post Market; investors...","content":"<html><head></head><body><h2 id=\"id_2086200975\">Abstract</h2><p>Figma will report quarterly results on February 18, 2026 Post Market; investors are tracking sequential revenue growth, margin stability, and whether guidance aligns with cautious institutional views heading into the print.</p><h2 id=\"id_1637439896\">Market Forecast</h2><p>For the quarter to be reported, the market’s baseline expectations point to revenue of $293.15 million, adjusted EPS of $0.07, and EBIT of $29.27 million in USD; year-over-year growth metrics were not indicated, and no forecast for gross margin or net margin was provided. Based on the most recent disclosures, management’s focus remains on broadening adoption across the core subscription suite and driving attach of newer modules, which together should underpin moderate sequential revenue growth.</p><p>The main business is expected to sustain steady seat expansion and module adoption within existing customer cohorts, with revenue concentration still centered in the core subscription suite and enterprise deployments. The company’s newest AI-assisted creation features and collaboration canvases are positioned as incremental growth levers, but revenue attribution by sub-segment has not been disclosed and no YoY segment growth guidance is available.</p><h2 id=\"id_3917736950\">Last Quarter Review</h2><p>In the previous quarter, Figma delivered revenue of $274.17 million, a gross profit margin of 69.40%, a GAAP net loss attributable to common shareholders of $1.10 billion, and adjusted EPS of $0.10; the net profit margin was not disclosed and year-over-year figures were not provided in the available dataset.</p><p>A notable financial highlight was that revenue and profitability outperformed the immediate pre-report expectations embedded in the prior-period tracking: revenue exceeded the earlier point estimate by $8.96 million and EBIT outpaced the estimate by $16.72 million, while adjusted EPS of $0.10 came in $0.054 above the period’s indicative figure. On the business side, management emphasized continued adoption of new AI-enabled capabilities and collaboration canvases across the core suite, supporting seat expansion and broader usage, though a formal revenue breakdown by sub-business with YoY growth was not shared.</p><h2 id=\"id_2766138921\">Current Quarter Outlook</h2><h3 id=\"id_410608314\">Main business: core subscription suite and enterprise expansion</h3><p>The core subscription suite remains the central revenue engine this quarter, with growth expected to come from a combination of new logo adds, seat expansion within existing accounts, and incremental upsell of recently released modules. Sequential revenue guidance embedded in the current quarter estimate ($293.15 million) implies a 6.92% increase from the prior quarter’s $274.17 million, suggesting steady expansion even as comparisons become more demanding. In the absence of disclosed gross margin guidance, investors will watch whether gross profit efficiency can remain near last quarter’s 69.40% as usage scales and as AI-assisted features, which may carry non-trivial compute costs during early adoption, roll through the user base.</p><p>Two operating questions are likely to shape the stock’s near-term narrative. The first is whether net dollar retention remains resilient in larger customers as enterprise procurement cycles reset early in the calendar year, which can sometimes lengthen expansion timelines. The second is how the balance of new customer adds versus expansion within the base develops, given both can deliver revenue growth with different impacts on billings, collections, and implied remaining performance obligations. If the mix skews toward enterprise upsell and multi-product adoption, consensus could lean more constructive on full-year operating leverage even without a material change in headline revenue.</p><p>Finally, the divergence between last quarter’s GAAP net loss and positive adjusted EPS underscores the importance of monitoring non-GAAP adjustments. Share-based compensation, IPO- and listing-related items, or other one-time effects can widen the spread between GAAP and non-GAAP results in the near term. The market will likely scrutinize operating expense run-rate discipline—particularly sales and marketing and R&amp;D—relative to sequential revenue growth to assess the durability of the path from adjusted earnings to improving GAAP profitability over the next several quarters.</p><h3 id=\"id_2967830376\">Most promising business: AI-assisted creation and collaboration enhancements</h3><p>Within the product family, AI-assisted creation features and collaboration canvases are the most closely watched potential growth drivers this quarter. The integration of AI into ideation and rapid prototyping flows aims to compress cycle times and expand usage beyond specialized roles, which, if successful, should deepen engagement and potentially raise average revenue per account through higher-tier plans and additional module attach. While management has not provided revenue or YoY metrics by sub-product, early commentary and customer anecdotes indicate that the expanded toolset is gaining traction in multi-stakeholder workflows, providing a clear cross-sell vector alongside the core suite.</p><p>The near-term financial impact will hinge on whether usage intensity from AI-assisted features translates into monetizable upgrades and how input costs for inference scale relative to pricing. If the company can maintain gross margin stability while driving meaningful attach of AI features to existing subscriptions, it would support an improving unit-economics story and a clearer bridge to EBIT leverage. Conversely, if elevated usage costs or delayed monetization blunt contribution margin from AI features, investors may push for tighter controls on variable compute spend or a faster transition to premium packaging that directly monetizes AI capabilities.</p><p>Collaboration canvases also matter as a horizontal extension of the core suite. Successful expansion here tends to correlate with seat growth across cross-functional teams and increases the total addressable user base within existing customers. The key for this quarter will be signals on adoption velocity within larger accounts and any commentary on conversion from pilots to paid deployments at scale. Incremental disclosures on attach rates, cross-sell momentum, or new packaging that bundles AI-assisted capabilities with collaboration canvases would be helpful markers for forecasting the revenue run-rate of this emerging growth vector.</p><h3 id=\"id_836992374\">Stock price drivers this quarter: guidance, margins, and supply dynamics</h3><p>Three elements are likely to exert the greatest influence on the share price into and after the print. The first is forward guidance: with the current-quarter revenue estimate at $293.15 million and adjusted EPS at $0.07, the market will look for management’s commentary on the cadence of revenue growth into mid-year and whether gross margin can stay near the high-60s while AI features scale. Guidance that points to stable or improving adjusted operating margins, even in the presence of AI-related investments, would be seen as constructive for valuation support.</p><p>The second driver is the GAAP-to-non-GAAP bridge. Last quarter’s combination of a $1.10 billion GAAP net loss and $0.10 adjusted EPS highlights sizable adjustments. Clarity on stock-based compensation trajectory, any remaining listing- or one-time charges, and expected dilution from share-based programs will be important for reconciling adjusted earnings with long-term GAAP profitability. Investors will also parse the relationship between revenue growth and operating expense growth, with particular attention to whether sales efficiency and R&amp;D productivity improve sequentially.</p><p>The third driver is supply and sentiment. Recent public filings indicate potential secondary share supply activity around late January and early February, which can weigh on short-term trading dynamics even when fundamentals are intact. At the same time, multiple institutions have adopted a cautious stance entering the event, emphasizing execution over re-rating in the near term. A clean beat-and-raise with stable gross margins and a disciplined opex trajectory would be needed to challenge that setup; a mixed outcome on margins or guidance could reinforce the prevailing wait-and-see posture.</p><h2 id=\"id_1623500692\">Analyst Opinions</h2><p>Across the opinions gathered since January 1, 2026, the majority stance is cautious/neutral rather than outright bullish. Based on the collected views in this period, the ratio skews in favor of cautious opinions, with both RBC Capital and Goldman Sachs maintaining Hold-equivalent ratings and setting price targets in the high-$30s to around $40, indicating limited near-term upside. No newly published Buy-equivalent initiations or upgrades were identified within the same window, reinforcing a conservative consensus heading into the report.</p><p>RBC Capital’s Rishi Jaluria reaffirmed a Hold rating on January 13 with a $38.00 price target, signaling a preference to await clearer evidence of sustained operating leverage and visibility into how AI-assisted features will be monetized without compromising gross margin. The note aligns with broader investor attention on the expense trajectory and the GAAP-to-adjusted earnings bridge, particularly given last quarter’s sizable GAAP net loss. Against a backdrop of sequential revenue growth, Jaluria’s stance underscores the need for consistent execution on both growth and profitability metrics before a re-rating can be justified.</p><p>Goldman Sachs, via Kash Rangan, also maintained a Hold rating with a $40.00 target in January, focusing on prudent expectations for the near term while acknowledging the potential of the product roadmap to expand account-level monetization over time. The Goldman view implies that the quarter’s print and guidance should demonstrate convincing progress on key operating metrics—gross margin resilience, adjusted operating leverage, and healthy enterprise expansion—before the risk-reward profile warrants a more constructive call. Notably, the alignment between Goldman and RBC on a neutral stance suggests that institutional consensus is coalescing around stable, but not re-accelerating, fundamentals for the upcoming quarter.</p><p>Putting these perspectives together, the majority institutional view anticipates a solid but measured quarter: revenue around $293.15 million, adjusted EPS near $0.07, and continued investment in AI and collaboration capabilities that, while promising, require more quarters of consistent conversion to materially shift sentiment. To break out of the current neutral framework, Figma would likely need to pair a top-line beat with clearly articulated margin discipline and an evidence-backed plan that monetizes AI adoption while preserving unit economics. Absent that, institutions appear inclined to maintain a cautious posture, with valuation support dependent on the cadence of operating leverage through 2026.</p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarning Preview: Figma Q4 revenue is expected to increase by 6.92%, and institutional views are cautious\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1025659746\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Earnings Agent </p>\n<p class=\"h-time\">2026-02-14 11:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 id=\"id_2086200975\">Abstract</h2><p>Figma will report quarterly results on February 18, 2026 Post Market; investors are tracking sequential revenue growth, margin stability, and whether guidance aligns with cautious institutional views heading into the print.</p><h2 id=\"id_1637439896\">Market Forecast</h2><p>For the quarter to be reported, the market’s baseline expectations point to revenue of $293.15 million, adjusted EPS of $0.07, and EBIT of $29.27 million in USD; year-over-year growth metrics were not indicated, and no forecast for gross margin or net margin was provided. Based on the most recent disclosures, management’s focus remains on broadening adoption across the core subscription suite and driving attach of newer modules, which together should underpin moderate sequential revenue growth.</p><p>The main business is expected to sustain steady seat expansion and module adoption within existing customer cohorts, with revenue concentration still centered in the core subscription suite and enterprise deployments. The company’s newest AI-assisted creation features and collaboration canvases are positioned as incremental growth levers, but revenue attribution by sub-segment has not been disclosed and no YoY segment growth guidance is available.</p><h2 id=\"id_3917736950\">Last Quarter Review</h2><p>In the previous quarter, Figma delivered revenue of $274.17 million, a gross profit margin of 69.40%, a GAAP net loss attributable to common shareholders of $1.10 billion, and adjusted EPS of $0.10; the net profit margin was not disclosed and year-over-year figures were not provided in the available dataset.</p><p>A notable financial highlight was that revenue and profitability outperformed the immediate pre-report expectations embedded in the prior-period tracking: revenue exceeded the earlier point estimate by $8.96 million and EBIT outpaced the estimate by $16.72 million, while adjusted EPS of $0.10 came in $0.054 above the period’s indicative figure. On the business side, management emphasized continued adoption of new AI-enabled capabilities and collaboration canvases across the core suite, supporting seat expansion and broader usage, though a formal revenue breakdown by sub-business with YoY growth was not shared.</p><h2 id=\"id_2766138921\">Current Quarter Outlook</h2><h3 id=\"id_410608314\">Main business: core subscription suite and enterprise expansion</h3><p>The core subscription suite remains the central revenue engine this quarter, with growth expected to come from a combination of new logo adds, seat expansion within existing accounts, and incremental upsell of recently released modules. Sequential revenue guidance embedded in the current quarter estimate ($293.15 million) implies a 6.92% increase from the prior quarter’s $274.17 million, suggesting steady expansion even as comparisons become more demanding. In the absence of disclosed gross margin guidance, investors will watch whether gross profit efficiency can remain near last quarter’s 69.40% as usage scales and as AI-assisted features, which may carry non-trivial compute costs during early adoption, roll through the user base.</p><p>Two operating questions are likely to shape the stock’s near-term narrative. The first is whether net dollar retention remains resilient in larger customers as enterprise procurement cycles reset early in the calendar year, which can sometimes lengthen expansion timelines. The second is how the balance of new customer adds versus expansion within the base develops, given both can deliver revenue growth with different impacts on billings, collections, and implied remaining performance obligations. If the mix skews toward enterprise upsell and multi-product adoption, consensus could lean more constructive on full-year operating leverage even without a material change in headline revenue.</p><p>Finally, the divergence between last quarter’s GAAP net loss and positive adjusted EPS underscores the importance of monitoring non-GAAP adjustments. Share-based compensation, IPO- and listing-related items, or other one-time effects can widen the spread between GAAP and non-GAAP results in the near term. The market will likely scrutinize operating expense run-rate discipline—particularly sales and marketing and R&amp;D—relative to sequential revenue growth to assess the durability of the path from adjusted earnings to improving GAAP profitability over the next several quarters.</p><h3 id=\"id_2967830376\">Most promising business: AI-assisted creation and collaboration enhancements</h3><p>Within the product family, AI-assisted creation features and collaboration canvases are the most closely watched potential growth drivers this quarter. The integration of AI into ideation and rapid prototyping flows aims to compress cycle times and expand usage beyond specialized roles, which, if successful, should deepen engagement and potentially raise average revenue per account through higher-tier plans and additional module attach. While management has not provided revenue or YoY metrics by sub-product, early commentary and customer anecdotes indicate that the expanded toolset is gaining traction in multi-stakeholder workflows, providing a clear cross-sell vector alongside the core suite.</p><p>The near-term financial impact will hinge on whether usage intensity from AI-assisted features translates into monetizable upgrades and how input costs for inference scale relative to pricing. If the company can maintain gross margin stability while driving meaningful attach of AI features to existing subscriptions, it would support an improving unit-economics story and a clearer bridge to EBIT leverage. Conversely, if elevated usage costs or delayed monetization blunt contribution margin from AI features, investors may push for tighter controls on variable compute spend or a faster transition to premium packaging that directly monetizes AI capabilities.</p><p>Collaboration canvases also matter as a horizontal extension of the core suite. Successful expansion here tends to correlate with seat growth across cross-functional teams and increases the total addressable user base within existing customers. The key for this quarter will be signals on adoption velocity within larger accounts and any commentary on conversion from pilots to paid deployments at scale. Incremental disclosures on attach rates, cross-sell momentum, or new packaging that bundles AI-assisted capabilities with collaboration canvases would be helpful markers for forecasting the revenue run-rate of this emerging growth vector.</p><h3 id=\"id_836992374\">Stock price drivers this quarter: guidance, margins, and supply dynamics</h3><p>Three elements are likely to exert the greatest influence on the share price into and after the print. The first is forward guidance: with the current-quarter revenue estimate at $293.15 million and adjusted EPS at $0.07, the market will look for management’s commentary on the cadence of revenue growth into mid-year and whether gross margin can stay near the high-60s while AI features scale. Guidance that points to stable or improving adjusted operating margins, even in the presence of AI-related investments, would be seen as constructive for valuation support.</p><p>The second driver is the GAAP-to-non-GAAP bridge. Last quarter’s combination of a $1.10 billion GAAP net loss and $0.10 adjusted EPS highlights sizable adjustments. Clarity on stock-based compensation trajectory, any remaining listing- or one-time charges, and expected dilution from share-based programs will be important for reconciling adjusted earnings with long-term GAAP profitability. Investors will also parse the relationship between revenue growth and operating expense growth, with particular attention to whether sales efficiency and R&amp;D productivity improve sequentially.</p><p>The third driver is supply and sentiment. Recent public filings indicate potential secondary share supply activity around late January and early February, which can weigh on short-term trading dynamics even when fundamentals are intact. At the same time, multiple institutions have adopted a cautious stance entering the event, emphasizing execution over re-rating in the near term. A clean beat-and-raise with stable gross margins and a disciplined opex trajectory would be needed to challenge that setup; a mixed outcome on margins or guidance could reinforce the prevailing wait-and-see posture.</p><h2 id=\"id_1623500692\">Analyst Opinions</h2><p>Across the opinions gathered since January 1, 2026, the majority stance is cautious/neutral rather than outright bullish. Based on the collected views in this period, the ratio skews in favor of cautious opinions, with both RBC Capital and Goldman Sachs maintaining Hold-equivalent ratings and setting price targets in the high-$30s to around $40, indicating limited near-term upside. No newly published Buy-equivalent initiations or upgrades were identified within the same window, reinforcing a conservative consensus heading into the report.</p><p>RBC Capital’s Rishi Jaluria reaffirmed a Hold rating on January 13 with a $38.00 price target, signaling a preference to await clearer evidence of sustained operating leverage and visibility into how AI-assisted features will be monetized without compromising gross margin. The note aligns with broader investor attention on the expense trajectory and the GAAP-to-adjusted earnings bridge, particularly given last quarter’s sizable GAAP net loss. Against a backdrop of sequential revenue growth, Jaluria’s stance underscores the need for consistent execution on both growth and profitability metrics before a re-rating can be justified.</p><p>Goldman Sachs, via Kash Rangan, also maintained a Hold rating with a $40.00 target in January, focusing on prudent expectations for the near term while acknowledging the potential of the product roadmap to expand account-level monetization over time. The Goldman view implies that the quarter’s print and guidance should demonstrate convincing progress on key operating metrics—gross margin resilience, adjusted operating leverage, and healthy enterprise expansion—before the risk-reward profile warrants a more constructive call. Notably, the alignment between Goldman and RBC on a neutral stance suggests that institutional consensus is coalescing around stable, but not re-accelerating, fundamentals for the upcoming quarter.</p><p>Putting these perspectives together, the majority institutional view anticipates a solid but measured quarter: revenue around $293.15 million, adjusted EPS near $0.07, and continued investment in AI and collaboration capabilities that, while promising, require more quarters of consistent conversion to materially shift sentiment. To break out of the current neutral framework, Figma would likely need to pair a top-line beat with clearly articulated margin discipline and an evidence-backed plan that monetizes AI adoption while preserving unit economics. Absent that, institutions appear inclined to maintain a cautious posture, with valuation support dependent on the cadence of operating leverage through 2026.</p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FIG":"Simplify Macro Strategy ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169206248","content_text":"AbstractFigma will report quarterly results on February 18, 2026 Post Market; investors are tracking sequential revenue growth, margin stability, and whether guidance aligns with cautious institutional views heading into the print.Market ForecastFor the quarter to be reported, the market’s baseline expectations point to revenue of $293.15 million, adjusted EPS of $0.07, and EBIT of $29.27 million in USD; year-over-year growth metrics were not indicated, and no forecast for gross margin or net margin was provided. Based on the most recent disclosures, management’s focus remains on broadening adoption across the core subscription suite and driving attach of newer modules, which together should underpin moderate sequential revenue growth.The main business is expected to sustain steady seat expansion and module adoption within existing customer cohorts, with revenue concentration still centered in the core subscription suite and enterprise deployments. The company’s newest AI-assisted creation features and collaboration canvases are positioned as incremental growth levers, but revenue attribution by sub-segment has not been disclosed and no YoY segment growth guidance is available.Last Quarter ReviewIn the previous quarter, Figma delivered revenue of $274.17 million, a gross profit margin of 69.40%, a GAAP net loss attributable to common shareholders of $1.10 billion, and adjusted EPS of $0.10; the net profit margin was not disclosed and year-over-year figures were not provided in the available dataset.A notable financial highlight was that revenue and profitability outperformed the immediate pre-report expectations embedded in the prior-period tracking: revenue exceeded the earlier point estimate by $8.96 million and EBIT outpaced the estimate by $16.72 million, while adjusted EPS of $0.10 came in $0.054 above the period’s indicative figure. On the business side, management emphasized continued adoption of new AI-enabled capabilities and collaboration canvases across the core suite, supporting seat expansion and broader usage, though a formal revenue breakdown by sub-business with YoY growth was not shared.Current Quarter OutlookMain business: core subscription suite and enterprise expansionThe core subscription suite remains the central revenue engine this quarter, with growth expected to come from a combination of new logo adds, seat expansion within existing accounts, and incremental upsell of recently released modules. Sequential revenue guidance embedded in the current quarter estimate ($293.15 million) implies a 6.92% increase from the prior quarter’s $274.17 million, suggesting steady expansion even as comparisons become more demanding. In the absence of disclosed gross margin guidance, investors will watch whether gross profit efficiency can remain near last quarter’s 69.40% as usage scales and as AI-assisted features, which may carry non-trivial compute costs during early adoption, roll through the user base.Two operating questions are likely to shape the stock’s near-term narrative. The first is whether net dollar retention remains resilient in larger customers as enterprise procurement cycles reset early in the calendar year, which can sometimes lengthen expansion timelines. The second is how the balance of new customer adds versus expansion within the base develops, given both can deliver revenue growth with different impacts on billings, collections, and implied remaining performance obligations. If the mix skews toward enterprise upsell and multi-product adoption, consensus could lean more constructive on full-year operating leverage even without a material change in headline revenue.Finally, the divergence between last quarter’s GAAP net loss and positive adjusted EPS underscores the importance of monitoring non-GAAP adjustments. Share-based compensation, IPO- and listing-related items, or other one-time effects can widen the spread between GAAP and non-GAAP results in the near term. The market will likely scrutinize operating expense run-rate discipline—particularly sales and marketing and R&D—relative to sequential revenue growth to assess the durability of the path from adjusted earnings to improving GAAP profitability over the next several quarters.Most promising business: AI-assisted creation and collaboration enhancementsWithin the product family, AI-assisted creation features and collaboration canvases are the most closely watched potential growth drivers this quarter. The integration of AI into ideation and rapid prototyping flows aims to compress cycle times and expand usage beyond specialized roles, which, if successful, should deepen engagement and potentially raise average revenue per account through higher-tier plans and additional module attach. While management has not provided revenue or YoY metrics by sub-product, early commentary and customer anecdotes indicate that the expanded toolset is gaining traction in multi-stakeholder workflows, providing a clear cross-sell vector alongside the core suite.The near-term financial impact will hinge on whether usage intensity from AI-assisted features translates into monetizable upgrades and how input costs for inference scale relative to pricing. If the company can maintain gross margin stability while driving meaningful attach of AI features to existing subscriptions, it would support an improving unit-economics story and a clearer bridge to EBIT leverage. Conversely, if elevated usage costs or delayed monetization blunt contribution margin from AI features, investors may push for tighter controls on variable compute spend or a faster transition to premium packaging that directly monetizes AI capabilities.Collaboration canvases also matter as a horizontal extension of the core suite. Successful expansion here tends to correlate with seat growth across cross-functional teams and increases the total addressable user base within existing customers. The key for this quarter will be signals on adoption velocity within larger accounts and any commentary on conversion from pilots to paid deployments at scale. Incremental disclosures on attach rates, cross-sell momentum, or new packaging that bundles AI-assisted capabilities with collaboration canvases would be helpful markers for forecasting the revenue run-rate of this emerging growth vector.Stock price drivers this quarter: guidance, margins, and supply dynamicsThree elements are likely to exert the greatest influence on the share price into and after the print. The first is forward guidance: with the current-quarter revenue estimate at $293.15 million and adjusted EPS at $0.07, the market will look for management’s commentary on the cadence of revenue growth into mid-year and whether gross margin can stay near the high-60s while AI features scale. Guidance that points to stable or improving adjusted operating margins, even in the presence of AI-related investments, would be seen as constructive for valuation support.The second driver is the GAAP-to-non-GAAP bridge. Last quarter’s combination of a $1.10 billion GAAP net loss and $0.10 adjusted EPS highlights sizable adjustments. Clarity on stock-based compensation trajectory, any remaining listing- or one-time charges, and expected dilution from share-based programs will be important for reconciling adjusted earnings with long-term GAAP profitability. Investors will also parse the relationship between revenue growth and operating expense growth, with particular attention to whether sales efficiency and R&D productivity improve sequentially.The third driver is supply and sentiment. Recent public filings indicate potential secondary share supply activity around late January and early February, which can weigh on short-term trading dynamics even when fundamentals are intact. At the same time, multiple institutions have adopted a cautious stance entering the event, emphasizing execution over re-rating in the near term. A clean beat-and-raise with stable gross margins and a disciplined opex trajectory would be needed to challenge that setup; a mixed outcome on margins or guidance could reinforce the prevailing wait-and-see posture.Analyst OpinionsAcross the opinions gathered since January 1, 2026, the majority stance is cautious/neutral rather than outright bullish. Based on the collected views in this period, the ratio skews in favor of cautious opinions, with both RBC Capital and Goldman Sachs maintaining Hold-equivalent ratings and setting price targets in the high-$30s to around $40, indicating limited near-term upside. No newly published Buy-equivalent initiations or upgrades were identified within the same window, reinforcing a conservative consensus heading into the report.RBC Capital’s Rishi Jaluria reaffirmed a Hold rating on January 13 with a $38.00 price target, signaling a preference to await clearer evidence of sustained operating leverage and visibility into how AI-assisted features will be monetized without compromising gross margin. The note aligns with broader investor attention on the expense trajectory and the GAAP-to-adjusted earnings bridge, particularly given last quarter’s sizable GAAP net loss. Against a backdrop of sequential revenue growth, Jaluria’s stance underscores the need for consistent execution on both growth and profitability metrics before a re-rating can be justified.Goldman Sachs, via Kash Rangan, also maintained a Hold rating with a $40.00 target in January, focusing on prudent expectations for the near term while acknowledging the potential of the product roadmap to expand account-level monetization over time. The Goldman view implies that the quarter’s print and guidance should demonstrate convincing progress on key operating metrics—gross margin resilience, adjusted operating leverage, and healthy enterprise expansion—before the risk-reward profile warrants a more constructive call. Notably, the alignment between Goldman and RBC on a neutral stance suggests that institutional consensus is coalescing around stable, but not re-accelerating, fundamentals for the upcoming quarter.Putting these perspectives together, the majority institutional view anticipates a solid but measured quarter: revenue around $293.15 million, adjusted EPS near $0.07, and continued investment in AI and collaboration capabilities that, while promising, require more quarters of consistent conversion to materially shift sentiment. To break out of the current neutral framework, Figma would likely need to pair a top-line beat with clearly articulated margin discipline and an evidence-backed plan that monetizes AI adoption while preserving unit economics. Absent that, institutions appear inclined to maintain a cautious posture, with valuation support dependent on the cadence of operating leverage through 2026.","news_type":1,"symbols_score_info":{"FIG":1}},"isVote":1,"tweetType":1,"viewCount":7,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["FIG","ADBE"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":159,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}