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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor transition period from ________ to ________\n\nCommission File Number 001-42761\n\nFIGMA, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n46-2843087\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n760 Market Street, Floor 10\n\nSan Francisco, California\n94102\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(415) 890-5404\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nClass A common stock, par value $0.00001\n\nFIG\n\nThe New York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒\n\nAs of May 11, 2026, the registrant had outstanding 445,682,595 shares of Class A common stock, 82,693,978 shares of Class B common stock, and no shares of Class C common stock, each with a par value of $0.00001.\n\nTable of Contents\n\n[Summary Risk Factors](#ie10ac171bf59475abf3df377082f4650_10)\n\n[2](#ie10ac171bf59475abf3df377082f4650_10)\n\n[Special Note Regarding Forward-Looking Statements](#ie10ac171bf59475abf3df377082f4650_13)\n\n[4](#ie10ac171bf59475abf3df377082f4650_13)\n\n[PART I.](#ie10ac171bf59475abf3df377082f4650_16)\n\n[Financial Information](#ie10ac171bf59475abf3df377082f4650_16)\n\n[7](#ie10ac171bf59475abf3df377082f4650_16)\n\n[ITEM 1.](#ie10ac171bf59475abf3df377082f4650_19)\n\n[Financial Statements (unaudited)](#ie10ac171bf59475abf3df377082f4650_19)\n\n[7](#ie10ac171bf59475abf3df377082f4650_19)\n\n[Condensed Consolidated Balance Sheets](#ie10ac171bf59475abf3df377082f4650_22)\n\n[7](#ie10ac171bf59475abf3df377082f4650_22)\n\n[Condensed Consolidated Statements of Operations](#ie10ac171bf59475abf3df377082f4650_25)\n\n[8](#ie10ac171bf59475abf3df377082f4650_25)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)](#ie10ac171bf59475abf3df377082f4650_28)\n\n[9](#ie10ac171bf59475abf3df377082f4650_28)\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#ie10ac171bf59475abf3df377082f4650_31)\n\n[10](#ie10ac171bf59475abf3df377082f4650_31)\n\n[Condensed Consolidated Statements of Cash Flows](#ie10ac171bf59475abf3df377082f4650_34)\n\n[11](#ie10ac171bf59475abf3df377082f4650_34)\n\n[Notes to Condensed Consolidated Financial Statements](#ie10ac171bf59475abf3df377082f4650_37)\n\n[13](#ie10ac171bf59475abf3df377082f4650_37)\n\n[ITEM 2.](#ie10ac171bf59475abf3df377082f4650_121)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ie10ac171bf59475abf3df377082f4650_121)\n\n[32](#ie10ac171bf59475abf3df377082f4650_121)\n\n[ITEM 3.](#ie10ac171bf59475abf3df377082f4650_184)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#ie10ac171bf59475abf3df377082f4650_184)\n\n[46](#ie10ac171bf59475abf3df377082f4650_184)\n\n[ITEM 4.](#ie10ac171bf59475abf3df377082f4650_187)\n\n[Controls and Procedures](#ie10ac171bf59475abf3df377082f4650_187)\n\n[48](#ie10ac171bf59475abf3df377082f4650_187)\n\n[PART II.](#ie10ac171bf59475abf3df377082f4650_190)\n\n[Other Information](#ie10ac171bf59475abf3df377082f4650_190)\n\n[50](#ie10ac171bf59475abf3df377082f4650_190)\n\n[ITEM 1.](#ie10ac171bf59475abf3df377082f4650_193)\n\n[Legal Proceedings](#ie10ac171bf59475abf3df377082f4650_193)\n\n[50](#ie10ac171bf59475abf3df377082f4650_193)\n\n[ITEM 1A.](#ie10ac171bf59475abf3df377082f4650_196)\n\n[Risk Factors](#ie10ac171bf59475abf3df377082f4650_196)\n\n[50](#ie10ac171bf59475abf3df377082f4650_196)\n\n[ITEM 2.](#ie10ac171bf59475abf3df377082f4650_199)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#ie10ac171bf59475abf3df377082f4650_199)\n\n[114](#ie10ac171bf59475abf3df377082f4650_199)\n\n[ITEM 3.](#ie10ac171bf59475abf3df377082f4650_202)\n\n[Defaults Upon Senior Securities](#ie10ac171bf59475abf3df377082f4650_202)\n\n[114](#ie10ac171bf59475abf3df377082f4650_202)\n\n[ITEM 4.](#ie10ac171bf59475abf3df377082f4650_205)\n\n[Mine Safety Disclosures](#ie10ac171bf59475abf3df377082f4650_205)\n\n[114](#ie10ac171bf59475abf3df377082f4650_205)\n\n[ITEM 5.](#ie10ac171bf59475abf3df377082f4650_208)\n\n[Other Information](#ie10ac171bf59475abf3df377082f4650_208)\n\n[114](#ie10ac171bf59475abf3df377082f4650_208)\n\n[ITEM 6.](#ie10ac171bf59475abf3df377082f4650_214)\n\n[Exhibits](#ie10ac171bf59475abf3df377082f4650_214)\n\n[116](#ie10ac171bf59475abf3df377082f4650_214)\n\n[Signatures](#ie10ac171bf59475abf3df377082f4650_217)\n\n[117](#ie10ac171bf59475abf3df377082f4650_217)\n\n1\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\nSummary Risk Factors\n\nOur business is subject to numerous risks and uncertainties and this summary provides an overview of such risks. You should read this risk factor summary together with the more detailed discussion of risks and uncertainties included in the section titled “Risk Factors” contained within this Quarterly Report on Form 10-Q.\n\n•We have experienced rapid growth which may not be indicative of our future growth, and if we do not effectively manage our future growth, our business, operating results, financial condition, and future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate future prospects.\n\n•Our operating results may fluctuate significantly, which could make our future results difficult to predict and could cause our operating results to fall below expectations.\n\n•We have a limited operating history at our current scale, which makes it difficult to evaluate our current business and future prospects and increases the risks associated with your investment.\n\n•Changes in our pricing, packaging, or billing models could adversely affect our business, operating results, financial condition, and future prospects.\n\n•Third-party artificial intelligence (“AI”) agents and tools that operate on or through our platform may circumvent our pricing and packaging models, increase our costs, and adversely affect our business, operating results, financial condition, and future prospects.\n\n•Over time, we expect to introduce products, features, and services, or otherwise implement pricing and packaging models, that are billed differently than on a per-seat subscription basis, which could adversely affect our business, operating results, financial condition, and future prospects.\n\n•If we are unable to attract new customers or retain and increase adoption of our products and services by existing customers, we may not achieve the growth we expect, which would adversely affect our business, operating results, financial condition, and future prospects.\n\n•If we are not able to effectively introduce enhancements to our platform, including new offerings, features, and functionality, that achieve widespread market adoption, or keep pace with technological developments, our business, operating results, and financial condition could be adversely affected.\n\n•Competitive developments in AI and our inability to effectively respond to such developments could adversely affect our business, operating results, and financial condition.\n\n•We face intense competition and could lose market share to our competitors, which would adversely affect our business, operating results, financial condition, and future prospects.\n\n•Our product and investment decisions may negatively impact our short-term financial results and may not produce the long-term benefits that we expect.\n\n•The markets for our products and services are relatively new and unproven and may not grow, which would adversely affect our business, operating results, financial condition, and future prospects.\n\n2\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\n•Our use of AI in our products and services may result in reputational harm, legal liability, competitive risks, and regulatory concerns that could adversely affect our business, operating results, and financial condition.\n\n•The multi-class structure of our common stock has the effect of concentrating voting power with Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will limit your ability to influence the outcome of important transactions, including a change in control.\n\n3\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\nSpecial Note Regarding Forward- Looking Statements\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” “aspire,” and similar expressions are intended to identify forward-looking statements.\n\nForward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:\n\n•our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses, and our ability to achieve and maintain profitability;\n\n•our business plan and our ability to effectively manage our growth;\n\n•our total market opportunity;\n\n•anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;\n\n•adoption of our platform;\n\n•the impacts of AI on our business;\n\n•beliefs and objectives for future operations;\n\n•our ability to attract new customers and successfully retain, and increase adoption of our platform and offerings by, existing customers;\n\n•our ability to develop and introduce new products and bring them to market in a timely manner;\n\n•our expectations concerning relationships with third parties;\n\n•our expectations regarding changes in our pricing, packaging, or billing models;\n\n•our ability to maintain, protect, and enhance our intellectual property rights;\n\n•our ability to expand internationally;\n\n•the effects of increased competition in our markets and our ability to compete effectively;\n\n•our ability to identify, recruit, hire, and retain skilled personnel, including key members of senior management;\n\n•future acquisitions or investments in complementary companies, products, technologies, or services;\n\n4\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\n•our ability to stay in compliance with laws and regulations that currently apply, or may become applicable to, our business both in the United States and internationally;\n\n•our ability to maintain the security and availability of our platform and protect against data breaches and other security incidents;\n\n•economic and industry trends, projected growth, or trend analysis;\n\n•general economic conditions in the United States and globally, including the effects of the imposition of trade barriers, tariffs, and other protectionist measures, geopolitical instability, warfare, and uncertainty, including the effects of geopolitical conflicts, inflation, interest rates, changes in investment and spending environments, actual or perceived global banking and finance related issues, and foreign currency exchange rates;\n\n•our ability to operate and grow our business in light of macroeconomic uncertainty;\n\n•increased expenses associated with being a public company; and\n\n•other statements regarding our future operations, financial condition, prospects, and business strategies.\n\nWe caution you that the foregoing list may not contain all of the forward-looking statements contained in this Quarterly Report on Form 10-Q.\n\nWe have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for us to predict all risks, uncertainties, and assumptions that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements herein.\n\nYou should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or to changes in our expectations, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements do not reflect the potential impact of any future acquisitions, restructurings, mergers, dispositions, joint ventures, partnerships, or investments we may make.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.\n\n5\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\nUnless otherwise indicated, the terms “Figma,” the “Company,” “we,” “us,” and “our” refer to Figma, Inc. and our subsidiaries.\n\n6\n\n[Table of Contents](#ie10ac171bf59475abf3df377082f4650_7)\n\nPart I. Financial Information"}