Figma Revenue Tops $1 Billion as Design Platform Defies SaaS Selloff

Figma reported fourth-quarter revenue of $303.8 million on Wednesday, up 40% year-over-year, as the cloud-based design platform bucked a brutal selloff that has erased roughly $1 trillion in valuations across the software-as-a-service sector since recent highs.

The results mark a rare bright spot in what investors have dubbed the "SaaS-pocalypse"—a sector-wide rout that wiped out more than $285 billion in market value in February alone. For Figma, which has seen its stock plunge more than 80% from post-IPO highs above $140 to around $23, the numbers offered a reprieve: shares jumped 15% in after-hours trading following the announcement.

The $12 billion design company crossed the $1 billion annual revenue threshold for the first time, finishing 2025 with roughly $1.1 billion in total revenue. More telling for finance leaders watching SaaS metrics: Figma's net dollar retention rate—the measure of how much existing customers are spending—hit 136%, its highest level in 10 quarters. The fourth quarter also delivered the company's best-ever performance in net new revenue.

"2025 was a massive year for us," said CFO Praveer Melwani in an interview before the earnings release. "There's a lot of momentum, and if you zero in on the quarter specifically, growth accelerated from Q3 to Q4."

That acceleration—from 38% growth in the third quarter to 40% in the fourth—represents a critical inflection point. In a market punishing any sign of deceleration, Figma's ability to reaccelerate growth while expanding its customer base stands out. The company launched over 200 features in 2025 and expanded from four to eight products, including new AI-native functionality.

CEO Dylan Field framed the results as validation that Figma's AI strategy is working, noting partnerships with Anthropic and OpenAI. "As AI gets better, Figma gets better—and we're shipping faster than ever," Field told analysts on the earnings call.

Field argued that as AI makes coding more accessible and draws in additional users, design will become even more critical—precisely because it requires human judgment. "I think the case is that humans will continue to use software, and increasingly agents will, too," he said. "I think this creates more surface for designers to work with and designers to think through."

The results arrive as CFOs across the tech sector grapple with a fundamental question: which SaaS companies can maintain growth as AI reshapes workflows, and which will see their products commoditized or replaced entirely? Figma's bet is that design sits at a unique intersection—enhanced by AI tools but still requiring the human creativity that justifies enterprise spending.

Whether that thesis holds as the sector shakeout continues remains the open question. But for now, Figma has delivered the one thing the market demands: proof that growth can accelerate, not just persist.