Figma, Inc. stock research
FY2025 Q2
Figma (FIG) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened from the prior quarter but improved versus the year-ago period, as cost of revenue grew faster than revenue sequentially.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened from the prior quarter but improved versus the year-ago period, as cost of revenue grew faster than revenue sequentially.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. Sequentially, cost of revenue increased while revenue also rose, leading to a lower gross margin.
- Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
88.8%
Gross profit
$221.8M
Revenue
$249.6M
Cost of revenue
$27.9M
Quarter-over-quarter change
-2.6 pts
Year-over-year change
+11.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $198.6M | $179.9M | $18.7M | 90.6% |
| Dec 31, 2024 | $216.9M | $200.5M | $16.5M | 92.4% |
| Mar 31, 2025 | $228.2M | $208.7M | $19.5M | 91.5% |
| Jun 30, 2025 | $249.6M | $221.8M | $27.9M | 88.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-2.6 pts
Year-over-year change
Jun 30, 2024
+11.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. Sequentially, cost of revenue increased while revenue also rose, leading to a lower gross margin.
Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Monitor the trend in cost of revenue relative to revenue, as its sequential increase outpaced revenue growth.