Figma, Inc. stock research
FY2025 Q3
Figma (FIG) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year, but gross profit declined from the prior quarter while rising from a year ago. Cost of revenue rose substantially, causing gross margin to weaken relative to both periods.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to both the prior quarter and the same quarter last year, but gross profit declined from the prior quarter while rising from a year ago. Cost of revenue rose substantially, causing gross margin to weaken relative to both periods.
- The most observable driver of the margin change is the increase in cost of revenue, which grew faster than revenue. A concrete item to monitor is the trajectory of cost of revenue in future quarters.
- Compared to the immediately preceding quarter, gross margin was lower as cost of revenue increased while gross profit decreased despite higher revenue. Versus the same quarter one year earlier, gross margin also weakened, with cost of revenue rising more sharply than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
69.4%
Gross profit
$190.3M
Revenue
$274.2M
Cost of revenue
$83.9M
Quarter-over-quarter change
-19.4 pts
Year-over-year change
-21.2 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $274.2M | $190.3M | $83.9M | 69.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-19.4 pts
Year-over-year change
Sep 30, 2024
-21.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver of the margin change is the increase in cost of revenue, which grew faster than revenue. A concrete item to monitor is the trajectory of cost of revenue in future quarters.
Compared to the immediately preceding quarter, gross margin was lower as cost of revenue increased while gross profit decreased despite higher revenue. Versus the same quarter one year earlier, gross margin also weakened, with cost of revenue rising more sharply than revenue.
Monitor the trend of cost of revenue relative to revenue, as its recent increase has compressed gross margin.