Figma, Inc. stock research
FY2025 Q4
Figma (FIG) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue decreased from the prior quarter but was higher than a year ago. Gross margin improved from the prior quarter but weakened compared to the same quarter last year.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue decreased from the prior quarter but was higher than a year ago. Gross margin improved from the prior quarter but weakened compared to the same quarter last year.
- The strongest observable margin driver is the reduction in cost of revenue relative to revenue, as cost of revenue declined while revenue grew from the prior quarter, leading to a higher gross margin.
- Compared to the immediately preceding quarter, gross margin improved, driven by higher revenue and lower cost of revenue. Compared to the same quarter one year earlier, gross margin weakened, as cost of revenue increased at a faster pace than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
82.1%
Gross profit
$249.5M
Revenue
$303.8M
Cost of revenue
$54.3M
Quarter-over-quarter change
+12.7 pts
Year-over-year change
-10.3 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $303.8M | $249.5M | $54.3M | 82.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+12.7 pts
Year-over-year change
Dec 31, 2024
-10.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the reduction in cost of revenue relative to revenue, as cost of revenue declined while revenue grew from the prior quarter, leading to a higher gross margin.
Compared to the immediately preceding quarter, gross margin improved, driven by higher revenue and lower cost of revenue. Compared to the same quarter one year earlier, gross margin weakened, as cost of revenue increased at a faster pace than revenue.
Monitor the trajectory of cost of revenue, which increased substantially from a year ago and may continue to pressure gross margin if revenue growth does not keep pace.