Figma, Inc. stock research
FY2026 Q1
Figma (FIG) Gross Margin — Quarter Ended Mar 31, 2026
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. However, gross margin declined as cost of revenue grew at a faster pace than revenue.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. However, gross margin declined as cost of revenue grew at a faster pace than revenue.
- The primary observable driver of the gross margin change is the disproportionate increase in cost of revenue relative to revenue growth.
- Compared to the immediately preceding quarter, gross margin weakened despite higher revenue and gross profit. Versus the same quarter one year earlier, gross margin also declined, with cost of revenue rising substantially.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
79.4%
Gross profit
$264.8M
Revenue
$333.4M
Cost of revenue
$68.7M
Quarter-over-quarter change
-2.7 pts
Year-over-year change
-12.1 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2026 | $333.4M | $264.8M | $68.7M | 79.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-2.7 pts
Year-over-year change
Mar 31, 2025
-12.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver of the gross margin change is the disproportionate increase in cost of revenue relative to revenue growth.
Compared to the immediately preceding quarter, gross margin weakened despite higher revenue and gross profit. Versus the same quarter one year earlier, gross margin also declined, with cost of revenue rising substantially.
Monitor the trajectory of cost of revenue, which has increased significantly in both sequential and year-over-year comparisons.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Figma, Inc. (FIG) | 79.4% |