FIG, Figma, Inc. AI integrations push it into enterprise design infrastructure. Collaborative design and UI UX software.
Intro
Figma sells collaborative design and product build software for teams. In Q3 2025 it crossed a $1.0 billion annual revenue run rate. The product roadmap leans heavily on AI to shorten the path from idea to shipped UI.
Latest news
On November 6, 2025, ServiceNow and Figma announced an MCP-powered integration that lets a developer use a Figma design file as a direct prompt to the ServiceNow Build Agent. The agent generates a secure, scalable enterprise application on the ServiceNow AI Platform. The integration runs on existing enterprise subscriptions on ServiceNow’s side and seat-based licensing on Figma’s side.
On October 9, 2025, Google Cloud and Figma expanded their partnership to bring Gemini 2.5 Flash, Gemini 2.0, and Imagen 4 into Figma’s image generation and editing tools. Early testing showed about a 50% latency reduction for Make Image. The features are available to customers with access to Figma AI.
These moves push Figma into the enterprise build loop. Design shifts from a handoff artifact to an executable input.
Recent earnings
Figma’s latest quarter was Q3 2025, ended September 30, 2025, and reported on November 5, 2025. Revenue was $274.2 million, up 38% year over year. Non GAAP operating income was $34.0 million, a 12% margin. Adjusted free cash flow was $49.0 million, an 18% margin. Cash, cash equivalents, and marketable securities totaled $1.6 billion.
Management said results came in above expectations and above the high end of guidance. CEO Dylan Field cited AI investments in Figma Make and the MCP server expanding usage across teams. CFO Praveer Melwani said that by the end of September about 30% of customers spending $100,000 or more in ARR were using Figma Make weekly.
Melwani also flagged higher AI infrastructure and inference costs pressuring margins. Figma is not yet enforcing AI credit limits or charging a separate consumption add on. Management plans to move toward a seat plus consumption model over time.
Analysis and forward outlook
Figma’s core asset is its structured design data. MCP turns a design file into a machine readable spec that AI agents can execute directly. The ServiceNow Build Agent integration shows enterprises will pay when design context compiles into governed software.
The Google Cloud Gemini partnership focuses on keeping iteration inside Figma. Lower latency keeps designers from leaving the product.
The December rollout of Erase object, Isolate object, and Expand image follows the same pattern. Production grade image edits stay inside the paid seat.
The October Weavy acquisition, now Figma Weave, adds a node based canvas for chaining multiple AI models and manual edits. It reduces reliance on any single model provider and pushes Figma toward video and motion workflows.
Model access is commoditizing. Adobe and Google are embedding similar models directly into competing tools. Figma has to win on workflow ownership and pricing discipline. Management is intentionally trading near term margin to scale AI usage, with consumption pricing planned later to offset inference costs.
Risks and stock dynamics
Figma also faces near term stock supply risk. As lockup restrictions expire, early employees and pre IPO holders may look to realize gains. This can create a temporary imbalance between supply and demand.
A final flush in the stock price is possible if selling clusters around the expiration window. That risk is technical rather than fundamental. It does not change product momentum or enterprise adoption, but it can affect entry timing and short term volatility.
Conclusion
I am bullish on FIG because it is becoming the design layer inside enterprise build systems. Q3 showed fast growth, positive non GAAP operating income, and strong cash generation while AI adoption accelerated. The main risk is execution around consumption pricing and a potential lockup driven selloff. The ServiceNow and Google Cloud integrations point to a stickier, more embedded seat.
Disclaimer:
All views expressed are my own and are provided solely for informational and educational purposes. This is not investment, legal, tax, or accounting advice, nor a recommendation to buy or sell any security. While I aim for accuracy, I cannot guarantee completeness or timeliness of information. The strategies and securities discussed may not suit every investor; past performance does not predict future results, and all investments carry risk, including loss of principal.
I may hold, or have held, positions in any mentioned securities. Opinions herein are subject to change without notice. This material reflects my personal views and does not represent those of any employer or affiliated organization. Please conduct your own research and consult a licensed professional before making any investment decisions.
Bullish outlook
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