Figma, Inc. is expected to post Q1 2026 revenue of $292.5 million and an EPS of -$0.17, with its current $18.92 share price trailing the average analyst target of $42.00.
Investors are primarily focused on the company's transition to a hybrid monetization model, which began in March 2026 and introduces consumption-based AI credits alongside traditional seat licenses.
This pricing pivot follows aggressive investments in AI-native products like Figma Make and Figma Weave, which management anticipates will compress non-GAAP operating margins to approximately 8% for the full year.
Analysts are also monitoring whether the company can maintain its impressive 136% net dollar retention rate as it moves toward consumption-based revenue.