New York, Feb 20, 2026, 15:29 EST — Regular session in progress.
- Figma shares picked up around 2.4% during afternoon trading, building on their rally since the earnings release.
- A March move to AI-based credit limits and new add-on fees is on investors’ minds.
- Several brokerages took down their price targets, even as the revenue outlook moved higher.
Figma (NYSE: FIG) climbed roughly 2.4% to $26.45 Friday afternoon, trading as low as $25.07 and reaching $28.40 at its peak. (Kraken)
This keeps the spotlight on a single question: whether the design software company can actually convert surging AI adoption into steady revenue—without putting too much pressure on clients or sacrificing margins as expenses rise.
The answer to that could come soon: Figma has notified investors it’s set to start capping AI credits in March, nudging its most active users toward paid add-ons. The move is part of a bigger AI push as Figma tries to keep up with heavyweight competitors. (Reuters)
The company raised its 2026 revenue forecast this week to a range of $1.36 billion to $1.37 billion, topping the $1.29 billion estimate from LSEG data, Reuters reported. “As AI gets better, Figma gets better,” CFO Praveer Melwani said in the same Reuters interview. (Reuters)
Figma dubbed the fourth quarter its “best quarter yet” in its results statement, with CEO Dylan Field highlighting “accelerated revenue and customer growth.” “Q4 was our best quarter for net new revenue on record,” Melwani added. The company’s cash and marketable securities totaled $1.7 billion at year-end. (investor.figma.com)
Plenty of caution still out there. Stifel lowered its price target to $30 from $40, maintaining a Hold, and cited concerns around margin pressures and the pace of paid AI uptake after credit limits kick in. (Investing.com)
RBC Capital cut its price target to $31, down from $38, citing evidence of wider product adoption and a net dollar retention rate sitting at 136%. The firm also noted growth in big-ticket customer numbers. (Investing.com)
Figma shares surged, while investors weighed the real impact of so-called “AI features” on software pricing. A few software makers are stacking usage fees over standard seat licenses; others, aiming to protect their turf, are eating the costs themselves.
Here’s the crux: When AI infrastructure costs outpace monetization, gross margins can take a hit. Customers might start to ration usage or even explore other options—just as rivalry in design, collaboration, and “build” tools heats up.
Traders, for the moment, are eyeing whether management can deliver initial signs that the March pricing changes are boosting revenue per user—without putting growth at risk. Another question: Can the company rein in expense growth to match its updated outlook?
