NEW YORK, August 7, 2026, 06:57 (EDT) — Figma NYSE:FIG is set to face a new market test as a 77.7 million-share lock-up expiry brings increased volatility into focus after the recent earnings-driven decline.
- Roughly 77.7 million Figma shares are set to become available for sale when trading opens on Friday.
- The 14.9% drop on Thursday wiped out a 15.7% gain seen over the previous three sessions.
- Revenue surpassed forecasts, though the free-cash-flow margin declined to 14%.
Figma Inc. NYSE:FIG will see a new test on share supply as markets open Friday. An additional 77.7 million Class A shares will be available for transfer, distribution or sale as a result of its extended post-IPO lock-up expiring. This comes after the stock dropped 14.9% on Thursday following its earnings report.
The block was valued at $1.86 billion at Thursday’s closing price of $23.97. This amount accounted for 17.1% of outstanding Class A shares and made up 38.9% of the stated public float. The numbers indicate size, not a planned sale.
| Lock-up measure | Reported amount | Block comparison |
|---|---|---|
| Eligible block at lock-up end | 77.70 million shares | — |
| Market value at $23.97 | $1.86 billion | — |
| Total Class A shares issued | 455.11 million | 17.1% |
| Declared public float | 199.59 million | 38.9% |
| Short positions as of July 15 | 66.09 million | Block is 117.6% |
Figures are based on Thursday’s closing price along with the most recently disclosed share totals.
The shares only qualify for eligibility. Investors may keep their holdings, with any disposals still governed by Rule 144. Figma cautioned that actual or expected sales might put pressure on its share price.
U.S. regular trading was yet to begin at the time of filing. Figma slipped 0.7% to $23.81 in early premarket activity. Volume on Thursday totaled 53.2 million shares, over double the stock’s recent average.
The week before showed another pattern. Figma rose 15.2% over the week ending July 31. The shares surged 15.7% from Monday to Wednesday, before those gains disappeared on Thursday. As of Thursday, Figma was down 1.4% for the current week.
| Period | Closing price | Change | Volume |
|---|---|---|---|
| Week to July 31 | $24.32 | +15.2% | — |
| August 3 | $24.92 | +2.47% | 25.4 million |
| August 4 | $27.12 | +8.83% | 22.7 million |
| August 5 | $28.15 | +3.80% | 40.9 million |
| August 6 | $23.97 | -14.85% | 53.2 million |
| August 7 premarket, preliminary | $23.81 | -0.67% | — |
Weekly returns use Friday’s closing prices for calculation.
The company surpassed revenue expectations for the quarter, posting a 48% increase to $370.1 million. This result was 5.3% higher than the $351.6 million consensus forecast from London Stock Exchange Group LON:LSEG. Figma also boosted its full-year revenue midpoint by $40 million.
Investor attention remained diverted. Free cash flow declined by 12.2%, even with strong revenue growth. GAAP gross margin decreased by 5.2 percentage points. Research and development expenses more than doubled.
| Metric | Q2 2026 | Comparison | Change |
|---|---|---|---|
| Revenue | $370.1 million | $249.6 million a year ago | up 48% |
| Revenue consensus | $351.6 million | Actual $370.1 million | beat by 5.3% |
| GAAP gross margin | 83.7% | 88.8% a year ago | down 5.2 points |
| GAAP R&D expense | $167.3 million | $83.1 million a year earlier | up 101.5% |
| Non-GAAP operating margin | 10% | 16% for Q1 2026 | down 6 points |
| Free cash flow | $53.2 million | $60.6 million a year ago | down 12.2% |
| Free-cash-flow margin | 14% | 24% a year earlier | down 10 points |
| Full-year revenue midpoint | $1.465 billion | $1.425 billion prior | increase of $40 million |
Margins and percent shifts are based on figures provided by the company. The consensus forecast comes from LSEG.
The margin results were varied, not uniformly positive. Non-GAAP gross margin increased by 2.5 percentage points from the previous quarter, reaching 85%. Management pointed to the initial full quarter of AI-credit monetization as the main driver.
Demand indicators stayed strong. Net dollar retention stood at 136%. More than 80% of customers with annual recurring revenue above $10,000 used AI credits each week. By July 31, over half were using Figma’s new agent on a weekly basis.
Some products saw costs appear before revenue. Figma currently covers the inference expenses itself and does not charge for use of its beta products. CFO Praveer Melwani told Reuters the firm was “really investing on the new product side.” Q4 Investor Relations
CEO Dylan Field stated that “the opportunity ahead of us has only grown.” Figma, however, maintained its projection for full-year non-GAAP operating income at $125 million to $135 million. The company expects third-quarter revenue to increase by 36%, down from 48% growth recorded in the second quarter. Figma Investor Relations
Wall Street analysts were split following the report, with a poll of 10 revealing five ratings at buy, five at hold, and zero at sell. The mean price target stood at $30.33, representing a 26.5% premium to Thursday’s closing price.
| Firm | Analyst | Recommendation | Target | August 6 action |
|---|---|---|---|---|
| Wells Fargo & Co. NYSE:WFC | Michael Turrin | Buy | $34 | Reduced from $36 |
| Bank of America Corp. NYSE:BAC | Tal Liani | Buy | $30 | Reaffirmed |
| Stifel Financial Corp. NYSE:SF | J. Parker Lane | Hold | $25 | Unchanged |
| Piper Sandler Companies NYSE:PIPR | Billy Fitzsimmons | Buy | $30 | Unchanged |
| Morgan Stanley NYSE:MS | Elizabeth Porter | Hold | $33 | Lowered from $38 |
| Royal Bank of Canada NYSE:RY | Rishi Jaluria | Hold | $28 | Reaffirmed |
Wells Fargo trimmed its target by $2 and Morgan Stanley lowered it by $5, yet both maintained their ratings. The trend points to decreased valuation tolerance instead of a widespread change to earnings forecasts.
Turnover will be the main indicator in the coming week. Investors are monitoring the volume of eligible shares entering the market. Whether or not buyers can take in the supply could be revealed by trading activity near Thursday’s $22.14 low.
Risks: If qualifying shares are not sold, the overhang could end up being less than shown. Accelerated monetization of AI credits might restore margins. On the other hand, weaker adoption, increased inference expenses, or significant sales by holders would impact cash conversion and weigh on the stock.
Figma’s revenue growth is gaining momentum. Friday will gauge if the market can handle rising AI expenses as well as a possible increase in share supply.
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