Figma stock fell 17% after beating Q3, and trades 44% under its IPO price
By Maya Koeva · November 11, 2026 · 6 min read
| What it does | Makes Figma, the browser-based design and prototyping tool, plus FigJam, Dev Mode and AI design features |
|---|---|
| Ticker | FIG, on the New York Stock Exchange |
| IPO | Priced July 30, 2025, at $33; closed its first day, July 31, at $115.50 |
| FIG close | $18.63 on November 10, 2026 |
| 52-week range | $16.84 to $44.48 (closing, June 25, 2026 and November 11, 2025) |
| Q3 2026 revenue | $391.4 million, up 43% from a year earlier |
| Next earnings | Q4 2026, expected mid to late February 2027; date not yet announced |
What happened to Figma stock
| Date | FIG close | Move |
|---|---|---|
| July 30, 2025 | $33.00 | IPO price |
| July 31, 2025 | $115.50 | first day of trading |
| August 1, 2025 | $122.00 | all-time closing high |
| January 2, 2026 | $37.61 | 69% from the high |
| June 25, 2026 | $16.84 | 52-week closing low |
| August 6, 2026 | $23.97 | 15% the day after Q2 |
| November 4, 2026 | $22.13 | Q3 report day, before the release |
| November 5, 2026 | $18.44 | 17% in a day |
| November 10, 2026 | $18.63 | 44% from the IPO price |
Figma priced its IPO at $33 and more than tripled on its first day. By early January 2026 it had lost 69% from its first-week high. The stock lost about half its value in the first half of 2026, as investors worried that AI design tools, including Anthropic's Claude Design, could do part of what Figma sells. In August, Jim Cramer argued that design-software makers should be worth less than a year earlier for the same reason.
The stock has fallen after each of the last two reports: 15% after Q2 in August and 17% after Q3 in November.
Why Figma stock fell after earnings
On November 4, Figma reported Q3 2026 revenue of $391.4 million, up 43% from a year earlier and $16.4 million above the top of its own guidance, per its Q3 release. It raised its full-year revenue outlook to $1.497 billion to $1.499 billion. That counts as an earnings beat, and the stock fell 17% the next day. Investors focused on three numbers:
| Q2 2026 | Q3 2026 | |
|---|---|---|
| Revenue growth | 48% | 43% |
| Net dollar retention | 136% | 131% |
| Non-GAAP gross margin | 85% | 82% |
- Growth is slowing. Q4 guidance of $402 million to $404 million works out to about 33% growth, down from 48% in Q2.
- Customers are expanding more slowly. Net dollar retention, how much more existing customers spend a year later, fell from 136% to 131%.
- AI is costing margin. Gross margin dropped to 82% from 85% in Q2 as Figma pays for the AI infrastructure behind its new features.
CEO Dylan Field framed the quarter as a win for design: "As code becomes a commodity, value is moving up the stack to design."
What Figma insiders did
Figma insiders have filed sales or planned-sale notices 39 times since September 2025, 35 of them under pre-arranged 10b5-1 trading plans. Dylan Field sold $113 million of stock in November 2025 under such a plan. Planned sales after an IPO are routine, so Quantral leaves them out.
Quantral shows open-market buys, and Figma has had one since its IPO week. In February 2026, Sequoia Capital funds tied to director Andrew Reed bought about 1.47 million shares, roughly $36.5 million, at $23.95 to $25.90. FIG now trades below that range. Why CEO and director buys matter covers what a buy like this can and can't tell you.
The bull case
The bullish accounts see a category leader that keeps beating.
- It keeps beating and raising. Before the August report, @CKCapitalxx, who ranks 2nd in our track-record ranking, laid out a pattern of three straight beat-and-raise quarters, net dollar retention above 130% and accelerating revenue growth.
- AI is starting to pay. Management points to growing use of its AI credits and its MCP server, which lets AI coding tools read Figma files.
- Designers depend on it. After the Q3 drop, a Reddit commenter called Figma indispensable in product design, with per-seat pricing that AI tools have not undercut.
These are their views. For more on the top-ranked bull, see CKCapitalxx's profile.
The bear case
The bears focus on price, timing and margins.
- IPO stocks tend to fade. In October, @babyfolio, who ranks 15th in our track-record ranking, wrote that he does not touch IPOs at launch and named FIG with SpaceX and Cerebras. The same week @KawzInvests (5th) listed Figma among hyped IPOs that burned retail holders. FIG closed at $21.54 on October 19 and $18.63 on November 10.
- The business may not monetize well. After the report, Reddit bears argued that Figma's market is too price-competitive to monetize well, and that a sale of the company is the likeliest good outcome.
- AI raises costs and competition. Figma's AI features lower its gross margin, and AI labs now sell their own design tools.
Where sentiment stands now
In the last 30 days the accounts we track posted 18 mentions of Figma, 6 bullish and 10 bearish, most of them on the night of the report. The two highest-ranked accounts to weigh in since mid-August, @KawzInvests and @babyfolio, were both skeptical.
Quantral's 7-day score for Figma was 48 on the morning of November 11, a neutral read after a 17% drop. The score gives more weight to authors with a proven track record.
What to watch
- Q4 2026 earnings, expected mid to late February. Figma reported Q4 2025 on February 18, 2026.
- Net dollar retention. Another drop would extend the slowdown; a rebound would answer the main bear point.
- Gross margin. Whether AI costs level off near 82% or keep falling.
- Insider filings. More planned sales are likely; another open-market buy would stand out.
For the other 2025 and 2026 listings, start with our Cerebras stock page and our SpaceX IPO page.
Common questions
What is the Figma stock price?
FIG closed at $18.63 on November 10, 2026. Its 52-week closing range runs from $16.84 (June 25, 2026) to $44.48 (November 11, 2025).
What was Figma's IPO price?
$33 a share. Figma priced on July 30, 2025, and began trading on the NYSE the next day, closing at $115.50.
Why is Figma stock down?
After the first week, the stock lost most of its IPO gains as investors weighed AI competition against its valuation. In November it fell 17% after Q3: revenue beat, but growth, net dollar retention and gross margin all fell from Q2. We don't give buy or sell advice.
When is Figma's next earnings date?
Figma has not announced it. It reported Q4 2025 on February 18, 2026, so Q4 2026 results are expected in mid to late February 2027.
Is Figma profitable?
On an adjusted basis, yes. Q3 2026 non-GAAP operating income was $47.0 million and free cash flow was $41.5 million. On a GAAP basis it lost $81.3 million in the quarter.
Try it
See Figma's score in Quantral before the February report, with every call behind it, any insider buys and the record of the account that made each call. Quantral is an investment ideas app built on alternative data, on the web at app.quantral.com, on iOS and on Android, with a 7-day free trial on the yearly plan.
Mention counts cover the accounts Quantral tracks. Positions attributed to accounts are their views, not Quantral's.
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