Figma Stock: The Earnings Surge That Saved Software

My First-Person Analysis: The 16% Relief Rally

I’ve been watching the software sector get hammered for weeks. The narrative was simple: "Generative AI will replace software seats, so SaaS is dead." But today, Figma’s Dylan Field flipped that script.

After hours on Wednesday, Figma (FIG) reported 40% year-over-year revenue growth, reaching $303.8 million. As I write this on February 19, the stock is surging roughly 16%. For me, this is the most important signal of 2026 so far: AI isn't cannibalizing Figma; it's acting as a force multiplier.

The "Soojz" Data Breakdown

When I look "under the hood" of these results, three numbers stand out to me as an analyst:

Net Dollar Retention (NDR) of 136%: This tells me that existing customers aren't just staying; they are spending 36% more than they did last year.
67 Customers Over $1M ARR: This is a 68% jump. The "Big Money" is consolidating their design and dev work onto the Figma platform.
The "Anthropic" Integration: I’m particularly excited about Figma’s partnership with Anthropic’s Claude Code. It turns code into editable designs instantly—effectively making Figma the "bridge" for the modern product team.

Why I Believe This Impacts the S&P 500

Even though Figma isn't in the index yet, the S&P 500 rose 0.6% (38 points) to 6,881 today, led by a relief rally in software stocks.

I’ve observed that Figma’s results are a "litmus test." If a design-heavy tool like Figma can thrive in the age of AI, it suggests that other S&P 500 mainstays like Adobe (ADBE) and ServiceNow (NOW) are also safer than the market previously priced in. We are seeing a shift from "AI Fear" to "AI Adoption."

The 2026 Guidance: Growth vs. Margins

I noticed one "yellow flag" in the report that I want to flag for you. While revenue guidance for 2026 is strong ($1.37B), Figma expects its operating margin to dip to 8% (down from 14%).

Why? They are pouring every spare cent into AI infrastructure and inference costs.
My Take: I’m okay with this. In 2026, I would rather see a company capture market share and entrench its AI "moat" than show a temporary profit spike.

My Closing Thought for Investors

Figma was a "hot" IPO that saw its price sink nearly 80% from its post-IPO highs before this rebound. To me, this looks like the classic "washout" before a long-term recovery.

I’m keeping a close eye on the $33 IPO price level. If FIG can break back above that and hold, it might just be the next "Must-Have" candidate for S&P 500 inclusion by 2027.

For more daily market analysis, visit S&P 500 Insights Today.

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Disclaimer: These are my personal research notes as part of the Soojz Project. I am tracking FIG as a leading indicator for the broader S&P 500 software sector.

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