Figma Q2 2025 Earnings Miss: Deepening Losses and Persistent Market Underperformance

Introduction

Figma, the design platform company, reported its Q2 2025 earnings on September 9, 2025, in a reporting period marked by continued financial pressure. The company has struggled to achieve profitability despite growing revenue, with operating losses expanding in line with its aggressive R&D and marketing spend. The pre-report market backdrop showed limited movement, as the broader software sector had been range-bound, with investors focusing on macroeconomic signals and earnings seasonality.

Against the backdrop of a sector where earnings misses have historically not driven significant price action, Figma’s latest performance raised eyebrows. The software industry, as a whole, has shown muted reactions to earnings disappointments, but Figma’s stock has a distinct pattern: a sharp and persistent decline post-earnings. This article analyzes Figma’s Q2 earnings in detail and explores how historical backtest data can inform investment decisions.

Earnings Overview & Context

Figma’s Q2 earnings results reveal a continued trajectory of operational losses. The company reported , a modest growth figure that failed to meet expectations. This was offset by substantial expenses: , selling, and general administrative costs, and , totaling .

The company’s , and its , or . These results point to a widening gap between revenue and cost, with no signs of near-term profitability. The negative impact on the bottom line was further compounded by a non-cash tax benefit of , which did little to offset the losses.

The earnings miss has triggered a typical Figma market response — a negative reaction that aligns with the company’s historical earnings behavior.