Figma’s Revenue Hits $333M While IBM Stumbles to a 52-Week Low
Figma posted $333.4M in Q1 2026 revenue, up 46% year over year. IBM hit a 52-week low of $199.19 after Z sales dropped 42% and Q2 missed expectations.
Figma (NYSE: FIG) posted Q1 2026 revenue of $333.4 million, a 46% jump from the same period a year earlier, continuing a streak of unbroken quarterly growth since at least mid-2024. IBM, by contrast, disclosed a shortfall in preliminary Q2 results on July 14, 2026, and its Z Systems mainframe sales fell 42% year over year, pushing IBM shares to a 52-week low of $199.19 on July 23. The two companies illustrate just how differently AI tailwinds can land depending on a business model.
What happened
| Fact | Detail |
|---|---|
| Figma Q1 2026 revenue | $333.4 million (period ended March 31, 2026) |
| Figma year-over-year growth | 46% |
| Figma Q2 2026 guidance | $348 million to $350 million |
| Figma Q1 2026 net income margin | approximately -43% |
| IBM Q2 2026 revenue | $17.2 billion (period ended June 30, 2026) |
| IBM Z Systems sales change (Q2 2026) | -42% year over year |
| IBM Q2 2026 EBIT margin | 15% |
| IBM 52-week low | $199.19 on July 23, 2026 |
| Figma 52-week low | $16.60 in April 2026 |
Figma sells browser-based design and prototyping software on a subscription model. It introduced new timeline-based animation tools at its annual conference in June 2026. Despite strong top-line growth, it is still running at a net loss, with a roughly -43% net income margin in Q1 2026.
IBM targets large enterprise clients with technology consulting, hybrid cloud infrastructure, and AI software. Its Z Systems mainframes were a strong seller when they launched in 2025, but demand cooled sharply: Z sales were down 42% year over year in Q2 2026. That drop, combined with a broader miss on Wall Street’s Q2 revenue expectations, sent the stock to a 52-week low.
How did the two companies’ quarterly revenue compare?
| Quarter (Period End) | Figma Revenue | IBM Revenue |
|---|---|---|
| Q3 2024 (Sept. 2024) | $198.6 million | $15.0 billion |
| Q4 2024 (Dec. 2024) | $216.9 million | $17.6 billion |
| Q1 2025 (March 2025) | $228.2 million | $14.5 billion |
| Q2 2025 (June 2025) | $249.6 million | $17.0 billion |
| Q3 2025 (Sept. 2025) | $274.2 million | $16.3 billion |
| Q4 2025 (Dec. 2025) | $303.8 million | $19.7 billion |
| Q1 2026 (March 2026) | $333.4 million | $15.9 billion |
| Q2 2026 (June 2026) | Not yet reported | $17.2 billion |
Figma’s revenue line is a smooth upward curve, adding roughly $15 million to $30 million each quarter without a single dip. IBM’s line zigzags, reflecting the lumpy nature of hardware cycles and large consulting contracts.
Why it matters
Figma’s stock fell to $16.60 in April 2026 because investors feared that AI image-generation tools would eat into demand for professional design software. The revenue data suggests that fear was wrong: customers are not cancelling Figma subscriptions, and the company keeps adding new ones.
IBM’s situation is a useful reminder that “AI company” is not a magic label. IBM has repositioned itself around AI software and cloud infrastructure, but it still carries hardware and consulting revenue that can swing hard quarter to quarter. A 42% drop in Z Systems sales in a single quarter is a significant operational problem, not just a bad news cycle.
For anyone building or running a web product, the contrast points to a broader truth. Subscription software with strong workflow lock-in (like Figma’s collaborative design tools) holds up better than hardware or project-based consulting when a product cycle fades. That is worth considering when evaluating AI integration options for your own business stack.
Our take
Figma’s growth numbers are genuinely impressive for a company at this scale, especially because the worry about AI commoditising design work was not unreasonable. AI can generate images quickly, but it cannot yet replicate the collaborative, version-controlled, component-based workflow that design and product teams depend on daily. Figma has a moat that is more about process than pixels.
IBM is a harder story. Its consulting army and mainframe heritage are real assets, but they create revenue patterns that frustrate investors who want steady AI-driven growth. Missing expectations during what the market calls an “AI boom” is a credibility problem that will take more than one quarter to shake.
Neither of these is a pure “AI stock” in the way the market prices Nvidia or Anthropic. Figma is a design-tools company that has not yet been hurt by AI. IBM is a legacy tech company that has added AI services. Worth keeping that distinction clear before drawing conclusions from their stock prices. For a broader read on how the AI sector is moving, check out our AI news coverage.
What to do about it
- If your team uses Figma, check whether you are on an annual subscription. The company’s pricing power is clearly growing, and lock-in now may be cheaper than renewal later.
- If you are evaluating IBM’s consulting or cloud services, ask specifically which revenue line your contract sits in. Z Systems and consulting cycles move differently from software subscriptions.
- Watch Figma’s Q2 2026 results when they are released. Guidance of $348 million to $350 million will be a clear signal of whether the 46% growth rate holds or begins to moderate.
- Track IBM’s Z Systems commentary in its next earnings call. A single-quarter 42% drop needs an explanation beyond normal product-cycle softness.
Revenue trend lines are more useful than quarterly snapshots: Figma’s eight-quarter straight climb says more about its business than any single number.
Frequently asked questions
How fast is Figma growing revenue in 2026?
Figma reported Q1 2026 revenue of $333.4 million, up 46% year over year. The company guided Q2 2026 revenue of $348 million to $350 million, suggesting continued double-digit growth.
Why did IBM stock hit a 52-week low in July 2026?
IBM disclosed a shortfall in preliminary Q2 2026 results on July 14, 2026, and its Z Systems mainframe sales fell 42% year over year. The combination of a revenue miss and slowing hardware demand pushed shares to $199.19 on July 23, 2026.
Is Figma profitable?
Not yet. Figma posted a net income margin of approximately -43% for the quarter ended March 31, 2026, meaning it is still spending significantly more than it earns despite strong revenue growth.
Is AI hurting Figma's business?
According to the revenue data, no. Figma's stock fell to a 52-week low of $16.60 in April 2026 on fears that AI image generation would reduce demand, but the company has continued to post record quarterly revenue figures since then.
