Figma and HubSpot CEOs Say They're Not Afraid of AI Agent Risks, But Company Documents Show Otherwise

Management teams at enterprise software companies like Figma, Workday, and HubSpot have downplayed the potential threat of artificial intelligence to their growth—an ongoing concern that has suppressed their stock prices for months. However, these executives are beginning to mention in quarterly securities disclosures that their companies face competitive risks from AI Agents: customers might use these intelligent systems to replicate software functions or directly extract data.

According to analysis by tech media outlet The Information, using market research platform AlphaSense, this year, 27 software companies—including the three mentioned above—have listed AI Agents as a competitive risk in their disclosures. Last year, only seven companies disclosed such risks.

Figma, a design tool, is arguably under the most pressure among SaaS companies. Its stock price is currently below its IPO price last year, partly due to market concerns over its sales growth.

In its 10-K annual report filed with the U.S. Securities and Exchange Commission (SEC) last month, Figma stated: “AI Agents may change the way people access and use digital products, reducing reliance on traditional software applications.”

However, on the same day during its earnings call, Figma CEO Dylan Field downplayed questions about whether AI Agents would disrupt the web design software industry.

“I believe humans will continue to use software, and AI will be used more and more in software,” he said. “I find that exciting.”

Field also warned customers not to entrust important work to AI:

“Right now, if you’re willing to give critical tasks to AI and let it perform them without supervision, you’re taking a big risk.” (His assessment of the related risks isn’t unfounded, but this comment doesn’t fully address the long-term AI-related competitive threats facing the company.)

So far, most companies have only broadly mentioned AI risks. Over the past two years, more than 200 software firms have listed AI as a risk factor in their filings, mainly citing increased competition, cybersecurity vulnerabilities, and regulatory issues. Specific warnings about AI Agents have only just begun to appear.

As AI companies like Anthropic and OpenAI roll out new products capable of automating programming and other white-collar tasks, these risks are intensifying. These organizations are also developing or releasing superintelligent AI systems—which can use enterprise software like humans but operate faster and in the background—potentially undermining the influence of software vendors.

Investors are also concerned: if AI Agents improve enterprise efficiency and slow hiring, this could impact subscription growth for software companies. Recently, some firms have reported a slight rebound in sales growth.

Frank and candid risk disclosures

Some software companies have been more direct about AI risks in their filings, which partly explains the sell-off of software stocks and the so-called “SaaS crisis.”

Design software giant Adobe stated in its January annual report that the company faces “increasingly fierce competition from generative AI and AI solution providers,” and if its products cannot compete effectively, sales could decline.

But just last week, Adobe’s soon-to-be former CEO Shantanu Narayen told investors that the company’s products are “designed to meet the evolving needs of enterprises in a world filled with AI.”

Despite its AI-related revenue already growing significantly and its first-quarter overall sales growth slightly exceeding previous quarters as of February 27, Adobe’s stock has plummeted 28% this year.

In its November 2025 earnings call, HubSpot CEO Yamini Rangan said the company is “ready to lead the industry in the AI era and achieve long-term steady growth.”

“Market differentiation” dilemma

However, HubSpot’s stock has nearly halved over the past six months. In the quarter ending December 31, its sales growth slowed by 1 percentage point quarter-over-quarter.

In its annual filing submitted in February, HubSpot disclosed that customers can use AI to build internal CRM tools on their own.

The company added: “We need to convince (customers) that our products and solutions are superior to other options, including general large models and software developed through natural language prompts and generative AI (known as ‘ambient programming’).”

HR software provider Workday, in its early March 10-K filing, further heightened market concerns: with the rise of AI Agents, the value of its human resource management software could decline.

The filing acknowledged potential issues in “maintaining market differentiation” and stated that the company might “be unable to effectively persuade potential customers that our solutions meet their needs.”

Workday also mentioned its new “Flex Credits” billing model—where customers pay extra to invoke AI Agent services—“which may face resistance from customers.”

In the coming years, convincing customers to pay for these AI-related additional costs will be a key challenge for enterprise software companies.

Despite the AI impact, Workday’s performance has not yet reflected this. In the quarter ending January 31, the company’s revenue growth accelerated by about 2 percentage points compared to previous quarters.

During last month’s earnings call, Workday executives expressed optimism about the Flex Credits model, believing it could monetize customer interactions with AI Agents accessing their software data.

“AI is a tailwind for us, not a headwind,” then-CEO Carl Eschenbach said in January. He stepped down last month.

Public statements by executives during earnings calls often differ from the language in regulatory filings, a phenomenon not new. A paper in the Accounting Review noted that the SEC’s requirement in 2005 for companies to disclose material risk factors has, in some cases, provided management with legal cover to make more optimistic forecasts about the company’s future prospects.

Other software companies’ filings also mention risks associated with their use of AI. For example, Microsoft, Zoom, and C3.ai all state that potential flaws in their AI tools could harm their competitive positions.