Management at enterprise software firms such as Figma, Workday, and HubSpot have publicly minimized the potential threat artificial intelligence poses to their growth—a concern that has weighed on their stock prices for months. However, the securities disclosure documents these executives sign each quarter have begun to acknowledge competitive risks from AI agents, noting that customers could use these agents to replicate software functionalities or extract data directly.
According to an analysis by The Information using the market research platform AlphaSense, 27 software companies, including the three mentioned, have listed AI agents as a competitive risk in their securities filings this year, compared to just seven companies disclosing such risks during the same period last year.
Design tool provider Figma is arguably under the most pressure among SaaS companies, with its stock currently trading below last year's IPO price, partly due to market concerns over its sales growth. In its annual 10-K report filed with the U.S. Securities and Exchange Commission last month, Figma stated that AI agents "could change how people access and use digital products, potentially reducing reliance on traditional software applications."
Yet, on the same day's 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 agents will increasingly use software as well," he remarked. "I'm excited about that." Field also cautioned customers against delegating critical tasks to AI, adding, "At this point, if you're willing to hand over mission-critical work to agents and let them operate unsupervised, you're quite brave." (His assessment of the risks is not unfounded, though his comments did not fully address the long-term competitive challenges AI may pose.)
So far, most companies have referenced AI risks only in general terms. Over the past two years, more than 200 software firms have cited AI as a risk factor in their filings, primarily concerning heightened competition, cybersecurity vulnerabilities, and regulatory issues. Specific warnings about AI agents have only recently started to emerge.
The risk is intensifying as AI companies like Anthropic and OpenAI roll out new products capable of automating programming and other white-collar tasks. These organizations are also releasing or developing AI super-agents that can operate enterprise software like humans—but faster and in the background—potentially undermining the influence of software vendors.
Investors are also concerned that if AI agents enhance corporate efficiency and slow hiring, software vendors' subscription growth could suffer. That said, many software companies have recently reported a slight rebound in sales growth.
**Candid Risk Disclosures**
Some software companies have been more explicit in describing AI agent risks in their filings, partly validating the investor sell-off that triggered the so-called "SaaS crisis." Design software giant Adobe stated in its January annual report that it faces "increasing competition from generative AI and AI agent solution providers," warning that sales could decline if its products fail to compete effectively.
However, just last week, outgoing Adobe CEO Shantanu Narayen told investors on an earnings call that the company's products are "uniquely designed" to meet evolving enterprise needs in a world filled with AI agents. Despite a significant increase in AI-related revenue and slightly higher overall sales growth in the quarter ending February 27 compared to the previous quarter, Adobe's stock has plunged 28% year-to-date.
During a November 2025 earnings call, HubSpot CEO Yamini Rangan expressed confidence that the company is "well-positioned to lead in the AI era and achieve long-term, healthy growth."
**"Market Differentiation" Challenges**
Yet, HubSpot's stock has lost nearly half its value over the past six months. In the quarter ending December 31, its sales growth declined by one percentage point sequentially. In its annual filing submitted in February, HubSpot disclosed that customers could use AI to build their own internal CRM tools. The company added, "We must convince [customers] that our products and solutions are superior to alternatives, including general large language models and software developed via natural language prompts and generative AI (often referred to as 'ambient programming')."
Workday's 10-K filing in early March further fueled market concerns, suggesting that the value of its human capital management software could diminish as AI agent tools advance. The filing acknowledged potential challenges in "maintaining market differentiation" and admitted the company might "fail to effectively convince potential customers that our solutions meet their needs." Workday also noted that its new "Flex Credits" pricing model—which charges extra for AI agent access—"may face customer resistance."
Convincing customers to pay these new AI-related fees will be a critical test for enterprise software companies in the coming years. Despite AI-related pressures, Workday's performance has not yet reflected the impact. In the quarter ending January 31, the human resources software provider's revenue growth accelerated by approximately two percentage points compared to previous quarters. On last month's earnings call, Workday executives expressed optimism about the Flex Credits model, viewing it as a way to monetize customer use of AI agents accessing its software data. "AI is a tailwind for us, absolutely not a headwind," then-CEO Carl Eschenbach stated in January. He stepped down last month.
The discrepancy between executives' public statements on earnings calls and the language in regulatory filings is not new. A paper in The Accounting Review noted that the SEC's 2005 requirement for companies to disclose significant risk factors in filings provided legal protection for management, enabling more optimistic forecasts about future prospects.
Other software companies have cited risks associated with their own use of AI. For instance, Microsoft, Zoom, and C3.ai have all stated in filings that potential flaws in the AI tools they sell could harm their competitive position.
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