Adobe vs Figma: Revenue, Profit and Business Model
Adobe reported $23.8B of revenue in FY2025 and $7.1B of net income. Figma reported $1.1B of revenue in FY2025 and a net loss of $1.3B.
Latest financial snapshot
Financial summary
Adobe
Revenue rose from $5.854 billion in fiscal 2016 to $23.769 billion in fiscal 2025. Fiscal 2025 net income was $7.130 billion, compared with $5.560 billion in fiscal 2024. Adobe's fiscal years in this series ended on the Friday closest to November 30 or, in some years, early December.
Figma
Figma has reported as a public company since its July 2025 NYSE listing. Revenue grew 41% to US$1.06 billion in 2025, and the company generated US$242.7 million of free cash flow, but posted a GAAP net loss of US$1.25 billion, mainly from US$1.36 billion of stock-based compensation tied to the IPO. Growth then accelerated in 2026: Q1 revenue was US$333.4 million and Q2 revenue was US$370.1 million, up 48% year over year, with an 84% GAAP gross margin, a GAAP net loss of US$112.2 million, non-GAAP operating income of US$36.1 million and US$1.7 billion of cash and marketable securities at June 30, 2026. Before the IPO, the 2023 collapse of Adobe's US$20 billion takeover left Figma with a US$1.0 billion termination fee.
Revenue and profit by year
Adobe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.8B | $7.1B | 30.0% | +10.5% | Source |
| FY2024 | $21.5B | $5.6B | 25.9% | +10.8% | Source |
| FY2023 | $19.4B | $5.4B | 28.0% | +10.2% | Source |
| FY2022 | $17.6B | $4.8B | 27.0% | +11.5% | Source |
| FY2021 | $15.8B | $4.8B | 30.5% | +22.7% | Source |
| FY2020 | $12.9B | $5.3B | 40.9% | +15.2% | Source |
| FY2019 | $11.2B | $3B | 26.4% | +23.7% | Source |
| FY2018 | $9B | $2.6B | 28.7% | +23.7% | Source |
| FY2017 | $7.3B | $1.7B | 23.2% | +24.7% | Source |
| FY2016 | $5.9B | $1.2B | 20.0% | — | Source |
Figma
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.1B | -$1.3B | -118.4% | +41.0% | Source |
| FY2024 | $749M | -$732.1M | -97.7% | +48.4% | Source |
| FY2023 | $504.9M | $737.8M | 146.1% | — | Source |
Where the revenue comes from
Adobe
- Digital Media74.3%
Creative Cloud and Document Cloud generated $17.649 billion in fiscal 2025 revenue.
- Digital Experience24.7%
Customer-experience applications and services generated $5.864 billion in fiscal 2025 revenue.
- Publishing and Advertising1.1%
Publishing products and advertising offerings generated $256 million in fiscal 2025 revenue.
Figma
- Figma Design & Enterprise Subscriptions
Not disclosed
Monthly and annual per-editor subscriptions across Professional, Organization, and Enterprise tiers for core UI/UX design. Figma reports total revenue (US$1.06 billion in 2025) but not a split by product.
- Dev Mode Developer Seat Licenses
Not disclosed
Dedicated paid seats for software engineers to inspect design tokens, export CSS/Swift/Kotlin code, and integrate with developer tools.
- FigJam & Figma Slides Collaborative Tiers
Not disclosed
Cross-functional subscriptions for company-wide whiteboarding, diagramming, and interactive enterprise presentations.
Business model and strategy
Adobe
How it makes money
Adobe earns most of its revenue from subscriptions. In fiscal 2025, subscription revenue was $22.904 billion, or about 96% of total revenue. Digital Media includes Creative Cloud and Document Cloud, while Digital Experience includes applications and services for customer experience management. Adobe also reports a smaller Publishing and Advertising business.
Growth strategy
Adobe's stated strategy includes expanding Creative Cloud and Document Cloud, developing Firefly and other AI capabilities, and growing customer-experience applications. In 2026 Adobe also announced that Anil Chakravarthy, who leads Customer Experience Orchestration and worldwide field operations, will become CEO on December 1, 2026.
Competitive advantage
Adobe combines established creative applications, the PDF and Acrobat document workflow, and customer-experience software in subscription offerings. Its fiscal 2025 Form 10-K says its markets are competitive and subject to rapid technology change, so continued product development and customer retention remain important.
Figma
How it makes money
Figma sells per-seat subscriptions on a freemium, product-led model. Individuals can start free, and teams upgrade to Professional, Organization or Enterprise plans for shared libraries, admin controls, SSO and security features. Seats are priced by role (full, dev and collab seats), so engineers using Dev Mode and colleagues using FigJam or Slides can be billed separately from designers.
Growth strategy
Having dominated 'UI/UX Design', Figma's large growth strategy is aggressively expanding 'to the left' and 'to the right' of the design process, and heavily integrating Artificial Intelligence. 'To the left', they are pushing FigJam to capture the messy, early brainstorming phase of a project.
Competitive advantage
Figma's absolute competitive advantage is its large, proprietary 'multiplayer' web technology and its deeply entrenched community network effect. Building a large, highly complex, graphics-heavy design tool that runs perfectly inside a web browser without crashing is a highly difficult engineering feat (they spent years building it using WebGL).
Questions about Adobe vs Figma
Which company has higher revenue — Adobe Inc. or Figma, Inc.?
Adobe Inc. reported $23.8B (FY2025), while Figma, Inc. reported $1.1B (FY2025). By last reported revenue, Adobe Inc. is the larger business, with Figma, Inc. reporting a smaller revenue base.
What is the market cap of Adobe Inc. vs Figma, Inc.?
Adobe Inc.'s market capitalisation stands at $93.0B, while Figma, Inc.'s is $11.0B. Adobe Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Figma, Inc..
Which is more financially efficient — Adobe Inc. or Figma, Inc.?
Adobe Inc. generates $758k / employee in revenue per employee, while Figma, Inc. generates $560k / employee. Adobe Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adobe Inc. and Figma, Inc. make money?
Adobe Inc. and Figma, Inc. generate revenue in fundamentally different ways. Adobe Inc.: Adobe earns most of its revenue from subscriptions. Figma, Inc.: Figma sells per-seat subscriptions on a freemium, product-led model.
Which company is valued higher relative to revenue — Adobe Inc. or Figma, Inc.?
On a price-to-sales (P/S) basis, Adobe Inc. trades at 3.9x P/S and Figma, Inc. at 10.5x P/S. Figma, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Adobe Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adobe Inc. bigger than Figma, Inc.?
By last reported revenue, Adobe Inc. ($23.8B (FY2025)) is the larger company compared to Figma, Inc. ($1.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adobe vs Figma overview