Adobe vs Midjourney: Revenue, Profit and Business Model
Adobe reported $23.8B of revenue in FY2025 and $7.1B of net income. Midjourney reported $300M of revenue in FY2024 and — of net income.
Latest financial snapshot
Adobe
- Latest revenue
- $23.8B (FY2025)
- Net income
- $7.1B
- Net margin
- 30.0%
- Revenue growth
- +16.8% a year, FY2016–FY2025
Midjourney
- Latest revenue
- $300M (FY2024)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +144.9% a year, FY2022–FY2024
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.
Midjourney
Midjourney is private and does not release revenue, profit or subscriber counts. Holz said in 2022 that the company was already profitable. Third-party trackers estimate revenue of about $50 million in 2022, about $200 million in 2023 and roughly $300 million in 2024; some 2025-2026 analyses cite figures near $500 million, but none of these numbers is audited or confirmed by the company. Midjourney has raised no outside equity, so there is no priced funding round and no official valuation.
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 |
Midjourney
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $300M | — | 0.0% | +50.0% | Source |
| FY2023 | $200M | — | 0.0% | +300.0% | Source |
| FY2022 | $50M | — | 0.0% | — | 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.
Midjourney
- Monthly and annual subscriptions
Not disclosed (majority)
Basic, Standard, Pro and Mega plans priced $10-$120 per month.
- Extra Fast GPU hours
Not disclosed
On-demand purchases of additional Fast generation time.
- Technology licensing
Not disclosed
Licensing of image and video technology, including the deal Meta announced in August 2025.
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.
Midjourney
How it makes money
Midjourney sells subscriptions. Plans are Basic ($10/month), Standard ($30), Pro ($60) and Mega ($120), with discounts for annual billing. Each tier buys a monthly allotment of Fast GPU time; Standard and above add unlimited Relax-mode image generation, and Pro and Mega add Stealth Mode so creations stay out of the public gallery. Extra Fast hours can be bought on demand.
Growth strategy
Growth comes from regular model releases (V7 in April 2025, Video V1 in June 2025, Niji 7 in January 2026, V8 alpha in March 2026, V8.2 in July 2026), a web app that removed the need for Discord, and licensing: in August 2025 Meta announced it would license Midjourney's image and video technology. Holz has said the long-term goal is real-time open-world simulation.
Competitive advantage
Midjourney's edge is aesthetic quality and a loyal creative user base. Its models are tuned on user ratings and personalization profiles, which helps them produce stylized, cinematic images that many illustrators and concept artists prefer. Because it carries no investor obligations, it can release models on its own schedule and keep a small, research-led team.
Questions about Adobe vs Midjourney
Which company has higher revenue — Adobe Inc. or Midjourney, Inc.?
Adobe Inc. reported $23.8B (FY2025), while Midjourney, Inc. reported $300.0M (FY2024). By last reported revenue, Adobe Inc. is the larger business, with Midjourney, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Adobe Inc. vs Midjourney, Inc.?
Adobe Inc. has a market capitalisation of $93.0B. A public market cap figure for Midjourney, Inc. was not available (it may be privately held).
Which is more financially efficient — Adobe Inc. or Midjourney, Inc.?
Adobe Inc. generates $758k / employee in revenue per employee, while Midjourney, Inc. generates $3.00M / employee. Midjourney, 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 Midjourney, Inc. make money?
Adobe Inc. and Midjourney, Inc. generate revenue in fundamentally different ways. Adobe Inc.: Adobe earns most of its revenue from subscriptions. Midjourney, Inc.: Midjourney sells subscriptions.
Is Adobe Inc. bigger than Midjourney, Inc.?
By last reported revenue, Adobe Inc. ($23.8B (FY2025)) is the larger company compared to Midjourney, Inc. ($300.0M (FY2024)). 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 Midjourney overview