Asana vs ClickUp: Revenue, Profit and Business Model
Asana reported $790.8M of revenue in FY2026 and a net loss of $189M. ClickUp does not publish annual revenue.
Latest financial snapshot
Financial summary
Asana
Asana's fiscal year ends January 31. Revenue grew from $76.8 million in fiscal 2019 to $790.8 million in fiscal 2026, but growth has slowed every year since fiscal 2022, from 66.7% to 9.2%. The trade has been margin for growth: gross profit was $704.0 million in fiscal 2026, an 89% margin, non-GAAP operating income turned positive at $56.7 million against a $40.8 million loss a year earlier, and adjusted free cash flow jumped to $84.5 million from $2.6 million. The GAAP net loss was still $189.0 million, down 26% from fiscal 2025, mostly because of stock-based compensation. Asana held $434.0 million in cash, cash equivalents and marketable securities at January 31, 2026, plus an undrawn senior secured credit facility it entered into with Silicon Valley Bank in November 2022. In the second quarter of fiscal 2027, reported September 3, 2026, revenue rose 10% to $216.4 million and non-GAAP operating margin reached about 10%, and the company raised its full-year guidance.
ClickUp
ClickUp is private and does not publish audited financials, so revenue, profit and margins are not public. The figures it has disclosed are growth metrics: in September 2025 it announced it had surpassed $300 million in ARR, more than 20 million users and 400% growth in AI sales, and in February 2026 it framed new executive hires as preparation for a path to $1 billion-plus ARR. Total disclosed equity funding is roughly $535 million: a $35 million Series A (June 2020), a $100 million Series B at a valuation above $1 billion (December 2020) and a $400 million Series C at about $4 billion (October 2021) co-led by Andreessen Horowitz and Tiger Global. Cost discipline has become a theme since then, with about 10% of staff cut in July 2023 and 22% in May 2026.
Revenue and profit by year
Asana
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $790.8M | -$189M | -23.9% | +9.2% | Source |
| FY2025 | $723.9M | -$255.5M | -35.3% | +10.9% | Source |
| FY2024 | $652.5M | -$257M | -39.4% | +19.2% | Source |
| FY2023 | $547.2M | -$407.8M | -74.5% | +44.6% | Source |
| FY2022 | $378.4M | -$288.3M | -76.2% | +66.7% | Source |
| FY2021 | $227M | -$211.7M | -93.3% | +59.2% | Source |
| FY2020 | $142.6M | -$118.6M | -83.2% | +85.8% | Source |
| FY2019 | $76.8M | -$50.9M | -66.3% | — | Source |
ClickUp
ClickUp does not publish annual revenue. What is known about its finances is in the summary above.
Full ClickUp financialsBusiness model and strategy
Asana
How it makes money
Asana sells subscriptions. Its core work management product comes in five tiers, listed in its 10-K as Personal, Starter, Advanced, Enterprise and Enterprise+, priced per seat; Starter lists at $10.99 per user per month billed annually and Advanced at $24.99, while Enterprise and Enterprise+ are quoted by the sales team.
Growth strategy
Asana grows by moving accounts upmarket and by attaching AI. The company reports Core customers, those spending $5,000 or more a year, separately because they carried 76% of revenue in the fourth quarter of fiscal 2026: there were 25,928 of them at January 31, 2026, and 26,778 by July 31, 2026, while customers spending $100,000 or more grew from 817 to 890 over the same period.
Competitive advantage
Asana's defensible piece is the Work Graph, the data model it describes in its SEC filings as the institutional memory of the platform. Because work is stored as a network rather than as rows, one task can live in several projects at once with no duplicate copies, so a launch task can appear in the marketing plan, the engineering sprint and the executive portfolio and stay in sync.
ClickUp
How it makes money
ClickUp operates a 'Product-Led Growth' (PLG) Freemium SaaS model. The platform is highly accessible for free to individuals and small teams, which drives large organic, viral adoption inside large companies. A single marketing team might start using ClickUp for free. Once they want advanced features (like large storage, AI tools, or complex workflow automations), they hit a paywall.
Growth strategy
ClickUp's growth plan centres on AI. ClickUp Brain is sold as a paid add-on, and the company reported 400% growth in AI sales in 2025. It then bought Qatalog (enterprise search and AI agents, November 2025) and Codegen (autonomous coding agents, December 2025), whose founder Jay Hack became ClickUp's Head of AI, to build 'Super Agents' that complete work inside the workspace rather than just track it.
Competitive advantage
ClickUp's absolute competitive advantage is its extreme flexibility and feature density. It is highly 'opinionated' by not having an opinion; a user can make ClickUp look like a simple to-do list, a complex Kanban board, or a large database spreadsheet.
Questions about Asana vs ClickUp
Which company has higher revenue — Asana, Inc. or ClickUp?
Asana, Inc. reported $790.8M (FY2026). A verified revenue figure for ClickUp was not available at the time of this comparison.
What is the market cap of Asana, Inc. vs ClickUp?
Asana, Inc.'s market capitalisation stands at $2.2B, while ClickUp's is $4.0B. ClickUp carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Asana, Inc..
Which is more financially efficient — Asana, Inc. or ClickUp?
Asana, Inc. generates $448k / employee in revenue per employee. A comparable figure for ClickUp requires matching employee and revenue data from the same reporting period.
How do Asana, Inc. and ClickUp make money?
Asana, Inc. and ClickUp generate revenue in fundamentally different ways. Asana, Inc.: Asana sells subscriptions. ClickUp: ClickUp operates a 'Product-Led Growth' (PLG) Freemium SaaS model.
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 Asana vs ClickUp overview