Asana vs Linear: Revenue, Profit and Business Model
Asana reported $790.8M of revenue in FY2026 and a net loss of $189M. Linear reported $100M of revenue in FY2026 and — of net income.
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.
Linear
Linear is private and does not publish audited financials. Figures it has disclosed: cash-flow positive since 2021, profits up 280% in 2024 (per its June 2025 Series C announcement), more than $100 million in ARR in 2026, 177% net revenue retention, and more cash in the bank than the roughly $134 million it has raised in primary funding. Instead of raising a new round in 2026, it ran a $99 million tender offer at a $2.5 billion valuation, double the $1.25 billion Series C price from June 2025.
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 |
Linear
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $100M | — | 0.0% | +0.0% | Source |
| FY2025 | $100M | — | 0.0% | — |
Business 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.
Linear
How it makes money
Linear makes money from per-seat software subscriptions. A Free plan (2 teams, 250 issues) drives bottom-up adoption; paid plans are Basic at $10 per user per month and Business at $16 per user per month (billed yearly), with custom-priced Enterprise contracts that add SAML/SCIM, advanced security and account management.
Growth strategy
Linear grows bottom-up through engineers and startups, then expands seat counts and plan tiers inside larger organizations.
Competitive advantage
Linear's edge is product quality and speed: a local-first client keeps data in the browser and syncs in the background, so most actions feel instant, and nearly everything can be done from the keyboard. It is deliberately opinionated about workflow (cycles, projects, triage), which limits configuration sprawl.
Questions about Asana vs Linear
Which company has higher revenue — Asana, Inc. or Linear?
Asana, Inc. reported $790.8M (FY2026), while Linear reported $100.0M (FY2026). By last reported revenue, Asana, Inc. is the larger business, with Linear reporting a smaller revenue base.
What is the market cap of Asana, Inc. vs Linear?
Asana, Inc.'s market capitalisation stands at $2.2B, while Linear's is $2.5B. Linear 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 Linear?
Asana, Inc. generates $448k / employee in revenue per employee, while Linear generates $357k / employee. Asana, 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 Asana, Inc. and Linear make money?
Asana, Inc. and Linear generate revenue in fundamentally different ways. Asana, Inc.: Asana sells subscriptions. Linear: Linear makes money from per-seat software subscriptions.
Which company is valued higher relative to revenue — Asana, Inc. or Linear?
On a price-to-sales (P/S) basis, Asana, Inc. trades at 2.8x P/S and Linear at 25.0x P/S. Linear commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Asana, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Asana, Inc. bigger than Linear?
By last reported revenue, Asana, Inc. ($790.8M (FY2026)) is the larger company compared to Linear ($100.0M (FY2026)). 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 Asana vs Linear overview