Asana vs Smartsheet: Revenue, Profit and Business Model
Asana reported $790.8M of revenue in FY2026 and a net loss of $189M. Smartsheet reported $958.3M of revenue in FY2024 and a net loss of $104.6M.
Latest financial snapshot
Asana
- Latest revenue
- $790.8M (FY2026)
- Net income
- -$189M
- Net margin
- -23.9%
- Revenue growth
- +39.5% a year, FY2019–FY2026
Smartsheet
- Latest revenue
- $958.3M (FY2024)
- Net income
- -$104.6M
- Net margin
- -10.9%
- Revenue growth
- +46.3% a year, FY2017–FY2024
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.
Smartsheet
Smartsheet grew revenue from $67.0 million in fiscal 2017 to $958.3 million in fiscal 2024 (year ended January 31, 2024), a 25% increase that year, while the GAAP net loss narrowed from $215.6 million in fiscal 2023 to $104.6 million. In its last reported quarter as a public company, Q3 fiscal 2025, revenue rose 17% to $286.9 million, ARR grew 15% and the company posted $1.3 million of GAAP net income. As a private company since January 2025, it no longer publishes results.
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 |
Smartsheet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $958.3M | -$104.6M | -10.9% | +25.0% | Source |
| FY2023 | $766.9M | -$215.6M | -28.1% | +39.2% | Source |
| FY2022 | $550.8M | -$171.1M | -31.1% | +42.9% | Source |
| FY2021 | $385.5M | -$115M | -29.8% | +42.3% | Source |
| FY2020 | $270.9M | -$95.9M | -35.4% | +52.4% | Source |
| FY2019 | $177.7M | -$53.9M | -30.3% | +59.7% | Source |
| FY2018 | $111.3M | -$49.1M | -44.1% | +66.1% | Source |
| FY2017 | $67M | -$15.2M | -22.7% | — | Source |
Where the revenue comes from
Asana
No segment breakdown is published.
Smartsheet
- Subscriptions95
Per-user plans plus premium add-ons such as Control Center, Data Shuttle, Dynamic View, Resource Management and Brandfolder ($273.7M of $286.9M revenue in Q3 fiscal 2025).
- Professional services5
Implementation, consulting and training ($13.2M in Q3 fiscal 2025).
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.
Smartsheet
How it makes money
Smartsheet sells software subscriptions. Customers pay per user on tiered plans (Pro, Business, Enterprise) and can add premium capabilities such as Control Center, Dynamic View, Data Shuttle, Bridge, Resource Management and Brandfolder digital asset management.
Growth strategy
Under CEO Rajeev Singh, Smartsheet is focusing on enterprise AI: the November 2025 ENGAGE launch added AI agents and data features to the platform. It has also cut costs through two rounds of layoffs, rebuilt its executive team and revamped its partner program in 2026 to lean more on channel sales.
Competitive advantage
Smartsheet's main advantage is a familiar grid interface that lets non-technical business users start quickly, paired with enterprise controls (Control Center for portfolio provisioning, Dynamic View for restricted sharing, admin governance) and a FedRAMP-authorized Smartsheet Gov environment for public-sector buyers.
Questions about Asana vs Smartsheet
Which company has higher revenue — Asana, Inc. or Smartsheet?
Asana, Inc. reported $790.8M (FY2026), while Smartsheet reported $958.3M (FY2024). By last reported revenue, Smartsheet is the larger business, with Asana, 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 Asana, Inc. vs Smartsheet?
Asana, Inc.'s market capitalisation stands at $2.2B, while Smartsheet's is $8.4B. Smartsheet 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 Smartsheet?
Asana, Inc. generates $448k / employee in revenue per employee, while Smartsheet generates $290k / 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 Smartsheet make money?
Asana, Inc. and Smartsheet generate revenue in fundamentally different ways. Asana, Inc.: Asana sells subscriptions. Smartsheet: Smartsheet sells software subscriptions.
Which company is valued higher relative to revenue — Asana, Inc. or Smartsheet?
On a price-to-sales (P/S) basis, Asana, Inc. trades at 2.8x P/S and Smartsheet at 8.8x P/S. Smartsheet 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 Smartsheet?
By last reported revenue, Smartsheet ($958.3M (FY2024)) is the larger company compared to Asana, Inc. ($790.8M (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 Smartsheet overview