Atlassian vs Figma: Revenue, Profit and Business Model
Atlassian reported $6.6B of revenue in FY2026 and a net loss of $53.8M. Figma reported $1.1B of revenue in FY2025 and a net loss of $1.3B.
Latest financial snapshot
Financial summary
Atlassian
Atlassian's fiscal 2026 revenue was $6.57 billion, up 26%, with Cloud at $4.41 billion (up 28%), Data Center at $1.83 billion (up 25%), and Marketplace and other at $330.7 million. Subscription annual recurring revenue reached $6.6 billion, up 23%. The company is still unprofitable under GAAP, but the gap is narrowing: the net loss fell to $53.8 million from $256.7 million, and GAAP operating income was positive for the first time, at $10.4 million. Stock-based compensation of $1.61 billion, 24% of revenue, is most of what separates that result from $1.32 billion of free cash flow. Research and development absorbed $3.27 billion, half of revenue, against $1.54 billion for marketing and sales. Cash and cash equivalents ended the year at $1.24 billion, after $1.23 billion of cash paid for the Browser Company and DX acquisitions and $1.81 billion of Class A share repurchases, against $989.6 million of long-term debt.
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
Atlassian
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $6.6B | -$53.8M | -0.8% | +26.0% | Source |
| FY2025 | $5.2B | -$256.7M | -4.9% | +19.7% | Source |
| FY2024 | $4.4B | -$300.5M | -6.9% | +23.3% | Source |
| FY2023 | $3.5B | -$486.8M | -13.8% | +26.1% | Source |
| FY2022 | $2.8B | -$519.5M | -18.5% | +34.2% | Source |
| FY2021 | $2.1B | -$579M | -27.7% | +29.4% | Source |
| FY2020 | $1.6B | -$350.7M | -21.7% | +33.4% | Source |
| FY2019 | $1.2B | -$637.6M | -52.7% | +38.5% | Source |
| FY2018 | $874M | -$113.4M | -13.0% | +41.0% | Source |
| FY2017 | $619.9M | -$37.4M | -6.0% | +35.6% | Source |
| FY2016 | $457.1M | $4.4M | 1.0% | — | 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
Atlassian
- Cloud subscriptions~67%
Per-user cloud subscriptions for Jira, Confluence, Jira Service Management, Trello, Bitbucket, Loom, and Rovo across Free, Standard, Premium, and Enterprise editions. Cloud revenue was $4.41 billion in fiscal 2026, up 28%, and reached $1.21 billion in the fourth quarter alone.
- Data Center subscriptions~28%
On-premises term licenses with bundled support for self-managed deployments of Jira, Confluence, and other products. Data Center revenue was $1.83 billion in fiscal 2026, up 25%, but Atlassian announced the end of life of the line in September 2025: no new customers from March 2026, no expansions for existing customers after March 2028, and no maintenance after March 2029.
- Marketplace and other~5%
Fees from third-party app sales through the Atlassian Marketplace, which carries more than 6,000 apps and integrations, plus premier support, advisory, and training services. Marketplace and other revenue was $330.7 million in fiscal 2026, up 10%.
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
Atlassian
How it makes money
Atlassian runs a land-and-expand B2B SaaS model. A small team, usually in engineering, adopts Jira, Confluence, Bitbucket, or Trello through a free edition or a self-service purchase. Because the tools connect to each other and to outside systems, use spreads to other departments such as IT, marketing, and HR.
Growth strategy
Atlassian's growth strategy has three parts. It pushes beyond engineering with Jira Service Management, aimed at the IT, HR, and customer-service desks that ServiceNow and Freshworks serve. It packages products into Collections, bundles sold around an outcome rather than per app, covering teamwork, software, service, and strategy.
Competitive advantage
Atlassian's moat is switching cost. Jira is often criticized for complexity, but it holds years of issue history, workflow configuration, and integrations with code repositories and CI systems, so replacing it means rebuilding how an engineering organization records its work.
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 Atlassian vs Figma
Which company has higher revenue — Atlassian Corporation or Figma, Inc.?
Atlassian Corporation reported $6.6B (FY2026), while Figma, Inc. reported $1.1B (FY2025). By last reported revenue, Atlassian Corporation is the larger business, with Figma, 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 Atlassian Corporation vs Figma, Inc.?
Atlassian Corporation's market capitalisation stands at $45.4B, while Figma, Inc.'s is $11.0B. Atlassian Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Figma, Inc..
Which is more financially efficient — Atlassian Corporation or Figma, Inc.?
Atlassian Corporation generates $494k / employee in revenue per employee, while Figma, Inc. generates $560k / employee. Figma, 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 Atlassian Corporation and Figma, Inc. make money?
Atlassian Corporation and Figma, Inc. generate revenue in fundamentally different ways. Atlassian Corporation: Atlassian runs a land-and-expand B2B SaaS model. Figma, Inc.: Figma sells per-seat subscriptions on a freemium, product-led model.
Which company is valued higher relative to revenue — Atlassian Corporation or Figma, Inc.?
On a price-to-sales (P/S) basis, Atlassian Corporation trades at 6.9x 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 Atlassian Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Atlassian Corporation bigger than Figma, Inc.?
By last reported revenue, Atlassian Corporation ($6.6B (FY2026)) 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 Atlassian vs Figma overview