Canva vs Figma: Revenue, Profit and Business Model
Canva reported $3.5B of revenue in FY2025 and — of net income. Figma reported $1.1B of revenue in FY2025 and a net loss of $1.3B.
Latest financial snapshot
Financial summary
Canva
As a privately held 'decacorn' (valued at US$42 billion in its August 2025 employee share sale, before 2026 investor markdowns), Canva has been profitable for years, which is unusual for a venture-backed company of its size; it was reported in August 2026 as profitable for nine straight years. Revenue reached US$3.5 billion in 2025 and ARR about US$4 billion by year end, mostly from recurring subscriptions acquired through its free tier rather than paid marketing. In the June 2026 quarter revenue rose 25.2% to US$921.9 million and cash stood at US$1.47 billion, but rising AI serving costs led Canva to cut its 2026 growth forecast to about 20%. Canva does not publish net income or audited accounts, and it has not set an IPO date.
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
Canva
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.5B | — | 0.0% | +40.0% | Source |
| FY2024 | $2.5B | — | 0.0% | +25.0% | Source |
| FY2023 | $2B | — | 0.0% | — | 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
Canva
- Canva Pro Individual Subscriptions
Not disclosed
Monthly and annual recurring subscription fees from millions of individual creators, freelancers, and small business owners. Canva does not publish a revenue split; it reported more than 31 million paid users in 2025.
- Canva for Teams & Canva Enterprise Licenses
Not disclosed
Seat-based enterprise contracts providing corporate brand management, administrative security, and cross-functional team collaboration. Canva says 95% of the Fortune 500 use Canva.
- Affinity Professional Creative Software
Not disclosed
Canva relaunched Affinity in 2025 as a single studio-grade app for vector, photo and layout work and made it free for everyone, so Affinity no longer sells perpetual licenses; its revenue contribution is not disclosed.
- Canva Print On-Demand Physical Merchandise
Not disclosed
Transaction margins on customized printed merchandise, business cards, flyers, and apparel delivered worldwide.
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
Canva
How it makes money
Canva makes money through a freemium subscription model. The core editor and a large template library are free, which pulls in more than 260 million monthly users (2025). Revenue comes from the roughly 31 million of them who pay for Canva Pro, Canva Business, Canva for Teams or Canva Enterprise to unlock premium content, brand kits, Canva AI features and team controls.
Growth strategy
Having conquered the individual consumer and small business market, Canva's large growth strategy is aggressively aimed directly at Adobe and Microsoft in the enterprise sector. They are heavily rolling out 'Canva for Enterprise', a large suite of collaboration tools designed for entire marketing departments at Fortune 500 companies.
Competitive advantage
Canva's edge is ease of use at scale. A beginner can open a template and publish a social post or slide deck in minutes, without the training that Adobe's professional tools assume. A creator marketplace keeps adding templates, and a free tier used by more than 260 million people a month (2025) gives Canva low-cost distribution that newer design apps struggle to match.
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 Canva vs Figma
Which company has higher revenue — Canva Pty Ltd or Figma, Inc.?
Canva Pty Ltd reported $3.5B (FY2025), while Figma, Inc. reported $1.1B (FY2025). By last reported revenue, Canva Pty Ltd is the larger business, with Figma, Inc. reporting a smaller revenue base.
What is the market cap of Canva Pty Ltd vs Figma, Inc.?
Figma, Inc. has a market capitalisation of $11.0B. A public market cap figure for Canva Pty Ltd was not available (it may be privately held).
Which is more financially efficient — Canva Pty Ltd or Figma, Inc.?
Canva Pty Ltd generates $660k / employee in revenue per employee, while Figma, Inc. generates $560k / employee. Canva Pty Ltd 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 Canva Pty Ltd and Figma, Inc. make money?
Canva Pty Ltd and Figma, Inc. generate revenue in fundamentally different ways. Canva Pty Ltd: Canva makes money through a freemium subscription model. Figma, Inc.: Figma sells per-seat subscriptions on a freemium, product-led model.
Is Canva Pty Ltd bigger than Figma, Inc.?
By last reported revenue, Canva Pty Ltd ($3.5B (FY2025)) 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 Canva vs Figma overview