Canva vs Midjourney: Revenue, Profit and Business Model
Canva reported $3.5B of revenue in FY2025 and — of net income. Midjourney reported $300M of revenue in FY2024 and — of net income.
Latest financial snapshot
Canva
- Latest revenue
- $3.5B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +32.3% a year, FY2023–FY2025
Midjourney
- Latest revenue
- $300M (FY2024)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +144.9% a year, FY2022–FY2024
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.
Midjourney
Midjourney is private and does not release revenue, profit or subscriber counts. Holz said in 2022 that the company was already profitable. Third-party trackers estimate revenue of about $50 million in 2022, about $200 million in 2023 and roughly $300 million in 2024; some 2025-2026 analyses cite figures near $500 million, but none of these numbers is audited or confirmed by the company. Midjourney has raised no outside equity, so there is no priced funding round and no official valuation.
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 |
Midjourney
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $300M | — | 0.0% | +50.0% | Source |
| FY2023 | $200M | — | 0.0% | +300.0% | Source |
| FY2022 | $50M | — | 0.0% | — | 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.
Midjourney
- Monthly and annual subscriptions
Not disclosed (majority)
Basic, Standard, Pro and Mega plans priced $10-$120 per month.
- Extra Fast GPU hours
Not disclosed
On-demand purchases of additional Fast generation time.
- Technology licensing
Not disclosed
Licensing of image and video technology, including the deal Meta announced in August 2025.
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.
Midjourney
How it makes money
Midjourney sells subscriptions. Plans are Basic ($10/month), Standard ($30), Pro ($60) and Mega ($120), with discounts for annual billing. Each tier buys a monthly allotment of Fast GPU time; Standard and above add unlimited Relax-mode image generation, and Pro and Mega add Stealth Mode so creations stay out of the public gallery. Extra Fast hours can be bought on demand.
Growth strategy
Growth comes from regular model releases (V7 in April 2025, Video V1 in June 2025, Niji 7 in January 2026, V8 alpha in March 2026, V8.2 in July 2026), a web app that removed the need for Discord, and licensing: in August 2025 Meta announced it would license Midjourney's image and video technology. Holz has said the long-term goal is real-time open-world simulation.
Competitive advantage
Midjourney's edge is aesthetic quality and a loyal creative user base. Its models are tuned on user ratings and personalization profiles, which helps them produce stylized, cinematic images that many illustrators and concept artists prefer. Because it carries no investor obligations, it can release models on its own schedule and keep a small, research-led team.
Questions about Canva vs Midjourney
Which company has higher revenue — Canva Pty Ltd or Midjourney, Inc.?
Canva Pty Ltd reported $3.5B (FY2025), while Midjourney, Inc. reported $300.0M (FY2024). By last reported revenue, Canva Pty Ltd is the larger business, with Midjourney, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
Which is more financially efficient — Canva Pty Ltd or Midjourney, Inc.?
Canva Pty Ltd generates $660k / employee in revenue per employee, while Midjourney, Inc. generates $3.00M / employee. Midjourney, 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 Canva Pty Ltd and Midjourney, Inc. make money?
Canva Pty Ltd and Midjourney, Inc. generate revenue in fundamentally different ways. Canva Pty Ltd: Canva makes money through a freemium subscription model. Midjourney, Inc.: Midjourney sells subscriptions.
Is Canva Pty Ltd bigger than Midjourney, Inc.?
By last reported revenue, Canva Pty Ltd ($3.5B (FY2025)) is the larger company compared to Midjourney, Inc. ($300.0M (FY2024)). 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 Midjourney overview