Figma vs Miro: Revenue, Profit and Business Model
Figma reported $1.1B of revenue in FY2025 and a net loss of $1.3B. Miro reported $600M of revenue in FY2026 and — of net income.
Latest financial snapshot
Financial summary
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.
Miro
Miro is private and does not publish financial statements, so the most reliable figures come from deal disclosures. It raised $25 million in a 2018 Series A led by Accel, $50 million in a 2020 Series B led by ICONIQ Growth, and $400 million in a January 2022 Series C led by ICONIQ Growth at a $17.5 billion valuation. When Bending Spoons agreed to buy it on September 10, 2026, it said Miro had grown to around $600 million in ARR. The $1.355 billion enterprise value (about 2.3 times ARR, per Forbes) plus Miro's net cash implies an equity value of about $1.79 billion. Certain Miro shareholders agreed to reinvest $295 million of their proceeds in new Bending Spoons equity.
Revenue and profit by year
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 |
Miro
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $600M | — | 0.0% | — | Source |
Where the revenue comes from
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.
Miro
- Business & Enterprise Subscriptions
~90% of ARR
Per-seat Business plans and annual Enterprise contracts with security, admin, data residency and support; nearly 90% of Miro's roughly $600M ARR in 2026.
- Starter & Self-Serve Team Plans
~10% of ARR (balance)
Monthly or annual card-paid subscriptions for small teams upgrading from the free plan.
Business model and strategy
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).
Miro
How it makes money
Miro makes money from software subscriptions. Anyone can use a free plan with a limited number of editable boards; teams then pay per member for Starter and Business plans, and large organizations sign annual Enterprise contracts that add security controls, admin tools, data residency and support.
Growth strategy
After pandemic-era growth slowed, Miro focused on enterprise accounts, cost discipline and AI. It cut about 7% of staff (119 people) in January 2023 and about 275 roles in late 2024, repositioned itself as an 'AI Innovation Workspace', and pushed AI features such as AI-generated diagrams, summaries and canvas-based workflows.
Competitive advantage
Miro's edge is breadth of adoption and workflow depth. Because it is used across product, engineering, design, consulting and operations teams rather than one department, it tends to become the shared canvas for workshops, agile planning and diagramming.
Questions about Figma vs Miro
Which company has higher revenue — Figma, Inc. or Miro (RealtimeBoard Inc.)?
Figma, Inc. reported $1.1B (FY2025), while Miro (RealtimeBoard Inc.) reported $600.0M (FY2026). By last reported revenue, Figma, Inc. is the larger business, with Miro (RealtimeBoard 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 Figma, Inc. vs Miro (RealtimeBoard Inc.)?
Figma, Inc. has a market capitalisation of $11.0B. A public market cap figure for Miro (RealtimeBoard Inc.) was not available (it may be privately held).
Which is more financially efficient — Figma, Inc. or Miro (RealtimeBoard Inc.)?
Figma, Inc. generates $560k / employee in revenue per employee, while Miro (RealtimeBoard Inc.) generates $375k / 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 Figma, Inc. and Miro (RealtimeBoard Inc.) make money?
Figma, Inc. and Miro (RealtimeBoard Inc.) generate revenue in fundamentally different ways. Figma, Inc.: Figma sells per-seat subscriptions on a freemium, product-led model. Miro (RealtimeBoard Inc.): Miro makes money from software subscriptions.
Is Figma, Inc. bigger than Miro (RealtimeBoard Inc.)?
By last reported revenue, Figma, Inc. ($1.1B (FY2025)) is the larger company compared to Miro (RealtimeBoard Inc.) ($600.0M (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 Figma vs Miro overview