Figma vs Notion: Revenue, Profit and Business Model
Figma reported $1.1B of revenue in FY2025 and a net loss of $1.3B. Notion reported $500M of revenue in FY2025 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.
Notion
Notion does not publish audited financials. Its key disclosed figure is annualized revenue of more than $500 million, stated to CNBC in September 2025 alongside the launch of Notion AI agents. CNBC later reported that half of Notion's Business and Enterprise customers pay for AI features, up from 10-20% a year earlier. Notion has raised roughly $330 million in total, most of it the $275 million Series C at a $10 billion valuation in October 2021, and has since used secondary tender offers rather than new primary rounds; the latest, at an $11 billion valuation, gave employees and early investors liquidity. Third-party estimates (e.g. Sacra) put 2026 ARR well above $500 million, but these are not company-confirmed.
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 |
Notion
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $500M | — | 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.
Notion
- Plus subscriptions
Not disclosed
Per-member plans for small teams, about $10 per member per month billed annually.
- Business subscriptions
Not disclosed
About $20 per member per month billed annually, including full Notion AI, SAML SSO and private teamspaces.
- Enterprise contracts
Not disclosed
Custom-priced annual agreements with advanced security, admin controls and audit logs.
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).
Notion
How it makes money
Notion uses a freemium subscription model. Individuals can use a Free plan; teams pay per member per month for Plus (about $10 billed annually), Business (about $20, which since May 2025 includes full Notion AI such as agents, AI Meeting Notes and Enterprise Search) or custom-priced Enterprise contracts with SSO, audit logs and admin controls.
Growth strategy
Notion's growth plan has three parts: move AI into higher-priced plans (full Notion AI now sits in Business and Enterprise), expand the workspace into adjacent apps (Notion Calendar, Notion Mail, Sites, Forms, AI meeting notes), and sell upmarket to large enterprises with connectors to Microsoft Teams, SharePoint, Gmail and Slack plus Enterprise Search across those tools.
Competitive advantage
Notion's edge is a flexible block-and-database model that lets non-engineers build their own wikis, trackers and lightweight apps, plus a large creator and template community that drives organic sign-ups. Bottom-up adoption means many enterprise deals start with employees who already use Notion personally.
Questions about Figma vs Notion
Which company has higher revenue — Figma, Inc. or Notion Labs, Inc.?
Figma, Inc. reported $1.1B (FY2025), while Notion Labs, Inc. reported $500.0M (FY2025). By last reported revenue, Figma, Inc. is the larger business, with Notion Labs, Inc. reporting a smaller revenue base.
What is the market cap of Figma, Inc. vs Notion Labs, Inc.?
Figma, Inc. has a market capitalisation of $11.0B. A public market cap figure for Notion Labs, Inc. was not available (it may be privately held).
Which is more financially efficient — Figma, Inc. or Notion Labs, Inc.?
Figma, Inc. generates $560k / employee in revenue per employee, while Notion Labs, Inc. generates $500k / 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 Notion Labs, Inc. make money?
Figma, Inc. and Notion Labs, Inc. generate revenue in fundamentally different ways. Figma, Inc.: Figma sells per-seat subscriptions on a freemium, product-led model. Notion Labs, Inc.: Notion uses a freemium subscription model.
Is Figma, Inc. bigger than Notion Labs, Inc.?
By last reported revenue, Figma, Inc. ($1.1B (FY2025)) is the larger company compared to Notion Labs, Inc. ($500.0M (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 Figma vs Notion overview