Klaviyo vs Salesforce: Revenue, Profit and Business Model
Klaviyo reported $1.2B of revenue in FY2025 and a net loss of $31.8M. Salesforce reported $41.5B of revenue in FY2026 and $7.5B of net income.
Latest financial snapshot
Klaviyo
- Latest revenue
- $1.2B (FY2025)
- Net income
- -$31.8M
- Net margin
- -2.6%
- Revenue growth
- +43.5% a year, FY2021–FY2025
Salesforce
- Latest revenue
- $41.5B (FY2026)
- Net income
- $7.5B
- Net margin
- 18.0%
- Revenue growth
- +19.4% a year, FY2017–FY2026
Financial summary
Klaviyo
Klaviyo's revenue rose from $290.6 million in 2021 to $472.7 million in 2022, $698.1 million in 2023, $937.5 million in 2024 and $1.234 billion in 2025. The 2023 net loss of $308.2 million was inflated by IPO-related stock compensation; losses narrowed to $46.1 million in 2024 and $31.8 million in 2025. On a non-GAAP basis the business is profitable: 2025 non-GAAP operating margin was 14% and free cash flow margin was 16%. For Q2 2026 it reported $370.6 million revenue, 73% gross margin, a $15.0 million GAAP operating loss, $50.9 million non-GAAP operating income and $82.9 million of free cash flow.
Salesforce
Salesforce grew revenue from $8.4 billion in fiscal 2017 to $41.5 billion in fiscal 2026, helped by acquisitions such as MuleSoft, Tableau and Slack. After activist investors including Elliott and Starboard took stakes in early 2023, the company cut about 10% of staff, disbanded its board M&A committee and shifted to margins and capital returns. Fiscal 2026 brought $7.46 billion of GAAP net income, $14.4 billion of free cash flow and $14.3 billion returned to shareholders. In Q2 fiscal 2027 (ended July 31, 2026) revenue rose 11% to $11.345 billion, and full-year guidance was raised to $46.1 billion to $46.4 billion.
Revenue and profit by year
Klaviyo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.2B | -$31.8M | -2.6% | +31.6% | Source |
| FY2024 | $937.5M | -$46.1M | -4.9% | +34.3% | Source |
| FY2023 | $698.1M | -$308.2M | -44.2% | +47.7% | Source |
| FY2022 | $472.7M | -$49.2M | -10.4% | +62.7% | Source |
| FY2021 | $290.6M | -$79.4M | -27.3% | — | Source |
Salesforce
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $41.5B | $7.5B | 18.0% | +9.6% | Source |
| FY2025 | $37.9B | $6.2B | 16.4% | +8.7% | Source |
| FY2024 | $34.9B | $4.1B | 11.9% | +11.2% | Source |
| FY2023 | $31.4B | $208M | 0.7% | +18.3% | Source |
| FY2022 | $26.5B | $1.4B | 5.5% | +24.7% | Source |
| FY2021 | $21.3B | $4.1B | 19.2% | +24.3% | Source |
| FY2020 | $17.1B | $126M | 0.7% | +28.7% | Source |
| FY2019 | $13.3B | $1.1B | 8.4% | +26.0% | Source |
| FY2018 | $10.5B | $360M | 3.4% | +25.6% | Source |
| FY2017 | $8.4B | $323M | 3.8% | — | Source |
Where the revenue comes from
Klaviyo
- Subscription platform (email, CDP, reviews, service, AI)
Recurring subscriptions priced mainly by active profiles, with add-on products. Klaviyo does not break out revenue by product.
- SMS, MMS and WhatsApp messaging
Message-credit plans; a growing share of revenue that carries carrier costs and lower gross margin.
Salesforce
- Sales cloud subscriptions
- Service cloud subscriptions
- Platform and data subscriptions
- Marketing and commerce subscriptions
- Analytics and integration products
- Professional services
Business model and strategy
Klaviyo
How it makes money
Klaviyo sells software subscriptions to consumer brands. Email plans are priced mainly by the number of active profiles a brand stores; SMS and WhatsApp are sold as message credits; and add-ons such as Klaviyo CDP, Reviews, Customer Hub/service tools and AI agents raise spend per account.
Growth strategy
Klaviyo is pushing upmarket (4,477 customers paid more than $50,000 in ARR at June 30, 2026, up 36%), expanding abroad, cross-selling SMS, WhatsApp, Reviews, CDP and service products, and repositioning from email tool to autonomous B2C CRM. Partnerships with Shopify, Stripe, Anthropic and Figma extend where its data and agents can be used.
Competitive advantage
Klaviyo's edge is data plus distribution. Its event database stores every product view, cart and order alongside the customer profile, so segmentation and triggered messages work in near real time without an outside data warehouse.
Salesforce
How it makes money
Salesforce sells multi-year software subscriptions, mostly priced per user per month, plus consumption pricing for Data 360 and Agentforce. In fiscal 2026 (ended January 31, 2026), subscription and support revenue was $39.39 billion, about 95% of the $41.53 billion total; professional services added $2.14 billion.
Growth strategy
Salesforce is pushing three levers: Agentforce AI agents priced on consumption or flex credits, Data 360 (formerly Data Cloud) to unify customer data, and the Informatica acquisition, closed in November 2025, to add data management and governance. It also cross-sells Slack as the interface for agents and keeps buying back stock under a $50 billion authorization announced in February 2026.
Competitive advantage
Salesforce's advantage is switching cost. Large customers build years of custom objects, workflows, integrations and AppExchange apps on the platform and train administrators on it, so replacing it means re-implementing core sales and service processes. Owning Slack, MuleSoft, Tableau and Informatica also lets Salesforce sell data, integration and collaboration around the CRM record.
Questions about Klaviyo vs Salesforce
Which company has higher revenue — Klaviyo, Inc. or Salesforce, Inc.?
Klaviyo, Inc. reported $1.2B (FY2025), while Salesforce, Inc. reported $41.5B (FY2026). By last reported revenue, Salesforce, Inc. is the larger business, with Klaviyo, 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 Klaviyo, Inc. vs Salesforce, Inc.?
Klaviyo, Inc.'s market capitalisation stands at $4.5B, while Salesforce, Inc.'s is $185.4B. Salesforce, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Klaviyo, Inc..
Which is more financially efficient — Klaviyo, Inc. or Salesforce, Inc.?
Klaviyo, Inc. generates $521k / employee in revenue per employee, while Salesforce, Inc. generates $498k / employee. Klaviyo, 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 Klaviyo, Inc. and Salesforce, Inc. make money?
Klaviyo, Inc. and Salesforce, Inc. generate revenue in fundamentally different ways. Klaviyo, Inc.: Klaviyo sells software subscriptions to consumer brands. Salesforce, Inc.: Salesforce sells multi-year software subscriptions, mostly priced per user per month, plus consumption pricing for Data 360 and Agentforce.
Which company is valued higher relative to revenue — Klaviyo, Inc. or Salesforce, Inc.?
On a price-to-sales (P/S) basis, Klaviyo, Inc. trades at 3.6x P/S and Salesforce, Inc. at 4.5x P/S. Salesforce, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Klaviyo, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Klaviyo, Inc. bigger than Salesforce, Inc.?
By last reported revenue, Salesforce, Inc. ($41.5B (FY2026)) is the larger company compared to Klaviyo, Inc. ($1.2B (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 Klaviyo vs Salesforce overview