Miro vs Notion: Revenue, Profit and Business Model
Miro reported $600M of revenue in FY2026 and — of net income. Notion reported $500M of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
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.
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
Miro
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $600M | — | 0.0% | — | Source |
Notion
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $500M | — | 0.0% | — | Source |
Where the revenue comes from
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.
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
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.
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 Miro vs Notion
Which company has higher revenue — Miro (RealtimeBoard Inc.) or Notion Labs, Inc.?
Miro (RealtimeBoard Inc.) reported $600.0M (FY2026), while Notion Labs, Inc. reported $500.0M (FY2025). By last reported revenue, Miro (RealtimeBoard Inc.) is the larger business, with Notion Labs, 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 — Miro (RealtimeBoard Inc.) or Notion Labs, Inc.?
Miro (RealtimeBoard Inc.) generates $375k / employee in revenue per employee, while Notion Labs, Inc. generates $500k / employee. Notion Labs, 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 Miro (RealtimeBoard Inc.) and Notion Labs, Inc. make money?
Miro (RealtimeBoard Inc.) and Notion Labs, Inc. generate revenue in fundamentally different ways. Miro (RealtimeBoard Inc.): Miro makes money from software subscriptions. Notion Labs, Inc.: Notion uses a freemium subscription model.
Is Miro (RealtimeBoard Inc.) bigger than Notion Labs, Inc.?
By last reported revenue, Miro (RealtimeBoard Inc.) ($600.0M (FY2026)) 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 Miro vs Notion overview