Notion vs Zapier: Revenue, Profit and Business Model
Notion reported $500M of revenue in FY2025 and — of net income. Zapier reported $310M of revenue in FY2023 and — of net income.
Latest financial snapshot
Financial summary
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.
Zapier
Zapier is private and does not publish financial statements. According to the company, it raised $1.3 million in 2012 and was valued at $5 billion in January 2021 without raising any further funding. That valuation came from a secondary sale: Sequoia Capital and Steadfast Financial bought shares from early investors, and Foster said the founders did not sell. Zapier has been profitable since 2014. Forbes reported annual recurring revenue of about $140 million in 2021. Later figures of around $310 million are third-party estimates (Sacra for 2023, Latka for 2024), not company disclosures. No revenue figure for 2025 or 2026 has been published.
Revenue and profit by year
Notion
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $500M | — | 0.0% | — | Source |
Zapier
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $310M | — | 0.0% | — | Source |
| FY2021 | $140M | — | 0.0% | — | Source |
Where the revenue comes from
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.
Zapier
- Self-serve subscriptions
Not disclosed
Monthly and annual Professional and Team plans, priced by task volume.
- Enterprise contracts
Not disclosed
Custom contracts with SSO, admin controls, and AI governance features for larger organizations.
Business model and strategy
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.
Zapier
How it makes money
Zapier sells tiered subscriptions priced mainly by task volume, where a task is one action that an automation completes. A free plan with a limited monthly task allowance brings users in. Paid Professional and Team plans unlock multi-step Zaps, branching logic, premium apps, and shared workspaces. Enterprise contracts add SAML SSO, admin controls, and governance features.
Growth strategy
Zapier's current strategy rests on three pieces. First, it is growing AI products such as Zapier Agents, Copilot, and Zapier MCP. Second, it is adding tools beyond Zaps, including Tables, Interfaces, and Canvas, so teams can build complete internal workflows inside Zapier. Third, it is selling to larger companies with enterprise plans that add admin controls, SSO, and AI governance.
Competitive advantage
Zapier's main advantage is breadth. It lists more than 9,000 apps, compared with roughly 2,000 for Make, so a niche SaaS tool is more likely to already have a maintained Zapier connector. It also has a large base of non-technical users, a big library of templates and search-friendly integration pages, and a profitable business that doesn't depend on venture funding.
Questions about Notion vs Zapier
Which company has higher revenue — Notion Labs, Inc. or Zapier Inc.?
Notion Labs, Inc. reported $500.0M (FY2025), while Zapier Inc. reported $310.0M (FY2023). By last reported revenue, Notion Labs, Inc. is the larger business, with Zapier 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 — Notion Labs, Inc. or Zapier Inc.?
Notion Labs, Inc. generates $500k / employee in revenue per employee, while Zapier Inc. generates $388k / 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 Notion Labs, Inc. and Zapier Inc. make money?
Notion Labs, Inc. and Zapier Inc. generate revenue in fundamentally different ways. Notion Labs, Inc.: Notion uses a freemium subscription model. Zapier Inc.: Zapier sells tiered subscriptions priced mainly by task volume, where a task is one action that an automation completes.
Is Notion Labs, Inc. bigger than Zapier Inc.?
By last reported revenue, Notion Labs, Inc. ($500.0M (FY2025)) is the larger company compared to Zapier Inc. ($310.0M (FY2023)). 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 Notion vs Zapier overview