Smartsheet vs Wix: Revenue, Profit and Business Model
Smartsheet had $958.3M of annual revenue in FY2024 and a net loss of $104.6M. Wix had $2B of annual revenue in FY2025 and $50.6M of net income.
Latest financial snapshot
Smartsheet
- Latest annual revenue
- $958.3M (FY2024)
- Net income
- -$104.6M
- Net margin
- -10.9%
- Revenue growth
- +46.3% a year, FY2017–FY2024
Wix
- Latest annual revenue
- $2B (FY2025)
- Net income
- $50.6M
- Net margin
- 2.5%
- Revenue growth
- +23.9% a year, FY2016–FY2025
Financial summary
Smartsheet
Smartsheet grew revenue from $67.0 million in fiscal 2017 to $958.3 million in fiscal 2024 (year ended January 31, 2024), a 25% increase that year, while the GAAP net loss narrowed from $215.6 million in fiscal 2023 to $104.6 million. In its last reported quarter as a public company, Q3 fiscal 2025, revenue rose 17% to $286.9 million, ARR grew 15% and the company posted $1.3 million of GAAP net income. As a private company since January 2025, it no longer publishes results. Smartsheet Inc. is a major American enterprise software company providing cloud-based work management and collaboration tools, sustaining a market valuation typically over $8 billion.
Wix
Wix's revenue grew from $1.27 billion in 2021 to $1.99 billion in 2025, and the company moved from a $424.9 million net loss in 2022 to profits in 2023-2025 ($50.6 million in 2025). Free cash flow excluding acquisition costs was $605 million in 2025, about 30% of revenue, and Wix repurchased $575 million of stock that year. In March 2026 it announced a $250 million equity investment led by Durable Capital Partners. In Q2 2026, revenue rose 15% to $563.1 million, bookings rose 12% to $569.1 million and ARR reached $1.963 billion. Higher AI and marketing costs, plus restructuring charges, produced a GAAP net loss of $76.4 million, and free cash flow fell to $52.6 million. For full-year 2026 Wix expects revenue growth in the low- to mid-teens and a free cash flow margin in the high teens, excluding acquisition and restructuring costs.
Revenue and profit by year
Smartsheet
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $958.3M | -$104.6M | -10.9% | +25.0% | Source |
| FY2023 | $766.9M | -$215.6M | -28.1% | +39.2% | Source |
| FY2022 | $550.8M | -$171.1M | -31.1% | +42.9% | Source |
| FY2021 | $385.5M | -$115M | -29.8% | +42.3% | Source |
| FY2020 | $270.9M | -$95.9M | -35.4% | +52.4% | Source |
| FY2019 | $177.7M | -$53.9M | -30.3% | +59.7% | Source |
| FY2018 | $111.3M | -$49.1M | -44.1% | +66.1% | Source |
| FY2017 | $67M | -$15.2M | -22.7% | — | Source |
Wix
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2B | $50.6M | 2.5% | +13.2% | Source |
| FY2024 | $1.8B | $138.3M | 7.9% | +12.7% | Source |
| FY2023 | $1.6B | $33.1M | 2.1% | +12.5% | Source |
| FY2022 | $1.4B | -$424.9M | -30.6% | +9.3% | Source |
| FY2021 | $1.3B | -$117.2M | -9.2% | +29.0% | Source |
| FY2020 | $984.4M | — | — | +29.9% | Source |
| FY2019 | $757.7M | — | — | +25.5% | Source |
| FY2018 | $603.7M | — | — | +41.8% | Source |
| FY2017 | $425.6M | — | — | +46.7% | Source |
| FY2016 | $290.1M | — | — | — | Source |
Where the revenue comes from
Smartsheet
- Subscriptions95
Per-user plans plus premium add-ons such as Control Center, Data Shuttle, Dynamic View, Resource Management and Brandfolder ($273.7M of $286.9M revenue in Q3 fiscal 2025).
- Professional services5
Implementation, consulting and training ($13.2M in Q3 fiscal 2025).
Wix
- Creative Subscriptions
~71% (Q2 2026)
Premium website plans, Wix Studio, bundled domains and Base44 subscriptions.
- Business Solutions
~29% (Q2 2026)
Wix Payments and other transaction revenue, Google Workspace resale, third-party apps and other add-ons.
Business model and strategy
Smartsheet
How it makes money
Smartsheet sells software subscriptions. Customers pay per user on tiered plans (Pro, Business, Enterprise) and can add premium capabilities such as Control Center, Dynamic View, Data Shuttle, Bridge, Resource Management and Brandfolder digital asset management.
Growth strategy
Under CEO Rajeev Singh, Smartsheet is focusing on enterprise AI: the November 2025 ENGAGE launch added AI agents and data features to the platform. It has also cut costs through two rounds of layoffs, rebuilt its executive team and revamped its partner program in 2026 to lean more on channel sales.
Competitive advantage
Smartsheet's main advantage is a familiar grid interface that lets non-technical business users start quickly, paired with enterprise controls (Control Center for portfolio provisioning, Dynamic View for restricted sharing, admin governance) and a FedRAMP-authorized Smartsheet Gov environment for public-sector buyers.
Wix
How it makes money
Wix runs a freemium model. Anyone can build a site for free, and Wix earns money when users upgrade to premium plans for custom domains, ad removal, more storage, eCommerce and professional tools. It reports two segments. Creative Subscriptions (premium plans, Wix Studio seats, domains bundled with plans and Base44 subscriptions) brought in $398.4 million in Q2 2026 at an 80% GAAP gross margin.
Growth strategy
Wix plans to grow by bringing in new users through AI-first creation tools (Wix Harmony for websites and Base44 for apps). It also wants to sell more Business Solutions, especially payments and commerce, to existing sites, and to keep agencies and resellers building on Wix Studio. In the second half of 2026 it is moving marketing spend from core Wix to Base44, paid for by lower AI costs.
Competitive advantage
Wix has a large free user base that feeds paid upgrades. It also offers a wide range of built-in business tools, including payments, bookings, stores and events, and a professional tier (Wix Studio) for agencies. Base44 gives it an early position in prompt-based app creation, and Wix is building its own AI models (the Harmony model and Base44's Base 1 LLM) to lower inference costs.
Questions about Smartsheet vs Wix
Which company has higher revenue — Smartsheet or Wix?
Smartsheet had $958.3M (FY2024), while Wix had $2.0B (FY2025). By latest annual revenue, Wix is the larger business, with Smartsheet showing 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 Smartsheet vs Wix?
Smartsheet's market capitalisation stands at $8.4B, while Wix's is $1.9B. Smartsheet carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Wix.
How does revenue per employee compare for Smartsheet and Wix?
Smartsheet has $290k / employee in revenue per employee, while Wix has $456k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Smartsheet and Wix make money?
Smartsheet and Wix generate revenue in fundamentally different ways. Smartsheet: Smartsheet sells software subscriptions. Wix: Wix runs a freemium model.
Which company is valued higher relative to revenue — Smartsheet or Wix?
On a price-to-sales (P/S) basis, Smartsheet trades at 8.8x P/S and Wix at 1.0x P/S. Smartsheet commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Wix. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Smartsheet bigger than Wix?
By last reported revenue, Wix ($2.0B (FY2025)) is the larger company compared to Smartsheet ($958.3M (FY2024)). 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 Smartsheet vs Wix overview