The largest SaaS companies are the businesses whose main product is software sold as a subscription and delivered over the internet (software as a service). This list ranks 25 SaaS-led companies by the revenue reported in their most recent annual report filed with the US Securities and Exchange Commission.
Salesforce leads with revenue of US$41,525m for the year ended January 2026, followed by Adobe (US$23,769m) and Intuit (US$21,448m). Together the 25 companies reported about US$178bn of revenue.
Diversified groups with large cloud-subscription businesses, such as Microsoft, Oracle and SAP, are covered in the list of largest software companies rather than here.
Contents
- Overview
- Sector context
- Methodology notes
- Methodology
- The list
- Full ranking table
- Growth ranking
- By country
- Recent developments
- Frequently asked questions
- See also
Overview
Software as a service (SaaS) is a model in which a vendor hosts its software and customers pay a recurring subscription to use it through a browser or app, instead of buying a perpetual licence and installing it themselves. The vendor runs the infrastructure, applies updates and stores the data.
The companies here cover the main SaaS categories: customer relationship management (Salesforce, HubSpot), creative and design applications (Adobe, Autodesk), finance and tax (Intuit, BILL), workflow and IT service management (ServiceNow), human resources and payroll (Workday, Paycom, Paylocity), collaboration and communications (Atlassian, Zoom, Twilio, DocuSign, Dropbox), security (CrowdStrike, Zscaler, Okta, Cloudflare), data and developer infrastructure (Snowflake, Datadog, MongoDB), vertical software (Veeva), website building (Wix) and connected operations (Samsara). Adjacent categories, including CRM software, HR software, cybersecurity companies and the largest software companies overall, are covered in separate lists.
Sector context
Growth varies widely. Six companies in the ranking grew revenue by more than 25% in their latest fiscal year (Cloudflare, Samsara, Snowflake, Datadog, Atlassian and Zscaler), while Dropbox's revenue fell 1.1% and Zoom's grew 4.4%. Profitability is uneven as well: Zoom, Adobe and Veeva reported net margins above 25%, but eight of the 25 reported net losses, Snowflake's US$1,332m being the largest.
Consolidation continues. Salesforce completed its acquisition of Informatica in November 2025, adding data-management services to its platform. Several companies in the ranking, including Twilio, Snowflake and MongoDB, charge by usage rather than per user, so their revenue moves with customers' consumption.
Methodology notes
Revenue is the annual figure each company reported in its most recent Form 10-K (or Form 20-F for Wix) as tagged in SEC EDGAR's XBRL company-facts data, using the standard revenue concept. Fiscal years differ: Salesforce, Workday, Autodesk and several others end in January, Intuit and Zscaler in July, Atlassian, BILL and Paylocity in June, and Adobe in November. Figures are therefore not for an identical calendar period.
Inclusion is editorial: companies are included when their core product is software delivered and billed as a cloud subscription or service. Diversified companies whose cloud subscriptions are part of a broader business (Microsoft, Oracle, SAP, IBM), commerce and payments platforms (Shopify, Toast), payroll-outsourcing firms (ADP, Paychex), domain registrars (GoDaddy) and infrastructure-software vendors (Nutanix) are excluded. Headquarters are the business addresses given in SEC filings.
Methodology
Entries are ordered strictly by revenue for the latest fiscal year reported in each company's annual filing with the SEC, retrieved from EDGAR's XBRL company-facts API. Prior-year revenue and net income come from the same filings. Product descriptions for companies in the Forbes Global 2000 draw on Forbes's company profiles.
The list
1
S
Largest SaaS company; cloud CRM from San Francisco
Best for: Customer relationship management
Salesforce designs and develops cloud-based enterprise software for customer relationship management, covering sales-force automation, customer service, marketing automation, digital commerce, collaboration, industry solutions and its development platform. Forbes records that it was founded by Marc Benioff and Parker Harris in 1999. Its annual report for the year ended January 2026 shows revenue of US$41,525m, up 9.6%, and net income of US$7,457m, which makes it the largest company in this ranking by a wide margin: its revenue is about 75% higher than Adobe's. In November 2025 Salesforce completed its acquisition of Informatica, adding data catalogue, integration, governance, data-quality and master-data-management services to its platform.
Recent results
Revenue of US$41,525m in the year ended January 2026, against US$37,895m a year earlier (+9.6%); net income of US$7,457m.
- Revenue (latest fiscal year)
- US$41,525m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$37,895m
- Net income
- US$7,457m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Largest revenue among SaaS-led companies
- Net income of US$7.5bn
- Broad product suite across sales, service and marketing
Limitations
- Revenue growth slowed to 9.6%
- Integration of Informatica
- Complex licensing across many clouds
2
Creative, document and marketing software sold by subscription
Best for: Creative and document software
Adobe provides digital-media and digital-marketing software through Digital Media (creative and document products such as Creative Cloud and Acrobat), Digital Experience and Publishing and Advertising segments. It is headquartered in San Jose, California. For the year ended November 2025 it reported revenue of US$23,769m, up 10.5%, and net income of US$7,130m, a margin of 30%, the second-highest net income in this list after Salesforce and, among the top ten, a margin exceeded only by Zoom's. Adobe sells its creative and document applications as subscriptions, many of which run on customers' own computers while being licensed and updated over the internet; it is included because its products are delivered and billed as cloud subscriptions. Its customers range from individual designers to large enterprises.
Recent results
Revenue of US$23,769m in the year ended November 2025, against US$21,505m a year earlier (+10.5%); net income of US$7,130m.
- Revenue (latest fiscal year)
- US$23,769m
- Fiscal year
- Year ended november 2025
- Prior-year revenue
- US$21,505m
- Net income
- US$7,130m
- Headquarters (SEC filing address)
- San Jose, CA
- Annual report form
- 10-K
Strengths
- Net margin of 30%
- Revenue growth of 10.5%
- Widely used creative applications
Limitations
- Many products are desktop applications licensed by subscription
- Competition from AI image and video tools
- Digital Experience faces CRM-suite competition
3
TurboTax, QuickBooks and Credit Karma
Best for: Small-business accounting and tax software
Intuit provides business and financial-management software through Small Business and Self-Employed (QuickBooks online services, payroll, payments and small-business financing), Consumer (TurboTax), Credit Karma and ProTax segments. It is headquartered in Mountain View, California. For the year ended July 2026 Intuit reported revenue of US$21,448m, up 13.9%, and net income of US$4,566m. It has the most recent fiscal year of the companies in the top five. Its customers are mainly consumers and small businesses rather than large enterprises, which sets it apart from Salesforce, ServiceNow and Workday. Part of its revenue comes from payments and financial services linked to its software rather than from subscriptions alone.
Recent results
Revenue of US$21,448m in the year ended July 2026, against US$18,831m a year earlier (+13.9%); net income of US$4,566m.
- Revenue (latest fiscal year)
- US$21,448m
- Fiscal year
- Year ended july 2026
- Prior-year revenue
- US$18,831m
- Net income
- US$4,566m
- Headquarters (SEC filing address)
- Mountain View, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 13.9%
- Net income of US$4.6bn
- Strong consumer and small-business brands
Limitations
- Revenue is seasonal around the US tax year
- Payments and lending revenue add cyclical exposure
- US-focused
4
Cloud workflow-automation platform
Best for: IT and enterprise workflow automation
ServiceNow provides an end-to-end workflow-automation platform, the cloud-based Now Platform, with built-in AI and machine learning; Forbes records it was founded by Frederic B. Luddy in June 2004 and is headquartered in Santa Clara, California. For 2025 it reported revenue of US$13,278m, up 20.9%, and net income of US$1,748m. That growth rate is the highest among the five largest companies in this ranking.
Recent results
Revenue of US$13,278m in the year ended December 2025, against US$10,984m a year earlier (+20.9%); net income of US$1,748m.
- Revenue (latest fiscal year)
- US$13,278m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$10,984m
- Net income
- US$1,748m
- Headquarters (SEC filing address)
- Santa Clara, CA
- Annual report form
- 10-K
Strengths
- Fastest growth in the top five
- Single platform across many workflows
- Large-enterprise customer base
Limitations
- Net margin of 13%
- Competition from Salesforce and Microsoft
- Premium pricing
5
W
Cloud HR and finance applications
Best for: HR and finance software for large organisations
Workday develops enterprise cloud applications for finance and human resources, including financial management, human capital management and analytics for companies, educational institutions and government agencies. Forbes records it was founded by David Duffield and Aneel Bhusri in 2005; its SEC filings give Pleasanton, California, as its address. For the year ended January 2026 it reported revenue of US$9,552m, up 13.1%, and net income of US$693m. Workday is the largest company in the list that focuses on human-resources software; Paycom and Paylocity, ranked lower, serve smaller employers.
Recent results
Revenue of US$9,552m in the year ended January 2026, against US$8,446m a year earlier (+13.1%); net income of US$693m.
- Revenue (latest fiscal year)
- US$9,552m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$8,446m
- Net income
- US$693m
- Headquarters (SEC filing address)
- Pleasanton, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 13.1%
- Cloud-native HR and finance suite
- Large public-sector and education base
Limitations
- Net margin of 7%
- Competition from SAP and Oracle
- Long implementation projects
6
A
Design and engineering software by subscription
Best for: Design and engineering software
Autodesk develops design software and services including AutoCAD, Revit, Civil 3D, Fusion 360, Inventor, Maya and 3ds Max, used in architecture, engineering, construction, manufacturing and media. It is headquartered in San Francisco. For the year ended January 2026 it reported revenue of US$7,206m, up 17.5%, and net income of US$1,124m. Like Adobe, Autodesk sells applications that often run on customers' computers under subscription licences, alongside cloud products such as Fusion and its construction-management tools.
Recent results
Revenue of US$7,206m in the year ended January 2026, against US$6,131m a year earlier (+17.5%); net income of US$1,124m.
- Revenue (latest fiscal year)
- US$7,206m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$6,131m
- Net income
- US$1,124m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 17.5%
- Industry-standard CAD products
- Net margin of 16%
Limitations
- Many products are desktop software sold by subscription
- Construction-cycle exposure
- Competition from Dassault Systèmes
7
Collaboration and developer tools such as Jira and Confluence
Best for: Software-team collaboration
Atlassian sells team-collaboration and software-development tools, including Jira for work and issue tracking and Confluence for documentation, largely through cloud subscriptions. Its annual report on Form 10-K for the year ended June 2026 gives a San Francisco business address. Revenue was US$6,572m, up 26.0%, the fastest growth in the top ten, but it reported a net loss of US$54m.
Recent results
Revenue of US$6,572m in the year ended June 2026, against US$5,215m a year earlier (+26.0%); net income was a loss of US$54m.
- Revenue (latest fiscal year)
- US$6,572m
- Fiscal year
- Year ended june 2026
- Prior-year revenue
- US$5,215m
- Net income
- loss of US$54m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 26%
- Widely used developer tools
- Revenue above US$6.5bn
Limitations
- Net loss of US$54m
- Migration of server customers to cloud
- Competition from Microsoft and GitLab
8
Cloud communications APIs
Best for: Messaging and voice APIs
Twilio develops communications software and cloud platforms, reporting Twilio Communications (messaging and voice) and Twilio Segment (customer data, Engage, Flex and email) segments. It is headquartered in San Francisco. For 2025 it reported revenue of US$5,067m, up 13.7%, and net income of US$34m. Twilio charges largely by usage, such as messages sent or minutes of calls, which places it at the edge of the SaaS category; it is included because its products are delivered entirely as cloud services.
Recent results
Revenue of US$5,067m in the year ended December 2025, against US$4,458m a year earlier (+13.7%); net income of US$34m.
- Revenue (latest fiscal year)
- US$5,067m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$4,458m
- Net income
- US$34m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 13.7%
- Large developer base
- Profitable in the latest year
Limitations
- Net margin under 1%
- Usage-based revenue
- Revenue growth below the top-ten average
9
Video meetings and collaboration platform
Best for: Video meetings
Zoom Communications provides a communications and collaboration platform; Forbes records it was founded by Eric S. Yuan in 2011 and is headquartered in San Jose, California. For the year ended January 2026 it reported revenue of US$4,869m, up 4.4%, and net income of US$1,900m, a margin of 39%, the highest in this ranking.
Recent results
Revenue of US$4,869m in the year ended January 2026, against US$4,665m a year earlier (+4.4%); net income of US$1,900m.
- Revenue (latest fiscal year)
- US$4,869m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$4,665m
- Net income
- US$1,900m
- Headquarters (SEC filing address)
- San Jose, CA
- Annual report form
- 10-K
Strengths
- Net margin of 39%
- Strong brand
- Cash-generative
Limitations
- Revenue growth of 4.4%
- Competition from Microsoft Teams
- Consumer and small-business churn
10
Cloud-native endpoint security
Best for: Endpoint security
CrowdStrike provides cloud-delivered protection across endpoints, cloud workloads, identity and data, along with threat intelligence, managed security services and log management. Forbes records it was founded by George Kurtz, Gregg Marston and Dmitri Alperovitch on 7 November 2011; its SEC address is in Austin, Texas. For the year ended January 2026 it reported revenue of US$4,812m, up 21.7%, and a net loss of US$163m. It is the largest security company in this ranking, ahead of Zscaler, Okta and Cloudflare.
Recent results
Revenue of US$4,812m in the year ended January 2026, against US$3,954m a year earlier (+21.7%); net income was a loss of US$163m.
- Revenue (latest fiscal year)
- US$4,812m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$3,954m
- Net income
- loss of US$163m
- Headquarters (SEC filing address)
- Austin, TX
- Annual report form
- 10-K
Strengths
- Revenue growth of 21.7%
- Largest cloud-security company in the list
- Single-agent platform
Limitations
- Net loss
- High valuation relative to revenue
- Intense competition
11
Best for: Cloud data warehousing
Snowflake provides cloud data-warehousing software through its Data Cloud, supporting data warehousing, data lakes, data engineering, data science, application development and data sharing. Its SEC filings give a Menlo Park, California, address. For the year ended January 2026 it reported revenue of US$4,684m, up 29.2%, and a net loss of US$1,332m, the largest loss in this ranking. Snowflake charges mainly according to the computing and storage customers consume, so its revenue tracks usage rather than seats.
Recent results
Revenue of US$4,684m in the year ended January 2026, against US$3,626m a year earlier (+29.2%); net income was a loss of US$1,332m.
- Revenue (latest fiscal year)
- US$4,684m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$3,626m
- Net income
- loss of US$1,332m
- Headquarters (SEC filing address)
- Menlo Park, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 29.2%
- Cloud-native architecture
- Large data-sharing ecosystem
Limitations
- Largest net loss in the list
- Usage revenue can fluctuate
- Competition from cloud providers' own data services
12
Monitoring and observability platform
Best for: Infrastructure and application monitoring
Datadog develops a monitoring and analytics platform for developers, IT operations teams and business users, integrating infrastructure monitoring, application performance monitoring and log management. Its SEC address is in New York. For 2025 it reported revenue of US$3,427m, up 27.7%, and net income of US$108m. Datadog is the largest observability company in the list and one of the fastest-growing companies here.
Recent results
Revenue of US$3,427m in the year ended December 2025, against US$2,684m a year earlier (+27.7%); net income of US$108m.
- Revenue (latest fiscal year)
- US$3,427m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$2,684m
- Net income
- US$108m
- Headquarters (SEC filing address)
- New York, NY
- Annual report form
- 10-K
Strengths
- Revenue growth of 27.7%
- Broad observability suite
- Profitable
Limitations
- Thin net margin
- Usage-based pricing can surprise customers
- Competition from cloud providers
13
Best for: Zero-trust network security
Zscaler provides a cloud-based internet-security platform including the Zero Trust Exchange, Zscaler Internet Access and Zscaler Private Access; Forbes records it was founded by Jagtar Singh Chaudhry and K. Kailash in September 2007. For the year ended July 2026 it reported revenue of US$3,353m, up 25.4%, and a net loss of US$63m. Zscaler routes customers' internet and application traffic through its own cloud, replacing on-premises firewalls and VPNs.
Recent results
Revenue of US$3,353m in the year ended July 2026, against US$2,673m a year earlier (+25.4%); net income was a loss of US$63m.
- Revenue (latest fiscal year)
- US$3,353m
- Fiscal year
- Year ended july 2026
- Prior-year revenue
- US$2,673m
- Net income
- loss of US$63m
- Headquarters (SEC filing address)
- Santa Clara, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 25.4%
- Large security cloud
- Strong enterprise adoption
Limitations
- Net loss
- Competition from Palo Alto Networks
- Premium pricing
14
Electronic signature and agreement software
Best for: Electronic signatures
DocuSign sells electronic-signature and agreement-management software as cloud subscriptions. Its SEC address is in San Francisco. For the year ended January 2026 it reported revenue of US$3,220m, up 8.2%, and net income of US$309m. DocuSign is the best-known e-signature brand among the companies here and has been extending its product into broader agreement management.
Recent results
Revenue of US$3,220m in the year ended January 2026, against US$2,977m a year earlier (+8.2%); net income of US$309m.
- Revenue (latest fiscal year)
- US$3,220m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$2,977m
- Net income
- US$309m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Profitable
- Well-known e-signature brand
- Recurring subscription revenue
Limitations
- Revenue growth of 8.2%
- Core product faces lower-priced rivals
- Mature market
15
VS
Industry cloud for life sciences
Best for: Life-sciences software
Veeva Systems provides industry cloud solutions for pharmaceutical and other life-sciences companies, covering commercial, clinical, regulatory and quality functions. Its SEC address is in Pleasanton, California. For the year ended January 2026 it reported revenue of US$3,195m, up 16.3%, and net income of US$909m, a 28% margin. It is the only company in the ranking dedicated to a single industry.
Recent results
Revenue of US$3,195m in the year ended January 2026, against US$2,747m a year earlier (+16.3%); net income of US$909m.
- Revenue (latest fiscal year)
- US$3,195m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$2,747m
- Net income
- US$909m
- Headquarters (SEC filing address)
- Pleasanton, CA
- Annual report form
- 10-K
Strengths
- Net margin of 28%
- Revenue growth of 16.3%
- Deep industry specialisation
Limitations
- Dependent on one industry
- Competition from Salesforce in CRM
- Smaller addressable market
16
CRM and marketing software for mid-sized businesses
Best for: CRM for small and mid-sized businesses
HubSpot sells cloud-based marketing, sales, customer-service and content software built on a shared CRM platform, aimed mainly at small and mid-sized businesses. Its SEC address is in Cambridge, Massachusetts. For 2025 it reported revenue of US$3,131m, up 19.2%, and net income of US$46m. HubSpot competes with Salesforce at the smaller end of the market.
Recent results
Revenue of US$3,131m in the year ended December 2025, against US$2,628m a year earlier (+19.2%); net income of US$46m.
- Revenue (latest fiscal year)
- US$3,131m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$2,628m
- Net income
- US$46m
- Headquarters (SEC filing address)
- Cambridge, MA
- Annual report form
- 10-K
Strengths
- Revenue growth of 19.2%
- Integrated CRM suite
- Strong inbound-marketing brand
Limitations
- Thin net margin
- Competes with Salesforce
- SMB customers churn more
17
O
Identity and access management
Best for: Identity management
Okta provides cloud-based identity and access-management software for workforce and customer identities. Its SEC address is in San Francisco. For the year ended January 2026 it reported revenue of US$2,919m, up 11.8%, and net income of US$235m. Okta is one of four security companies in the top 20, with CrowdStrike, Zscaler and Cloudflare.
Recent results
Revenue of US$2,919m in the year ended January 2026, against US$2,610m a year earlier (+11.8%); net income of US$235m.
- Revenue (latest fiscal year)
- US$2,919m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$2,610m
- Net income
- US$235m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Profitable
- Independent identity platform
- Large integration network
Limitations
- Revenue growth of 11.8%
- Competition from Microsoft
- Security incidents affect trust
18
D
Cloud file storage and sharing
Best for: File storage and sharing
Dropbox provides cloud file storage, sharing and collaboration services for individuals and businesses. Its SEC address is in San Francisco. For 2025 it reported revenue of US$2,521m, 1.1% lower than in 2024, the only decline in this ranking, and net income of US$508m.
Recent results
Revenue of US$2,521m in the year ended December 2025, against US$2,548m a year earlier (-1.1%); net income of US$508m.
- Revenue (latest fiscal year)
- US$2,521m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$2,548m
- Net income
- US$508m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Net margin of 20%
- Large user base
- Cash-generative
Limitations
- Revenue fell 1.1%
- Competition from bundled storage
- Limited new growth areas
19
Document database delivered as a cloud service
Best for: Developer database
MongoDB develops a document database, offered both as software and as Atlas, a managed cloud database service. Its SEC address is in New York. For the year ended January 2026 it reported revenue of US$2,464m, up 22.8%, and a net loss of US$71m. It is the only operational-database company in the ranking.
Recent results
Revenue of US$2,464m in the year ended January 2026, against US$2,006m a year earlier (+22.8%); net income was a loss of US$71m.
- Revenue (latest fiscal year)
- US$2,464m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$2,006m
- Net income
- loss of US$71m
- Headquarters (SEC filing address)
- New York, NY
- Annual report form
- 10-K
Strengths
- Revenue growth of 22.8%
- Popular with developers
- Managed cloud service
Limitations
- Net loss
- Competition from cloud providers' databases
- Part of revenue from self-managed licences
20
Network security and performance services
Best for: Website security and performance
Cloudflare provides cloud-based services to secure and accelerate websites and applications, including performance, video delivery, security, developer services and domain registration. Its SEC address is in San Francisco. For 2025 it reported revenue of US$2,168m, up 29.8%, the fastest growth in this ranking, and a net loss of US$102m.
Cloudflare's services sit closer to network infrastructure than to application software, but they are sold by subscription.
Recent results
Revenue of US$2,168m in the year ended December 2025, against US$1,670m a year earlier (+29.8%); net income was a loss of US$102m.
- Revenue (latest fiscal year)
- US$2,168m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$1,670m
- Net income
- loss of US$102m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Fastest revenue growth in the list
- Global network
- Large free-tier user base
Limitations
- Net loss
- Infrastructure costs
- High valuation
21
Payroll and HR software for mid-sized employers
Best for: Payroll and HR
Paycom Software sells cloud-based payroll and human-capital-management software to employers. Its SEC address is in Oklahoma City. For 2025 it reported revenue of US$2,052m, up 8.9%, and net income of US$453m, a 22% margin.
Paycom and Paylocity are the two payroll-focused companies in the ranking; Workday serves larger organisations.
Recent results
Revenue of US$2,052m in the year ended December 2025, against US$1,883m a year earlier (+8.9%); net income of US$453m.
- Revenue (latest fiscal year)
- US$2,052m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$1,883m
- Net income
- US$453m
- Headquarters (SEC filing address)
- Oklahoma City, OK
- Annual report form
- 10-K
Strengths
- Net margin of 22%
- Single-database product
- Profitable growth
Limitations
- Revenue growth of 8.9%
- US-only
- Competition from ADP and Paylocity
22
Website-building platform
Best for: Website building
Wix.com provides a cloud platform for building and running websites and online stores. It files annual reports on Form 20-F and its SEC address is in Tel Aviv, Israel. For 2025 it reported revenue of US$1,993m, up 13.2%, and net income of US$51m. It is the only company in the ranking headquartered outside the United States.
Recent results
Revenue of US$1,993m in the year ended December 2025, against US$1,761m a year earlier (+13.2%); net income of US$51m.
- Revenue (latest fiscal year)
- US$1,993m
- Fiscal year
- Year ended december 2025
- Prior-year revenue
- US$1,761m
- Net income
- US$51m
- Headquarters (SEC filing address)
- Tel Aviv, Israel
- Annual report form
- 20-F
Strengths
- Revenue growth of 13.2%
- Large self-service customer base
- Only non-US company in the list
Limitations
- Thin net margin
- Competition from Squarespace and Shopify
- Consumer-like churn
23
Accounts-payable and receivable automation
Best for: SMB finance automation
BILL Holdings sells cloud software that automates accounts payable, accounts receivable and spend management for small and mid-sized businesses. Its SEC address is in San Jose, California. For the year ended June 2026 it reported revenue of US$1,653m, up 13.0%, and a net loss of US$11m. Part of its revenue comes from transaction fees on payments made through its platform.
Recent results
Revenue of US$1,653m in the year ended June 2026, against US$1,463m a year earlier (+13.0%); net income was a loss of US$11m.
- Revenue (latest fiscal year)
- US$1,653m
- Fiscal year
- Year ended june 2026
- Prior-year revenue
- US$1,463m
- Net income
- loss of US$11m
- Headquarters (SEC filing address)
- San Jose, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 13%
- Large SMB network
- Integrated payments
Limitations
- Net loss
- Transaction revenue sensitive to interest rates and volumes
- Competition from banks and fintechs
24
Best for: Payroll and HR
Paylocity sells cloud-based payroll and human-capital-management software to employers. Its SEC address is in Schaumburg, Illinois. For the year ended June 2026 it reported revenue of US$1,651m, up 12.2%, and net income of US$270m. Its revenue was within US$2m of BILL's.
Recent results
Revenue of US$1,651m in the year ended June 2026, against US$1,472m a year earlier (+12.2%); net income of US$270m.
- Revenue (latest fiscal year)
- US$1,651m
- Fiscal year
- Year ended june 2026
- Prior-year revenue
- US$1,472m
- Net income
- US$270m
- Headquarters (SEC filing address)
- Schaumburg, IL
- Annual report form
- 10-K
Strengths
- Net margin of 16%
- Revenue growth of 12.2%
- Profitable
Limitations
- US-focused
- Competition from Paycom and ADP
- Smaller than Workday
25
Connected-operations cloud for vehicles and equipment
Best for: Fleet and operations management
Samsara sells a connected-operations cloud that combines sensors and cameras installed in vehicles and equipment with subscription software for fleet, safety and site management. Its SEC address is in San Francisco. For the year ended January 2026 it reported revenue of US$1,619m, up 29.6%, and a net loss of US$9m.
Recent results
Revenue of US$1,619m in the year ended January 2026, against US$1,249m a year earlier (+29.6%); net income was a loss of US$9m.
- Revenue (latest fiscal year)
- US$1,619m
- Fiscal year
- Year ended january 2026
- Prior-year revenue
- US$1,249m
- Net income
- loss of US$9m
- Headquarters (SEC filing address)
- San Francisco, CA
- Annual report form
- 10-K
Strengths
- Revenue growth of 29.6%
- Close to break-even
- Hardware creates switching costs
Limitations
- Net loss
- Requires hardware installation
- Smallest company in the ranking
Frequently asked questions
What is the largest SaaS company?
Among companies whose main business is SaaS, Salesforce is the largest, with revenue of US$41,525m for the year ended January 2026 according to its SEC annual report. Microsoft, which also sells cloud subscriptions, is a diversified company and is ranked in the list of largest software companies instead.
Is Adobe a SaaS company?
Adobe sells its main creative and document products, including Creative Cloud and Acrobat, by subscription, although many of them run as applications on customers' computers. It is included here as the second-largest company, with revenue of US$23,769m for the year ended November 2025 and net income of US$7,130m.
Which SaaS company is growing fastest?
Among the 25 companies here, Cloudflare grew fastest in its latest fiscal year (29.8%), followed by Samsara (29.6%), Snowflake (29.2%), Datadog (27.7%), Atlassian (26.0%) and Zscaler (25.4%). Dropbox was the only company whose revenue fell.
Why are Microsoft, Oracle and SAP not included?
They run large subscription businesses, but these are part of broader groups that also sell licences, hardware, devices or services. To keep the ranking on a consistent basis, only SaaS-led companies are included; Microsoft, IBM, Oracle and SAP are ranked in the list of largest software companies.
Are SaaS companies profitable?
Many are. Zoom (39%), Adobe (30%), Veeva (28%) and Paycom (22%) reported high net margins in their latest fiscal years. Eight of the 25, including Snowflake, CrowdStrike, Cloudflare and MongoDB, reported net losses.
How is SaaS revenue measured in this list?
By total revenue for the latest fiscal year reported in each company's annual filing with the SEC. This includes any non-subscription revenue such as professional services or transaction fees, and fiscal years end in different months, so figures cover slightly different periods.
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