Gusto revenue and valuation
Specter estimates Gusto's annual revenue at $810M to $1.48B and its valuation at $9.79B to $12.5B. The company last reported $1B revenue in February 2026 and was priced at $9.5B in August 2021.
- Estimated revenue
- $810M–$1.48B
- Estimated valuation
- $9.79B–$12.5B
- Reported revenue
- $1B
- Total funding
- $746M
- Founded
- 2011
- Headquarters
- San Francisco, United States
- Employees
- 4,798
Gusto revenue
Gusto grew from $500M revenue in June 2023 to $1B in February 2026. Specter's model puts current revenue between $810M and $1.48B, anchored to two reported figures.
Monthly data
| Month | Specter estimate | Low | High | Reported revenue |
|---|---|---|---|---|
| $1.09B | $810M | $1.48B | ||
| $1.25B | $920M | $1.69B | ||
| $1.23B | $920M | $1.65B | ||
| $1.04B | $790M | $1.37B | ||
| $1.04B | $810M | $1.35B | ||
| $1.03B | $810M | $1.31B | ||
| $1.02B | $820M | $1.28B | ||
| $1.02B | $830M | $1.25B | ||
| $1B | $830M | $1.2B | $1B | |
| $980M | $660M | $1.45B | ||
| $960M | $630M | $1.46B | ||
| $940M | $640M | $1.38B | ||
| $920M | $640M | $1.34B | ||
| $910M | $650M | $1.26B | ||
| $890M | $670M | $1.17B | ||
| $870M | $660M | $1.16B | ||
| $850M | $590M | $1.23B | ||
| $840M | $590M | $1.19B | ||
| $820M | $580M | $1.16B | ||
| $810M | $580M | $1.13B | ||
| $790M | $560M | $1.11B | ||
| $770M | $550M | $1.1B | ||
| $760M | $550M | $1.06B | ||
| $740M | $540M | $1.03B | ||
| $730M | $540M | $980M | ||
| $720M | $540M | $950M | ||
| $700M | $470M | $1.06B | ||
| $690M | $520M | $910M | ||
| $680M | $520M | $870M |
| Date | Reported revenue | Source |
|---|---|---|
| $1B | ||
| $500M |
Gusto valuation
Gusto's valuation rose from $133M at its Series A in February 2014 to $9.5B at its Series E in August 2021. Specter's live estimate sits between $9.79B and $12.5B.
Monthly data
| Month | Specter estimate | Low | High | Reported valuation |
|---|---|---|---|---|
| $11.1B | $9.79B | $12.5B | ||
| $13.2B | $9.6B | $18.1B | ||
| $12.5B | $9.7B | $16.2B | ||
| $9.47B | $7.31B | $12.3B | ||
| $9.43B | $7.24B | $12.3B | ||
| $9.44B | $7.54B | $11.8B | ||
| $9.46B | $7.29B | $12.3B | ||
| $9.33B | $6.99B | $12.4B | ||
| $9.28B | $6.98B | $12.3B | ||
| $9.4B | $7.5B | $11.8B | ||
| $9.37B | $7.52B | $11.7B | ||
| $9.12B | $7.39B | $11.3B | ||
| $9.4B | $7.36B | $12B | ||
| $9.34B | $7.38B | $11.8B | ||
| $9.42B | $7.83B | $11.3B | ||
| $9.51B | $8.21B | $11B | ||
| $9.86B | $7.5B | $13B | ||
| $9.53B | $7.26B | $12.5B | ||
| $9.39B | $7.43B | $11.9B | ||
| $9.55B | $7.6B | $12B | ||
| $9.53B | $7.61B | $11.9B | ||
| $9.52B | $7.68B | $11.8B | ||
| $9.54B | $7.81B | $11.7B | ||
| $9.6B | $7.91B | $11.6B | ||
| $9.5B | $7.9B | $11.4B | $9.5B (press) | |
| $5.11B | $4.68B | $8.61B | ||
| $5.72B | $4.39B | $7.08B | ||
| $9.5B | $8.68B | $10.4B | ||
| $9.5B | $8.67B | $10.4B |
Gusto funding rounds
| Date | Round | Raised | Post-money valuation | Lead investors |
|---|---|---|---|---|
| Secondary | Undisclosed | Undisclosed | Undisclosed | |
| Venture round | Undisclosed | Undisclosed | Zentavo VC | |
| Venture round | Undisclosed | Undisclosed | Undisclosed | |
| Series E | $55M | Undisclosed | Friends & Family Capital | |
| Series E | $175M | $9.5B | T. Rowe Price | |
| Series D | $200M | $3.8B | Fidelity, Generation Investment Management | |
| Series C | $140M | $2B | CapitalG, Y Combinator, Dragoneer Investment Group, T. Rowe Price | |
| Secondary | Undisclosed | Undisclosed | Akkadian Ventures | |
| Series C | Undisclosed | Undisclosed | Undisclosed | |
| Series B | $90M | $1.09B | CapitalG, General Catalyst | |
| Series B | $60M | $560M | CapitalG, Ribbit Capital, Emergence Capital, Google Ventures, Kleiner Perkins, General Catalyst | |
| Non-equity assistance | Undisclosed | Undisclosed | Undisclosed | |
| Series A | $20M | $133M | Kleiner Perkins, General Catalyst | |
| Seed | $6.1M | Undisclosed | Undisclosed |
Gusto competitors
The payroll and HR market is dividing between high-touch enterprise suites and purpose-built tools for small businesses.
| Company | Revenue | Valuation |
|---|---|---|
| $810M–$1.48B | $9.79B–$12.5B | |
| $21.4B–$30.9B | $93.3B–$245B | |
| $690M–$1.25B | $14.9B–$21.1B | |
| $5.41B–$7.97B | $9.64B–$33.1B | |
| $16M–$59M | $168M–$370M |
Gusto revenue and valuation FAQ
What is Gusto's revenue?
Specter estimates Gusto's annual revenue at $810M to $1.48B as of October 2026. Gusto last reported $1B revenue in February 2026, up from $500M in June 2023.
What is Gusto's valuation?
Gusto's latest post-money valuation is $9.5B, from an August 2021 Series E. Specter's live estimate is $9.79B to $12.5B.
How much funding has Gusto raised?
$746M across 14 rounds, from a $6.1M Seed in December 2012 to a Secondary in July 2025.
Who invested in Gusto?
120 investors, including CapitalG, Fidelity, Friends & Family Capital, Generation Investment Management, T. Rowe Price and Zentavo VC.
Who are Gusto's competitors?
ADP, Rippling, Paychex and OnPay. Specter ranks 30 competitors for Gusto.