---
title: "Gusto revenue and valuation"
description: "Gusto's revenue is estimated at $810M–$1.48B, last reported at $1B. Valued at $9.5B after raising $746M. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/gusto.md
canonical_url: https://www.tryspecter.com/revenue-valuation/gusto
publisher: Specter
last_updated: 2026-11-01
---

# 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.

Gusto provides a cloud-based payroll, HR, and benefits platform for small businesses.

- Estimated revenue: $810M to $1.48B (October 2026)
- Estimated valuation: $9.79B to $12.5B (October 2026)
- Last reported revenue: $1B (February 2026)
- Total funding: $746M
- Founded: 2011
- Headquarters: San Francisco, United States
- Employees: 4,798
- Sector: HR tech
- Specter Rank: #98,355

## 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.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1B revenue | February 2026 | [Gusto’s path to $1 billion in revenue, milestone-by-milestone](https://fortune.com/2026/05/07/gusto-one-billion-revenue/) (fortune.com) |
| $500M revenue | June 2023 | [Gusto reaches $500M in trailing revenue, teams up with Remote to support international hires](https://techcrunch.com/2023/06/27/gusto-remote-deal-500m-revenue/) (techcrunch.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1.09B | $810M | $1.48B |
| September 2026 | $1.25B | $920M | $1.69B |
| August 2026 | $1.23B | $920M | $1.65B |
| July 2026 | $1.04B | $790M | $1.37B |
| June 2026 | $1.04B | $810M | $1.35B |
| May 2026 | $1.03B | $810M | $1.31B |
| April 2026 | $1.02B | $820M | $1.28B |
| March 2026 | $1.02B | $830M | $1.25B |
| February 2026 | $1B | $830M | $1.2B |
| January 2026 | $980M | $660M | $1.45B |
| December 2025 | $960M | $630M | $1.46B |
| November 2025 | $940M | $640M | $1.38B |
| October 2025 | $920M | $640M | $1.34B |
| September 2025 | $910M | $650M | $1.26B |
| August 2025 | $890M | $670M | $1.17B |
| July 2025 | $870M | $660M | $1.16B |
| June 2025 | $850M | $590M | $1.23B |
| May 2025 | $840M | $590M | $1.19B |
| April 2025 | $820M | $580M | $1.16B |
| March 2025 | $810M | $580M | $1.13B |
| February 2025 | $790M | $560M | $1.11B |
| January 2025 | $770M | $550M | $1.1B |
| December 2024 | $760M | $550M | $1.06B |
| November 2024 | $740M | $540M | $1.03B |
| October 2024 | $730M | $540M | $980M |
| September 2024 | $720M | $540M | $950M |
| August 2024 | $700M | $470M | $1.06B |
| July 2024 | $690M | $520M | $910M |
| June 2024 | $680M | $520M | $870M |

## 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.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $11.1B | $9.79B | $12.5B |
| September 2026 | $13.2B | $9.6B | $18.1B |
| August 2026 | $12.5B | $9.7B | $16.2B |
| July 2026 | $9.47B | $7.31B | $12.3B |
| June 2026 | $9.43B | $7.24B | $12.3B |
| May 2026 | $9.44B | $7.54B | $11.8B |
| April 2026 | $9.46B | $7.29B | $12.3B |
| March 2026 | $9.33B | $6.99B | $12.4B |
| February 2026 | $9.28B | $6.98B | $12.3B |
| January 2026 | $9.4B | $7.5B | $11.8B |
| December 2025 | $9.37B | $7.52B | $11.7B |
| November 2025 | $9.12B | $7.39B | $11.3B |
| October 2025 | $9.4B | $7.36B | $12B |
| September 2025 | $9.34B | $7.38B | $11.8B |
| August 2025 | $9.42B | $7.83B | $11.3B |
| July 2025 | $9.51B | $8.21B | $11B |
| June 2025 | $9.86B | $7.5B | $13B |
| May 2025 | $9.53B | $7.26B | $12.5B |
| April 2025 | $9.39B | $7.43B | $11.9B |
| March 2025 | $9.55B | $7.6B | $12B |
| February 2025 | $9.53B | $7.61B | $11.9B |
| January 2025 | $9.52B | $7.68B | $11.8B |
| December 2024 | $9.54B | $7.81B | $11.7B |
| November 2024 | $9.6B | $7.91B | $11.6B |
| October 2024 | $9.5B | $7.9B | $11.4B |
| September 2024 | $5.11B | $4.68B | $8.61B |
| August 2024 | $5.72B | $4.39B | $7.08B |
| July 2024 | $9.5B | $8.68B | $10.4B |
| June 2024 | $9.5B | $8.67B | $10.4B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $9.5B | October 2024 | [sacra.com](https://sacra.com/c/gusto/) |
| $9.5B | August 2021 | Funding round |
| $3.8B | July 2019 | Funding round |
| $2B | July 2018 | Funding round |
| $1.09B | December 2015 | Funding round |
| $560M | April 2015 | Funding round |
| $133M | February 2014 | Funding round |

## Gusto funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 7 Jul 2025 | Secondary | Undisclosed | Undisclosed | Undisclosed |
| 7 Jul 2025 | Venture round | Undisclosed | Undisclosed | Zentavo VC |
| 28 Jan 2023 | Venture round | Undisclosed | Undisclosed | Undisclosed |
| 12 May 2022 | Series E | $55M | Undisclosed | Friends & Family Capital |
| 10 Aug 2021 | Series E | $175M | $9.5B | T. Rowe Price |
| 24 Jul 2019 | Series D | $200M | $3.8B | Fidelity, Generation Investment Management |
| 31 Jul 2018 | Series C | $140M | $2B | CapitalG, Y Combinator, Dragoneer Investment Group, T. Rowe Price |
| 16 Feb 2018 | Secondary | Undisclosed | Undisclosed | Akkadian Ventures |
| 20 Sep 2017 | Series C | Undisclosed | Undisclosed | Undisclosed |
| 18 Dec 2015 | Series B | $90M | $1.09B | CapitalG, General Catalyst |
| 6 Apr 2015 | Series B | $60M | $560M | CapitalG, Ribbit Capital, Emergence Capital, Google Ventures, Kleiner Perkins, General Catalyst |
| 21 Sep 2014 | Non-equity assistance | Undisclosed | Undisclosed | Undisclosed |
| 19 Feb 2014 | Series A | $20M | $133M | Kleiner Perkins, General Catalyst |
| 11 Dec 2012 | Seed | $6.1M | Undisclosed | Undisclosed |

## Gusto vs competitors

The payroll and HR market is dividing between high-touch enterprise suites and purpose-built tools for small businesses.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Gusto | $810M–$1.48B | $9.79B–$12.5B |
| ADP (adp.com) | $21.4B–$30.9B | $93.3B–$245B |
| Rippling (rippling.com) | $690M–$1.25B | $14.9B–$21.1B |
| Paychex (paychex.com) | $5.41B–$7.97B | $9.64B–$33.1B |
| OnPay (onpay.com) | $16M–$59M | $168M–$370M |

## Questions

### 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.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Gusto revenue and valuation." tryspecter.com/revenue-valuation/gusto. Updated November 2026.