Toggl Has Grown Revenue for 18 Straight Years. Its Profit Just Fell 57%.

Quick answer (2026): Toggl OÜ's filed revenue was EUR 14.99M (2022), EUR 16.53M (2023), EUR 17.34M (2024) and EUR 18.03M (2025), with net profit of EUR 3.25M (2023), EUR 2.02M (2024) and EUR 1.39M (2025). Those are not estimates. Toggl is an Estonian osaühing, so it files audited accounts with the Estonian Business Register every year, and the register publishes a revenue and profit line going back to 2008, when the company billed EUR 2,313. Reading the actual filings turns up three things no summary of this company mentions. The profit line has fallen 57% since 2023 while EBITDA hit a record EUR 8.0M in 2025 and operating cash flow rose 28%, because EUR 6.13M of amortisation now sits between the two. All of the 2025 growth came from one revenue line, and it was not the app. And the three data aggregators ranking for this question give three different answers, the widest of which is out by more than 17x.

Three sources on page one, three different numbers

Search toggl revenue and you get three independent-looking answers.

GetLatka puts Toggl at "$32.8M" for 2024 and "$14.7M" for 2023, which implies the company more than doubled in a year. Growjo says "$14.1M per year". Tracxn's company profile states that annual revenue is "less than EUR 1M as on Dec 31, 2023".

The audited filing for 2023 says EUR 16,532,000.

So Tracxn is low by a factor of more than seventeen. GetLatka is high by roughly 1.9x for 2024 even if you generously treat euros and dollars as one for one, and its year on year shape is wrong in a way that matters more than its level: it shows a company that doubled, where the accounts show one that grew 4.9%. Growjo is in the right postcode and about two years stale.

None of them is guessing at something hidden. Estonia publishes this.

Why Estonia is the easiest register in Europe to read

Estonian private limited companies file an annual report with the Business Register, and the register does two things that most European registers do not.

It publishes a key indicator series on the public company page at no charge, no login and no CAPTCHA, so an eighteen year revenue and profit history for any Estonian company is roughly one page fetch away. And it publishes the underlying report line items as bulk open data, including a per country revenue breakdown, through the e-Business Register open data portal.

Toggl's own page in the register lists filed reports going back to 2012, with the 2025 report submitted on May 27, 2026. That last one matters, because it is more recent than anything any aggregator on page one is quoting. Every report from 2019 onward is audited, and the 2025 audit was signed by KPMG Baltics OÜ with an unmodified opinion.

Toggl revenue by year, 2008 to 2025

These are the parent company (Toggl OÜ) figures exactly as the Estonian Business Register publishes them. Amounts in euros.

Two things jump out of that column of growth rates. Toggl took fifteen years to reach its first EUR 15M and has added roughly EUR 3M in the three years since. And 2020, the year the rest of the remote work category exploded, was Toggl's worst growth year on record at +4.0%, a distinction it has now equalled in 2025.

The consolidated group numbers are slightly larger, because Toggl OÜ owns Toggl Technology Ltd, an Irish subsidiary incorporated on April 4, 2014. Group revenue was EUR 18,076,000 in 2025 against EUR 17,399,000 in 2024. Worth knowing if you are comparing against a source that quotes one basis and not the other, though at this point the two differ by only EUR 42,000.

The profit line is falling. The cash line is not.

The obvious read of that table is that Toggl is in trouble: profit down 57% in two years, margin down from 19.7% to 7.7%. That read is wrong, and the consolidated accounts say why in one line.

EBITDA went up. Operating cash flow went up 27.9%. Net profit went down 31.5%. The entire difference is amortisation, which reached EUR 6.13M, or 33.9% of revenue, up from 29.3% in 2024.

That amortisation is Toggl writing off its own capitalised development work. The group booked EUR 4,978,000 of capitalised own work in 2025, about 27.5% of revenue, and is now amortising slightly more each year than it capitalises. Parent company intangible assets fell from EUR 6,888,000 to EUR 5,734,000 across the year.

This is worth sitting with if you run a software business, because it is a genuinely awkward accounting choice rather than a scandal. Capitalising development converts a cash cost into an asset, which flatters profit in the years you are ramping up and punishes it for years afterwards. Toggl is now in the punishing half. Cash generation is the healthiest it has been.

Where the money comes from: 40.6% United States, 1.5% Estonia

The 2025 accounts break revenue down by country, which almost no private software company publishes voluntarily.

72.2% of revenue comes from outside the European Union. The company's home market is its twelfth largest, worth about as much as Sweden. An Estonian company with an Irish subsidiary, 131 staff and four in every ten euros coming from American customers is a fair description of what a successful small European software business actually looks like in 2026.

For contrast, the 2019 filing shows the United States at EUR 4,284,165 of EUR 9,828,365, or 43.6%. The geographic mix has barely moved in six years. Whatever is driving the growth slowdown, it is not a country mix problem.

All of the 2025 growth came from one line, and it was not the app

The revenue note splits sales into two products.

The line labelled web services, which is the subscription business most people mean when they say "Toggl", shrank in 2025. Group revenue still rose because licence fees grew by EUR 850,000. Strip the licence line out and Toggl's core subscription revenue went backwards for the first time in the company's published history.

That is the single most useful fact in the filing and it is invisible in every aggregate number on page one, including the correct ones. A source that tells you "Toggl did EUR 18M in 2025" and stops has told you the company grew. The note tells you the product did not.

Deferred revenue is flat and healthy, at EUR 2,613,000 at the end of 2025 against EUR 2,666,000 a year earlier, so this is not a billing timing artefact.

The bootstrapping claim, checked against the share register

Toggl's about page says the company has "$0 VC funding" and is "100% bootstrapped", alongside "4 tools", "130+ Togglers" and "600k active users".

Marketing pages say that sort of thing. This one survives contact with the register.

Toggl OÜ's shareholders as filed are Multiplier OÜ at 56%, Parasol OÜ at 22% and Ahead Consulting OÜ at 22%. All three are Estonian holding companies. No fund and no institutional shareholder appears anywhere on the register. The register's beneficial ownership entry names Alari Aho as the person exercising ultimate control, and the 2025 report's related party note confirms he is the sole owner of Multiplier OÜ.

The one movement in 2025 is small and points the same way. Multiplier increased its stake from 55.56% to 56% by putting more money in, which shows up as EUR 1,127,000 of share premium where the prior year had none. The majority owner funded the company further rather than selling any of it.

The headcount claim checks out too. "130+ Togglers" against 131 employees at the end of 2025, down from 137 at the end of 2024. Total labour cost was EUR 11,009,753, and the board and supervisory board together were paid EUR 107,580, which is under 1% of the payroll.

What an operator can actually take from this

Four things, in rough order of how much they should change what you do.

Your profit line and your business can diverge for years, legitimately. Toggl's net margin fell from 19.7% to 7.7% in two years while cash generation improved. If you capitalise development spend, build the EBITDA and the operating cash flow view before you panic about the bottom line, and be aware that anyone reading your filing from outside will see the bottom line first.

A composite revenue number hides the thing you need to know. Toggl's total went up in 2025 and its subscription product went down. If you only track one number, you will find out late.

Growth decay is normal and slow. The published series runs +30.3%, +10.3%, +4.9%, +4.0%. There is no cliff, no disaster, just a large base and a maturing market. This is what the far end of a bootstrapped compounding story looks like, and it is worth calibrating on before you assume your own flattening curve means something is broken.

Check the register before you cite a number. The Estonian, Swedish and Danish registers are free and public. We have now done this for Mullvad and Ecosia, and in each case the figure circulating on page one was wrong by a multiple, not a rounding error. If a company is registered in the Nordics or the Baltics, the real number is usually one search away from whoever is guessing at it.