Ten years ago, the company behind Ubuntu LinuxCanonical's revenueApproximately $81 million(2014), with approximately 337 employees. At the time, their Linux desktop business was still well established in OEM/ODM pre-installed systems, enterprise desktop environments, and the lucrative server/cloud space. Canonical, which recently filed its 2024 annual report, now has revenue approaching $300 million and more than 1,100 employees.
A few days ago, Canonical filed its annual report for the year ending December 31, 2024, with Companies House, where it is headquartered. The report provides the public with some interesting insights into the health and overall growth of the company behind Ubuntu Linux.
Canonical's 2024 year-end financial report showed that the company's revenue was US$292 million, a significant increase from US$251 million in 2023. The year before that, in 2022, their revenue was $205 million. Their gross profit margin also improved to 83% from 80% the previous year. 2024,
Canonical hired more than 100 new employees, growing the company's average headcount from 1,034 to 1,175. In 2022, their average headcount was 858 employees.
On their revenue of $291 million, they reported gross profit of $258 million and operating profit of $15.5 million. Operating profit of $15.5 million was up from $11.2 million in 2023 and much better than in Canonical's early days, when they typically lost money every year and relied on funding from Ubuntu founder Mark Shuttleworth to stay afloat. With the growth of Ubuntu Linux, Canonical has firmly established itself and has been doing so for many years so far.
It’s been a while since I heard any rumors/talk about a possible Canonical IPO… the last time was in 2022, and it was previously reported that they were planning an IPO in 2023, but then nothing happened. Regardless, at least they're still in strong financial shape and continue to move in the right direction, making strides towards next year's big release of Ubuntu 26.04 LTS. Interested friends can obtain Canonical's complete 2024 annual report through the UK Companies House.