The deep dive · Private · Read November 1, 2026

Mozilla

The company behind Firefox, owned by a nonprofit. It earns about $565 million a year from its products, 86% of it from one customer, Google, and sits on $1.33 billion of reserves.

Audited financial statements 2024
Revenue
$680M total revenue and support in 2024, up 4%; $96M of it was investment income.
Watch
86% of customer revenue came from one customer in 2024, widely reported to be Google.
Reserves
$1.33B of cash and investments at the end of 2024, and no borrowings on the balance sheet.
Structure
Nonprofit-owned the Mozilla Foundation owns the Corporation; there are no outside shareholders and no venture rounds.
AI
Opt-in Firefox ships AI features with one switch to block them all, and a Smart Window beta runs on Mistral.
Hiring
95 → 113 remote listings since Oct 10.
01 · The business

Search pays for nearly everything.

Firefox is free. Mozilla earns a share of the ad revenue search engines make from Firefox users, mostly Google. Subscriptions and ads (VPN, Relay, the Firefox home page) are a tenth of that, and interest on its reserves now earns more than subscriptions do.

74%
Search royalties, $498M
14%
Interest and investment gains, $96M
10%
Subscriptions and advertising, $66M
2%
Donations and grants, $16M
0%
Other, $900K
Audited financial statements 2024, statement of activities
The moat, in three parts
  1. 1
    The last independent browser engine
    Firefox runs on Gecko, which Mozilla calls the only independent engine left; the judge in US v. Google cited Mozilla's testimony.
    Mozilla, Sep 8, 2025
  2. 2
    A deep cash cushion
    $1.33B of cash and investments against $180M of liabilities at the end of 2024, more than two years of total spending.
    Audited financial statements 2024
  3. 3
    A privacy brand rivals cannot copy quickly
    Firefox Enterprise keeps browser telemetry on the customer's own servers, and is sold first in France, Germany, Austria and Switzerland.
    PPC Land, Oct 14, 2026
The competition, by what it is worth
  • Apple
    $5030Blisted, Oct 30 close
  • Microsoft
    $3876Blisted, Oct 30 close
  • Alphabet
    $3412Blisted, Oct 30 close
  • Opera
    $1.37Blisted, Oct 30 close

Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.

02 · Funding

How it is funded, and what that means.

Mozilla is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.

$680M
annual revenue, as of Dec 31
+4%
growth, as reported

Net assets rose $69.6M in 2024. Before investment income, products earned $565.5M against $588.2M of expenses, a gap of about $23M.

Audited financial statements 2024, consolidated Mozilla Foundation and subsidiaries
02 · The turn

Mozilla's revenue, year by year.

Revenue per employee
  1. Apple$2.81M
  2. Alphabet$2.47M
  3. Microsoft$1.55M
  4. Opera$1.13M
$1.0M$3.0M
Trailing revenue divided by employees, from the same market read as the table above.
The balance sheet

Mozilla could run for years without Google money, but not at today's size. The reserve is the reason a lost search deal would mean cuts, not collapse.

$1.33Bof cash and investments, no debt
$1.09B
investments
$242M
cash
$180M
total liabilities (mostly staff pay owed)
Audited financial statements 2024, statement of financial position
03 · Footnote flags

What the record says, and what we think it means.

The fact is the source's. The read, in italics, is ours.

  1. 01
    Watch

    One customer is 86% of revenue, and rising.

    About 86% of revenue from customer contracts came from one customer in 2024, up from 85% in 2023 and 81% in 2022. That customer was also 72% of money owed to Mozilla.

    The audit does not name it, but Mozilla's search deal is with Google. Almost every job at Mozilla is paid for by one contract.

    Audited financial statements 2024, concentration note
  2. 02
    Watch

    Products no longer cover costs; interest does.

    In 2024 royalties, subscriptions and other revenue were $565.5M and expenses $588.2M. In 2023 the same lines left a $63M surplus. Interest and dividends doubled to $95.4M.

    Our arithmetic from the audited statement. Spending grew 18% while product revenue grew 1%. That can last a while on a $1.3B reserve, but not forever.

    Audited financial statements 2024, statement of activities
  3. 03
    Watch

    Pay costs jumped 27% in a year.

    Salaries and benefits rose to $417.0M in 2024 from $328.1M. Pay owed but not yet paid rose to $140.1M from $94.7M. General and administrative costs rose 32%.

    Some of this is likely leadership change, retention and severance after two rounds of layoffs, but the audit does not break it out.

    Audited financial statements 2024, functional expenses
  4. 04
    Good

    The Google antitrust remedy left the payments in place.

    In Sept 2025 the court rejected a proposed ban on search payments to small browsers like Firefox. Google can no longer stop partners offering other search or AI services.

    The biggest threat to Mozilla's income passed. The liability finding is still on appeal, so this can change.

    Mozilla, Sep 8, 2025
  5. 05
    Watch

    The current Google deal was reported to run to the end of 2026.

    Coverage of the Sept 2025 ruling said Mozilla's current search deal expires at the end of 2026. No renewal announcement was found by Nov 1, 2026.

    Mozilla does not publish the contract, so the date is press-reported. Watch for a renewal and its terms, since exclusive deals are now barred.

    OMG! Ubuntu, Sep 2025
  6. 06
    Watch

    Two rounds of cuts in 2024.

    Mozilla Corporation cut about 60 jobs, about 5%, in Feb 2024. The Mozilla Foundation cut 30% of its staff in Nov 2024, closing its advocacy and global programs divisions.

    No cuts found in 2025 or 2026. The Corporation, which makes Firefox, and the Foundation are separate employers.

    TechCrunch, Nov 9, 2024; Bloomberg, Feb 13, 2024
  7. 07
    Neutral

    Pocket and Fakespot were shut down in 2025.

    Mozilla closed Fakespot on July 1 and Pocket on July 8, 2025. The audit expects a $13.7M write-down on Fakespot, bought in April 2023.

    A sign the company is narrowing to Firefox. Two years from purchase to closure is quick.

    Mozilla, May 22, 2025; 2024 audit, subsequent events
  8. 08
    Neutral

    It bought an ad tech company and pays to keep its staff.

    Mozilla bought Anonym, a privacy-preserving ad measurement firm, in June 2024 for $31.2M, plus a $44.4M holdback paid to staff who stay three years.

    Ads are Mozilla's main non-search bet. The retention money is larger than the price, so the people were the point.

    Audited financial statements 2024, business combination note
  9. 09
    Neutral

    Third leader in two years.

    Anthony Enzor-DeMeo, Firefox general manager since Aug 2025, became CEO on Dec 16, 2025, after Laura Chambers' two years as interim CEO. Mitchell Baker stepped back in Feb 2024.

    A product leader in charge, with a stated plan to make Firefox a modern AI browser. Expect strategy shifts to keep coming.

    The Register, Dec 16, 2025
  10. 10
    Good

    A paid business version of Firefox.

    Firefox Enterprise went on sale Oct 13, 2026: a self-hosted management console, data loss controls and AI tool controls, sold first in four European countries. Prices not published.

    A real revenue line that does not depend on search. Too new to size.

    PPC Land, Oct 14, 2026
04 · Who gets paid most

Engineering is paid 17% under market.

Still Remote data, daily since Oct 10
Posted pay against the same level at other remote employers
Compared level by level against 400+ remote employers, then averaged. Number of posted ranges beside each team.
AI and ML listings, Oct 10 to Nov 1
3 → 3about the same
Remote listings, same days
95 → 113+19%

We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.

05 · Built for the agentic era?

Can AI agents do business with Mozilla?

We checked the agent payment programs, developer docs and site rules an AI assistant would meet.

Our verdict

Builds tools for agents. Two MCP servers and an open robots.txt, but no llms.txt.

Still Remote read
LiveAnnounced, not confirmed livePartly
  1. An MCP server for its browser
    firefox-devtools-mcp lets AI assistants inspect and control a local Firefox through WebDriver BiDi.
    checked Nov 1, 2026
    Yes
  2. An MCP server for its developer docs
    MDN runs a hosted MCP server at mcp.mdn.mozilla.net; the code repo calls it a prototype.
    checked Nov 1, 2026
    Yes
  3. Docs that AI tools can read
    No llms.txt on mozilla.org, firefox.com or MDN (all 404). Its AI subsidiary, mozilla.ai, publishes one.
    checked Nov 1, 2026
    Mixed
  4. Lets AI crawlers read its site
    mozilla.org names no AI bots; it closes only newsletter and /etc/ paths to all bots, so careers pages are open.
    checked Nov 1, 2026
    Yes
  5. Outside AI assistants inside the browser
    The Firefox sidebar chatbot offers Claude, ChatGPT, Copilot, Gemini and Le Chat Mistral.
    Mozilla, Feb 2, 2026
    Yes
  6. An AI browsing window
    Smart Window, in beta in the US, Canada and France, groups tabs and answers questions; Exa supplies retrieval, Mistral a model.
    GIGAZINE, Sep 17, 2026
    Announced
05 · Inside the company

Where Mozilla puts AI to work.

AI and ML job titles, share of open remote listings
Mozilla
2.7%
Every company we track
6.3%
3 of 113 Mozilla listings on Nov 1. Scale 0% to 10%.
  1. 1
    AI finds its security bugs
    Firefox 159 fixed 167 vulnerabilities in Oct 2026; Mozilla credited OpenAI Codex Security and worked with Anthropic, which validated bugs before reporting them.
    Malwarebytes, Oct 28, 2026
  2. 2
    AI is optional by design
    Since Firefox 148 one setting blocks all current and future generative AI features, and the choice survives updates.
    Mozilla, Feb 2, 2026
  3. 3
    A separate AI company inside the group
    Mozilla.ai, backed by the Foundation, builds open-source AI infrastructure and developer tools.
    checked Nov 1, 2026
06 · What the hiring says

More listings than on Sep 15, most of them in engineering.

Remote listings on its board, dailyAxis starts at zero
Listings as the board shows them, so a title posted in several places counts each time. Team counts are open roles, repeated titles once.
21 of 40
roles are engineering
4
sales roles, the next biggest team
8
countries named in its remote roles, led by United States
+4
new roles in the last 7 days
08 · Where it looks headed

The signals, and which way they push.

  1. Tailwind
    The search money survived the courts.

    The Sept 2025 remedy kept non-exclusive search payments legal and lets Firefox offer rival search and AI services.

  2. Tailwind
    New paid lines are arriving.

    Firefox Enterprise (Oct 2026), Startpage as a built-in search option in five European countries (Aug 2026), and Firefox home page ads with Equativ (Nov 2025).

  3. Headwind
    Costs are growing faster than revenue.

    Expenses rose 18% in 2024 to $588M while product revenue grew 1%; investment income filled the gap.

  4. Headwind
    More reliant on Google, not less.

    The single-customer share rose from 81% to 86% in two years, and the current deal was reported to end in 2026.

  5. Tailwind
    Spending to win users back.

    A Come Back to Firefox TV campaign started on NBC on Oct 25, 2026, then Germany, France and the UK, selling privacy and AI controls.

09 · Bold predictions

Where Mozilla ends up, if we had to bet.

Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.

  1. 1

    Google is still Mozilla's biggest source of money in 2031.

    Likely 72%Revenue

    The 2025 remedy kept the payments legal and the share has risen to 86%. Nothing announced so far is close to replacing $498M of royalties.

    Audited financial statements 2024; Mozilla, Sep 2025
  2. 2

    Non-search revenue, from enterprise, ads and subscriptions, passes a quarter of Mozilla's product revenue.

    Coin flip 50%Products

    Subscriptions and ads were $66M, about 12%, in 2024. Firefox Enterprise and Anonym-led ads are new, but Pocket and Fakespot show how quickly bets get cut.

    Audited financial statements 2024; PPC Land, Oct 2026
  3. 3

    The Mozilla Corporation is sold or spun out of the nonprofit.

    Long shot 16%M&A

    The Foundation owns it outright and says its companies return profits to the mission. Mozilla is a buyer of small firms (Anonym, Fakespot), not a seller.

    State of Mozilla 2025/26
  4. 4

    Firefox keeps AI opt-in, with a block-all switch, while rivals turn agents on by default.

    Likely 72%AI

    The block switch shipped in Firefox 148 and the CEO has promised AI stays optional for those who want it. It is Mozilla's main way to stand apart.

    Mozilla, Feb 2026; The Register, Dec 2025
  5. 5

    An appeal or regulator ends default search payments to browsers.

    Long shot 16%Regulation

    The district court explicitly rejected a payment ban for small browsers in 2025. The liability ruling is on appeal, so the risk is real but slow.

    Mozilla, Sep 8, 2025

Read by the Still Remote research agent on November 1, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.