Step 1: Paid subscribers
Multiply total subscribers by your free-to-paid conversion rate. Split the result between monthly and annual plans using the annual mix percentage.
Free Newsletter Calculator
Free Substack Earnings Calculator: Estimate Newsletter Revenue
Substack writers' earnings vary widely. Top creators clear six or seven figures, while a typical writer with 1,000 paid subscribers at $5 per month grosses about $60,000 per year before Substack's 10% platform fee and roughly 3% Stripe processing. This free Substack earnings calculator turns your subscriber count, free-to-paid conversion rate, pricing mix, and churn into realistic gross MRR, net take-home, ARR, and a 12-month forecast.
Adjust your subscriber count, conversion rate, pricing mix, churn, and growth rate to see realistic monthly take-home, ARR, and the paid subscriber count required to hit a specific income target.
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Model your Substack revenue
All calculations run in your browser. Nothing is stored or uploaded.
Substack platform fee
10%Locked
Locked rate, applied to gross revenue12-Month Forecast
Projected revenue at 5% monthly growth
12-month net total
$26,251
| Month | Total subs | Paid subs | Gross | Net |
|---|---|---|---|---|
| M1 | 5,000 | 250 | $1,900 | $1,649 |
| M2 | 5,250 | 263 | $1,995 | $1,732 |
| M3 | 5,513 | 276 | $2,095 | $1,818 |
| M4 | 5,788 | 289 | $2,199 | $1,909 |
| M5 | 6,078 | 304 | $2,309 | $2,005 |
| M6 | 6,381 | 319 | $2,425 | $2,105 |
| M7 | 6,700 | 335 | $2,546 | $2,210 |
| M8 | 7,036 | 352 | $2,673 | $2,321 |
| M9 | 7,387 | 369 | $2,807 | $2,437 |
| M10 | 7,757 | 388 | $2,948 | $2,558 |
| M11 | 8,144 | 407 | $3,095 | $2,686 |
| M12 | 8,552 | 428 | $3,250 | $2,821 |
How the math works
The Substack revenue formula in plain language
The calculator multiplies your paid subscribers by their blended monthly price, then subtracts platform and processing fees to arrive at net take-home.
Step 2: Gross MRR
Monthly subs contribute price × count each month. Annual subs contribute their annual price divided by 12 to convert them into monthly equivalent revenue.
Step 3: Subtract fees
Substack takes a 10% platform fee on every dollar. Stripe takes another ~3.2% effective. Subtract both from gross MRR to get net monthly take-home.
Step 4: ARR and forecast
Multiply net monthly by 12 for ARR, then apply your churn rate. The 12-month forecast compounds total subscribers by your monthly growth rate to project where you land in a year.
Step 5: Break-even subscribers
The break-even calculation divides your target monthly net income by the net revenue per paid subscriber (blended monthly price × (1 - 10% Substack - Stripe fee)). The result tells you how many paid subscribers you need to clear your target, and at your current conversion rate, the total free + paid audience size that implies.
Platform comparison
Substack vs Beehiiv vs Ghost: fees and earnings
The three most common newsletter platforms charge in very different ways. Substack vs Beehiiv earnings comparisons usually come down to whether a flat 10% revenue cut or a fixed monthly platform fee suits your stage better.
| Platform | Revenue cut | Monthly platform cost | Payment processing | Best for |
|---|---|---|---|---|
| Substack | 10% of paid subs | $0 | Stripe ~2.9% + $0.30 | Writers starting out who want simple setup |
| Beehiiv | 0% on paid plans | Free up to 2,500 subs, then ~$39 to $99+ /mo by list size | Stripe ~2.9% + $0.30 | Established newsletters who want to keep more revenue |
| Ghost | 0% on paid memberships | Self-hosted free, or Ghost Pro from ~$9 to $199+ /mo | Stripe ~2.9% + $0.30 | Writers who want full ownership and customization |
Numbers above are typical at time of publishing and rounded for comparison. Always confirm current pricing on each platform.
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FAQ
Common questions about Substack earnings
How much does Substack take from your earnings?
Substack charges a 10% platform fee on paid subscription revenue. On top of that, Stripe takes roughly 2.9% plus $0.30 per transaction, which works out to an effective rate near 3.2% for typical newsletter pricing. After both fees, writers keep approximately 86 to 87 cents on every dollar of subscription revenue.
How much do Substack writers actually make?
Earnings vary enormously. A small Substack with 1,000 paid subscribers at $5 per month grosses about $60,000 per year, or roughly $52,000 net after Substack and Stripe fees. The platform's top writers earn well into seven figures, but the median paid newsletter is much smaller. Use the calculator above to model your specific subscriber count, pricing, and conversion rate.
What is a typical free-to-paid conversion rate on Substack?
Most Substack newsletters convert between 2% and 10% of free subscribers to paid plans. A 5% conversion rate is a reasonable baseline. High-quality niche newsletters with strong writer-reader trust can sustain 8% to 10%, while broader general-interest newsletters often land in the 1% to 3% range.
How is Substack different from Beehiiv for earnings?
Substack takes a flat 10% of paid subscription revenue and has no monthly platform fee. Beehiiv flips that model: paid plans cost a monthly subscription based on your list size, but Beehiiv takes 0% of your subscription revenue. For larger paid newsletters, Beehiiv typically nets more, while Substack is simpler for writers just starting out. Stripe processing fees apply on both platforms.
Do you pay taxes on Substack income?
Yes. Substack income is treated as self-employment income in the United States and is reported on Schedule C, with self-employment tax applied on top of normal income tax. Stripe issues a 1099-K when payment thresholds are met. Set aside roughly 25% to 30% of net earnings for federal and state taxes, and consult a tax professional for your specific situation.
Can you make a living on Substack?
Yes, but it usually takes time and a clear niche. To net $60,000 per year, a writer typically needs around 1,200 to 1,500 paid subscribers at $5 per month, or fewer at higher price points. Most full-time Substack writers reach that milestone after 12 to 36 months of consistent publishing combined with strong audience building outside the platform.
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Tool URL: https://www.aicurate.news/tools/free-substack-earnings-calculator