Press Gazette determined the minimum annual revenue at the below Substacks by multiplying their lowest possible number of subscribers with their annual paid subscription price. A handful of Substacks, including The Free Press — which is likely the highest-earning Substack of all — do not list their subscriber ranges on the platform, and so have not been included in the below analysis.
| 1 | Letters from an American | Heather Cox Richardson | US Politics | Hundreds of thousands | 100,000 | 40 | 4,000,000 |
|---|---|---|---|---|---|---|---|
| 2 | The Pragmatic Engineer | Gergely Orosz | Technology | Tens of thousands | 10,000 | 120 | 1,200,000 |
| 3 | Lenny's Newsletter | Lenny Rachitsky | Business | Tens of thousands | 10,000 | 120 | 1,200,000 |
| 4 | Citrini Research | Citrini | Finance | Thousands | 1,000 | 1,000 | 1,000,000 |
| 5 | The Bulwark* | The Bulwark | US Politics | Tens of thousands | 10,000 | 82 | 820,000 |
| 6 | Noahpinion | Noah Smith | Business | Tens of thousands | 10,000 | 80 | 800,000 |
| 7 | Silver Bulletin | Nate Silver | US Politics | Tens of thousands | 10,000 | 80 | 800,000 |
| 8 | Meidas+ | MeidasTouch Network | US Politics | Tens of thousands | 10,000 | 80 | 800,000 |
| 9 | Public | Michael Shellenberger | News | Tens of thousands | 10,000 | 80 | 800,000 |
| 10 | Chamath Palihapitiya | Chamath Palihapitiya | Technology | Thousands | 1,000 | 800 | 800,000 |
| 11 | Slow Boring | Matthew Yglesias | US Politics | Tens of thousands | 10,000 | 65 | 650,000 |
| 12 | The Preamble | Sharon McMahon | US Politics | Tens of thousands | 10,000 | 65 | 650,000 |
| 13 | Thinking About... | Timothy Snyder | World Politics | Tens of thousands | 10,000 | 65 | 650,000 |
| 14 | The Forgotten Side of Medicine | A Midwestern Doctor | Health Politics | Tens of thousands | 10,000 | 65 | 650,000 |
| 15 | Whitepaper.mx | Rene Lankenau | News | Tens of thousands | 10,000 | 65 | 650,000 |
| 16 | Tipping Point Prophecy Update | Jimmy Evans | Faith & Spirituality | Tens of thousands | 10,000 | 65 | 650,000 |
| 17 | Vale Tutto - di Selvaggia Lucarelli | Selvaggia Lucarelli | Culture | Tens of thousands | 10,000 | 60 | 600,000 |
| 18 | Zeteo | Mehdi Hasan | US Politics | Tens of thousands | 10,000 | 60 | 600,000 |
| 19 | The Contrarian | The Contrarian | US Politics | Tens of thousands | 10,000 | 60 | 600,000 |
| 20 | Racket News | Matt Taibbi | US Politics | Tens of thousands | 10,000 | 60 | 600,000 |
| 21 | The Warning with Steve Schmidt | Steve Schmidt | US Politics | Tens of thousands | 10,000 | 60 | 600,000 |