Financial Projections Slide: How to Present Your Startup's Numbers to Investors

The financial projections slide presents your startup's revenue forecast, key metrics, and path to profitability in a format investors can evaluate quickly. According to DocSend research, investors spend more time on the financials slide than on almost any other—an average of 23 seconds in a deck that gets 3-4 minutes total.

This slide separates credible founders from wishful thinkers. The difference lies not in projecting larger numbers, but in grounding every number in defensible assumptions that investors can evaluate—bottom-up models built from customer acquisition costs, sales productivity, and cohort expansion rather than top-down market-size-times-market-share calculations.

This guide covers what to include in your financial projections slide, the metrics investors expect by stage, common models by business type, best practices for presenting numbers, and the mistakes that kill credibility.

After supporting 60+ fundraising processes and tracking which financial presentations led to term sheets versus polite passes, we've identified the projection formats that build credibility and the assumptions investors probe hardest.

What to Include in a Financial Projections Slide#

Your financial projections slide needs to answer three fundamental questions: Where is the business today? Where will it be in 3-5 years? What are the key drivers of that growth?

The specific metrics depend on your stage and business model, but the structure remains consistent.

Essential Components#

Metrics by Stage#

The depth of financial information investors expect increases with company maturity.

According to Sharpsheets research on pitch decks, early-stage startups should have a 3-year financial plan, especially if pre-revenue and raising for Seed or pre-Seed funding. Later-stage startups raising Series A or beyond need 5-year projections based on verified assumptions.

The Core Metrics Explained#

ARR (Annual Recurring Revenue): For subscription businesses, this is the gold standard. It represents the annual value of your current recurring customer base.

MRR (Monthly Recurring Revenue): Monthly equivalent of ARR. Often shown alongside ARR to demonstrate growth trajectory.

Gross Margin: Revenue minus cost of goods sold, divided by revenue. SaaS companies should target 65%+ gross margins. Marketplace and e-commerce margins vary widely.

Burn Rate: How much cash you spend per month. Critical for calculating runway.

Runway: Months of operation remaining at current burn rate. Investors want to see 18-24 months post-funding.

CAC (Customer Acquisition Cost): Total sales and marketing spend divided by new customers acquired. The foundation of unit economics.

LTV (Lifetime Value): Total revenue expected from a customer over their relationship with you. Must exceed 3x CAC for sustainable growth.

Net Revenue Retention (NRR): Revenue from existing customers after accounting for expansion, contraction, and churn. Above 100% means you grow even without new customers.

For more on how these metrics fit into your overall fundraising narrative, see our guide to Series A pitch decks.

Common Financial Models for Pitch Decks#

Different business models require different financial frameworks. The projections that work for a SaaS company won't apply to a marketplace or e-commerce business.

SaaS Financial Model#

SaaS companies have the most standardized financial model, which is partly why investors love them--the metrics are comparable across companies.

Key metrics to include:

Projection structure:

Current ARR: $2M
Year 1: $6M (3x, based on current 15% MoM)
Year 2: $15M (2.5x, scaled sales team)
Year 3: $35M (2.3x, market expansion)

Each year should trace to specific drivers: sales headcount, average deal size, conversion rates, and expansion revenue.

Marketplace Financial Model#

Two-sided marketplaces have unique dynamics: you need both supply and demand, and revenue typically comes from take rates.

Key metrics to include:

Projection considerations:

• Show GMV and revenue separately
• Demonstrate take rate sustainability
• Prove both sides of the market are growing
• Show unit economics for acquiring both buyers and sellers

E-Commerce Financial Model#

E-commerce projections center on customer acquisition efficiency and repeat purchase behavior.

Key metrics to include:

Consumer/Social Financial Model#

Consumer apps often prioritize engagement over revenue in early stages.

Key metrics for pre-monetization:

Post-monetization metrics:

• ARPU (Average Revenue Per User)
• Conversion to paid
• Subscription metrics (if applicable)

Best Practices for Presenting Numbers#

How you present financial projections matters as much as the numbers themselves. The goal is credibility through clarity.

1. Use Bottom-Up Revenue Models#

Top-down projections ("The market is $50B, we'll capture 1%") signal lazy thinking. Bottom-up models start from granular inputs and build to revenue.

Top-down (weak):

Total market: $50B
Our segment: 10% = $5B
Market share: 2% = $100M

Bottom-up (strong):

Sales reps: 20
Quota per rep: $500K
Attainment rate: 80%
New ARR: $8M
Expansion revenue: $2M
Total Year 1 ARR: $10M

Bottom-up models are defensible because investors can evaluate each assumption independently. If they think your quota attainment is optimistic, they can adjust that single input and see the impact.

2. Show Your Assumptions Explicitly#

Don't hide the drivers of your projections. Call them out clearly.

Best practice format:

Key Assumptions:
- Average deal size: $50K (based on current pipeline)
- Sales cycle: 90 days (current average)
- Close rate: 25% (trailing 6-month average)
- Sales rep ramp: 6 months to full productivity

According to OpenVC's analysis of financial slides, investors want to see the key assumptions that drive your financial model. Making assumptions explicit shows analytical rigor and makes follow-up conversations more productive.

3. Ground Projections in Historical Data#

If you have traction, use it as the foundation for projections.

Weak approach: "We project $50M in year 3"

Strong approach: "Current MoM growth is 15%. Maintaining 12% MoM with scaled sales team yields $35M ARR in year 3"

Graphite Financial's research on investor-ready projections emphasizes that investors typically want to see 2-3 years of historical financials, if available, to ground them on where your business stands today. If your company is younger than that, use everything you have.

4. Use Clear Visualizations#

Financial projections should be immediately scannable. Use charts, not spreadsheets.

For visualizing revenue bridges--showing how you get from current state to projected state--waterfall charts are particularly effective. They break down growth into component drivers (new sales, expansion, churn) in a format executives understand immediately.

5. Create Multiple Scenarios#

Sophisticated founders present multiple scenarios to show they've stress-tested their model.

For the main slide, show the base case. Have bull and bear scenarios ready for due diligence conversations.

6. Tie to Funding Needs#

Your projections should connect to your ask. Investors want to see how the capital you're raising drives you to specific milestones.

Example:

Raising: $8M Series A
Use of funds: Scale sales team from 5 to 20 reps
Milestone: $15M ARR in 18 months
Next raise: Series B at $15M+ ARR

For more on structuring your funding ask, see our pitch deck template.

Common Mistakes to Avoid#

These errors destroy credibility faster than any other aspect of a pitch deck.

Mistake 1: Hockey Stick Projections Without Foundation#

The problem: Projecting explosive growth without explaining the mechanics.

Every VC has seen hundreds of decks with hockey stick curves. As SlideModel notes, investors see these projections constantly and will mentally cut your numbers in half.

Why it fails: If you can't explain how you get from $2M to $50M, investors assume you don't understand your own business.

The fix: Build from the bottom up. Show the sales team productivity, conversion rates, and market expansion that drive each year's growth. Make the hockey stick an output of defensible inputs, not a starting assumption.

Mistake 2: Missing Unit Economics#

The problem: Showing revenue growth without proving the economics work.

Why it fails: Growth that burns cash indefinitely isn't valuable. Investors need to see a path to profitable unit economics.

The fix: Include CAC, LTV, payback period, and gross margin. Show that you can acquire customers profitably at scale. If unit economics are improving, show the trend.

Mistake 3: False Precision#

The problem: Projections with excessive decimal places. "$12,847,293 in year 3."

Why it fails: Precision signals that you believe you can predict the unpredictable. It undermines credibility.

The fix: Round appropriately. "$12-15M in year 3" or "$13M" is more credible than false precision. Acknowledge uncertainty where it exists.

Mistake 4: Ignoring Competition and Market Dynamics#

The problem: Projections that assume you'll grow in a vacuum.

Why it fails: Markets have competitors who will respond to your success. Projections that ignore competitive dynamics look naive.

The fix: Build realistic market share assumptions. If you're projecting 20% market share, explain why competitors won't prevent that. Show you understand the competitive landscape.

Mistake 5: Inconsistent Timelines#

The problem: Different slides in the deck show different projection timelines or inconsistent numbers.

Why it fails: Internal contradictions destroy trust in your entire presentation.

The fix: Audit your deck for consistency. The financials slide should match the market sizing, the use of funds, and the traction slides. Use a single source of truth for all numbers.

Mistake 6: No Path to Profitability#

The problem: Endless growth projections with no indication of when (or if) the company becomes profitable.

Why it fails: Post-2022, investors care about capital efficiency. Pure growth without a path to sustainability raises red flags.

The fix: Show when you expect to reach profitability or cash flow breakeven. Even if it's 5+ years out, demonstrate that you've modeled the path.

Mistake 7: Leaving Out Key Expenses#

The problem: Projecting revenue without showing what it costs to generate that revenue.

As Storydoc research indicates, common mistakes include leaving out critical expense details such as CAC or COGS.

The fix: Show gross margin, not just revenue. Include major expense categories (sales, R&D, G&A) at least at a high level. Demonstrate you understand the cost structure.

Templates and Examples#

Learning from successful financial slides accelerates your own development.

What Works: Airbnb's Financial Approach#

Airbnb's original pitch deck showed financial projections grounded in real traction. They displayed historical revenue growth before projecting future growth, letting the trend speak for itself.

Key takeaway: If you have traction, lead with it. Historical data makes projections credible.

What Works: Buffer's Transparency#

Buffer famously shared their pitch deck, including financials. Their approach was radical transparency: showing exact numbers, exact growth rates, and exact unit economics.

Key takeaway: Specificity builds trust. "$150K ARR growing 15% MoM" is more credible than "significant revenue growing rapidly."

Effective Slide Structure#

Based on successful pitch decks, here's a structure that works:

Option 1: Summary Metrics + Chart

Top section: Key metrics boxes
- Current ARR: $2.4M
- MoM Growth: 15%
- Gross Margin: 78%
- LTV:CAC: 4.2x

Bottom section: Revenue projection chart (bar or line)

Option 2: Projection Table + Drivers

Left section: 3-5 year projection table
- Revenue, Gross Profit, Key Expenses, EBITDA

Right section: Key assumptions and drivers
- Sales team growth
- Average deal size trend
- Expansion revenue %

Option 3: Bridge Chart

Full slide: Waterfall chart showing:
Current ARR → New Sales → Expansion → Churn → Projected ARR

Slide Design Best Practices#

Tools for Creating Financial Slides#

The right tools make financial visualization significantly easier.

Native PowerPoint/Google Slides#

Pros:

• No additional cost
• Everyone has it

Cons:

• Limited chart types
• Manual formatting
• No data linking

Best for: Simple bar or line charts with static data

Excel + PowerPoint Integration#

Pros:

• Dynamic data linking
• Full calculation power

Cons:

• Links can break
• Formatting inconsistent
• Complex to maintain

Best for: Detailed models with regular updates

Specialized Chart Tools#

For financial visualizations like waterfall charts showing revenue bridges, specialized tools make the difference between 30 minutes and 30 seconds.

Deckary offers consulting-quality financial charts including:

• Waterfall charts for revenue and profit bridges
• Stacked bar charts for composition analysis
• Line charts with CAGR annotations
• Mekko charts for market sizing

Why specialized tools matter: The waterfall chart showing how you bridge from current revenue to projected revenue is one of the most powerful financial storytelling tools--but native PowerPoint makes them frustratingly difficult to create. Purpose-built tools generate them in seconds with automatic formatting.

Financial Modeling Software#

For the underlying model (not just the visualization):

The model and the visualization are separate. Build your model in a robust tool, then visualize the outputs in your presentation.

Building Credible Three-Year Projections#

Let's walk through building a three-year projection for a SaaS company.

Step 1: Document Current State#

Start with what you know:

Step 2: Define Key Assumptions#

Step 3: Build the Model#

Year 1:

New ARR from sales: 8 reps x $400K x 75% = $2.4M
Expansion revenue: $1.8M x 20% = $360K
Churn: $1.8M x 15% = -$270K
End of Year 1 ARR: $1.8M + $2.4M + $360K - $270K = $4.3M

Year 2:

New ARR from sales: 15 reps x $400K x 80% = $4.8M
Expansion revenue: $4.3M x 25% = $1.1M
Churn: $4.3M x 12% = -$516K
End of Year 2 ARR: $4.3M + $4.8M + $1.1M - $516K = $9.7M

Year 3:

New ARR from sales: 25 reps x $400K x 85% = $8.5M
Expansion revenue: $9.7M x 30% = $2.9M
Churn: $9.7M x 10% = -$970K
End of Year 3 ARR: $9.7M + $8.5M + $2.9M - $970K = $20.1M

Step 4: Sanity Check#

Does this make sense?

• Growth rate: From $1.8M to $20M = ~11x in 3 years. Aggressive but achievable with funding.
• Sales productivity: $400K quota at 75-85% attainment is reasonable for mid-market SaaS.
• Team growth: 4 to 25 reps requires strong recruiting but is feasible with capital.
• Churn improvement: 15% to 10% assumes product investment. Need to justify.

Step 5: Visualize#

Present the summary on one slide:

[Chart: Bar chart showing Year 0, 1, 2, 3 ARR]
[Boxes: Key metrics - Current $1.8M, Y3 $20M, 3-Year CAGR 123%]
[Callout: Key drivers - sales team scale, NRR improvement]

A waterfall chart could break down each year's growth into new sales, expansion, and churn components--making the drivers visually clear.

Financial Projections for Different Funding Stages#

Pre-Seed#

At pre-seed, you may have little to no revenue. Focus on:

• Burn rate and runway: How long until you need more capital?
• Unit economics hypothesis: What do you expect CAC and LTV to be?
• First-year milestones: What will you prove with this funding?

Projections are necessarily speculative. Be explicit that they're hypotheses to be validated.

Seed#

Seed-stage companies should have early traction to reference:

• Current revenue and growth: Even if small, show the trajectory
• Three-year projections: Grounded in early data
• Key assumptions: What must be true for projections to hold?
• Path to Series A: What metrics trigger the next raise?

Series A#

Series A projections face the most scrutiny because investors are writing larger checks:

• Historical data: 12-24 months of actuals
• Unit economics: Proven CAC, LTV, payback
• Five-year projections: With clear assumptions
• Cohort analysis: Retention and expansion by customer vintage
• Path to profitability: When does the business become self-sustaining?

For detailed Series A preparation, see our Series A pitch deck guide.

Series B and Beyond#

Later stages require:

• Full P&L and cash flow: Not just revenue
• Segment-level projections: By product, geography, customer type
• Scenario analysis: Base, bull, and bear cases
• Comparable company analysis: How do your metrics stack up?
• Exit considerations: What does a successful outcome look like?

Summary: Key Takeaways#

The financial projections slide is where founders demonstrate analytical rigor or reveal wishful thinking. Key principles:

Build from the bottom up. Start with granular assumptions (sales rep productivity, conversion rates, average deal sizes) and calculate revenue as an output. Top-down projections ("1% of a $50B market") lack credibility.

Ground projections in traction. If you have historical data, use it as the foundation. Projections that extend current trends with clear drivers are more credible than standalone forecasts.

Include unit economics. Revenue growth without profitable unit economics is a red flag. Show CAC, LTV, payback period, and gross margin.

Make assumptions explicit. Call out the key drivers of your model. This shows analytical sophistication and enables productive conversations with investors.

Use clear visualizations. Charts beat tables. Waterfall charts show growth drivers. Bar charts show trajectory. Line charts show trends.

Avoid common mistakes. No hockey sticks without foundation. No false precision. No ignoring competition. No missing path to profitability.

Match depth to stage. Pre-seed projections are necessarily speculative. Series A projections face rigorous scrutiny. Calibrate accordingly.

Tie to funding needs. Show how the capital you're raising drives you to specific milestones that unlock the next stage.

For professional financial visualizations that communicate complex data clearly, tools like Deckary offer consulting-quality waterfall charts and financial charts that help your projections slide stand out.