Hubspot (HUBS) FY2024 results: revenue $2.6 billion, up 21.1% on the year

Hubspot Inc. (HUBS) reported revenue of $2.6 billion for fiscal 2024, the year ended 31 December 2024, up 21.1% on the year before. Net income was $5 million, and diluted earnings per share $0.09. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue

$2.6 billion

+21.1% on the year

FY2017FY2024

Operating margin

-2.6%

-9.3% a year earlier

FY2017FY2024

Net income

$5 million

FY2017FY2024

Diluted EPS

$0.09

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,628	2,170	1,731	+21.1%
Cost of revenue	393	338	308	+16.2%
Gross profit	2,234	1,832	1,423	+22.0%
Gross margin	85.0%	84.4%	82.2%
Research and development	779	618	442	+26.1%
Operating income	-67.6	-201	-103
Operating margin	-2.6%	-9.3%	-5.9%
Interest expense	3.7	3.8	3.8	-2.1%
Pre-tax income	28.7	-151	-98.5
Income tax	24.0	13.9	8.9	+72.6%
Effective tax rate	83.9%	n/a	n/a
Net income	4.6	-165	-107
Net margin	0.2%	-7.6%	-6.2%
Diluted EPS	$0.09	-$3.30	-$2.23

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	599	351	273	+70.6%
Capital expenditure	37.9	33.7	37.4	+12.5%
Free cash flow	561	317	236	+76.7%
Free cash flow margin	21.3%	14.6%	13.6%
Cash from investing	-516	-335	-320
Cash from financing	53.5	37.0	7.4	+44.5%
Depreciation and amortisation	96.8	72.7	58.1	+33.2%
Share-based compensation	505	432	276	+16.8%
Diluted shares, weighted	52m	50m	48m	+3.9%
Shares outstanding at period end	52m	50m	49m	+2.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,908	1,334	995	+43.0%
Debt	458	456	454	+0.4%
Operating lease liabilities	255	297	316	-14.2%
Other liabilities	1,175	984	780	+19.4%
Total liabilities and equity	3,796	3,071	2,545	+23.6%
Fixed assets	114	103	105	+10.5%
Goodwill	210	174	46.2	+20.6%
Intangible assets	37.6	42.3	17.4	-11.2%
Investments	1,711	1,326	1,194	+29.0%
Cash and equivalents	513	388	331	+32.1%
Receivables	335	295	227	+13.4%
Other assets	876	743	624	+17.9%
Total assets	3,796	3,071	2,545	+23.6%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.