Hubspot (HUBS) Q4 FY2025 earnings: revenue $847 million, up 20.4% on the year

Hubspot Inc. (HUBS) reported revenue of $847 million for Q4 FY2025, the quarter ended 31 December 2025, up 20.4% on the same quarter a year earlier. Net income was $54 million, up 992.2% on the year, and diluted earnings per share $1.04. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue$847 millionup 20.4%

Net income$54 millionup 992.2%

Diluted EPS$1.04

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	847	810	703	+20.4%
Cost of revenue	138	134	103	+33.3%
Gross profit	709	676	600	+18.2%
Gross margin	83.7%	83.5%	85.3%
Research and development	221	228	214	+3.3%
Operating income	48.2	11.2	-10.8	n/a
Operating margin	5.7%	1.4%	-1.5%
Interest expense	0.0	0.0	0.9	-99.9%
Pre-tax income	61.7	23.1	13.0	+374.6%
Income tax	7.2	6.6	8.0	-9.8%
Effective tax rate	11.7%	28.5%	61.6%
Net income	54.4	16.5	5.0	+992.2%
Net margin	6.4%	2.0%	0.7%
Diluted EPS	$1.04	$0.31	$0.09	+1055.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	247	187	194	+27.4%
Capital expenditure	13.4	10.3	12.7	+5.7%
Free cash flow	234	177	181	+29.0%
Free cash flow margin	27.6%	21.9%	25.8%
Cash from investing	30.4	170	-85.5	n/a
Cash from financing	-9.5	-341	10.1	n/a
Depreciation and amortisation	38.6	8.7	28.4	+35.9%
Share-based compensation	132	138	134	-1.5%
Buybacks	n/a	360	n/a	n/a
Diluted shares, weighted	53m	53m	52m	+1.4%
Shares outstanding at period end	53m	52m	52m	+1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	2,066	1,856	1,908	+8.3%
Debt	0.0	0.0	458	n/a
Operating lease liabilities	223	233	255	-12.5%
Other liabilities	1,565	1,413	1,175	+33.2%
Total liabilities and equity	3,854	3,502	3,796	+1.5%
Fixed assets	142	137	114	+24.3%
Goodwill	291	275	210	+39.1%
Intangible assets	35.2	36.9	37.6	-6.2%
Investments	958	1,044	1,711	-44.0%
Cash and equivalents	882	614	513	+72.1%
Receivables	419	315	335	+25.2%
Other assets	1,126	1,081	876	+28.5%
Total assets	3,854	3,502	3,796	+1.5%

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	558	582	617	637	670	703	714	761	810	847	881	912
Cost of revenue	85.6	88.6	95.1	95.5	99.3	103	115	122	134	138	146	161
Gross profit	472	493	522	542	570	600	599	639	676	709	735	751
Gross margin	85%	85%	85%	85%	85%	85%	84%	84%	84%	84%	83%	82%
R&D	157	163	176	198	191	214	220	237	228	221	234	226
Operating income	-18.6	-24.3	-23.2	-23.9	-9.6	-10.8	-27.5	-24.6	11.2	48.2	27.9	43.3
Operating margin	-3%	-4%	-4%	-4%	-1%	-2%	-4%	-3%	1%	6%	3%	5%
Interest expense	0.9	1.0	0.9	0.9	0.9	0.9	0.6	0.2	0.0	0.0	0.2	0.4
Pre-tax income	-5.0	-9.2	7.7	-2.7	10.6	13.0	-9.9	-5.5	23.1	61.7	39.3	49.6
Tax rate	n/a	n/a	23%	n/a	23%	62%	n/a	n/a	29%	12%	17%	13%
Net income	-3.6	-13.6	5.9	-14.4	8.1	5.0	-21.8	-3.3	16.5	54.4	32.6	43.3
Net margin	-1%	-2%	1%	-2%	1%	1%	-3%	-0%	2%	6%	4%	5%
Diluted EPS	-$0.11	-$0.27	$0.12	-$0.28	$0.16	$0.09	-$0.42	-$0.06	$0.31	$1.04	$0.62	$0.86
Operating cash flow	89.0	104	127	118	160	194	162	164	187	247	199	223
Capital expenditure	10.8	8.7	5.9	8.2	11.1	12.7	13.3	16.0	10.3	13.4	15.4	19.7
Free cash flow	78.2	95.6	121	110	148	181	148	148	177	234	183	203
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	360	n/a	207	536
Shares outstanding	50m	50m	51m	51m	52m	52m	52m	53m	52m	53m	52m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 11 February 2026, accession 0001193125-26-046646: the filing on EDGAR. All of Hubspot Inc.'s filings: EDGAR company page.

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