greeksoup/ stock research
Stock research / United States / HUBS / FY2025

Hubspot (HUBS) FY2025 results: revenue $3.1 billion, up 19.2% on the year

Hubspot Inc. (HUBS) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, up 19.2% on the year before. Net income was $46 million, up 892.0%, and diluted earnings per share $0.86. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$3.1 billion
+19.2% on the year
FY2018FY2025
Operating margin
0.2%
-2.6% a year earlier
FY2018FY2025
Net income
$46 million
+892.0% on the year
FY2018FY2025
Diluted EPS
$0.86
+855.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 3 lowered, 11 new.

  • Q4 revenue grew 20% as reported: Q4 total revenue rose from $703.2 million in Q4'24. Constant currency growth was 18%, against 20% as reported.
  • Non-GAAP operating margin rose to 22.6%: Q4 non-GAAP operating income was $191.0 million, up from $133.1 million in Q4'24.
  • Board authorized new buyback program: The program allows repurchases in the open market, through privately negotiated transactions or other means, including 10b5-1 plans.
  • Breeze agents cited for AI results: Management said AI adoption picked up as Breeze Customer Agent and Breeze Prospecting Agent produced results for customers.
  • Upmarket momentum from large companies: Management cited large companies turning to HubSpot for AI innovation, tech stack consolidation and lower total cost of ownership.
Read the Q4 FY2025 earnings call summary

From this 10-K

HubSpot sells subscription software for marketing, sales and customer service teams, built around a customer relationship management database it calls the Smart CRM. It focuses on mid-market business-to-business companies, which it defines as companies with between 2 and 2,000 employees. It was formed in Delaware in 2005, became a Delaware corporation in 2007, is based in Cambridge, Massachusetts, and reports one operating segment.

Hubspot Inc., the 10-K for 2025

HubSpot sells subscription software for marketing, sales and customer service teams, built around a customer relationship management database it calls the Smart CRM. It focuses on mid-market business-to-business companies, which it defines as companies with between 2 and 2,000 employees. It was formed in Delaware in 2005, became a Delaware corporation in 2007, is based in Cambridge, Massachusetts, and reports one operating segment.

Scale

At December 31, 2025, it had 288,706 Customers, as it defines them, in more than 135 countries, up from 247,939 a year earlier. About 53% of those Customers were outside the United States, and it sells to them from operations in the U.S., Europe, Asia Pacific and South America.

The platform

The platform has three layers: AI agents and engagement Hubs, the Smart CRM, and an ecosystem of integrations, templates, partners, a community network and an academy of educational content. The Smart CRM holds a business's lead and customer records, tracks interactions and pipeline, and gives every Hub a common user interface and a single login. Each Hub can be used on its own, with the Smart CRM, with a third party CRM or with the other Hubs, and the Hubs come in free and paid tiers.

The Hubs are Marketing Hub, for campaigns, marketing email, social media and search optimization; Sales Hub, for email tracking, meeting scheduling, lead scoring and pipeline management; Service Hub, for help desk tickets, live chat and a knowledge base; Content Hub, for website pages, blogs, landing pages and video and podcast hosting; Operations Hub, for syncing and cleaning customer data and automating processes; and Commerce Hub, for quotes, invoices, subscription management and payments. Breeze is the company's AI across the platform, and includes Breeze Assistant and Breeze Agents, which automate work for customer-facing teams. Over 2,000 integrations and applications from third parties are available to users.

Services

Customers have a Customer Success Manager or are served through digital channels and community forums, depending on what they spend. Phone, email and chat support is included in subscriptions from the Professional level, and Starter Hubs get email and chat support. It also sells onboarding, training and other professional services.

Selling

It sells through its own representatives by phone, email and web meetings, through free products and in-product purchases, and through a worldwide network of Solutions Partners, service providers that use the platform themselves and refer customers to the company on commission. Solutions Partners and the customers they referred made up about 25% of its Customers at December 31, 2025. It runs an event, INBOUND, which had over 13,000 registered in-person attendees in 2025.

People

It had 8,882 full-time employees at December 31, 2025: 5,724 in the Americas, 2,480 in Europe and 678 in Asia Pacific. Substantially all of them can choose to work mainly from home, from an office or a mix of both.

From HubSpot's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,1312,6282,170+19.2%
Cost of revenue508393338+29.3%
Gross profit2,6232,2341,832+17.4%
Gross margin83.8%85.0%84.4%
Research and development906779618+16.3%
Operating income7.4-67.6-201
Operating margin0.2%-2.6%-9.3%
Interest expense0.93.73.8-76.5%
Pre-tax income69.528.7-151+142.2%
Income tax23.624.013.9-2.1%
Effective tax rate33.9%83.9%n/a
Net income45.94.6-165+892.0%
Net margin1.5%0.2%-7.6%
Diluted EPS$0.86$0.09-$3.30+855.6%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow761599351+27.1%
Capital expenditure53.237.933.7+40.1%
Free cash flow708561317+26.2%
Free cash flow margin22.6%21.3%14.6%
Cash from investing492-516-335
Cash from financing-91053.537.0
Depreciation and amortisation13696.872.7+40.8%
Share-based compensation528505432+4.6%
Buybacks500n/an/a
Diluted shares, weighted53m52m50m+2.7%
Shares outstanding at period end53m52m50m+1.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,0661,9081,334+8.3%
Debt0.0458456
Operating lease liabilities223255297-12.5%
Other liabilities1,5651,175984+33.2%
Total liabilities and equity3,8543,7963,071+1.5%
Fixed assets142114103+24.3%
Goodwill291210174+39.1%
Intangible assets35.237.642.3-6.2%
Investments9581,7111,326-44.0%
Cash and equivalents882513388+72.1%
Receivables419335295+25.2%
Other assets1,126876743+28.5%
Total assets3,8543,7963,071+1.5%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.