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HubSpot Reports Strong Q4 and Full Year 2025 Results

12 Febbraio 2026

Q4'25 revenue grew 20% on an as-reported basis and 18% in constant currency compared to Q4'24
Full year 2025 revenue grew 19% on an as-reported basis and 18% in constant currency compared to 2024

CAMBRIDGE, Mass.--(BUSINESS WIRE)--HubSpot, Inc. (NYSE: HUBS), the customer platform for scaling companies, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Financial Highlights:

Revenue
Fourth Quarter 2025:

Total revenue was $846.7 million, up 20% on an as-reported basis and 18% in constant currency compared to Q4'24.
- Subscription revenue was $829.0 million, up 21% on an as-reported basis compared to Q4'24.
- Professional services and other revenue was $17.8 million, up 12% on an as-reported basis compared to Q4'24.

Full Year 2025:

Total revenue was $3.13 billion, up 19% on an as-reported basis and 18% in constant currency compared to 2024.
- Subscription revenue was $3.06 billion, up 19% on an as-reported basis compared to 2024.
- Professional services and other revenue was $67.3 million, up 16% on an as-reported basis compared to 2024.

Operating Income (Loss)
Fourth Quarter 2025:

GAAP operating margin was 5.7%, compared to (1.5%) in Q4'24.
Non-GAAP operating margin was 22.6%, compared to 18.9% in Q4'24.
GAAP operating income was $48.2 million, compared to operating loss of ($10.8) million in Q4'24.
Non-GAAP operating income was $191.0 million, compared to $133.1 million in Q4'24.

Full Year 2025:

GAAP operating margin was 0.2%, compared to (2.6%) in 2024.
Non-GAAP operating margin was 18.6%, compared to 17.5% in 2024.
GAAP operating income was $7.4 million, compared to operating loss of ($67.6) million in 2024.
Non-GAAP operating income was $581.9 million, compared to $460.2 million in 2024.

Net Income
Fourth Quarter 2025:

GAAP net income was $54.4 million, or $1.04 per basic and diluted share, compared to $4.9 million, or $0.10 per basic and $0.09 per diluted share in Q4'24.
Non-GAAP net income was $162.5 million, or $3.10 per basic and $3.09 per diluted share, compared to $124.9 million, or $2.42 per basic and $2.32 per diluted share in Q4'24.
Weighted average basic and diluted shares outstanding for GAAP net income per share was 52.5 million, compared to 51.7 million basic and 52.2 million diluted shares in Q4'24.
Weighted average basic and diluted shares outstanding for non-GAAP net income per share was 52.5 million, compared to 51.7 million and 53.9 million, respectively in Q4'24.

Full Year 2025:

GAAP net income was $45.9 million, or $0.88 per basic and $0.86 per diluted share, compared to $4.6 million, or $0.09 per basic and diluted share in 2024.
Non-GAAP net income was $516.0 million, or $9.84 per basic and $9.70 per diluted share, compared to $434.1 million, or $8.48 per basic and $8.12 per diluted share in 2024.
Weighted average basic and diluted shares outstanding for GAAP net income per share was 52.5 million and 53.2 million, respectively, compared to 51.2 million basic and 51.8 million diluted shares in 2024.
Weighted average basic and diluted shares outstanding for non-GAAP net income per share was 52.5 million and 53.2 million, respectively, compared to 51.2 million and 53.4 million, respectively in 2024.

Balance Sheet and Cash Flow

The company’s cash and cash equivalents, short-term, and long-term investments balance was $1.8 billion as of December 31, 2025.
During the fourth quarter, the company generated $247.4 million of cash from operating cash flow, compared to $194.1 million during Q4'24.
During the fourth quarter, the company generated $253.1 million of cash from non-GAAP operating cash flow and $209.4 million of non-GAAP free cash flow, compared to $198.6 million of cash from non-GAAP operating cash flow and $163.0 million of non-GAAP free cash flow during Q4'24.
During 2025, the company generated $760.7 million of cash from operating cash flow, compared to $598.6 million during 2024.
During 2025, the company generated $778.7 million of cash from non-GAAP operating cash flow and $594.9 million of non-GAAP free cash flow, compared to $615.6 million of cash from non-GAAP operating cash flow and $488.1 million of non-GAAP free cash flow during 2024.

Additional Recent Business Highlights

Grew Customers to 288,706 at December 31, 2025, up 16% from December 31, 2024.
Average Subscription Revenue Per Customer was $11,683 during the fourth quarter of 2025, up 3% on an as-reported basis compared to the fourth quarter of 2024.
Calculated billings were $971.4 million in the fourth quarter of 2025, up 27% on an as-reported basis and 20% in constant currency compared to Q4'24.

“2025 was a transformative year for HubSpot, defined by the momentum of our agentic customer platform and clear acceleration upmarket,” said Yamini Rangan, Chief Executive Officer at HubSpot. “AI adoption gathered pace, as Breeze Customer Agent and Breeze Prospecting Agent delivered real outcomes for customers. At the same time, our upmarket business saw strong momentum, as large companies turned to HubSpot to drive AI innovation, consolidate tech stacks, and reduce their total cost of ownership. Heading into 2026, we're cementing our position as the leading agentic customer platform for scaling companies, building on our strength upmarket, and leading the new era of marketing with products and a playbook that drive growth. We're entering the year with focus and urgency, and I'm confident we're positioned to drive durable growth in the years ahead.”

Share Repurchase Program
On February 7, 2026, the company’s Board of Directors authorized a share repurchase program for the repurchase of shares of the company’s common stock, in an aggregate amount of up to $1.0 billion (the “2026 Share Repurchase Program”) over a period of up to 24 months. Repurchases under this program will be made in the open market, through privately negotiated transactions or other means, including pursuant to 10b5-1 plans, and in compliance with applicable securities laws and other requirements. The timing, manner, price, and amount of the 2026 Share Repurchase Program will be subject to the discretion of the Company’s management. The 2026 Share Repurchase Program does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice.

Business Outlook
Based on information available as of February 11, 2026, HubSpot is issuing guidance for the first quarter and full year of 2026 as indicated below.

First Quarter 2026:

Total revenue is expected to be in the range of $862.0 million to $863.0 million, up 21% year over year on an as-reported basis and 16% in constant currency.
Non-GAAP operating income is expected to be in the range of $144.0 million to $145.0 million, representing a 17% operating profit margin.
Non-GAAP net income per common share is expected to be in the range of $2.46 to $2.48. This assumes approximately 52.5 million weighted average diluted shares outstanding.

Full Year 2026:

Total revenue is expected to be in the range of $3.69 billion to $3.70 billion, up 18% year over year on an as-reported basis and 16% in constant currency.
Non-GAAP operating income is expected to be in the range of $736.0 million to $740.0 million, representing a 20% operating profit margin.
Non-GAAP net income per common share is expected to be in the range of $12.38 to $12.46. This assumes approximately 51.8 million weighted average diluted shares outstanding.

Use of Non-GAAP Financial Measures
In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website ir.hubspot.com.

Conference Call Information
HubSpot will host a conference call on Wednesday, February 11, 2026 at 4:30 p.m. Eastern Time (ET) to discuss the company’s fourth quarter and full year 2025 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit HubSpot's Investor Relations website at ir.hubspot.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

An archived webcast of this conference call will also be available on HubSpot's Investor Relations website at ir.hubspot.com.

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About HubSpot
HubSpot is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

Cautionary Language Concerning Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the first fiscal quarter of and full year 2026 and our long-term financial framework; statements regarding our share repurchase program; statements regarding our positioning for future growth and market leadership; statements regarding the strength of our agentic customer platform; statements regarding the growth or maintenance of our upmarket business; statements regarding the economic environment; and statements regarding expected market trends, future priorities and related investments, and market opportunities. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a customer platform; our ability to develop new products and technologies and differentiate our platform from competing products and technologies, including artificial intelligence and machine learning technologies; our ability to manage our growth effectively over the long-term to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption “Risk Factors” in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Consolidated Balance Sheets (in thousands)

	December 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	882,242		$	512,667
Short-term investments		821,552			1,556,828
Accounts receivable		419,146			334,829
Deferred commission expense		226,184			148,693
Prepaid expenses and other current assets		100,611			80,586
Total current assets		2,449,735			2,633,603
Long-term investments		136,662			154,212
Property and equipment, net		141,869			114,165
Capitalized software development costs, net		213,794			154,484
Right-of-use assets		200,821			216,230
Deferred commission expense, net of current portion		218,991			160,814
Other assets		165,602			115,254
Intangible assets, net		35,225			37,563
Goodwill		291,452			209,508
Total assets		3,854,151			3,795,833
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		24,764			3,649
Accrued compensation costs		99,195			67,442
Accrued commissions		132,003			102,043
Accrued expenses and other current liabilities		166,861			125,135
Operating lease liabilities		39,703			32,693
Convertible senior notes	—				458,184
Deferred revenue		1,004,945			784,253
Total current liabilities		1,467,471			1,573,399
Operating lease liabilities, net of current portion		222,602			254,539
Deferred revenue, net of current portion		8,495			3,969
Other long-term liabilities		89,339			55,640
Total liabilities		1,787,907			1,887,547
Stockholders’ equity:
Common stock		53			52
Treasury stock		2			—
Additional paid-in capital		2,814,843			2,713,697
Accumulated other comprehensive income (loss)		5,244			(5,654	)
Accumulated deficit		(753,898	)		(799,809	)
Total stockholders’ equity		2,066,244			1,908,286
Total liabilities and stockholders’ equity	$	3,854,151		$	3,795,833

Consolidated Statements of Operations (in thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Revenues:
Subscription	$	828,980		$	687,316		$	3,063,917		$	2,569,546
Professional services and other		17,766			15,856			67,349			57,997
Total revenue		846,746			703,172			3,131,266			2,627,543
Cost of revenues:
Subscription		121,411			89,505			445,336			336,878
Professional services and other		16,290			13,867			63,151			56,387
Total cost of revenues		137,701			103,372			508,487			393,265
Gross profit		709,045			599,800			2,622,779			2,234,278
Operating expenses:
Research and development		220,794			213,711			905,943			778,714
Sales and marketing		357,531			314,864			1,379,376			1,218,844
General and administrative		81,668			80,931			326,045			300,332
Restructuring		814			1,143			4,036			3,990
Total operating expenses		660,807			610,649			2,615,400			2,301,880
Income (loss) from operations		48,238			(10,849	)		7,379			(67,602	)
Other income (expense)
Interest income		13,112			21,829			66,218			82,706
Interest expense	—				(949	)		(876	)		(3,721	)
Other income (expense)		303			2,913			(3,258	)		17,294
Total other income		13,415			23,793			62,084			96,279
Income before income tax expense		61,653			12,944			69,463			28,677
Income tax expense		(7,227	)		(8,009	)		(23,552	)		(24,049	)
Net income		54,426			4,935			45,911			4,628
Net income per share, basic	$	1.04		$	0.10		$	0.88		$	0.09
Net income per share, diluted	$	1.04		$	0.09		$	0.86		$	0.09
Weighted average common shares used in computing basic net income per share:		52,457			51,657			52,455			51,178
Weighted average common shares used in computing diluted net income per share		52,547			52,242			53,194			51,819

Consolidated Statements of Cash Flows (in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Operating Activities:
Net income	$	54,426		$	4,935		$	45,911		$	4,628
Adjustments to reconcile net (loss) income to net cash and cash equivalents provided by operating activities
Depreciation and amortization		38,569			28,381			136,295			96,828
Stock-based compensation		132,399			134,388			528,153			504,770
Gain on strategic investments		(3,514	)		(2,690	)		(5,500	)		(21,245	)
Impairment of strategic investments		2,248			1,212			5,923			5,306
Provision for (benefit from) deferred income taxes		268			3,301			(2	)		2,690
Amortization of debt discount and issuance costs	—				511			577			2,012
Accretion of bond discount		(7,046	)		(14,982	)		(40,468	)		(51,676	)
Unrealized currency translation		(3,857	)		1,827			(5,692	)		(1,550	)
Changes in assets and liabilities
Accounts receivable		(99,813	)		(62,241	)		(64,003	)		(48,428	)
Prepaid expenses and other assets		3,149			4,191			(34,060	)		(4,415	)
Deferred commission expense		(43,879	)		(35,262	)		(117,032	)		(96,687	)
Right-of-use assets		6,573			5,836			25,894			32,297
Accounts payable		(1,132	)		(6,026	)		18,999			(4,577	)
Accrued expenses and other liabilities		56,354			49,807			117,971			89,129
Operating lease liabilities		(9,823	)		(8,966	)		(36,124	)		(41,521	)
Deferred revenue		122,508			89,919			183,875			131,038
Net cash and cash equivalents provided by operating activities		247,430			194,141			760,717			598,599
Investing Activities:
Purchases of investments		(258,999	)		(507,272	)		(1,443,998	)		(1,993,610	)
Maturities of investments		351,450			503,046			2,237,387			1,658,601
Sale of investments	—			—			—				1,997
Purchases of property and equipment		(13,450	)		(12,726	)		(53,165	)		(37,939	)
Purchases of strategic investments		(4,936	)		(3,972	)		(32,683	)		(15,538	)
Purchases of intangible assets		5			(1,231	)		(274	)		(1,231	)
Capitalization of software development costs		(30,269	)		(22,915	)		(130,624	)		(89,636	)
Business acquisitions, net of cash acquired		(16,137	)		(40,438	)		(87,608	)		(40,438	)
Proceeds from strategic investments		2,738		—				2,738		—
Proceeds from net working capital settlement	—			—			—				1,933
Net cash and cash equivalents provided by (used in) investing activities		30,402			(85,508	)		491,773			(515,861	)
Financing Activities:
Employee taxes paid related to the net share settlement of stock-based awards		(3,397	)		(4,172	)		(21,573	)		(21,949	)
Repayment of 2025 Convertible Notes	—				(57	)		(459,811	)		(57	)
Proceeds related to the issuance of common stock under stock plans		8,677			14,290			71,394			75,501
Repurchases of common stock		(14,746	)	—				(500,019	)	—
Net cash and cash equivalents (used in) provided by financing activities		(9,466	)		10,061			(910,009	)		53,495
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(476	)		(16,087	)		25,744			(11,553	)
Net increase in cash, cash equivalents and restricted cash		267,890			102,607			368,225			124,680
Cash, cash equivalents and restricted cash, beginning of period		617,055			414,113			516,720			392,040
Cash, cash equivalents and restricted cash, end of period	$	884,945		$	516,720		$	884,945		$	516,720

Reconciliation of non-GAAP operating income and operating margin (in thousands, except percentages)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
GAAP operating income (loss)	$	48,238		$	(10,849	)	$	7,379		$	(67,602	)
Stock-based compensation		132,399			134,388			528,153			504,770
Amortization of acquired intangible assets		3,098			2,527			12,124			9,557
Acquisition related expense		6,457			5,863			30,209			9,496
Restructuring charges		814			1,143			4,036			3,990
Non-GAAP operating income	$	191,006		$	133,072		$	581,901		$	460,211

GAAP operating margin		5.7	%		(1.5	%)		0.2	%		(2.6	%)
Non-GAAP operating margin		22.6	%		18.9	%		18.6	%		17.5	%

Reconciliation of non-GAAP net income (in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
GAAP net income	$	54,426		$	4,935		$	45,911		$	4,628
Stock-based compensation		132,399			134,388			528,153			504,770
Acquisition related expense		6,457			5,863			30,209			9,496
Amortization of acquired intangibles assets		3,098			2,527			12,124			9,557
Restructuring charges		814			1,143			4,036			3,990
Non-cash interest expense for amortization of debt issuance costs	—				511			577			2,012
(Gain on) impairment of strategic investments, net		(1,266	)		(1,307	)		423			(15,854	)
Income tax effects of non-GAAP items		(33,404	)		(23,205	)		(105,445	)		(84,481	)
Non-GAAP net income	$	162,524		$	124,855		$	515,988		$	434,118

Non-GAAP net income per share:
Basic	$	3.10		$	2.42		$	9.84		$	8.48
Diluted	$	3.09		$	2.32		$	9.70		$	8.12
Shares used in non-GAAP per share calculations
Basic		52,457			51,657			52,455			51,178
Diluted ⁽¹⁾		52,547			53,867			53,194			53,444

⁽¹⁾ The non-GAAP diluted share count includes shares related to our 2025 notes using the if converted method. The GAAP diluted share count in the three months and year ended December 31, 2024 excludes shares related to our 2025 notes using the if converted method because inclusion of those shares would be anti-dilutive.

Reconciliation of non-GAAP expense and expense as a percentage of revenue (in thousands, except percentages)

	Three Months Ended December 31,
	2025															2024
	COS, Subs- cription			COS, Prof. services & other			R&D			S&M			G&A			COS, Subs- cription			COS, Prof. services & other			R&D			S&M			G&A

GAAP expense	$	121,411		$	16,290		$	220,794		$	357,531		$	81,668		$	89,505		$	13,867		$	213,711		$	314,864		$	80,931
Stock -based compensation		(9,438	)		(859	)		(65,985	)		(34,615	)		(21,502	)		(6,802	)		(1,011	)		(65,250	)		(38,235	)		(23,090	)
Amortization of acquired intangible assets		(2,330	)		(200	)		(28	)		(435	)		(105	)		(1,882	)		(133	)	—				(407	)		(105	)
Acquisition related expense	—			—				(5,663	)		(92	)		(702	)	—			—				(3,908	)		(83	)		(1,872	)
Non-GAAP expense	$	109,643		$	15,231		$	149,118		$	322,389		$	59,359		$	80,821		$	12,723		$	144,553		$	276,139		$	55,864

GAAP expense as a percentage of revenue		14.3	%		1.9	%		26.1	%		42.2	%		9.6	%		12.7	%		2.0	%		30.4	%		44.8	%		11.5	%
Non-GAAP expense as a percentage of revenue		12.9	%		1.8	%		17.6	%		38.1	%		7.0	%		11.5	%		1.8	%		20.6	%		39.3	%		7.9	%

	Year Ended December 31,
	2025															2024
	COS, Subs- cription			COS, Prof. services & other			R&D			S&M			G&A			COS, Subs- cription			COS, Prof. services & other			R&D			S&M			G&A

GAAP expense	$	445,336		$	63,151		$	905,943		$	1,379,376		$	326,045		$	336,878		$	56,387		$	778,714		$	1,218,844		$	300,332
Stock -based compensation		(34,591	)		(3,972	)		(261,747	)		(139,346	)		(88,497	)		(23,613	)		(4,339	)		(243,164	)		(145,778	)		(87,876	)
Amortization of acquired intangible assets		(9,070	)		(800	)		(66	)		(1,768	)		(420	)		(7,525	)		(133	)		—			(1,479	)		(420	)
Acquisition related expense		—			—			(28,186	)		(466	)		(1,557	)		—			—			(6,427	)		(83	)		(2,986	)
Non-GAAP expense	$	401,675		$	58,379		$	615,944		$	1,237,796		$	235,571		$	305,740		$	51,915		$	529,123		$	1,071,504		$	209,050

GAAP expense as a percentage of revenue		14.2	%		2.0	%		28.9	%		44.1	%		10.4	%		12.8	%		2.1	%		29.6	%		46.4	%		11.4	%
Non-GAAP expense as a percentage of revenue		12.8	%		1.9	%		19.7	%		39.5	%		7.5	%		11.6	%		2.0	%		20.1	%		40.8	%		8.0	%