HubSpot, Inc.
Financial Performance
HubSpot Revenue & Financials
Revenue
$3.1B (FY2025)
Market Cap
$11B
Net Income
$45.9M
Employees
8,882
What is HubSpot's revenue?
HubSpot had $3.1B in revenue for fiscal year 2025, up 19.2% from 2024. Net income was $45.9M.
- Latest revenue
- $3.1B (FY2025)
- Year-over-year
- +19.2%
- Growth rate (CAGR)
- 31.2% over 9 years
- Peak revenue
- $3.1B (FY2025)
- Years of data
- 10
- Employees
- 8,882
Financial Analysis
HubSpot spent its first 18 years trading losses for growth: GAAP net losses ran from $39.7 million in 2017 to $164.5 million in 2023. The turn came in 2024 with $4.6 million of net income on $2.63 billion of revenue, followed by $45.9 million on $3.13 billion in 2025. In Q2 2026 revenue reached $911.7 million (up 20% as reported, 17% in constant currency), subscription revenue was $894.0 million, and non-GAAP operating margin improved to 20.3%. Full-year 2026 guidance calls for roughly $3.68 billion of revenue and about a 21% non-GAAP operating margin. HubSpot, Inc. is a major American developer of software products for inbound marketing and sales, sustaining a market valuation typically exceeding $30 billion.
Revenue Trend Analysis
YoY Change
+19.2%
9-Year CAGR
+31.2%
Peak Year
2025
Trend
Consistent Growth
HubSpot, Inc. has 10 full fiscal year figures on this page, compounding at +31.2% annually over 9 years. The most recent year saw a 19.2% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $3.1B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
Click any row to see year details.
HubSpot, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $760.7M | $53.2M | $3.9B | $1.8B | $2.1B | $707.6M | Form 10-K |
| FY2024ended Dec 31, 2024 | $598.6M | $37.9M | $3.8B | $1.9B | $1.9B | $560.7M | Form 10-K |
| FY2023ended Dec 31, 2023 | $351M | $33.7M | $3.1B | $1.7B | $1.3B | $317.3M | Form 10-K |
| FY2022ended Dec 31, 2022 | $273.2M | $37.4M | $2.5B | $1.6B | $994.7M | $235.7M | Form 10-K |
| FY2021ended Dec 31, 2021 | $238.7M | $28.7M | $2.2B | $1.3B | $870.9M | $210M | Form 10-K |
| FY2020ended Dec 31, 2020 | $88.9M | $37.3M | $2B | $1.2B | $762.7M | $51.6M | Form 10-K |
| FY2019ended Dec 31, 2019 | $119M | $40.4M | $1.6B | $919.3M | $650M | $78.6M | Form 10-K |
| FY2018ended Dec 31, 2018 | $84.9M | $22.3M | $834M | $589.3M | $244.6M | $62.5M | Form 10-K |
| FY2017ended Dec 31, 2017 | $49.6M | $20.3M | $712.2M | $501.8M | $210.4M | $29.3M | Form 10-K |
| FY2016ended Dec 31, 2016 | $19.4M | $15.8M | $259.8M | $141.1M | $118.7M | $3.6M | Form 10-K |
Keep researching HubSpot
HubSpot Revenue and Financial FAQ
What is HubSpot's annual revenue milestone and growth trajectory?
HubSpot, Inc. reported revenue of $3.1 billion for fiscal year 2025, up from $2.6 billion in fiscal 2024.
What is HubSpot's subscription revenue gross margin profile?
HubSpot maintains an exceptional non-GAAP gross margin between 82% and 84%, reflecting the high operating leverage and capital efficiency of its cloud-native multi-tenant SaaS software architecture.
What is HubSpot's total paying customer count and Average Subscription Revenue Per Customer (ASRPC)?
HubSpot had 288,706 Customers in more than 135 countries as of December 31, 2025, up from 247,939 a year earlier. Average Subscription Revenue per Customer was US$11,414 in 2025, versus US$11,343 in 2024, and net revenue retention was 103.5%.
What is HubSpot's non-GAAP operating margin and free cash flow generation?
For 2025, HubSpot reported non-GAAP operating income of about US$582 million, up 26%, and free cash flow of about US$595 million (roughly 19% of revenue), with GAAP operating cash flow of US$760.7 million, while continuing to invest in R&D and AI.
How does HubSpot split its revenues geographically between North America and International markets?
In fiscal 2025, customers outside the United States generated about 48% of HubSpot's revenue and made up about 53% of its Customers, leaving roughly 52% of revenue from the United States.
What is HubSpot's balance sheet strength and cash reserves?
As of December 31, 2025, HubSpot held US$882.2 million in cash and cash equivalents plus US$821.6 million of short-term investments, about US$1.70 billion combined, giving it flexibility for investments and share repurchases.
What is HubSpot's stock market performance and valuation history on the NYSE?
HubSpot (NYSE: HUBS) went public in October 2014 at US$25 per share. Its market capitalization was about US$36.0 billion at the end of 2024 and US$21.0 billion at the end of 2025, then about US$9.86 billion on September 29, 2026, according to StockAnalysis.
How has HubSpot optimized its sales and marketing efficiency over time?
HubSpot utilizes a high-velocity inbound sales model where over 60% of leads are generated organically via inbound content and freemium product usage, enabling lower customer acquisition costs (CAC) compared to traditional enterprise outbound software vendors.
Is HubSpot profitable?
Like many massive SaaS companies, HubSpot historically lost money for years to aggressively fund sales and marketing to capture market share. However, as they achieved massive scale (passing $2 billion in Annual Recurring Revenue), they successfully transitioned to generating massive free cash flow and achieving GAAP profitability, delighting Wall Street.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "HubSpot Revenue & Financials." CorpDigest, https://corpdigest.com/company/hubspot/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>HubSpot reported $3.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/hubspot/financials" target="_blank" rel="noopener">CorpDigest — HubSpot financials</a></div>Related Financial Audits
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