Adobe vs HubSpot: Revenue, Profit and Business Model
Adobe reported $23.8B of revenue in FY2025 and $7.1B of net income. HubSpot reported $3.1B of revenue in FY2025 and $45.9M of net income.
Latest financial snapshot
Financial summary
Adobe
Revenue rose from $5.854 billion in fiscal 2016 to $23.769 billion in fiscal 2025. Fiscal 2025 net income was $7.130 billion, compared with $5.560 billion in fiscal 2024. Adobe's fiscal years in this series ended on the Friday closest to November 30 or, in some years, early December.
HubSpot
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.
Revenue and profit by year
Adobe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.8B | $7.1B | 30.0% | +10.5% | Source |
| FY2024 | $21.5B | $5.6B | 25.9% | +10.8% | Source |
| FY2023 | $19.4B | $5.4B | 28.0% | +10.2% | Source |
| FY2022 | $17.6B | $4.8B | 27.0% | +11.5% | Source |
| FY2021 | $15.8B | $4.8B | 30.5% | +22.7% | Source |
| FY2020 | $12.9B | $5.3B | 40.9% | +15.2% | Source |
| FY2019 | $11.2B | $3B | 26.4% | +23.7% | Source |
| FY2018 | $9B | $2.6B | 28.7% | +23.7% | Source |
| FY2017 | $7.3B | $1.7B | 23.2% | +24.7% | Source |
| FY2016 | $5.9B | $1.2B | 20.0% | — | Source |
HubSpot
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.1B | $45.9M | 1.5% | +19.2% | Source |
| FY2024 | $2.6B | $4.6M | 0.2% | +21.1% | Source |
| FY2023 | $2.2B | -$164.5M | -7.6% | +25.4% | Source |
| FY2022 | $1.7B | -$107.3M | -6.2% | +33.1% | Source |
| FY2021 | $1.3B | -$77.8M | -6.0% | +47.3% | Source |
| FY2020 | $883M | -$85M | -9.6% | +30.8% | Source |
| FY2019 | $674.9M | -$53.7M | -8.0% | +31.6% | Source |
| FY2018 | $513M | -$63.8M | -12.4% | +36.6% | Source |
| FY2017 | $375.6M | -$39.7M | -10.6% | +38.6% | Source |
| FY2016 | $271M | -$45.6M | -16.8% | — | Source |
Where the revenue comes from
Adobe
- Digital Media74.3%
Creative Cloud and Document Cloud generated $17.649 billion in fiscal 2025 revenue.
- Digital Experience24.7%
Customer-experience applications and services generated $5.864 billion in fiscal 2025 revenue.
- Publishing and Advertising1.1%
Publishing products and advertising offerings generated $256 million in fiscal 2025 revenue.
HubSpot
- Subscription Services~98%
Recurring subscriptions to Marketing Hub, Sales Hub, Service Hub, Content Hub, Data Hub, Commerce Hub, Smart CRM, and AI-enabled features: US$3.06 billion of fiscal 2025 revenue, per the FY2025 Form 10-K.
- Professional Services and Other~2%
Onboarding, implementation, training, and other services support customer adoption, with much of the services ecosystem handled through HubSpot partners: US$67.3 million of fiscal 2025 revenue, per the FY2025 Form 10-K.
- Commerce and AI EcosystemEmerging
Commerce Hub transaction tools, Breeze AI, AI agents, integrations, and marketplace features create potential expansion revenue around the core subscription base.
Business model and strategy
Adobe
How it makes money
Adobe earns most of its revenue from subscriptions. In fiscal 2025, subscription revenue was $22.904 billion, or about 96% of total revenue. Digital Media includes Creative Cloud and Document Cloud, while Digital Experience includes applications and services for customer experience management. Adobe also reports a smaller Publishing and Advertising business.
Growth strategy
Adobe's stated strategy includes expanding Creative Cloud and Document Cloud, developing Firefly and other AI capabilities, and growing customer-experience applications. In 2026 Adobe also announced that Anil Chakravarthy, who leads Customer Experience Orchestration and worldwide field operations, will become CEO on December 1, 2026.
Competitive advantage
Adobe combines established creative applications, the PDF and Acrobat document workflow, and customer-experience software in subscription offerings. Its fiscal 2025 Form 10-K says its markets are competitive and subject to rapid technology change, so continued product development and customer retention remain important.
HubSpot
How it makes money
HubSpot sells subscriptions to its customer platform. A free CRM and free tiers of each hub bring businesses in at no cost; paying customers then move up through Starter, Professional, and Enterprise editions, add hubs, and buy seats and AI credits.
Growth strategy
HubSpot is pursuing three growth paths. First, moving upmarket with Enterprise editions, custom objects, and data tools so larger customers consolidate on HubSpot. Second, selling more hubs and seats to its installed base of more than 306,000 customers. Third, monetizing AI through Breeze agents (customer service, prospecting, data, and content agents) and usage-based credits.
Competitive advantage
HubSpot's edge is ease of use on a single data model. Marketing, sales, service, content, and commerce records sit in one Smart CRM, so a mid-market company can run its go-to-market stack without the consultants and integration work that Salesforce or Microsoft Dynamics 365 often require.
Questions about Adobe vs HubSpot
Which company has higher revenue — Adobe Inc. or HubSpot, Inc.?
Adobe Inc. reported $23.8B (FY2025), while HubSpot, Inc. reported $3.1B (FY2025). By last reported revenue, Adobe Inc. is the larger business, with HubSpot, Inc. reporting a smaller revenue base.
What is the market cap of Adobe Inc. vs HubSpot, Inc.?
Adobe Inc.'s market capitalisation stands at $93.0B, while HubSpot, Inc.'s is $11.0B. Adobe Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HubSpot, Inc..
Which is more financially efficient — Adobe Inc. or HubSpot, Inc.?
Adobe Inc. generates $758k / employee in revenue per employee, while HubSpot, Inc. generates $353k / employee. Adobe Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adobe Inc. and HubSpot, Inc. make money?
Adobe Inc. and HubSpot, Inc. generate revenue in fundamentally different ways. Adobe Inc.: Adobe earns most of its revenue from subscriptions. HubSpot, Inc.: HubSpot sells subscriptions to its customer platform.
Which company is valued higher relative to revenue — Adobe Inc. or HubSpot, Inc.?
On a price-to-sales (P/S) basis, Adobe Inc. trades at 3.9x P/S and HubSpot, Inc. at 3.5x P/S. Adobe Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to HubSpot, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adobe Inc. bigger than HubSpot, Inc.?
By last reported revenue, Adobe Inc. ($23.8B (FY2025)) is the larger company compared to HubSpot, Inc. ($3.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adobe vs HubSpot overview