HubSpot vs Klaviyo: Revenue, Profit and Business Model
HubSpot reported $3.1B of revenue in FY2025 and $45.9M of net income. Klaviyo reported $1.2B of revenue in FY2025 and a net loss of $31.8M.
Latest financial snapshot
Financial summary
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.
Klaviyo
Klaviyo's revenue rose from $290.6 million in 2021 to $472.7 million in 2022, $698.1 million in 2023, $937.5 million in 2024 and $1.234 billion in 2025. The 2023 net loss of $308.2 million was inflated by IPO-related stock compensation; losses narrowed to $46.1 million in 2024 and $31.8 million in 2025. On a non-GAAP basis the business is profitable: 2025 non-GAAP operating margin was 14% and free cash flow margin was 16%. For Q2 2026 it reported $370.6 million revenue, 73% gross margin, a $15.0 million GAAP operating loss, $50.9 million non-GAAP operating income and $82.9 million of free cash flow.
Revenue and profit by year
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 |
Klaviyo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.2B | -$31.8M | -2.6% | +31.6% | Source |
| FY2024 | $937.5M | -$46.1M | -4.9% | +34.3% | Source |
| FY2023 | $698.1M | -$308.2M | -44.2% | +47.7% | Source |
| FY2022 | $472.7M | -$49.2M | -10.4% | +62.7% | Source |
| FY2021 | $290.6M | -$79.4M | -27.3% | — | Source |
Where the revenue comes from
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.
Klaviyo
- Subscription platform (email, CDP, reviews, service, AI)
Recurring subscriptions priced mainly by active profiles, with add-on products. Klaviyo does not break out revenue by product.
- SMS, MMS and WhatsApp messaging
Message-credit plans; a growing share of revenue that carries carrier costs and lower gross margin.
Business model and strategy
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.
Klaviyo
How it makes money
Klaviyo sells software subscriptions to consumer brands. Email plans are priced mainly by the number of active profiles a brand stores; SMS and WhatsApp are sold as message credits; and add-ons such as Klaviyo CDP, Reviews, Customer Hub/service tools and AI agents raise spend per account.
Growth strategy
Klaviyo is pushing upmarket (4,477 customers paid more than $50,000 in ARR at June 30, 2026, up 36%), expanding abroad, cross-selling SMS, WhatsApp, Reviews, CDP and service products, and repositioning from email tool to autonomous B2C CRM. Partnerships with Shopify, Stripe, Anthropic and Figma extend where its data and agents can be used.
Competitive advantage
Klaviyo's edge is data plus distribution. Its event database stores every product view, cart and order alongside the customer profile, so segmentation and triggered messages work in near real time without an outside data warehouse.
Questions about HubSpot vs Klaviyo
Which company has higher revenue — HubSpot, Inc. or Klaviyo, Inc.?
HubSpot, Inc. reported $3.1B (FY2025), while Klaviyo, Inc. reported $1.2B (FY2025). By last reported revenue, HubSpot, Inc. is the larger business, with Klaviyo, Inc. reporting a smaller revenue base.
What is the market cap of HubSpot, Inc. vs Klaviyo, Inc.?
HubSpot, Inc.'s market capitalisation stands at $11.0B, while Klaviyo, Inc.'s is $4.5B. HubSpot, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Klaviyo, Inc..
Which is more financially efficient — HubSpot, Inc. or Klaviyo, Inc.?
HubSpot, Inc. generates $353k / employee in revenue per employee, while Klaviyo, Inc. generates $521k / employee. Klaviyo, 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 HubSpot, Inc. and Klaviyo, Inc. make money?
HubSpot, Inc. and Klaviyo, Inc. generate revenue in fundamentally different ways. HubSpot, Inc.: HubSpot sells subscriptions to its customer platform. Klaviyo, Inc.: Klaviyo sells software subscriptions to consumer brands.
Which company is valued higher relative to revenue — HubSpot, Inc. or Klaviyo, Inc.?
On a price-to-sales (P/S) basis, HubSpot, Inc. trades at 3.5x P/S and Klaviyo, Inc. at 3.6x P/S. Klaviyo, 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 HubSpot, Inc. bigger than Klaviyo, Inc.?
By last reported revenue, HubSpot, Inc. ($3.1B (FY2025)) is the larger company compared to Klaviyo, Inc. ($1.2B (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 HubSpot vs Klaviyo overview