HubSpot vs Salesforce: Revenue, Profit and Business Model
HubSpot reported $3.1B of revenue in FY2025 and $45.9M of net income. Salesforce reported $41.5B of revenue in FY2026 and $7.5B of net income.
Latest financial snapshot
HubSpot
- Latest revenue
- $3.1B (FY2025)
- Net income
- $45.9M
- Net margin
- 1.5%
- Revenue growth
- +31.2% a year, FY2016–FY2025
Salesforce
- Latest revenue
- $41.5B (FY2026)
- Net income
- $7.5B
- Net margin
- 18.0%
- Revenue growth
- +19.4% a year, FY2017–FY2026
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.
Salesforce
Salesforce grew revenue from $8.4 billion in fiscal 2017 to $41.5 billion in fiscal 2026, helped by acquisitions such as MuleSoft, Tableau and Slack. After activist investors including Elliott and Starboard took stakes in early 2023, the company cut about 10% of staff, disbanded its board M&A committee and shifted to margins and capital returns. Fiscal 2026 brought $7.46 billion of GAAP net income, $14.4 billion of free cash flow and $14.3 billion returned to shareholders. In Q2 fiscal 2027 (ended July 31, 2026) revenue rose 11% to $11.345 billion, and full-year guidance was raised to $46.1 billion to $46.4 billion.
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 |
Salesforce
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $41.5B | $7.5B | 18.0% | +9.6% | Source |
| FY2025 | $37.9B | $6.2B | 16.4% | +8.7% | Source |
| FY2024 | $34.9B | $4.1B | 11.9% | +11.2% | Source |
| FY2023 | $31.4B | $208M | 0.7% | +18.3% | Source |
| FY2022 | $26.5B | $1.4B | 5.5% | +24.7% | Source |
| FY2021 | $21.3B | $4.1B | 19.2% | +24.3% | Source |
| FY2020 | $17.1B | $126M | 0.7% | +28.7% | Source |
| FY2019 | $13.3B | $1.1B | 8.4% | +26.0% | Source |
| FY2018 | $10.5B | $360M | 3.4% | +25.6% | Source |
| FY2017 | $8.4B | $323M | 3.8% | — | 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.
Salesforce
- Sales cloud subscriptions
- Service cloud subscriptions
- Platform and data subscriptions
- Marketing and commerce subscriptions
- Analytics and integration products
- Professional services
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.
Salesforce
How it makes money
Salesforce sells multi-year software subscriptions, mostly priced per user per month, plus consumption pricing for Data 360 and Agentforce. In fiscal 2026 (ended January 31, 2026), subscription and support revenue was $39.39 billion, about 95% of the $41.53 billion total; professional services added $2.14 billion.
Growth strategy
Salesforce is pushing three levers: Agentforce AI agents priced on consumption or flex credits, Data 360 (formerly Data Cloud) to unify customer data, and the Informatica acquisition, closed in November 2025, to add data management and governance. It also cross-sells Slack as the interface for agents and keeps buying back stock under a $50 billion authorization announced in February 2026.
Competitive advantage
Salesforce's advantage is switching cost. Large customers build years of custom objects, workflows, integrations and AppExchange apps on the platform and train administrators on it, so replacing it means re-implementing core sales and service processes. Owning Slack, MuleSoft, Tableau and Informatica also lets Salesforce sell data, integration and collaboration around the CRM record.
Questions about HubSpot vs Salesforce
Which company has higher revenue — HubSpot, Inc. or Salesforce, Inc.?
HubSpot, Inc. reported $3.1B (FY2025), while Salesforce, Inc. reported $41.5B (FY2026). By last reported revenue, Salesforce, Inc. is the larger business, with HubSpot, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of HubSpot, Inc. vs Salesforce, Inc.?
HubSpot, Inc.'s market capitalisation stands at $11.0B, while Salesforce, Inc.'s is $185.4B. Salesforce, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HubSpot, Inc..
Which is more financially efficient — HubSpot, Inc. or Salesforce, Inc.?
HubSpot, Inc. generates $353k / employee in revenue per employee, while Salesforce, Inc. generates $498k / employee. Salesforce, 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 Salesforce, Inc. make money?
HubSpot, Inc. and Salesforce, Inc. generate revenue in fundamentally different ways. HubSpot, Inc.: HubSpot sells subscriptions to its customer platform. Salesforce, Inc.: Salesforce sells multi-year software subscriptions, mostly priced per user per month, plus consumption pricing for Data 360 and Agentforce.
Which company is valued higher relative to revenue — HubSpot, Inc. or Salesforce, Inc.?
On a price-to-sales (P/S) basis, HubSpot, Inc. trades at 3.5x P/S and Salesforce, Inc. at 4.5x P/S. Salesforce, 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 Salesforce, Inc.?
By last reported revenue, Salesforce, Inc. ($41.5B (FY2026)) 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 HubSpot vs Salesforce overview