Hubspot
HUBS · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Hubspot reported revenue of $3.1B in the fiscal year ended Dec 2025, up 19.2% from the year before. Operating income was $7M, an operating margin of 0.2%, and net income was $46M. Operating cash flow of $761M less capital expenditure of $53M left free cash flow of $708M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.7B | $2.2B | $2.6B | $3.1B |
| Cost of revenue | $259M | $308M | $338M | $393M | $508M |
| Gross profit | $1B | $1.4B | $1.8B | $2.2B | $2.6B |
| Research & development | $302M | $442M | $618M | $779M | $906M |
| Operating income | −$55M | −$103M | −$201M | −$68M | $7M |
| Interest expense | $30M | $4M | $4M | $4M | $876,000 |
| Pre-tax income | −$74M | −$98M | −$151M | $29M | $69M |
| Income tax | $4M | $9M | $14M | $24M | $24M |
| Net income | −$78M | −$107M | −$165M | $5M | $46M |
| Diluted EPS | −1.66 | −2.23 | −3.30 | 0.09 | 0.86 |
| Diluted shares | 47M | 48M | 50M | 52M | 53M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $377M | $331M | $388M | $513M | $882M |
| Receivables | $157M | $227M | $295M | $335M | $419M |
| Current assets | $1.5B | $1.8B | $1.9B | $2.6B | $2.4B |
| Net PP&E | $96M | $105M | $103M | $114M | $142M |
| Goodwill | $47M | $46M | $174M | $210M | $291M |
| Total assets | $2.2B | $2.5B | $3.1B | $3.8B | $3.9B |
| Payables | $3M | $21M | $9M | $4M | $25M |
| Deferred revenue | $430M | $540M | $672M | $784M | $1B |
| Current liabilities | $617M | $755M | $942M | $1.6B | $1.5B |
| Total liabilities | $1.3B | $1.6B | $1.7B | $1.9B | $1.8B |
| Shareholders' equity | $871M | $995M | $1.3B | $1.9B | $2.1B |
| Backlog (remaining obligations) | $377M | $555M | $807M | $1B | $1.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $239M | $273M | $351M | $599M | $761M |
| Capital expenditure | $29M | $37M | $34M | $38M | $53M |
| Free cash flow | $210M | $236M | $317M | $561M | $708M |
| Depreciation & amortisation | $45M | $58M | $73M | $97M | $136M |
| Stock-based compensation | $167M | $276M | $432M | $505M | $528M |
| Acquisitions | $17M | $0 | $142M | $40M | $88M |
| Share buybacks | – | – | – | – | $500M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 33.1% | 25.4% | 21.1% | 19.2% |
| EPS growth (YoY) | – | – | – | – | 855.6% |
| Gross margin | 80.1% | 82.2% | 84.4% | 85.0% | 83.8% |
| Operating margin | −4.2% | −5.9% | −9.3% | −2.6% | 0.2% |
| Net margin | −6.0% | −6.2% | −7.6% | 0.2% | 1.5% |
| Return on equityBlank when equity is negative | −8.9% | −10.8% | −12.3% | 0.2% | 2.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.5% | −5.7% | −9.4% | −3.0% | 0.3% |
| Free cash flow margin | 16.1% | 13.6% | 14.6% | 21.3% | 22.6% |
| Cash conversion (CFO ÷ net income) | −3.07x | −2.54x | −2.13x | 129x | 16.6x |
| Receivable days | 44 | 48 | 50 | 47 | 49 |
| Payable days | 4 | 25 | 10 | 3 | 18 |
| Interest cover | −1.81x | −27.3x | −52.9x | −18.2x | 8.42x |
| Current ratio | 2.35x | 2.33x | 1.99x | 1.67x | 1.67x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.