HubSpot | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 846.75 M

Revenue: As of FY2025 Q4, the actual value is USD 846.75 M, beating the estimate of USD 830.81 M.

EPS: As of FY2025 Q4, the actual value is USD 1.04, beating the estimate of USD 0.7763.

EBIT: As of FY2025 Q4, the actual value is USD 35.13 M.

Financial Highlights

Revenue

• Fourth Quarter 2025:
  • Total revenue was $846.7 million, an increase of 20% on an as-reported basis and 18% in constant currency compared to Q4’24.
  • Subscription revenue was $829.0 million, up 21% on an as-reported basis compared to Q4’24.
  • Professional services and other revenue was $17.8 million, up 12% on an as-reported basis compared to Q4’24.
• Full Year 2025:
  • Total revenue was $3.13 billion, an increase of 19% on an as-reported basis and 18% in constant currency compared to 2024.
  • Subscription revenue was $3.06 billion, up 19% on an as-reported basis compared to 2024.
  • Professional services and other revenue was $67.3 million, up 16% on an as-reported basis compared to 2024.

Operating Income (Loss) and Margin

• Fourth Quarter 2025:
  • GAAP operating margin was 5.7%, compared to -1.5% in Q4’24.
  • Non-GAAP operating margin was 22.6%, compared to 18.9% in Q4’24.
  • GAAP operating income was $48.2 million, compared to an operating loss of - $10.8 million in Q4’24.
  • Non-GAAP operating income was $191.0 million, compared to $133.1 million in Q4’24.
• Full Year 2025:
  • GAAP operating margin was 0.2%, compared to -2.6% in 2024.
  • Non-GAAP operating margin was 18.6%, compared to 17.5% in 2024.
  • GAAP operating income was $7.4 million, compared to an operating loss of - $67.6 million in 2024.
  • Non-GAAP operating income was $581.9 million, compared to $460.2 million in 2024.

Net Income

• Fourth Quarter 2025:
  • GAAP net income was $54.4 million, compared to $4.9 million in Q4’24.
  • Non-GAAP net income was $162.5 million, compared to $124.9 million in Q4’24.
• Full Year 2025:
  • GAAP net income was $45.9 million, compared to $4.6 million in 2024.
  • Non-GAAP net income was $516.0 million, compared to $434.1 million in 2024.

Balance Sheet and Cash Flow

• HubSpot, Inc.’s cash and cash equivalents, short-term, and long-term investments balance was $1.8 billion as of December 31, 2025.
• Fourth Quarter 2025:
  • Cash from operating cash flow was $247.4 million, compared to $194.1 million during Q4’24.
  • Non-GAAP operating cash flow was $253.1 million, compared to $198.6 million during Q4’24.
  • Non-GAAP free cash flow was $209.4 million, compared to $163.0 million during Q4’24.
• Full Year 2025:
  • Cash from operating cash flow was $760.7 million, compared to $598.6 million during 2024.
  • Non-GAAP operating cash flow was $778.7 million, compared to $615.6 million during 2024.
  • Non-GAAP free cash flow was $594.9 million, compared to $488.1 million during 2024.

Operational Metrics

• Customers grew to 288,706 at December 31, 2025, an increase of 16% from December 31, 2024.
• Average Subscription Revenue Per Customer was $11,683 during the fourth quarter of 2025, up 3% on an as-reported basis compared to Q4’24.
• Calculated billings were $971.4 million in the fourth quarter of 2025, up 27% on an as-reported basis and 20% in constant currency compared to Q4’24.

Share Repurchase Program

• On February 7, 2026, HubSpot, Inc.’s Board of Directors authorized a share repurchase program of up to $1.0 billion over a period of up to 24 months.

Business Outlook

HubSpot, Inc. expects total revenue for Q1 2026 to be in the range of $862.0 million to $863.0 million, representing a 21% year-over-year increase on an as-reported basis. For the full year 2026, total revenue is projected to be between $3.69 billion and $3.70 billion, an 18% increase year-over-year on an as-reported basis. Non-GAAP operating income for Q1 2026 is anticipated to be $144.0 million to $145.0 million with a 17% operating profit margin, while full-year 2026 non-GAAP operating income is expected to be $736.0 million to $740.0 million with a 20% operating profit margin.