Hubspot Inc Financials
This page shows Hubspot Inc (HUBS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
HubSpot’s business model is now converting software scale into cash faster than GAAP profit alone would suggest.
FY2023–FY2025 marks a cash-before-earnings transition: operating margin moved from-9.3% to0.2% , but the economic improvement showed up in cash earlier than in reported profit. In FY2025, free cash flow reached$708M on just$53M of capex, which implies an asset-light model where most reinvestment runs through operating expenses rather than large balance-sheet buildout.
Balance-sheet posture improved alongside growth: cash rose to
Margin shape shows improving operating leverage rather than a simple product-margin story. Gross margin slipped to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Hubspot Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Hubspot Inc has an operating margin of 0.2%, meaning the company retains $0 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from -2.6% the prior year.
Hubspot Inc's revenue surged 19.2% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Hubspot Inc has a moderate D/E ratio of 0.87. This balance of debt and equity financing earns a leverage score of 50/100.
Hubspot Inc's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.
Hubspot Inc converts 22.6% of revenue into free cash flow ($707.6M). This strong cash generation earns a score of 88/100.
Hubspot Inc's ROE of 2.2% shows moderate profitability relative to equity, earning a score of 33/100. This is up from 0.2% the prior year.
Hubspot Inc scores 4.39, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.5B) relative to total liabilities ($1.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Hubspot Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Hubspot Inc generates $16.57 in operating cash flow ($760.7M OCF vs $45.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Hubspot Inc earns $8.4 in operating income for every $1 of interest expense ($7.4M vs $876K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Hubspot Inc generated $3.1B in revenue in fiscal year 2025. This represents an increase of 19.2% from the prior year.
Hubspot Inc's EBITDA was $143.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 391.6% from the prior year.
Hubspot Inc reported $45.9M in net income in fiscal year 2025. This represents an increase of 892.0% from the prior year.
Hubspot Inc earned $0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 855.6% from the prior year.
Cash & Balance Sheet
Hubspot Inc generated $707.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.2% from the prior year.
Hubspot Inc held $882.2M in cash against $0 in long-term debt as of fiscal year 2025.
Hubspot Inc had 53M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Margins & Returns
Hubspot Inc's gross margin was 83.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Hubspot Inc's operating margin was 0.2% in fiscal year 2025, reflecting core business profitability. This is up 2.8 percentage points from the prior year.
Hubspot Inc's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.
Hubspot Inc's ROE was 2.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.
Capital Allocation
Hubspot Inc invested $905.9M in research and development in fiscal year 2025. This represents an increase of 16.3% from the prior year.
Hubspot Inc spent $500.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Hubspot Inc invested $53.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 40.1% from the prior year.
HUBS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $881.0M+4.0% | $846.7M+4.6% | $809.5M+6.4% | $760.9M+6.5% | $714.1M+1.6% | $703.2M+5.0% | $669.7M+5.1% | $637.2M |
| Cost of Revenue | $145.7M+5.8% | $137.7M+3.1% | $133.5M+9.3% | $122.2M+6.1% | $115.1M+11.4% | $103.3M+4.0% | $99.3M+4.0% | $95.5M |
| Gross Profit | $735.3M+3.7% | $709.0M+4.9% | $676.0M+5.8% | $638.7M+6.6% | $599.0M-0.1% | $599.8M+5.2% | $570.4M+5.3% | $541.7M |
| R&D Expenses | $234.2M+6.1% | $220.8M-3.0% | $227.7M-4.1% | $237.3M+7.8% | $220.1M+3.0% | $213.7M+11.8% | $191.2M-3.5% | $198.2M |
| SG&A Expenses | $85.6M+4.9% | $81.7M+1.1% | $80.7M-5.0% | $85.0M+8.1% | $78.6M-2.9% | $80.9M+3.9% | $77.9M+7.3% | $72.6M |
| Operating Income | $27.9M-42.1% | $48.2M+329.4% | $11.2M+145.6% | -$24.6M+10.4% | -$27.5M-154.4% | -$10.8M-12.2% | -$9.6M+59.8% | -$23.9M |
| Interest Expense | $245K+24400.0% | $1K-75.0% | $4K-98.2% | $227K-64.8% | $644K-32.1% | $949K+1.4% | $936K+3.9% | $901K |
| Income Tax | $6.7M-6.7% | $7.2M+9.5% | $6.6M+400.1% | -$2.2M-118.4% | $11.9M+48.9% | $8.0M+220.1% | $2.5M-78.7% | $11.8M |
| Net Income | $32.6M-40.2% | $54.4M+229.1% | $16.5M+607.6% | -$3.3M+85.1% | -$21.8M-537.3% | $5.0M-38.8% | $8.1M+156.4% | -$14.4M |
| EPS (Diluted) | $0.62 | N/A | $0.31+616.7% | $-0.06+85.7% | $-0.42 | N/A | $0.16+157.1% | $-0.28 |
HUBS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.8B-0.6% | $3.9B+10.0% | $3.5B-4.9% | $3.7B-5.5% | $3.9B+2.6% | $3.8B+6.7% | $3.6B+6.0% | $3.4B |
| Current Assets | $2.4B-0.3% | $2.4B+15.9% | $2.1B-8.5% | $2.3B-11.6% | $2.6B-0.7% | $2.6B+8.0% | $2.4B+9.1% | $2.2B |
| Cash & Equivalents | $943.9M+7.0% | $882.2M+43.6% | $614.4M+2.2% | $601.2M-3.8% | $625.0M+21.9% | $512.7M+25.0% | $410.1M-48.6% | $797.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $354.9M-15.3% | $419.1M+33.3% | $314.5M-2.1% | $321.1M+9.0% | $294.5M-12.0% | $334.8M+20.1% | $278.9M+3.3% | $269.9M |
| Goodwill | $300.3M+3.0% | $291.5M+6.1% | $274.8M0.0% | $274.7M+7.7% | $255.0M+21.7% | $209.5M+20.3% | $174.2M+0.3% | $173.6M |
| Total Liabilities | $1.8B+2.5% | $1.8B+8.6% | $1.6B+1.7% | $1.6B-14.4% | $1.9B+0.2% | $1.9B+4.6% | $1.8B+2.9% | $1.8B |
| Current Liabilities | $1.5B+3.4% | $1.5B+11.5% | $1.3B+2.3% | $1.3B-18.4% | $1.6B+0.2% | $1.6B+5.7% | $1.5B+3.6% | $1.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.0B-3.4% | $2.1B+11.3% | $1.9B-10.1% | $2.1B+3.0% | $2.0B+5.0% | $1.9B+8.9% | $1.8B+9.4% | $1.6B |
| Retained Earnings | -$721.3M+4.3% | -$753.9M+6.7% | -$808.3M+2.0% | -$824.9M-0.4% | -$821.6M-2.7% | -$799.8M+0.6% | -$804.8M+1.0% | -$812.9M |
HUBS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $198.8M-19.6% | $247.4M+32.1% | $187.4M+14.0% | $164.4M+1.7% | $161.6M-16.8% | $194.1M+21.7% | $159.5M+35.4% | $117.8M |
| Capital Expenditures | $15.4M+14.7% | $13.4M+30.0% | $10.3M-35.4% | $16.0M+20.1% | $13.3M+4.9% | $12.7M+14.3% | $11.1M+35.7% | $8.2M |
| Free Cash Flow | $183.4M-21.6% | $234.0M+32.2% | $177.0M+19.3% | $148.3M+0.1% | $148.2M-18.3% | $181.4M+22.2% | $148.4M+35.4% | $109.6M |
| Investing Cash Flow | $64.6M+112.4% | $30.4M-82.1% | $170.2M-36.6% | $268.6M+1090.5% | $22.6M+126.4% | -$85.5M+85.0% | -$569.4M-367.1% | $213.2M |
| Financing Cash Flow | -$196.2M-1972.5% | -$9.5M+97.2% | -$340.6M+29.0% | -$479.6M-497.1% | -$80.3M-898.4% | $10.1M-13.8% | $11.7M-43.3% | $20.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $206.7M+1301.6% | $14.7M-95.9% | $360.3M | N/A | N/A | N/A | N/A | N/A |
HUBS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.5%-0.3pp | 83.7%+0.2pp | 83.5%-0.4pp | 83.9%+0.1pp | 83.9%-1.4pp | 85.3%+0.1pp | 85.2%+0.2pp | 85.0% |
| Operating Margin | 3.2%-2.5pp | 5.7%+4.3pp | 1.4%+4.6pp | -3.2%+0.6pp | -3.9%-2.3pp | -1.5%-0.1pp | -1.4%+2.3pp | -3.8% |
| Net Margin | 3.7%-2.7pp | 6.4%+4.4pp | 2.0%+2.5pp | -0.4%+2.6pp | -3.0%-3.8pp | 0.7%-0.5pp | 1.2%+3.5pp | -2.3% |
| Return on Equity | 1.6%-1.0pp | 2.6%+1.7pp | 0.9%+1.1pp | -0.2%+0.9pp | -1.1%-1.4pp | 0.3%-0.2pp | 0.5%+1.4pp | -0.9% |
| Return on Assets | 0.9%-0.6pp | 1.4%+0.9pp | 0.5%+0.6pp | -0.1%+0.5pp | -0.6%-0.7pp | 0.1%-0.1pp | 0.2%+0.7pp | -0.4% |
| Current Ratio | 1.61-0.1 | 1.67+0.1 | 1.61-0.2 | 1.79+0.1 | 1.66-0.0 | 1.67+0.0 | 1.64+0.1 | 1.56 |
| Debt-to-Equity | 0.92+0.1 | 0.87-0.0 | 0.89+0.1 | 0.78-0.2 | 0.94-0.0 | 0.99-0.0 | 1.03-0.1 | 1.10 |
| FCF Margin | 20.8%-6.8pp | 27.6%+5.8pp | 21.9%+2.4pp | 19.5%-1.3pp | 20.8%-5.0pp | 25.8%+3.6pp | 22.2%+5.0pp | 17.2% |
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Frequently Asked Questions
What is Hubspot Inc's annual revenue?
Hubspot Inc (HUBS) reported $3.1B in total revenue for fiscal year 2025. This represents a 19.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hubspot Inc's revenue growing?
Hubspot Inc (HUBS) revenue grew by 19.2% year-over-year, from $2.6B to $3.1B in fiscal year 2025.
Is Hubspot Inc profitable?
Yes, Hubspot Inc (HUBS) reported a net income of $45.9M in fiscal year 2025, with a net profit margin of 1.5%.
What is Hubspot Inc's EBITDA?
Hubspot Inc (HUBS) had EBITDA of $143.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Hubspot Inc's gross margin?
Hubspot Inc (HUBS) had a gross margin of 83.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hubspot Inc's operating margin?
Hubspot Inc (HUBS) had an operating margin of 0.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Hubspot Inc's net profit margin?
Hubspot Inc (HUBS) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hubspot Inc's return on equity (ROE)?
Hubspot Inc (HUBS) has a return on equity of 2.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hubspot Inc's free cash flow?
Hubspot Inc (HUBS) generated $707.6M in free cash flow during fiscal year 2025. This represents a 26.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hubspot Inc's operating cash flow?
Hubspot Inc (HUBS) generated $760.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hubspot Inc's total assets?
Hubspot Inc (HUBS) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hubspot Inc's capital expenditures?
Hubspot Inc (HUBS) invested $53.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Hubspot Inc spend on research and development?
Hubspot Inc (HUBS) invested $905.9M in research and development during fiscal year 2025.
What is Hubspot Inc's current ratio?
Hubspot Inc (HUBS) had a current ratio of 1.67 as of fiscal year 2025, which is generally considered healthy.
What is Hubspot Inc's debt-to-equity ratio?
Hubspot Inc (HUBS) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hubspot Inc's return on assets (ROA)?
Hubspot Inc (HUBS) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hubspot Inc's Altman Z-Score?
Hubspot Inc (HUBS) has an Altman Z-Score of 4.39, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Hubspot Inc's Piotroski F-Score?
Hubspot Inc (HUBS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hubspot Inc's earnings high quality?
Hubspot Inc (HUBS) has an earnings quality ratio of 16.57x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Hubspot Inc cover its interest payments?
Hubspot Inc (HUBS) has an interest coverage ratio of 8.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Hubspot Inc?
Hubspot Inc (HUBS) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.