HubSpot (HUBS) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 20% year-over-year to $847 million, with full-year revenue reaching $3.13 billion, up 19% year-over-year.

• Operating margin was 22.6% in Q4 and 18.6% for the full year (non-GAAP), reflecting strong profit growth; GAAP operating margin was 5.7% in Q4 and 0.2% for the year.

• Customer base expanded to over 288,000, with 9,800 net new customers in Q4 and 40,000 for the year; average subscription revenue per customer increased 3%.

• Board authorized a $1 billion share repurchase program, signaling confidence in future growth.

• AI-driven product innovation, multi-hub adoption, and platform expansion were key performance drivers.

Financial highlights

• Q4 revenue grew 20% year-over-year; subscription revenue was $829 million, up 21%.

• Calculated billings in Q4 were $971 million, up 27% year-over-year.

• Net income was $163 million ($3.09/share) in Q4 and $516 million ($9.70/share) for the year (non-GAAP); GAAP net income for Q4 was $54.4 million ($1.04/share).

• Free cash flow was $209 million in Q4 (25% of revenue) and $595 million for the year (19% of revenue).

• Cash and marketable securities at year-end: $1.8 billion.

Outlook and guidance

• Q1 2026 revenue expected at $862–$863 million, up 21% year-over-year.

• Full-year 2026 revenue guidance is $3.69–$3.7 billion, up 18% year-over-year.

• Non-GAAP operating profit for 2026 expected at $736–$740 million (20% margin); net income per share guidance for 2026: $12.38–$12.46.

• Free cash flow projected at $740 million for 2026.

• Long-term operating profit margin target set at 20–22%, with a goal of 25% over time.