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 in constant currency.

• Operating margin was 22.6% (non-GAAP) in Q4 and 18.6% for the year; GAAP operating margin was 5.7% in Q4 and 0.2% for the year.

• Net income for Q4 was $163 million (non-GAAP) and $54.4 million (GAAP); full year net income was $516 million (non-GAAP) and $45.9 million (GAAP).

• Customer base expanded to over 288,000, with 9,800 net new customers in Q4 and more than 40,000 added in 2025.

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

Financial highlights

• Q4 subscription revenue was $829 million, up 21% year-over-year; services and other revenue was $17.8 million, up 12%.

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

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

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

• Average subscription revenue per customer was $11,700 in Q4, up year-over-year.

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); non-GAAP EPS $12.38–$12.46.

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

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