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 full year; GAAP operating margin improved to 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 more than 40,000 added 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 upmarket expansion were key performance drivers.

Financial highlights

• Q4 subscription revenue was $829 million, up 21% year-over-year; full-year subscription revenue was $3.06 billion, up 19%.

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

• Free cash flow for Q4 was $209 million (24.7% margin); full year was $595 million (19% margin).

• Net income was $163 million ($3.09 per share) in Q4 and $516 million ($9.70 per share) for the full year (non-GAAP).

• Cash and investments totaled $1.8 billion at year-end 2025.

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 expected at $736–$740 million (20% margin); EPS guidance $12.38–$12.46.

• Free cash flow for 2026 expected at $740 million, up 24% year-over-year.

• Net new ARR growth expected to outpace revenue growth in 2026, driven by upmarket momentum, multi-hub adoption, and AI-related credits.

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