HUBS

MKT CAP:$12B

HubSpot, Inc.

Market Cap

$12B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$214.69-$167.54 (-43.83%)

Apr 23, 2026

Company Details

HubSpot, Inc. provides a cloud-based customer relationship management (CRM) platform for businesses in the Americas, Europe, and the Asia Pacific. The company's CRM platform includes marketing, sales, service, and content management systems...

CEO

Yamini Rangan

IPO Date

Oct 9, 2014

Website

www.hubspot.com

Key Metrics TTM

Revenue

$3.1B

+19.2% YoY

Net Income

$46M

EPS (Diluted)

$0.87

Free Cash Flow

$677M

Revenue / Share

$59.58

Gross Margin

83.8%

Operating Margin

0.2%

Net Margin

1.5%

FCF Margin

21.6%

P/S

3.8x

P/E

257.3x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 11, 2026

$3.1B+19.2%EPS $0.86

Q4 2025

Feb 11, 2026

$846M+20.4%EPS $1.04

Q3 2025

Nov 5, 2025

$810M+20.9%EPS $0.31

Q2 2025

Aug 6, 2025

$761M+19.4%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$339M	$270M	-$15M
Q4 21	$369M	$298M	-$8M
Q1 22	$396M	$323M	-$11M
Q2 22	$422M	$343M	-$52M
Q3 22	$444M	$362M	-$32M
Q4 22	$470M	$389M	-$13M
Q1 23	$502M	$421M	-$43M
Q4 23	$582M	$493M	-$24M
Q1 24	$617M	$522M	-$23M
Q2 24	$637M	$542M	-$24M
Q3 24	$670M	$570M	-$10M
Q4 24	$703M	$600M	-$11M
Q1 25	$714M	$599M	-$27M
Q2 25	$761M	$639M	-$25M
Q3 25	$810M	$676M	$11M
Q4 25	$846M	$709M	$49M

Valuation

Quarter	P/S	P/E
Q3 21	10.0x	—
Q4 21	9.1x	—
Q1 22	8.3x	—
Q2 22	7.7x	—
Q3 22	7.2x	—
Q4 22	6.8x	—
Q1 23	6.4x	—
Q4 23	5.9x	—
Q1 24	5.4x	—
Q2 24	5.1x	—
Q3 24	4.7x	—
Q4 24	4.5x	2552.7x
Q1 25	4.3x	—
Q2 25	4.1x	—
Q3 25	4.0x	—
Q4 25	3.8x	257.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$43M	$27M
Q4 21	$95M	$76M
Q1 22	$82M	$63M
Q2 22	$41M	$12M
Q3 22	$60M	$36M
Q4 22	$90M	$71M
Q1 23	$81M	$63M
Q4 23	$104M	$78M
Q1 24	$127M	$100M
Q2 24	$118M	$88M
Q3 24	$160M	$191M
Q4 24	$194M	$181M
Q1 25	$162M	$148M
Q2 25	$164M	$148M
Q3 25	$187M	$177M
Q4 25	$247M	$204M

Capital Expenditures

Quarter	CapEx
Q3 21	$16M
Q4 21	$19M
Q1 22	$20M
Q2 22	$29M
Q3 22	$25M
Q4 22	$19M
Q1 23	$18M
Q4 23	$26M
Q1 24	$28M
Q2 24	$30M
Q3 24	$32M
Q4 24	$13M
Q1 25	$13M
Q2 25	$16M
Q3 25	$10M
Q4 25	$44M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+48.5%	+45.2%
Q4 21	+46.5%	+45.4%
Q1 22	+40.6%	+37.2%
Q2 22	+35.7%	+44.8%
Q3 22	+30.9%	+34.5%
Q4 22	+27.2%	+28.0%
Q1 23	+26.8%	+33.9%
Q4 23	+38.0%	+27.9%
Q1 24	+39.1%	+34.5%
Q2 24	+35.7%	+36.8%
Q3 24	+33.5%	+24.7%
Q4 24	+20.8%	+17.8%
Q1 25	+15.7%	+15.8%
Q2 25	+19.4%	+18.8%
Q3 25	+20.9%	+17.5%
Q4 25	+20.4%	+11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$45M	13.3%
Q4 21	$46M	12.4%
Q1 22	$46M	11.6%
Q2 22	$81M	19.2%
Q3 22	$72M	16.3%
Q4 22	$77M	16.3%
Q1 23	$83M	16.6%
Q4 23	$114M	19.5%
Q1 24	$111M	18.0%
Q2 24	$129M	20.2%
Q3 24	$130M	19.5%
Q4 24	$134M	19.1%
Q1 25	$117M	16.3%
Q2 25	$141M	18.5%
Q3 25	$138M	17.1%
Q4 25	$132M	15.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$78M	$36M	$170M
Q4 21	$83M	$42M	$181M
Q1 22	$93M	$44M	$197M
Q2 22	$119M	$52M	$224M
Q3 22	$114M	$50M	$230M
Q4 22	$116M	$51M	$235M
Q1 23	$128M	$57M	$251M
Q4 23	$163M	$70M	$281M
Q1 24	$176M	$69M	$300M
Q2 24	$198M	$73M	$294M
Q3 24	$191M	$78M	$310M
Q4 24	$214M	$81M	$315M
Q1 25	$220M	$79M	$327M
Q2 25	$237M	$85M	$340M
Q3 25	$261M	$81M	$355M
Q4 25	$221M	$82M	$358M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	48.5%	2.0%	50.5
Q4 21	46.5%	0.8%	47.3
Q1 22	40.6%	1.5%	42.1
Q2 22	35.7%	-9.3%	26.5
Q3 22	30.9%	-3.0%	27.9
Q4 22	27.2%	0.8%	27.9
Q1 23	26.8%	-3.3%	23.5
Q4 23	38.0%	1.9%	39.8
Q1 24	39.1%	4.8%	43.9
Q2 24	35.7%	3.2%	38.9
Q3 24	33.5%	5.5%	39.0
Q4 24	20.8%	6.0%	26.9
Q1 25	15.7%	2.7%	18.4
Q2 25	19.4%	3.7%	23.1
Q3 25	20.9%	3.2%	24.0
Q4 25	20.4%	13.6%	34.0

Rule of 40

Revenue Segments

Quarter	Service	Subscription and Circulation	Subscription And Circulation
Q3 21	$10M	$329M	—
Q4 21	$11M	—	$359M
Q1 22	$11M	$385M	—
Q2 22	$9M	$412M	—
Q3 22	$9M	$435M	—
Q4 22	$12M	$458M	—
Q1 23	$12M	$490M	—
Q4 23	$12M	$570M	—
Q1 24	$14M	$604M	—
Q2 24	$13M	$624M	—
Q3 24	$15M	$655M	—
Q4 24	$16M	$687M	—
Q1 25	$15M	$699M	—
Q2 25	$16M	$745M	—
Q3 25	$18M	$792M	—
Q4 25	$18M	$829M	—

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe
Q3 21	$207M	$29M	$103M
Q4 21	$226M	$32M	$111M
Q1 22	$242M	$34M	$119M
Q2 22	$259M	$37M	$125M
Q3 22	$277M	$38M	$129M
Q4 22	$296M	$39M	$134M
Q1 23	$308M	$43M	$151M
Q4 23	$355M	$47M	$180M
Q1 24	$375M	$50M	$193M
Q2 24	$386M	$51M	$200M
Q3 24	$404M	$54M	$211M
Q4 24	$424M	$58M	$222M
Q1 25	$438M	$56M	$220M
Q2 25	$457M	$60M	$244M
Q3 25	$477M	$65M	$268M
Q4 25	$499M	$68M	$280M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$408M	$826M	$1.2B
Q2 22	$306M	$940M	$1.2B
Q3 22	$332M	$953M	$1.3B
Q4 22	$331M	$1.1B	$1.4B
Q1 23	$325M	$1.2B	$1.5B
Q2 23	$457M	$1.1B	$1.5B
Q3 23	$536M	$1.1B	$1.6B
Q4 23	$388M	$1.0B	$1.4B
Q1 24	$448M	$1.1B	$1.5B
Q2 24	$798M	$938M	$1.7B
Q3 24	$410M	$1.5B	$1.9B
Q4 24	$513M	$1.6B	$2.1B
Q1 25	$625M	$1.4B	$2.0B
Q2 25	$601M	$1.1B	$1.7B
Q3 25	$614M	$872M	$1.5B
Q4 25	$882M	$822M	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	47M	+0.6%	+3.1%
Q4 21	47M	+0.6%	+2.9%
Q1 22	48M	+0.6%	+2.5%
Q2 22	48M	+0.5%	+2.2%
Q3 22	48M	+0.5%	+2.2%
Q4 22	49M	+1.5%	+3.1%
Q1 23	49M	+1.2%	+3.8%
Q4 23	50M	+1.9%	+5.3%
Q1 24	51M	+2.3%	+7.1%
Q2 24	51M	-1.0%	+4.5%
Q3 24	52M	+1.5%	+4.8%
Q4 24	52M	+0.9%	+3.8%
Q1 25	52M	-0.2%	+1.3%
Q2 25	53M	+1.0%	+3.3%
Q3 25	53M	-0.0%	+1.7%
Q4 25	53M	-0.2%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$80.3K	4K
Q4 21	$62.6K	6K
Q1 22	$67.1K	6K
Q2 22	$71.5K	6K
Q3 22	$75.3K	6K
Q4 22	$63.2K	7K
Q1 23	$67.5K	7K
Q4 23	$75.9K	8K
Q1 24	$80.6K	8K
Q2 24	$83.2K	8K
Q3 24	$87.4K	8K
Q4 24	$85.3K	8K
Q1 25	$86.6K	8K
Q2 25	$92.3K	8K
Q3 25	$98.2K	8K
Q4 25	$95.3K	9K

Revenue / Employee