HubSpot

HUBS · NYSE · Information Technology · Financials, fiscal 2016 to 2025

HUBS · Last close · October 26, 2026

$263.99

HubSpot's revenue rose 19.2% to $3.1 billion in fiscal 2025. Its operating margin was 0.2%, up from −2.6% a year earlier. Free cash flow was $708 million, up 26.2%. It paid out $500 million in dividends and buybacks, 71% of free cash flow. The diluted share count rose 2.6%.

HubSpot, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001193125-26-046646 Updated October 11, 2026

Revenue

$3.1B

19.2%

Operating margin

0.2%

2.8 pts

Net income

$46M

892.0%

Free cash flow

$708M

26.2%

Return on equity

2.3%

2.0 pts

Market cap

$13.4B

Oct 26 close

P/E

93.9x

On $2.81 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. HubSpot's convertible notes aren't fully tagged in its filings from 2022, so debt is blank from then (it repaid the last notes in 2025).

What HubSpot does

HubSpot sells a software platform that helps marketing, sales and customer service teams manage their relationships with customers. The platform includes a customer relationship management (CRM) system, which holds customer data, and tools for marketing, sales, service, operations, content and commerce. It adds artificial intelligence (AI) agents that do some of this work.

HubSpot focuses on mid-market business-to-business companies, which it defines as companies with between 2 and 2,000 employees. It mainly sells the platform as a subscription. Outside partners resell and set up the software, and the company runs a marketplace of integrations and templates. In 2025 its total revenue was $3.1 billion. It had 288,706 customers in more than 135 countries and 8,882 full-time employees at year-end.

HubSpot is based in Cambridge, Massachusetts. It was formed in 2005 and became a corporation in 2007.

Its biggest risks, as it describes them

Customers not renewing subscriptions, or HubSpot not adding enough new ones.
Competition from large and small software companies.
Depending on third-party data centers to deliver the platform.
Needing to keep up with fast-changing technology, including AI.
Relying on partners that sell and set up its platform for part of its growth.

From HubSpot's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2024 to 2025, earnings per share grew 855.6% a year and net income 897.8% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value HubSpot yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from HubSpot's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need HubSpot's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to HubSpot's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $263.99
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from HubSpot's earnings per share of $2.81 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 92.1×, the middle of HubSpot's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Docusign, Okta.

Earnings growth in the years ahead (% a year) Starts at HubSpot's revenue growth over the last 3 years, 21.8% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $263.99
Value at this multiple, against the last close: —
HubSpot's P/E at the last close: 93.9×

Company	Last close	Earnings per share	P/E today
OktaOKTA	$220.01	$1.66	132.5×
HubSpotHUBS	$263.99	$2.81	93.9×
DocusignDOCU	$84.89	$1.64	51.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,198	1,413	1,388	2,070	1,704
Debt incl. finance leases	403	—	—	—	—
Net debt (negative means net cash)	−795	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.5x	—	—	—	—
Interest coverage	−1.8x	−27.3x	−52.9x	−18.2x	8.4x
Current ratio	2.4x	2.3x	2.0x	1.7x	1.7x
Quick ratio	2.4x	2.3x	2.0x	1.7x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $2.8 million of HubSpot shares on the open market, and 2 insiders sold $27.2 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Brian HalliganDirector	Sold plan	8,500	$239.57	$2.0 million	Form 4
Sep 15, 2026	Brian HalliganDirector	Sold plan	8,500	$245.64	$2.1 million	Form 4
Aug 18, 2026	Brian HalliganDirector	Sold plan	8,500	$219.50	$1.9 million	Form 4
Aug 10, 2026	Gerald DischlerDirector	Bought	925	$215.93	$199,735	Form 4
Aug 4, 2026	Erika Ashley FisherChief Legal Officer	Sold plan	702	$235.22	$165,124	Form 4
Jul 21, 2026	Brian HalliganDirector	Sold plan	8,500	$221.09	$1.9 million	Form 4
Jun 16, 2026	Brian HalliganDirector	Sold plan	8,500	$184.42	$1.6 million	Form 4
May 19, 2026	Brian HalliganDirector	Sold plan	8,500	$220.00	$1.9 million	Form 4
May 12, 2026	Dharmesh ShahChief Technology Officer, Director	Bought	10,000	$181.37	$1.8 million	Form 4
May 12, 2026	Yamini RanganChief Executive Officer & Pres, Director	Bought	2,750	$189.84	$522,060	Form 4
May 11, 2026	Lorrie M NorringtonDirector	Bought	1,313	$190.42	$250,021	Form 4
May 4, 2026	Erika Ashley FisherChief Legal Officer	Sold plan	915	$236.66	$216,544	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	−18.4%	−17.3%	−18.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put HubSpot side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
HubSpot	FY25	19.2%	0.2%	22.6%	—	—	—
Docusign	FY26	8.2%	9.3%	32.9%	25.4%	−2.1x	5	Compare
NiCE	FY25	7.7%	21.9%	23.7%	19.0%	−0.5x	7	Compare
Okta	FY26	11.8%	5.1%	30.0%	—	—	8	Compare
Datadog	FY25	27.7%	−1.3%	29.2%	—	−723.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	271	376	513	675	883	1,301	1,731	2,170	2,628	3,131
Revenue growth	48.9%	38.6%	36.6%	31.6%	30.9%	47.3%	33.1%	25.4%	21.1%	19.2%
Gross profit	209	300	413	545	716	1,042	1,423	1,832	2,234	2,623
Research and development	46	70	118	158	206	302	442	618	779	906
Operating income	−45	−40	−48	−47	−51	−55	−103	−201	−68	7
Net income	−46	−40	−64	−54	−85	−78	−107	−164	5	46
Diluted EPS (US$)	−1.29	−1.08	−1.66	−1.28	−1.90	−1.66	−2.23	−3.30	0.09	0.86
Diluted shares (millions)	35	37	38	42	45	47	48	50	52	53
Cash flow
Cash from operations	19	50	85	119	89	239	273	351	599	761
Capital expenditure	16	20	22	40	37	29	37	34	38	53
Free cash flow	4	29	63	79	52	210	236	317	561	708
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	500
Acquisitions	0	9	0	23	0	17	0	142	40	88
Stock-based compensation	33	47	76	98	122	167	276	432	505	528
Balance sheet at fiscal year end
Cash and short-term investments	114	504	592	962	1,251	1,198	1,413	1,388	2,070	1,704
Debt incl. finance leases	—	298	319	341	479	403	—	—	—	—
Total assets	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796	3,854
Total liabilities	141	502	589	919	1,211	1,301	1,550	1,737	1,888	1,788
Shareholders' equity	119	210	245	650	763	871	995	1,334	1,908	2,066
Margins and ratios
Gross margin	77.2%	79.8%	80.4%	80.7%	81.1%	80.1%	82.2%	84.4%	85.0%	83.8%
Operating margin	−16.5%	−10.7%	−9.4%	−7.0%	−5.8%	−4.2%	−5.9%	−9.3%	−2.6%	0.2%
Net margin	−16.8%	−10.6%	−12.4%	−8.0%	−9.6%	−6.0%	−6.2%	−7.6%	0.2%	1.5%
Free cash flow margin	1.3%	7.8%	12.2%	11.7%	5.8%	16.1%	13.6%	14.6%	21.3%	22.6%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−37.9%	−24.1%	−28.1%	−12.0%	−12.0%	−9.5%	−11.5%	−14.1%	0.3%	2.3%
Return on assets	−19.0%	−8.2%	−8.3%	−4.5%	−4.8%	−3.8%	−4.5%	−5.9%	0.1%	1.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: HubSpot's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with HubSpot.