HubSpot (HUBS) financial statements
HubSpot reported revenue of $3.1B in fiscal 2025, up 31.2% a year over 9 years.
Net income was $46M and the operating margin 0.2%, against -16.5% in 2016.
Free cash flow was $577M, and the company returned $500M in net buybacks.
The diluted share count rose 51% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HubSpot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $271M | $376M | $513M | $675M | $883M | $1.3B | $1.7B | $2.2B | $2.6B | $3.1B |
| Cost of revenue | $62M | $76M | $100M | $130M | $167M | $259M | $308M | $338M | $393M | $508M |
| Gross profit | $209M | $300M | $413M | $545M | $716M | $1.0B | $1.4B | $1.8B | $2.2B | $2.6B |
| Research and development | $46M | $70M | $118M | $158M | $206M | $302M | $442M | $618M | $779M | $906M |
| Selling, general and admin | $208M | $270M | $343M | $434M | $561M | $795M | $1.1B | $1.3B | $1.5B | $1.7B |
| Operating income | -$45M | -$40M | -$48M | -$47M | -$51M | -$55M | -$103M | -$201M | -$68M | $7M |
| Interest expense | $265,000 | $13M | $21M | $23M | $37M | $30M | $4M | $4M | $4M | $876,000 |
| Pre-tax income | -$45M | -$50M | -$62M | -$51M | -$81M | -$74M | -$98M | -$151M | $29M | $69M |
| Income tax | $533,000 | -$10M | $2M | $3M | $4M | $4M | $9M | $14M | $24M | $24M |
| Net income | -$46M | -$40M | -$64M | -$54M | -$85M | -$78M | -$107M | -$165M | $5M | $46M |
| EPS (diluted) | -$1.29 | -$1.08 | -$1.66 | -$1.28 | -$1.90 | -$1.66 | -$2.23 | -$3.30 | $0.09 | $0.86 |
| Diluted shares | 35M | 37M | 39M | 42M | 45M | 47M | 48M | 50M | 52M | 53M |
| 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% |
Balance sheet
Fiscal years, from HubSpot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $504M | $592M | $962M | $1.3B | $1.2B | $1.4B | $1.4B | $2.1B | $1.7B |
| Receivables | $39M | $61M | $77M | $93M | $126M | $157M | $227M | $295M | $335M | $419M |
| Total current assets | $176M | $603M | $712M | $1.1B | $1.5B | $1.5B | $1.8B | $1.9B | $2.6B | $2.4B |
| Property, plant and equipment | $30M | $43M | $52M | $84M | $101M | $96M | $105M | $103M | $114M | $142M |
| Goodwill | $10M | $15M | $15M | $30M | $31M | $47M | $46M | $174M | $210M | $291M |
| Total assets | $260M | $712M | $834M | $1.6B | $2.0B | $2.2B | $2.5B | $3.1B | $3.8B | $3.9B |
| Total current liabilities | $127M | $178M | $237M | $322M | $446M | $617M | $755M | $942M | $1.6B | $1.5B |
| Total liabilities | $141M | $502M | $589M | $919M | $1.2B | $1.3B | $1.6B | $1.7B | $1.9B | $1.8B |
| Shareholders' equity | $119M | $210M | $245M | $650M | $763M | $871M | $995M | $1.3B | $1.9B | $2.1B |
| Net debt | -$60M | -$88M | -$111M | -$270M | -$378M | -$377M | -$331M | -$388M | -$513M | -$882M |
Cash flow
Fiscal years, from HubSpot's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19M | $50M | $85M | $119M | $89M | $239M | $273M | $351M | $599M | $761M |
| Capital spending | $22M | $27M | $33M | $54M | $59M | $62M | $82M | $100M | $128M | $184M |
| Free cash flow | -$2M | $22M | $51M | $65M | $30M | $177M | $191M | $251M | $471M | $577M |
| Stock-based compensation | $33M | $47M | $76M | $98M | $121M | $167M | $276M | $432M | $505M | $528M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | — | -$500M |
| Net borrowing | — | $389M | — | -$333,000 | $214M | $0 | -$2M | -$13,000 | -$57,000 | -$460M |
| Free cash flow margin | -0.8% | 5.9% | 10.0% | 9.7% | 3.4% | 13.6% | 11.1% | 11.6% | 17.9% | 18.4% |
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Open HUBS in InvestinglyQuestions
What was HubSpot's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does HubSpot generate?
$577M in fiscal 2025 (operating cash flow minus capital spending).
From HubSpot's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.