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HubSpot

HUBS NYSE Application Software Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$270.88

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
19.2% vs prior year
Operating margin Operating income as a share of revenue.
0.2%
2.8 pts
Net income Profit after all expenses, interest and tax.
$45.9M
897.8%
Free cash flow Cash from operations minus capital spending.
$708M
26.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$13.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
96.4x
On $2.81 EPS (TTM)

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

No business description yet.

Legal name
HubSpot, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-046646
0001404655

Revenue and margins

HubSpot had $3.1B of revenue in fiscal 2025, up 19.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $708M in fiscal 2025, 22.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

HubSpot returned $500M to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count rose 2.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value HubSpot yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 53.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 96.4x · peers 52.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably HubSpot can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$1.4B$1.4B$2.1B$1.7B
Debt incl. finance leases $403M————
Debt / equity 0.5x————
Interest coverage −1.8x−27.3x−52.9x−18.2x8.4x
Current ratio 2.4x2.3x2.0x1.7x1.7x
Quick ratio 2.4x2.3x2.0x1.7x1.7x
Total assets $2.2B$2.5B$3.1B$3.8B$3.9B
Total liabilities $1.3B$1.6B$1.7B$1.9B$1.8B
Shareholders' equity $871M$995M$1.3B$1.9B$2.1B
Net debt (− = net cash) −$795M————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$2.8M

4 insiders

Sold, 12 months

$11.7M

2 insiders

Of sales under plans

100%

$11.7M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Brian HalliganDirector Sold plan 8,500 $239.57 $2.0M Form 4
Sep 15, 2026 Brian HalliganDirector Sold plan 8,500 $245.64 $2.1M Form 4
Aug 18, 2026 Brian HalliganDirector Sold plan 8,500 $219.50 $1.9M Form 4
Aug 10, 2026 Gerald DischlerDirector Bought 925 $215.93 $0.2M Form 4
Aug 4, 2026 Erika Ashley FisherChief Legal Officer Sold plan 702 $235.22 $0.2M Form 4
Jul 21, 2026 Brian HalliganDirector Sold plan 8,500 $221.09 $1.9M Form 4
Jun 16, 2026 Brian HalliganDirector Sold plan 8,500 $184.42 $1.6M Form 4
May 19, 2026 Brian HalliganDirector Sold plan 8,500 $220.00 $1.9M Form 4
May 12, 2026 Dharmesh ShahChief Technology Officer, Director Bought 10,000 $181.37 $1.8M Form 4
May 12, 2026 Yamini RanganChief Executive Officer & Pres, Director Bought 2,750 $189.84 $0.5M Form 4
May 11, 2026 Lorrie M NorringtonDirector Bought 1,313 $190.42 $0.3M Form 4
May 4, 2026 Erika Ashley FisherChief Legal Officer Sold plan 915 $236.66 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −18.4%−17.3%−18.7%
Altman Z'' 1.502.092.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
HubSpot HUBS $13.7B 19.2% 0.2% 22.6% — 96.4x —
Docusign DOCU $16.5B 8.2% 9.3% 32.9% 25.4% 52.0x 5 Compare →
Okta OKTA $38.1B 11.8% 5.1% 30.0% — 128.3x 8 Compare →
Datadog DDOG $100.0B 27.7% −1.3% 29.2% — — 5 Compare →
PTC PTC $22.3B 19.2% 35.9% 31.3% 17.4% 18.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $271M $376M $513M $675M $883M $1.3B $1.7B $2.2B $2.6B $3.1B
Gross profit $209M $300M $413M $545M $716M $1.0B $1.4B $1.8B $2.2B $2.6B
Research and development $46.0M $70.4M $118M $158M $206M $302M $442M $618M $779M $906M
Operating income −$44.7M −$40.1M −$48.3M −$47.0M −$50.8M −$54.8M −$103M −$201M −$67.6M $7.4M
Interest expense $0.3M $13.2M $21.4M $22.8M $37.0M $30.3M $3.8M $3.8M $3.7M $0.9M
Pretax income −$45.0M −$50.0M −$62.0M −$50.8M −$80.8M −$73.8M −$98.5M −$151M $28.7M $69.5M
Income tax $0.5M −$10.3M $1.9M $3.0M $4.2M $4.0M $8.9M $13.9M $24.0M $23.6M
Net income −$45.6M −$39.7M −$63.8M −$53.7M −$85.0M −$77.8M −$107M −$165M $4.6M $45.9M
Diluted EPS −$1.29 −$1.08 −$1.66 −$1.28 −$1.90 −$1.66 −$2.23 −$3.30 $0.09 $0.86
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $19.4M $49.6M $84.9M $119M $88.9M $239M $273M $351M $599M $761M
Capital expenditure $15.8M $20.3M $22.3M $40.4M $37.3M $28.7M $37.4M $33.7M $37.9M $53.2M
Free cash flow $3.6M $29.3M $62.6M $78.6M $51.6M $210M $236M $317M $561M $708M
Depreciation and amortization $11.2M $15.8M $23.4M $28.8M $37.1M $45.2M $58.1M $72.7M $96.8M $136M
Stock-based compensation $32.7M $47.3M $76.3M $97.8M $122M $167M $276M $432M $505M $528M
Acquisitions $0.0M $9.4M $0.0M $23.3M $0.0M $16.8M $0.0M $142M $40.4M $87.6M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $500M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $500M
Balance sheet
Cash and short-term investments $114M $504M $592M $962M $1.3B $1.2B $1.4B $1.4B $2.1B $1.7B
Total debt — $298M $319M $341M $479M $403M — — — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $176M $603M $712M $1.1B $1.5B $1.5B $1.8B $1.9B $2.6B $2.4B
Current liabilities $127M $178M $237M $323M $446M $618M $755M $942M $1.6B $1.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $30.2M $43.3M $52.5M $83.6M $101M $96.1M $105M $103M $114M $142M
Total assets $260M $712M $834M $1.6B $2.0B $2.2B $2.5B $3.1B $3.8B $3.9B
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
Margins
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%
EBITDA margin −12.4% −6.5% −4.8% −2.7% −1.6% −0.7% −2.6% −5.9% 1.1% 4.6%
Net margin −16.8% −10.6% −12.4% −8.0% −9.6% −6.0% −6.2% −7.6% 0.2% 1.5%
FCF margin 1.3% 7.8% 12.2% 11.7% 5.9% 16.2% 13.6% 14.6% 21.3% 22.6%
Returns
Return on capital employed −34.2% −12.1% −8.5% −5.1% −3.7% −3.6% −6.2% −10.3% −3.1% 0.3%
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% −4.6% −5.9% 0.1% 1.2%
Growth
Revenue growth 48.9% 38.6% 36.6% 31.6% 30.9% 47.3% 33.1% 25.4% 21.1% 19.2%
Net income growth — — — — — — — — — 892.0%
EPS growth — — — — — — — — — 855.6%
FCF growth — 720.2% 113.2% 25.7% −34.3% 306.7% 12.3% 34.6% 76.7% 26.2%
Share count change 5.9% 4.6% 4.6% 9.1% 6.5% 4.8% 2.5% 3.8% 3.9% 2.7%
Financial health
Debt / equity — 1.4x 1.3x 0.5x 0.6x 0.5x — — — —
Interest coverage −168.5x −3.0x −2.3x −2.1x −1.4x −1.8x −27.3x −52.9x −18.2x 8.4x
Current ratio 1.4x 3.4x 3.0x 3.4x 3.3x 2.4x 2.3x 2.0x 1.7x 1.7x
Quick ratio 1.4x 3.4x 3.0x 3.4x 3.3x 2.4x 2.3x 2.0x 1.7x 1.7x
Capital allocation
Capex / revenue 5.8% 5.4% 4.4% 6.0% 4.2% 2.2% 2.2% 1.6% 1.4% 1.7%
Stock comp / revenue 12.1% 12.6% 14.9% 14.5% 13.8% 12.8% 15.9% 19.9% 19.2% 16.9%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 70.7%
Quality scores
Piotroski F-score — — 5.0 7.0 5.0 5.0 — — — —
Altman Z'' −2.1 2.7 2.4 3.0 3.1 2.2 2.2 1.5 2.1 2.3
Accruals ratio −27.1% −18.4% −19.2% −14.4% −9.8% −15.3% −16.1% −18.4% −17.3% −18.7%

Source: SEC EDGAR XBRL filings (CIK 0001404655). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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