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Mar 31
HubSpot Q1 2025 Earnings Report
HubSpot reported strong revenue growth and continued customer expansion in Q1 2025, despite posting a net loss.
Key Takeaways
HubSpot delivered solid top-line performance in Q1 2025 with double-digit revenue growth, supported by increasing customer count and adoption of its AI-first offerings. The company posted a GAAP net loss but showed profitability on a non-GAAP basis.
Total revenue reached $714,137,000, up from $617,414,000 in Q1 2024.
GAAP net loss was $21,793,000, while non-GAAP net income reached $95,907,000.
HubSpot grew its customer base to 258,258, a 19% increase year-over-year.
The company generated $122,309,000 in non-GAAP free cash flow during the quarter.
HubSpot
HubSpot
HubSpot Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
HubSpot expects continued double-digit revenue growth and improved profitability for Q2 and the full year 2025.
Positive Outlook
- Q2 revenue expected between $738M and $740M
- Q2 non-GAAP operating income forecasted at $124M–$125M
- Q2 non-GAAP EPS guidance of $2.10–$2.12
- FY25 revenue projected between $3.036B and $3.044B
- FY25 non-GAAP net income per share expected to be $9.29–$9.37
Challenges Ahead
- GAAP net loss expected in Q2 between $30.13M and $31.38M
- Ongoing restructuring costs through 2027
- ARPU declined 4% YoY
- Slightly lower non-GAAP operating margin YoY (14.0% vs. 15.0%)
- Customer growth may impact per-customer monetization metrics
Revenue & Expenses
Visualization of income flow from segment revenue to net income