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Dec 31, 2025
HubSpot Q4 2025 Earnings Report
HubSpot reported strong Q4 and full year 2025 results, with significant growth in revenue and improved operating margins.
Key Takeaways
HubSpot, Inc. announced robust financial results for the fourth quarter and full year ended December 31, 2025. Total revenue for Q4'25 increased by 20% year-over-year to $846.7 million, with subscription revenue up 21%. The company also achieved a GAAP operating income of $48.2 million, a significant improvement from a loss in Q4'24, and a non-GAAP operating income of $191.0 million. Net income also saw substantial growth, reaching $54.4 million for the quarter.
Q4'25 total revenue grew 20% on an as-reported basis and 18% in constant currency compared to Q4'24, reaching $846.7 million.
GAAP operating income for Q4'25 was $48.2 million, a substantial improvement from an operating loss of ($10.8) million in Q4'24.
Non-GAAP operating margin for Q4'25 improved to 22.6% from 18.9% in Q4'24, indicating enhanced profitability.
GAAP net income for Q4'25 was $54.4 million, or $1.04 per basic and diluted share, up from $4.9 million in Q4'24.
Revenue by Segment
Forward Guidance
HubSpot provided optimistic guidance for the first quarter and full year 2026, projecting continued revenue growth and improved non-GAAP operating income and EPS.
Positive Outlook
- Q1 2026 total revenue is expected to be in the range of $862.0 million to $863.0 million, up 21% year over year on an as-reported basis.
- Full year 2026 total revenue is expected to be in the range of $3.69 billion to $3.70 billion, up 18% year over year on an as-reported basis.
- Q1 2026 non-GAAP operating income is expected to be in the range of $144.0 million to $145.0 million, representing a 17% operating profit margin.
- Full year 2026 non-GAAP operating income is expected to be in the range of $736.0 million to $740.0 million, representing a 20% operating profit margin.
- Q1 2026 non-GAAP net income per common share is expected to be in the range of $2.46 to $2.48.
Challenges Ahead
- The guidance for Q1 2026 revenue growth in constant currency is 16%, lower than the as-reported growth of 21%.
- The guidance for full year 2026 revenue growth in constant currency is 16%, lower than the as-reported growth of 18%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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