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HubSpot cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$222M in Q3 2026 · $842M over twelve months

Operating cash flow$238M
Capital spending−$16.0M
Free cash flow+$222M
Cash / net income2.9×
Cash conversion cycle17 days

Analysis

In Q3 2026, HubSpot generated $238M of operating cash flow and spent $16.0M on capital projects, leaving free cash flow of $222M. That is $45.0M more than in Q3 2025 ($177M).

Over the twelve months to Sep 30, 2026, operating cash flow was $907M; the largest uses were buybacks ($988M), capital spending ($64.5M), acquisitions ($52.3M); besides operations, cash came from other investing ($686M), shares issued ($42.5M); the cash balance rose by $507M.

Operating cash flow was $238M against net income of $83.0M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$127M, depreciation & amortization +$46.2M, deferred revenue −$23.3M.

Its cash conversion cycle was 17 days (receivables 36 + inventory 0 − payables 19).

Free cash flow

HubSpot: free cash flow by quarterHubSpot: free cash flow by quarter$181MQ4 2024$148MQ1 2025$148MQ2 2025$177MQ3 2025$234MQ4 2025$183MQ1 2026$203MQ2 2026$222MQ3 2026
Operating cash flow less capital spending.
HubSpot: operating cash flow against capital spendingHubSpot: operating cash flow against capital spendingOperating cash flowCapital spending$194M$12.7MQ4 2024$162M$13.3MQ1 2025$164M$16.0MQ2 2025$187M$10.3MQ3 2025$247M$13.4MQ4 2025$199M$15.4MQ1 2026$223M$19.7MQ2 2026$238M$16.0MQ3 2026
Latest (Q3 2026): Operating cash flow $238M, Capital spending $16.0M.

Capital allocation, year by year

HubSpot: where the cash came from (up) and went (down), by fiscal yearHubSpot: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $239MFY2021: Shares issued $46.5MFY2021: Capital spending −$28.7MFY2021: Acquisitions −$16.8M$285MFY2021FY2022: Operating cash flow $273MFY2022: Net borrowing −$1.6MFY2022: Shares issued $39.9MFY2022: Capital spending −$37.4M$313MFY2022FY2023: Operating cash flow $351MFY2023: Net borrowing −$13KFY2023: Shares issued $47.7MFY2023: Capital spending −$33.7MFY2023: Acquisitions −$142M$399MFY2023FY2024: Operating cash flow $599MFY2024: Net borrowing −$57KFY2024: Shares issued $75.5MFY2024: Capital spending −$37.9MFY2024: Acquisitions −$40.4M$674MFY2024FY2025: Operating cash flow $761MFY2025: Net borrowing −$460MFY2025: Shares issued $71.4MFY2025: Capital spending −$53.2MFY2025: Acquisitions −$87.6MFY2025: Buybacks −$500M$832MFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were buybacks ($500M) and net borrowing ($462M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debtnone
Net cash$1.3B

HubSpot funds itself: free cash flow was $842M over the last twelve months, with $1.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

HubSpot: sources (+) and uses (−) of cash, Q3 2026HubSpot: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$238MBuybacks−$231MOther investing$172MCash drawn (+) / kept (−)−$163MCapital spending−$16.0MShares issued$10.6MAcquisitions−$8.7MTaxes on employees’ shares−$2.1MExchange rates−$95K
HubSpot: sources (+) and uses (−) of cash, TTM to Q3 2026HubSpot: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$988MOperating cash flow$907MOther investing$686MCash drawn (+) / kept (−)−$507MCapital spending−$64.5MAcquisitions−$52.3MShares issued$42.5MTaxes on employees’ shares−$10.9MExchange rates−$9.2MOther financing−$2.6M

From profit to cash

HubSpot: net income to operating cash flow, Q3 2026HubSpot: net income to operating cash flow, Q3 2026Net income$83.0MDepreciation & amortization$46.2MStock-based pay$127MDeferred taxes$1.8MReceivables$13.1MPayables$14.5MAccrued liabilities$7.6MDeferred revenue−$23.3MPrepaid and other assets−$3.7MOperating cash flow$238M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636—1917
Q2 202637—2214
Q1 202640—2415
Q4 202540—1723
Q3 202536—1323
Q2 202537—1324
Q1 202540—1030
Q4 202440—436

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$238M−$16.0M−$8.7M−$231M—$10.6M−$163M$222M
Q2 2026$223M−$19.7M−$19.1M−$536M—$6.9M−$14.4M$203M
Q1 2026$199M−$15.4M−$8.3M−$207M—$16.3M−$61.7M$183M
Q4 2025$247M−$13.4M−$16.1M−$14.7M—$8.7M−$268M$234M
Q3 2025$187M−$10.3M−$1.6M−$360M—$24.1M−$13.2M$177M
Q2 2025$164M−$16.0M−$18.5M—−$369M$19.4M$25.2M$148M
Q1 2025$162M−$13.3M−$51.4M—−$90.6M$19.3M−$112M$148M
Q4 2024$194M−$12.7M———$14.3M−$103M$181M

HubSpot: income statement and cash flow

HubSpot, Q3 2026: revenue $948M (+17% year over year), operating margin 7.6%. The chart follows the revenue to costs, profit and cash.

HubSpot: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.