Filing Flows › HubSpot (HUBS) › Q1 2025
HubSpot (HUBS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
HubSpot (HUBS) reported revenue of $714M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +2% from the quarter before. Operating margin was -3.8%, net loss $21.8M (3.1% of revenue).
HubSpot, Q1 2025: revenue $714M (+16% year over year), operating margin -3.8%, net loss $21.8M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $714M | +2% | +16% |
| Operating profit | −$27.5M | — | — |
| Net earnings | −$21.8M | — | — |
| Operating cash flow | $162M | -17% | +27% |
| Free cash flow | $148M | -18% | +22% |
What changed
Revenue was $714.1M in Q1 2025, up 16% year over year and up 2% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue. Subscription and Circulation added $94.9M year over year (up 16%), 98% of the total change.
Gross margin was 83.9%, down 0.7 points from a year earlier. Operating costs exceeded revenue by $27.5M, an operating margin of -3.8%. Operating expenses grew 15% against revenue growth of 16%. The fastest-growing cost line was Research & development (+25%). The quarter ended with a net loss of $21.8M, after a profit of $5.0M the previous quarter. Non-operating items added $17.6M, -178% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $161.6M (up 27% year over year). Non-cash charges added back $28.8M of depreciation and amortization and $116.7M of share-based compensation. Working capital and other items added $37.8M. Capital expenditures of $13.3M left free cash flow of $148.2M.
Questions
What was HubSpot's revenue in the first quarter 2025?
HubSpot (HUBS) reported revenue of $714M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +2% from the quarter before.
Was HubSpot profitable in the first quarter 2025?
Operating loss was $27.5M (-3.8% of revenue) and net loss $21.8M.
Source: HubSpot 10-Q on SEC EDGAR.