Filing Flows › HubSpot (HUBS) › Q2 2025
HubSpot (HUBS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
HubSpot (HUBS) reported revenue of $761M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +7% from the quarter before. Operating margin was -3.2%, net loss $3.3M (0.4% of revenue).
HubSpot, Q2 2025: revenue $761M (+19% year over year), operating margin -3.2%, net loss $3.3M, operating cash flow $164M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $761M | +7% | +19% |
| Operating profit | −$24.6M | — | — |
| Net earnings | −$3.3M | — | — |
| Operating cash flow | $164M | +2% | +39% |
| Free cash flow | $148M | +0.1% | +35% |
What changed
Revenue was $760.9M in Q2 2025, up 19% year over year and up 7% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue. Subscription and Circulation added $120.8M year over year (up 19%), 98% of the total change.
Gross margin was 83.9%, down 1.1 points from a year earlier. Operating costs exceeded revenue by $24.6M, an operating margin of -3.2%. Operating expenses grew 17% against revenue growth of 19%. The fastest-growing cost line was Research & development (+20%). The quarter ended with a net loss of $3.3M, narrower than the previous quarter's $21.8M loss. Non-operating items added $19.2M, -351% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $164.4M (up 39% year over year). Non-cash charges added back $33.2M of depreciation and amortization and $141.0M of share-based compensation. Capital expenditures of $16.0M left free cash flow of $148.3M.
Questions
What was HubSpot's revenue in the second quarter 2025?
HubSpot (HUBS) reported revenue of $761M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +7% from the quarter before.
Was HubSpot profitable in the second quarter 2025?
Operating loss was $24.6M (-3.2% of revenue) and net loss $3.3M.
Source: HubSpot 10-Q on SEC EDGAR.