Filing Flows › HubSpot (HUBS) › Q3 2025
HubSpot (HUBS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
HubSpot (HUBS) reported revenue of $810M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before. Operating margin was 1.4%, net earnings $16.5M (2.0% of revenue).
HubSpot, Q3 2025: revenue $810M (+21% year over year), operating margin 1.4%, net earnings $16.5M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $810M | +6% | +21% |
| Gross profit | $676M | +6% | +19% |
| Operating profit | $11.2M | — | — |
| Net earnings | $16.5M | — | +103% |
| Operating cash flow | $187M | +14% | +17% |
| Free cash flow | $177M | +19% | +19% |
What changed
Revenue was $809.5M in Q3 2025, up 21% year over year and up 6% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue. Subscription and Circulation added $136.9M year over year (up 21%), 98% of the total change.
Gross margin was 83.5%, down 1.7 points from a year earlier. Operating profit was $11.2M, a 1.4% margin (up 2.8 points year over year). Operating expenses grew 15% against revenue growth of 21%. The fastest-growing cost line was Research & development (+19%). Net earnings were $16.5M, up 103% year over year. The effective tax rate was 28.5%. Non-operating items added $11.9M, 51% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $187.4M (up 17% year over year), 1133% of net earnings. Non-cash charges added back $35.7M of depreciation and amortization and $138.1M of share-based compensation. Capital expenditures of $10.3M left free cash flow of $177.0M.
Questions
What was HubSpot's revenue in the third quarter 2025?
HubSpot (HUBS) reported revenue of $810M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before.
Was HubSpot profitable in the third quarter 2025?
Operating profit was $11.2M (1.4% of revenue) and net earnings $16.5M.
Source: HubSpot 10-Q on SEC EDGAR.