Filing Flows › HubSpot (HUBS) › Q4 2025
HubSpot (HUBS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
HubSpot (HUBS) reported revenue of $847M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +5% from the quarter before. Operating margin was 5.7%, net earnings $54.4M (6.4% of revenue).
HubSpot, Q4 2025: revenue $847M (+20% year over year), operating margin 5.7%, net earnings $54.4M, operating cash flow $247M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $847M | +5% | +20% |
| Gross profit | $709M | +5% | +18% |
| Operating profit | $48.2M | +329% | — |
| Net earnings | $54.4M | +229% | +992% |
| Operating cash flow | $247M | +32% | +27% |
| Free cash flow | $234M | +32% | +29% |
What changed
Revenue was $846.7M in Q4 2025, up 20% year over year and up 5% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue.
Gross margin was 83.7%, down 1.6 points from a year earlier. Operating profit was $48.2M, a 5.7% margin (up 7.2 points year over year). Operating expenses grew 8% against revenue growth of 20%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $54.4M, up 992% year over year. The effective tax rate was 11.7%. Non-operating items added $13.4M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $247.4M (up 27% year over year), 455% of net earnings. Non-cash charges added back $38.6M of depreciation and amortization and $132.4M of share-based compensation. Working capital and other items added $22.0M. Capital expenditures of $13.4M left free cash flow of $234.0M.
Questions
What was HubSpot's revenue in the fourth quarter 2025?
HubSpot (HUBS) reported revenue of $847M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +5% from the quarter before.
Was HubSpot profitable in the fourth quarter 2025?
Operating profit was $48.2M (5.7% of revenue) and net earnings $54.4M.
Source: HubSpot 10-K on SEC EDGAR.