HUBSPOT INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HUBSPOT INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	271	376	513	675	883	1,301	1,731	2,170	2,628	3,131
Cost of revenue	61.9	75.7	100	130	167	259	308	338	393	508
Gross profit	209	300	413	545	716	1,042	1,423	1,832	2,234	2,623
Research and development	46	70.4	118	158	206	302	442	618	779	906
Selling and marketing	163	213	267	341	452	650	886	1,069	1,219	1,379
General and administrative	45.1	56.8	75.8	93	109	145	198	250	300	326
Operating expenses	254	340	461	592	767	1,097	1,526	2,033	2,302	2,615
Operating income	-44.7	-40.1	-48.3	-47	-50.8	-54.8	-103	-201	-67.6	7.38
Interest expense	0.27	13.2	21.4	22.8	37	30.3	3.76	3.8	3.72	0.88
Interest income	0.85	3.84	9.18	19.4	7.77	1.17	15	58.8	82.7	66.2
Other non-operating income	-0.37	-9.9	-13.7	-3.78	-30	-19	4.41	50.4	96.3	62.1
Pre-tax income	-45	-50	-62	-50.8	-80.8	-73.8	-98.5	-151	28.7	69.5
Income tax	0.53	-10.3	1.87	2.97	4.22	4.02	8.89	13.9	24	23.6
Net income	-45.6	-39.7	-63.8	-53.7	-85	-77.8	-107	-165	4.63	45.9
EBITDA	-33.5	-24.4	-24.8	-18.2	-13.8	-9.64	-44.7	-128	29.2	144
EPS, basic	-1.22	-1.02	-1.58	-1.21	-1.80	-1.58	-2.23	-3.30	0.09	0.88
EPS, diluted	-1.22	-1.02	-1.58	-1.21	-1.80	-1.58	-2.23	-3.30	0.09	0.86
Shares, basic (weighted)	37.1	38.8	40.6	44.3	47.2	49.4	48.1	49.9	51.2	52.5
Shares, diluted (weighted)	37.1	38.8	40.6	44.3	47.2	49.4	48.1	49.9	51.8	53.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	59.7	87.7	111	270	378	377	331	388	513	882
Short-term investments	54.6	417	481	692	873	821	1,082	1,000	1,557	822
Receivables	39	60.7	77.1	92.5	126	157	227	295	335	419
Other current assets	8.43	19.4	14.2	23.6	34.7	38.4	44.1	88.7	80.6	101
Total current assets	176	603	712	1,110	1,457	1,454	1,755	1,872	2,634	2,450
Property, plant and equipment	30.2	43.3	52.5	83.6	101	96.1	105	103	114	142
Lease right-of-use assets				234	276	281	319	251	216	201
Goodwill	9.77	15	15	30.3	31.3	47.1	46.2	174	210	291
Intangible assets	0.02	6.31	4.92	11.8	10.3	10.6	17.4	42.3	37.6	35.2
Long-term investments	35.7	31.4	11.5	53.8	30.7	175	113	326	154	137
Other non-current assets	0.95	4.96	6.89	9.82	13.9	29.2	58.8	75.2	115	166
Total assets	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796	3,854
Accounts payable	4.35	4.66	7.81	12.8	13.5	2.77	20.9	9.11	3.65	24.8
Accrued liabilities	11.4	16.3	23.6	26.3	44.1	63.8	10.2	53.5	67.4	99.2
Deferred revenue	95.4	137	183	231	313	430	540	672	784	1,005
Total current liabilities	127	178	237	322	446	617	755	942	1,573	1,467
Lease liabilities				244	280	284	316	297	255	223
Other non-current liabilities	2.42	3.93	4.9	8.98	10.8	12.1	19.2	36.5	55.6	89.3
Total liabilities	141	502	589	919	1,211	1,301	1,550	1,737	1,888	1,788
Paid-in capital	365	496	590	1,048	1,241	1,436	1,647	2,137	2,714	2,815
Retained earnings	-246	-286	-344	-398	-483	-561	-640	-804	-800	-754
Treasury stock										-0
Other comprehensive income	-0.86	-0.06	-0.72	-0.34	4.6	-1.34	-12.9	1.83	-5.65	5.24
Shareholders' equity	119	210	245	650	763	871	995	1,334	1,908	2,066
Total equity	119	210	245	650	763	871	995	1,334	1,908	2,066
Total liabilities and equity	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796	3,854
Shares outstanding	37.7	39.5	41.4	45.3	48.6	49.9	49.2	50.4	51.8	52.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-45.6	-39.7	-63.8	-53.7	-85	-77.8	-107	-165	4.63	45.9
Depreciation and amortization	11.2	15.8	23.4	28.8	37.1	45.2	58.2	72.7	96.8	136
Stock-based compensation	32.7	47.3	76.3	97.8	121	167	276	432	505	528
Deferred income tax	-0.14	-11.5	0.04	-0.8	-2.19	-2.87	-1.29	0.55	2.69	-0
Change in receivables	-14.1	-20.2	-17.7	-15.4	-30	-34.1	-74	-57.6	-48.4	-64
Change in payables	0.98	1.1	3.3	3.93	3.7	-10.6	18.3	-14	-4.58	19
Cash from operations	19.4	49.6	84.9	119	88.9	239	273	351	599	761
Capital expenditures	-15.8	-20.3	-22.3	-40.4	-37.3	-28.7	-37.4	-33.7	-37.9	-53.2
Acquisitions		-9.42		-23.3		-16.8	0	-142	-40.4	-87.6
Purchases of investments	-52.1	-890	-682	-1,305	-1,517	-1,485	-1,508	-1,581	-1,994	-1,444
Sales and maturities of investments	50.8	534	644	1,066	1,352	1,387	1,185	1,503	1,659	2,237
Cash from investing	-22.8	-397	-71.2	-316	-216	-180	-320	-335	-516	492
Debt issued		389			450
Debt repaid				-0.33	-236	0	-1.62	-0.01	-0.06	-460
Stock issued				343
Share buybacks										-500
Cash from financing	8.47	377	12.8	359	222	-51.5	7.43	37	53.5	-910
Exchange rate effect	-0.76	2.76
Net change in cash	4.25	32.6	24.3	161	103	-1.11	-45.9	57.9	125	368
Free cash flow	3.58	29.3	62.5	78.6	51.6	210	236	317	561	708
Interest paid	0.17	0.76	1.04	1.01	1.51	1.84	1.75	1.72	1.72	0.42
Income taxes paid	0.95	0.86	1.84	3.09	2.31	6.97	4.69	12.9	12.2	19.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $213.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.2%	Gross profit / revenue.
Operating margin	3.8%	Operating income / revenue.
EBITDA margin	6.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.0%	Pre-tax income / revenue.
Net margin	4.3%	Net income / revenue.
FCF margin	23.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.8%	Cash from operations / revenue.
Effective tax rate	15.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	15.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	26.3%	Research and development expense / revenue.
Stock-based pay / revenue	14.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	21.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	29.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	391.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	892.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	855.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	27.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	40.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	53.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	44.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	68.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.38x	Current assets / current liabilities.
Quick ratio	1.11x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	52.7%	Total liabilities / total assets.
Interest coverage	203x	Operating income / interest expense.
Working capital	$583.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.31B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.98x	Revenue / average total assets.
Fixed asset turnover	22.0x	Revenue / average property, plant and equipment.
Receivables turnover	9.12x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
FCF conversion	543.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$68.14	Revenue / diluted weighted shares.
FCF per share	$15.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.92	Cash from operations / diluted weighted shares.
Book value per share	$33.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.34	Tangible book value / shares outstanding.
Cash per share	$26.94	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	140.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.66B	Share price x shares outstanding.
Enterprise value	$9.32B	Market cap + total debt - cash - short-term investments.
P/E	72.6x	Market cap / net income. Only when net income is positive.
P/S	3.09x	Market cap / revenue.
P/B	6.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.15x	Market cap / tangible book value, when positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.4x	Market cap / cash from operations, when positive.
EV/Sales	2.70x	Enterprise value / revenue.
EV/EBIT	71.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	40.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.5%	(Dividends paid + share buybacks) / market cap.

What was HUBSPOT INC's revenue in fiscal 2025?

HUBSPOT INC reported revenue of $3.13B for fiscal 2025, 19.2% higher than the year before.

Was HUBSPOT INC profitable in fiscal 2025?

Yes. Net income was $45.9M, a net margin of 1.5%.

How much free cash flow did HUBSPOT INC generate in fiscal 2025?

Cash from operations of $760.7M minus capital expenditures of $53.2M left free cash flow of $707.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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