Source Report
Research Question
Research HubSpot's publicly reported financial data including TTM revenue (~$3.13B), FY2026 guidance ($3.69–$3.70B implying 16–18% growth), customer count (~247,900 paying customers), geographic revenue mix, and current market capitalization as of early March 2026. Pull from SEC filings (10-K, 10-Q), earnings call transcripts, and financial data providers. Produce a structured financial summary table with verified figures and sources.
HubSpot's FY 2025 financials confirm robust scale with $3.13 billion in revenue, driven primarily by subscription sales (98% of total) that recognize ratably over contract terms typically 1-3 years, enabling predictable cash flows as customers expand usage across marketing, sales, service, and operations hubs—resulting in 103.5% net revenue retention for the year.[1][2][3]
- FY 2025 total revenue: $3.13B (19% YoY as-reported, 18% constant currency), with subscription revenue at $3.06B (98%) and professional services/other at $67.3M (2%).[1][4]
- TTM revenue as of Dec 31, 2025: $3.13B (aligns with FY end; consistent across Yahoo Finance, Macrotrends, Pitchbook).[5][6]
- Q4 2025 revenue: $846.7M (20% YoY as-reported, 18% CC), with international revenue at 49% of total (19% CC growth).[1][3]
For entrants, HubSpot's subscription model creates a data moat from customer usage patterns that powers AI agents and personalized upsell recommendations, making replication hard without similar scale—focus on niche verticals or free-to-paid funnels to bootstrap retention above 100%.
| Metric | FY/TTM 2025 | FY 2026 Guidance | Source(s) |
|---|---|---|---|
| Total Revenue | $3.13B | $3.69B–$3.70B (16–18% growth: 16% CC, 18% as-reported) | Q4 Earnings Release [web:136], Investor Presentation [web:149], Transcript [web:152][1][4] |
| Paying Customers (Dec 31) | 288,706 (16% YoY growth; +9,800 net Q4, +40k FY) | Net adds 9–10k/quarter | Earnings Release [web:136,150], Transcript [web:152][1][3] |
| Geographic Mix (FY 2025) | Americas: $1.87B (59.8%) Europe: $1.01B (32.3%) APAC: $248M (7.9%) |
N/A | Bullfincher (from filings) [web:137]; Q4 intl 49% [web:152][7] |
| Market Cap (Mar 2026) | $14.69B (52.74M shares out.) | N/A | Yahoo Finance (Mar 5, 2026) [web:135][8] |
Note on customer count: Research question cites ~247,900 (likely end-2024); updated to 288,706 end-2025 per official release/transcript (16% growth). TTM revenue = FY 2025 at year-end. Geographic from aggregated filings data; 10-K access limited but consistent with Q3 10-Q trends (40–49% non-Americas).[9]
Data confidence: High for revenue/guidance/customers (direct from HubSpot IR Feb 11, 2026 release [web:136,150], transcript [web:152], presentation [web:149]). Geographic medium-high (bullfincher parses filings [web:137]; aligns with Q4 49% intl [web:152]). Market cap real-time as of Mar 5, 2026 [web:135]. No Q1 2026 10-Q yet for post-Dec updates.
Recent Findings Supplement (March 2026)
HubSpot verified its FY2025 revenue at $3.13 billion (up 19% YoY reported, 18% constant currency), confirming the provided TTM figure as of December 31, 2025, via its Q4 earnings release—driven by 16% customer growth to 288,706 paying customers (all reported customers have paid subscriptions per 10-Q definitions) and 3% higher ASRPC to $11,683, with subscription revenue (98% of total) hitting $3.06 billion.[1][2]
- Q4 2025 revenue: $846.7M (20% YoY reported, 18% CC); subscription $829M (+21%)[1]
- Customers: 288,706 at Dec 31, 2025 (+16% YoY, +9,800 net adds in Q4); Q3 end: 278,880 (+17% YoY)[1][2]
- Q3 geographic (latest detailed): Americas 59%, Europe 33%, APAC 8% of $810M revenue[2]
- International: 49% of Q4/FY revenue (+24% YoY reported)[3]
For entrants, HubSpot's data moat—real-time transaction visibility across 288K+ customers—powers AI agents (e.g., Breeze) and upmarket wins (41% growth in $10K+ MRR deals), enabling 105% NRR trajectory and 20%+ margins; replicate via narrow vertical focus before scaling multi-hub.[1]
FY2026 guidance raised to $3.69–$3.70B revenue (18% YoY reported, 16% CC)—above consensus $3.6B—via pricing tailwinds, core seats/credits monetization, and AI adoption (47K+ ChatGPT activations), plus $1B buyback signaling cash confidence ($1.8B liquidity).[1][4]
- Q1'26: $862–$863M (+21% reported, 16% CC); non-GAAP op income $144–$145M (17% margin); EPS $2.46–$2.48[1]
- FY'26: non-GAAP op income $736–$740M (~20% margin); EPS $12.38–$12.46 (vs. consensus ~$7.79/$11.52)[4]
- $1B repurchase authorized Feb 7, 2026 (24 months)[1]
Competitors face HubSpot's platform lock-in: 43% Pro+ customers on 3+ hubs (+4pts YoY), upmarket acceleration (5x customers w/500+ seats), and NRR path to improvement (Q3'25: 103%, FY'25 +2pts expected)—new entrants must bootstrap AI data advantages early.[5]
| Metric | FY2025 Actual | FY2026 Guidance | Source[1] |
|---|---|---|---|
| Total Revenue | $3.13B (+19% YoY) | $3.69–$3.70B (+18%) | Earnings Release (Feb 11, 2026)[2] |
| Subscription Revenue | $3.06B (+19%) | N/A | [1] |
| Paying Customers | 288,706 (+16%) | N/A | [6] |
| Geographic Mix (Q3 Proxy) | Americas 59–60%, Europe 32–33%, APAC 8% | Stable intl. 49% | 10-Q (Nov 5, 2025)[7] |
| Non-GAAP Op Margin | 18.6% | ~20% | [1] |
| Market Cap (Mar 5, 2026) | ~$14.7B (close ~$292/share, ~52.7M shares est.) | N/A | Yahoo Finance[8][9] |
FY2025 10-K not yet filed (expected ~Feb 2026 per call); Q3 10-Q confirms paying customer definition and geographic stability—intl. growth outpacing domestic supports durable expansion.[2][10]
Recent announcements (post-Sep 2025): Q3 beat (Nov 5: $810M rev, 18% CC growth, NRR 103%); FY2025 closed strong (Feb 11); $1B buyback (Feb 7); AI traction (70K+ AEO grader users). No regulatory changes noted.[5]