HubSpot (HUBS) Financials

$474.23 +18.26 (+4.00%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$474.26 +0.03 (+0.01%)

As of 08/22/2025 07:56 PM Eastern

Annual Income Statements for HubSpot

This table shows HubSpot's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-49	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63
Consolidated Net Income / (Loss)	-48	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63
Net Income / (Loss) Continuing Operations	-48	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63
Total Pre-Tax Income	-48	-46	-45	-50	-62	-51	-81	-74	-98	-151	29
Total Operating Income	-49	-46	-45	-40	-48	-47	-51	-55	-103	-201	-68
Total Gross Profit	81	134	209	300	413	545	716	1,042	1,423	1,832	2,234
Total Revenue	116	182	271	376	513	675	883	1,301	1,731	2,170	2,628
Operating Revenue	116	182	271	376	513	675	883	1,301	1,731	2,170	2,628
Total Cost of Revenue	35	48	62	76	100	130	167	259	308	338	393
Operating Cost of Revenue	35	48	62	76	100	130	167	259	308	338	393
Total Operating Expenses	129	180	254	340	461	592	767	1,097	1,526	2,033	2,302
Selling, General & Admin Expense	25	35	45	57	76	93	109	145	198	250	300
Marketing Expense	79	113	163	213	267	341	452	650	886	1,069	1,219
Research & Development Expense	26	32	46	70	118	158	206	302	442	618	779
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	97	3.99
Total Other Income / (Expense), net	0.29	0.83	-0.37	-9.90	-14	-3.78	-30	-19	4.41	50	96
Interest Expense	0.32	0.19	0.27	13	21	23	37	30	3.76	3.80	3.72
Interest & Investment Income	0.05	0.39	0.85	3.84	9.18	19	7.77	1.17	15	59	83
Other Income / (Expense), net	0.56	0.63	-0.96	-0.56	-1.49	-0.39	-0.71	10	-6.83	-4.67	17
Income Tax Expense	-0.09	0.41	0.53	-10	1.87	2.97	4.22	4.02	8.89	14	24
Basic Earnings per Share	($4.20)	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.23)	($3.30)	$0.09
Weighted Average Basic Shares Outstanding	11.56M	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	48.07M	49.88M	51.18M
Diluted Earnings per Share	($4.20)	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.23)	($3.30)	$0.09
Weighted Average Diluted Shares Outstanding	11.56M	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	48.07M	49.88M	51.82M
Weighted Average Basic & Diluted Shares Outstanding	11.56M	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	49.39M	50.67M	52.15M

This table shows HubSpot's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-10	-37	-112	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26
Consolidated Net Income / (Loss)	-10	-37	-112	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26
Net Income / (Loss) Continuing Operations	-10	-37	-112	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26
Total Pre-Tax Income	-6.65	-34	-103	-4.99	-8.05	7.72	-2.68	11	13	-9.87	-5.46
Total Operating Income	-7.25	-43	-116	-19	-23	-23	-24	-9.63	-11	-27	-25
Total Gross Profit	396	421	444	472	494	522	542	570	600	599	639
Total Revenue	470	502	529	558	582	617	637	670	703	714	761
Operating Revenue	470	502	529	558	582	617	637	670	703	714	761
Total Cost of Revenue	74	80	85	86	87	95	96	99	103	115	122
Operating Cost of Revenue	74	80	85	86	87	95	96	99	103	115	122
Total Operating Expenses	403	464	560	490	518	546	566	580	611	627	663
Selling, General & Admin Expense	51	57	61	61	70	69	73	78	81	79	85
Marketing Expense	235	251	265	271	281	300	294	310	315	327	340
Research & Development Expense	116	128	170	157	163	176	198	191	214	220	237
Restructuring Charge	-	29	64	0.85	3.55	0.78	1.08	0.99	1.14	1.08	1.11
Total Other Income / (Expense), net	0.59	8.75	13	14	15	31	21	20	24	18	19
Interest Expense	0.94	0.93	0.94	0.95	0.98	0.94	0.90	0.94	0.95	0.64	0.23
Interest & Investment Income	7.78	10	14	16	19	19	20	22	22	21	18
Other Income / (Expense), net	-6.25	-0.79	0.33	-1.66	-2.55	13	1.78	-0.57	2.91	-2.31	1.09
Income Tax Expense	3.58	2.42	8.57	-1.41	4.36	1.79	12	2.50	8.01	12	-2.20
Basic Earnings per Share	($0.20)	($0.74)	($2.25)	($0.07)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)
Weighted Average Basic Shares Outstanding	48.07M	49.40M	49.70M	50.05M	49.88M	50.69M	51.01M	51.35M	51.18M	52.15M	52.70M
Diluted Earnings per Share	($0.20)	($0.74)	($2.25)	($0.07)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)
Weighted Average Diluted Shares Outstanding	48.07M	49.40M	49.70M	50.05M	49.88M	51.50M	51.01M	51.78M	51.82M	52.15M	52.70M
Weighted Average Basic & Diluted Shares Outstanding	49.39M	49.64M	50.02M	50.33M	50.67M	50.96M	51.35M	51.62M	52.15M	52.74M	52.69M

This table details how cash moves in and out of HubSpot's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	111	-68	5.01	30	26	161	103	-1.11	-46	58	125
Net Cash From Operating Activities	-12	-0.42	19	50	85	119	89	239	273	351	599
Net Cash From Continuing Operating Activities	-12	-0.42	19	50	85	119	68	239	273	351	599
Net Income / (Loss) Continuing Operations	-48	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63
Consolidated Net Income / (Loss)	-48	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63
Depreciation Expense	5.71	7.34	11	16	23	29	37	45	58	73	97
Amortization Expense	-	0.67	0.65	11	14	7.63	21	28	2.01	1.99	2.01
Non-Cash Adjustments To Reconcile Net Income	16	23	37	52	79	98	59	134	278	450	426
Changes in Operating Assets and Liabilities, net	14	15	16	11	33	39	36	110	43	-9.45	69
Net Cash From Investing Activities	-10	-104	-23	-397	-71	-316	-216	-180	-320	-335	-516
Net Cash From Continuing Investing Activities	-10	-104	-23	-397	-71	-316	-216	-180	-320	-335	-516
Purchase of Property, Plant & Equipment	-12	-13	-22	-27	-33	-54	-59	-62	-82	-100	-128
Acquisitions	-0.08	-0.60	-	-9.42	0.00	-23	0.00	-20	-10	-142	-42
Purchase of Investments	-	-114	-52	-894	-682	-1,305	-1,520	-1,498	-1,537	-1,595	-2,009
Sale and/or Maturity of Investments	-	23	51	534	644	1,066	1,363	1,400	1,310	1,503	1,661
Other Investing Activities, net	1.50	-0.17	-	-	-	-	-	-	0.00	0.00	1.93
Net Cash From Financing Activities	134	37	8.47	377	13	359	222	-51	7.43	37	53
Net Cash From Continuing Financing Activities	134	37	8.47	377	13	359	222	-51	7.43	37	53
Repayment of Debt	-18	-0.21	-0.74	-1.05	-0.74	-0.62	-0.03	0.00	-1.62	-0.01	-0.06
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-328	0.00	-0.03	0.00	0.00
Issuance of Debt	18	-	-	389	0.00	0.00	450	0.00	0.00	0.00	0.00
Issuance of Common Equity	135	46	12	72	22	366	30	47	40	48	76
Other Financing Activities, net	-	-8.61	-2.37	-83	-8.03	-6.25	70	-98	-31	-11	-22
Effect of Exchange Rate Changes	-0.42	-0.55	-	-	-	-0.72	6.83	-8.86	-6.81	4.65	-12
Cash Interest Paid	0.20	0.19	0.17	0.76	1.04	1.01	1.51	1.84	1.75	1.72	1.72
Cash Income Taxes Paid	-	0.22	0.95	0.86	1.84	3.09	2.31	6.97	4.69	13	12

This table details how cash moves in and out of HubSpot's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-0.51	-5.86	132	78	-147	60	350	-388	103	112	-55
Net Cash From Operating Activities	90	81	77	89	104	127	118	160	194	162	164
Net Cash From Continuing Operating Activities	90	81	77	89	104	127	118	160	194	162	164
Net Income / (Loss) Continuing Operations	-10	-37	-112	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26
Consolidated Net Income / (Loss)	-10	-37	-112	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26
Depreciation Expense	16	17	16	21	19	21	22	25	28	29	33
Amortization Expense	3.77	-7.52	-10	-11	31	-12	-10	-13	37	-13	-11
Non-Cash Adjustments To Reconcile Net Income	83	85	196	106	63	99	126	127	74	121	147
Changes in Operating Assets and Liabilities, net	-2.14	24	-13	-23	3.61	13	-5.77	12	49	47	-1.95
Net Cash From Investing Activities	-109	-99	45	-15	-266	-74	213	-569	-86	23	269
Net Cash From Continuing Investing Activities	-109	-99	45	-15	-266	-74	211	-569	-84	23	269
Purchase of Property, Plant & Equipment	-19	-18	-27	-29	-26	-28	-30	-35	-36	-44	-51
Acquisitions	1.90	0.00	-	-	-140	0.00	-	-	-38	-51	-19
Purchase of Investments	-259	-368	-369	-409	-448	-399	-256	-839	-515	-685	-164
Sale and/or Maturity of Investments	167	288	442	425	348	353	497	308	503	803	502
Net Cash From Financing Activities	8.61	10	10	9.92	6.65	11	21	12	10	-80	-480
Net Cash From Continuing Financing Activities	8.61	10	10	9.92	6.65	11	21	12	10	-80	-480
Repayment of Debt	-	0.00	-	-	-	0.00	-	-	-	-91	-369
Issuance of Common Equity	10	11	13	13	9.80	20	25	16	14	19	19
Other Financing Activities, net	-1.57	-1.20	-2.90	-3.47	-3.14	-8.79	-4.70	-4.29	-4.17	-9.07	-4.74
Cash Income Taxes Paid	0.80	4.06	5.40	2.00	1.45	3.10	4.07	3.87	1.15	3.71	6.94

This table presents HubSpot's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	175	220	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796
Total Current Assets	150	146	176	603	712	1,110	1,457	1,454	1,755	1,872	2,634
Cash & Equivalents	124	56	60	88	111	270	378	377	331	388	513
Short-Term Investments	-	49	55	417	481	692	873	821	1,082	1,000	1,557
Accounts Receivable	14	25	39	61	77	93	126	157	227	295	335
Prepaid Expenses	5.29	7.95	14	19	14	24	35	38	44	89	81
Other Current Assets	6.00	8.11	9.03	13	24	32	45	60	71	99	149
Plant, Property, & Equipment, net	11	18	30	43	52	84	101	96	105	103	114
Total Noncurrent Assets	14	56	53	66	69	376	415	625	685	1,097	1,048
Long-Term Investments	-	41	36	31	11	54	31	175	113	326	154
Goodwill	9.33	9.77	9.77	15	15	30	31	47	46	174	210
Intangible Assets	4.52	4.76	6.54	15	18	29	35	50	81	149	192
Other Noncurrent Operating Assets	0.12	1.01	1.27	4.96	25	263	318	353	445	449	492
Total Liabilities & Shareholders' Equity	175	220	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796
Total Liabilities	64	99	141	502	589	919	1,211	1,301	1,553	1,737	1,888
Total Current Liabilities	59	91	127	178	237	322	446	617	762	942	1,573
Short-Term Debt	0.10	0.54	-	-	-	0.00	7.84	20	0.00	0.00	458
Accounts Payable	2.80	2.59	4.35	4.66	7.81	13	14	2.77	21	9.11	3.65
Accrued Expenses	7.95	12	16	20	22	29	37	74	155	172	227
Current Deferred Revenue	41	64	95	137	183	231	313	430	540	672	784
Current Employee Benefit Liabilities	7.66	11	11	16	24	26	44	64	10	53	67
Other Current Liabilities	-	-	-	-	-	24	30	26	36	35	33
Total Noncurrent Liabilities	4.73	7.36	14	324	352	597	765	684	791	795	314
Noncurrent Deferred Revenue	4.65	7.08	11	21	29	3.06	3.64	4.47	5.90	5.81	3.97
Other Noncurrent Operating Liabilities	-	0.01	2.42	3.93	4.90	253	290	296	331	333	310
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	111	122	119	210	245	650	763	874	992	1,334	1,908
Total Preferred & Common Equity	111	122	119	210	245	650	763	874	992	1,334	1,908
Total Common Equity	111	122	119	210	245	650	763	874	992	1,334	1,908
Common Stock	265	323	365	496	590	1,048	1,241	1,436	1,647	2,137	2,714
Retained Earnings	-154	-200	-246	-286	-344	-398	-483	-561	-642	-804	-800
Treasury Stock	-	-	-	-	-	-	-	-	-	-	0.00
Accumulated Other Comprehensive Income / (Loss)	-0.15	-0.81	-0.86	-0.06	-0.72	-0.34	4.60	-1.34	-13	1.83	-5.65

This table presents HubSpot's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	2,297	2,644	2,729	2,816	3,193	3,356	3,557	3,896	3,684
Total Current Assets	1,561	1,822	1,908	1,975	1,985	2,236	2,439	2,614	2,310
Cash & Equivalents	332	325	457	536	448	798	410	625	601
Short-Term Investments	953	1,160	1,072	1,062	1,071	938	1,528	1,418	1,068
Accounts Receivable	167	198	207	212	267	270	279	295	321
Prepaid Expenses	45	63	90	79	92	111	87	109	130
Other Current Assets	65	76	82	87	107	120	135	168	189
Plant, Property, & Equipment, net	103	107	104	105	103	106	111	124	132
Total Noncurrent Assets	633	715	717	736	1,104	1,014	1,007	1,159	1,242
Long-Term Investments	153	122	146	151	312	210	166	177	191
Goodwill	45	46	46	46	174	174	174	255	275
Intangible Assets	74	90	102	110	159	169	180	211	231
Other Noncurrent Operating Assets	361	457	422	429	460	461	488	516	545
Total Liabilities & Shareholders' Equity	2,297	2,644	2,729	2,816	3,193	3,356	3,557	3,896	3,684
Total Liabilities	1,390	1,597	1,647	1,629	1,744	1,755	1,805	1,892	1,619
Total Current Liabilities	668	810	847	839	960	1,437	1,489	1,577	1,287
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	457	458	369	0.00
Accounts Payable	13	2.96	3.13	17	7.93	4.12	5.27	22	13
Accrued Expenses	91	131	157	135	153	174	188	227	252
Current Deferred Revenue	469	572	586	578	697	708	720	836	888
Current Employee Benefit Liabilities	63	71	70	79	69	61	84	86	97
Other Current Liabilities	32	34	31	30	33	33	35	37	38
Total Noncurrent Liabilities	722	787	799	790	784	318	317	315	332
Noncurrent Deferred Revenue	5.19	5.47	4.57	4.21	4.92	4.61	4.23	4.58	5.99
Other Noncurrent Operating Liabilities	263	327	339	330	323	313	312	310	326
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065
Total Preferred & Common Equity	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065
Total Common Equity	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065
Common Stock	1,551	1,735	1,890	2,001	2,251	2,419	2,551	2,829	2,884
Retained Earnings	-627	-681	-800	-805	-799	-813	-805	-822	-825
Treasury Stock	-	-	-	-	-	-	-	-	-0.00
Accumulated Other Comprehensive Income / (Loss)	-18	-7.76	-8.39	-9.38	-2.98	-4.82	5.65	-2.66	5.43

This table displays calculated financial ratios and metrics derived from HubSpot's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	49.26%	57.02%	48.93%	38.62%	36.57%	31.56%	30.85%	47.30%	33.08%	25.38%	21.07%
EBITDA Growth	-41.97%	10.63%	10.67%	58.22%	9.53%	14.19%	161.62%	318.00%	-275.43%	-164.38%	137.06%
EBIT Growth	-40.12%	4.58%	0.50%	10.79%	-22.25%	4.76%	-8.77%	13.25%	-145.34%	-87.44%	75.53%
NOPAT Growth	-41.92%	4.39%	3.90%	10.13%	-20.24%	2.63%	-8.17%	-7.81%	-87.71%	-95.34%	92.24%
Net Income Growth	-40.72%	4.51%	1.07%	12.84%	-60.72%	15.80%	-58.21%	8.46%	-37.91%	-53.25%	102.81%
EPS Growth	37.41%	66.90%	7.19%	16.28%	-53.70%	22.89%	-48.44%	12.63%	-34.34%	-47.98%	102.73%
Operating Cash Flow Growth	37.08%	96.61%	4,678.25%	156.19%	71.02%	40.21%	-25.27%	168.50%	14.43%	28.48%	70.56%
Free Cash Flow Firm Growth	-52.98%	16.62%	-0.16%	-23.14%	28.36%	-167.73%	62.61%	188.24%	-605.24%	-231.72%	73.99%
Invested Capital Growth	-110.33%	-75.57%	-37.36%	-0.50%	-43.44%	45.53%	-62.78%	-139.05%	17.97%	196.96%	86.33%
Revenue Q/Q Growth	0.00%	11.64%	9.42%	8.71%	7.88%	6.66%	8.06%	9.91%	6.15%	5.45%	4.84%
EBITDA Q/Q Growth	0.00%	22.79%	-7.81%	40.39%	17.11%	-1,857.32%	158.29%	-0.25%	-8.02%	20.49%	238.62%
EBIT Q/Q Growth	0.00%	17.25%	-8.74%	9.22%	2.93%	0.96%	1.11%	-4.71%	-4.06%	-2.99%	33.14%
NOPAT Q/Q Growth	0.00%	16.99%	-8.16%	9.85%	3.21%	-0.70%	1.01%	-1.10%	0.96%	-5.06%	-100.26%
Net Income Q/Q Growth	0.00%	17.01%	-8.52%	5.46%	0.07%	2.17%	-6.40%	-1.24%	5.41%	1.92%	118.85%
EPS Q/Q Growth	0.00%	-414.81%	-5.74%	6.09%	1.19%	3.03%	-4.40%	-0.61%	5.91%	2.37%	119.15%
Operating Cash Flow Q/Q Growth	36.03%	78.43%	-1.86%	30.93%	29.08%	14.19%	17.18%	16.76%	-1.87%	4.26%	17.66%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	4.70%	19.25%	15.23%	-191.58%	69.56%	408.33%	-80.84%	-183.13%	-101.93%
Invested Capital Q/Q Growth	0.00%	3.46%	-9.20%	-24.54%	-23.73%	51.47%	-90.57%	-80.56%	-3.08%	172.35%	34.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.73%	73.66%	77.17%	79.84%	80.44%	80.74%	81.09%	80.10%	82.21%	84.41%	85.03%
EBITDA Margin	-36.53%	-20.79%	-12.47%	-3.76%	-2.49%	-1.62%	0.76%	2.17%	-2.86%	-6.03%	1.85%
Operating Margin	-41.95%	-25.54%	-16.48%	-10.69%	-9.41%	-6.96%	-5.76%	-4.21%	-5.94%	-9.26%	-2.57%
EBIT Margin	-41.46%	-25.20%	-16.84%	-10.83%	-9.70%	-7.02%	-5.84%	-3.44%	-6.34%	-9.47%	-1.91%
Profit (Net Income) Margin	-41.62%	-25.31%	-16.81%	-10.57%	-12.44%	-7.96%	-9.63%	-5.98%	-6.20%	-7.58%	0.18%
Tax Burden Percent	99.81%	100.90%	101.18%	79.37%	103.01%	105.86%	105.22%	105.44%	109.03%	109.25%	16.14%
Interest Burden Percent	100.57%	99.55%	98.71%	122.96%	124.54%	107.15%	156.80%	165.11%	89.75%	73.24%	-57.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.86%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.95%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-10.97%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.23%
Return on Equity (ROE)	-81.23%	-39.63%	-37.90%	-24.14%	-28.06%	-12.02%	-12.04%	-9.51%	-11.51%	-14.14%	0.29%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-386.71%	-70.25%
Operating Return on Assets (OROA)	-42.63%	-23.20%	-19.00%	-8.37%	-6.44%	-3.94%	-2.91%	-2.16%	-4.65%	-7.32%	-1.47%
Return on Assets (ROA)	-42.79%	-23.30%	-18.98%	-8.17%	-8.26%	-4.47%	-4.80%	-3.75%	-4.55%	-5.86%	0.13%
Return on Common Equity (ROCE)	-11.94%	-39.63%	-37.90%	-24.14%	-28.06%	-12.02%	-12.04%	-9.51%	-11.51%	-14.14%	0.29%
Return on Equity Simple (ROE_SIMPLE)	-43.57%	-37.84%	-38.38%	-18.88%	-26.09%	-8.27%	-11.15%	-8.91%	-10.82%	-12.33%	0.24%
Net Operating Profit after Tax (NOPAT)	-34	-33	-31	-28	-34	-33	-36	-38	-72	-141	-11
NOPAT Margin	-29.36%	-17.88%	-11.54%	-7.48%	-6.59%	-4.87%	-4.03%	-2.95%	-4.16%	-6.48%	-0.42%
Net Nonoperating Expense Percent (NNEP)	-20.58%	-10.07%	-9.70%	-5.92%	-11.29%	-4.32%	-6.69%	-4.45%	-3.46%	-2.05%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-4.98%	-7.86%	-0.46%
Cost of Revenue to Revenue	30.27%	26.34%	22.83%	20.16%	19.56%	19.26%	18.91%	19.90%	17.79%	15.59%	14.97%
SG&A Expenses to Revenue	21.54%	19.46%	16.65%	15.12%	14.78%	13.78%	12.37%	11.14%	11.42%	11.50%	11.43%
R&D to Revenue	22.13%	17.84%	16.98%	18.74%	22.93%	23.45%	23.28%	23.22%	25.54%	28.46%	29.64%
Operating Expenses to Revenue	111.68%	99.20%	93.65%	90.52%	89.84%	87.71%	86.85%	84.31%	88.15%	93.67%	87.61%
Earnings before Interest and Taxes (EBIT)	-48	-46	-46	-41	-50	-47	-52	-45	-110	-206	-50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-42	-38	-34	-14	-13	-11	6.75	28	-50	-131	49
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.53	15.78	14.10	15.70	20.16	10.44	23.85	35.64	14.15	21.90	18.85
Price to Tangible Book Value (P/TBV)	10.89	17.91	16.35	18.32	23.26	11.48	26.13	40.12	16.24	28.87	23.87
Price to Revenue (P/Rev)	9.10	10.55	6.18	8.80	9.62	10.06	20.60	23.95	8.11	13.46	13.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7,772.20
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	364.94	239.59
Enterprise Value to Revenue (EV/Rev)	8.04	9.76	5.62	8.15	9.05	9.06	19.69	23.20	7.50	12.88	13.02
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	2,574.58	1,068.81	0.00	0.00	704.78
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	78.66	61.71	54.71	51.38	195.57	126.40	47.49	79.67	57.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,706.84	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.01	0.00	1.42	1.30	0.52	0.63	0.46	0.46	0.34	0.24
Long-Term Debt to Equity	0.00	0.00	0.00	1.42	1.30	0.52	0.62	0.44	0.46	0.34	0.00
Financial Leverage	-1.16	-1.16	-1.23	-1.19	-1.17	-1.08	-1.05	-1.08	-1.09	-1.00	-0.93
Leverage Ratio	1.90	1.70	2.00	2.95	3.40	2.69	2.51	2.53	2.53	2.41	2.12
Compound Leverage Factor	1.91	1.69	1.97	3.63	4.23	2.88	3.93	4.19	2.27	1.77	-1.21
Debt to Total Capital	0.16%	0.67%	0.00%	58.66%	56.58%	34.38%	38.57%	31.55%	31.40%	25.48%	19.36%
Short-Term Debt to Total Capital	0.09%	0.44%	0.00%	0.00%	0.00%	0.00%	0.63%	1.54%	0.00%	0.00%	19.36%
Long-Term Debt to Total Capital	0.07%	0.23%	0.00%	58.66%	56.58%	34.38%	37.94%	30.01%	31.40%	25.48%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.84%	99.33%	100.00%	41.34%	43.42%	65.62%	61.43%	68.45%	68.60%	74.52%	80.64%
Debt to EBITDA	0.00	-0.02	0.00	-21.14	-24.96	-31.07	70.91	14.27	-9.17	-3.48	9.44
Net Debt to EBITDA	2.92	3.82	0.00	17.14	22.71	61.56	-118.89	-34.36	21.63	9.61	-36.38
Long-Term Debt to EBITDA	0.00	-0.01	0.00	-21.14	-24.96	-31.07	69.75	13.57	-9.17	-3.48	0.00
Debt to NOPAT	-0.01	-0.03	0.00	-10.62	-9.44	-10.35	-13.46	-10.50	-6.31	-3.24	-42.00
Net Debt to NOPAT	3.64	4.45	0.00	8.62	8.59	20.51	22.57	25.29	14.88	8.94	161.83
Long-Term Debt to NOPAT	0.00	-0.01	0.00	-10.62	-9.44	-10.35	-13.24	-9.99	-6.31	-3.24	0.00
Altman Z-Score	9.01	10.84	6.48	4.44	5.55	5.01	9.65	14.99	6.08	10.57	12.12
Noncontrolling Interest Sharing Ratio	85.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.52	1.60	1.38	3.38	3.01	3.44	3.27	2.35	2.30	1.99	1.67
Quick Ratio	2.32	1.42	1.20	3.17	2.82	3.27	3.09	2.20	2.15	1.79	1.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-27	-23	-23	-28	-20	-54	-20	18	-89	-296	-77
Operating Cash Flow to CapEx	-104.74%	-3.32%	89.92%	181.42%	253.49%	220.95%	151.03%	385.89%	334.07%	350.66%	469.21%
Free Cash Flow to Firm to Interest Expense	-84.37	-122.44	-85.61	-2.12	-0.94	-2.35	-0.54	0.58	-23.74	-77.95	-20.71
Operating Cash Flow to Interest Expense	-38.71	-2.29	73.08	3.76	3.97	5.21	2.40	7.88	72.61	92.34	160.87
Operating Cash Flow Less CapEx to Interest Expense	-75.66	-71.16	-8.20	1.69	2.40	2.85	0.81	5.84	50.88	66.00	126.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	0.92	1.13	0.77	0.66	0.56	0.50	0.63	0.73	0.77	0.77
Accounts Receivable Turnover	10.78	9.23	8.45	7.54	7.45	7.96	8.07	9.17	9.01	8.31	8.34
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.44	12.32	11.21	10.22	10.71	9.92	9.56	13.19	17.19	20.81	24.16
Accounts Payable Turnover	13.12	17.79	17.83	16.82	16.10	12.59	12.66	31.74	26.04	22.57	61.66
Days Sales Outstanding (DSO)	33.85	39.53	43.19	48.42	49.02	45.87	45.25	39.82	40.51	43.91	43.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.82	20.52	20.47	21.71	22.67	29.00	28.84	11.50	14.02	16.18	5.92
Cash Conversion Cycle (CCC)	6.03	19.01	22.72	26.72	26.34	16.87	16.41	28.32	26.49	27.73	37.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-13	-23	-32	-32	-45	-25	-40	-96	-79	77	143
Invested Capital Turnover	-12.01	-10.10	-9.95	-11.88	-13.30	-19.22	-27.15	-19.04	-19.74	-1,804.77	23.95
Increase / (Decrease) in Invested Capital	-6.86	-9.88	-8.58	-0.16	-14	21	-16	-56	17	156	66
Enterprise Value (EV)	931	1,775	1,523	3,062	4,643	6,112	17,389	30,175	12,974	27,961	34,204
Market Capitalization	1,055	1,920	1,674	3,304	4,933	6,787	18,192	31,145	14,045	29,219	35,970
Book Value per Share	$3.53	$3.57	$3.33	$5.63	$6.24	$15.18	$16.62	$18.49	$20.43	$26.51	$36.97
Tangible Book Value per Share	$3.09	$3.14	$2.88	$4.83	$5.40	$13.81	$15.17	$16.43	$17.80	$20.11	$29.19
Total Capital	111	123	119	509	563	991	1,242	1,277	1,446	1,791	2,366
Total Debt	0.18	0.82	0.00	298	319	341	479	403	454	456	458
Total Long-Term Debt	0.08	0.28	0.00	298	319	341	471	383	454	456	0.00
Net Debt	-124	-145	-150	-242	-290	-675	-803	-970	-1,071	-1,258	-1,766
Capital Expenditures (CapEx)	12	13	22	27	33	54	59	62	82	100	128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	-50	-66	-85	-122	-174	-232	-342	-420	-459	-551
Debt-free Net Working Capital (DFNWC)	90	55	49	424	475	787	1,019	856	993	930	1,518
Net Working Capital (NWC)	90	54	49	424	475	787	1,011	836	993	930	1,060
Net Nonoperating Expense (NNE)	14	14	14	12	30	21	49	39	35	24	-16
Net Nonoperating Obligations (NNO)	-124	-145	-150	-242	-290	-675	-803	-970	-1,071	-1,258	-1,766
Total Depreciation and Amortization (D&A)	5.71	8.01	12	27	37	36	58	73	60	75	99
Debt-free, Cash-free Net Working Capital to Revenue	-29.14%	-27.24%	-24.23%	-22.60%	-23.79%	-25.82%	-26.27%	-26.31%	-24.25%	-21.14%	-20.97%
Debt-free Net Working Capital to Revenue	77.83%	30.22%	18.04%	112.94%	92.68%	116.65%	115.43%	65.79%	57.36%	42.83%	57.79%
Net Working Capital to Revenue	77.74%	29.93%	18.04%	112.94%	92.68%	116.65%	114.54%	64.28%	57.36%	42.83%	40.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.20)	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.35)	($3.53)	$0.09
Adjusted Weighted Average Basic Shares Outstanding	31.50M	34.71M	36.16M	37.86M	39.61M	43.29M	46.34M	47.57M	48.07M	49.88M	51.18M
Adjusted Diluted Earnings per Share	($4.20)	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.35)	($3.53)	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	31.50M	34.71M	36.16M	37.86M	39.61M	43.29M	46.34M	47.57M	48.07M	49.88M	51.82M
Adjusted Basic & Diluted Earnings per Share	($4.20)	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.56M	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	49.39M	50.67M	52.15M
Normalized Net Operating Profit after Tax (NOPAT)	-34	-33	-31	-28	-34	-33	-36	-38	-72	-73	-45
Normalized NOPAT Margin	-29.36%	-17.88%	-11.54%	-7.48%	-6.59%	-4.87%	-4.03%	-2.95%	-4.16%	-3.36%	-1.69%
Pre Tax Income Margin	-41.70%	-25.09%	-16.62%	-13.32%	-12.08%	-7.52%	-9.15%	-5.68%	-5.69%	-6.94%	1.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-149.21	-247.82	-172.14	-3.09	-2.33	-2.08	-1.39	-1.48	-29.16	-54.09	-13.52
NOPAT to Interest Expense	-105.67	-175.85	-117.98	-2.13	-1.58	-1.44	-0.96	-1.27	-19.14	-37.00	-2.93
EBIT Less CapEx to Interest Expense	-186.16	-316.69	-253.42	-5.16	-3.89	-4.44	-2.98	-3.52	-50.89	-80.42	-47.81
NOPAT Less CapEx to Interest Expense	-142.63	-244.72	-199.25	-4.21	-3.14	-3.80	-2.55	-3.31	-40.88	-63.34	-37.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-385.20%	0.00%	-0.03%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from HubSpot's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.17%	26.80%	25.46%	25.59%	23.90%	23.08%	20.43%	20.12%	20.84%	15.67%	19.40%
EBITDA Growth	-38.77%	-641.35%	-165.57%	47.95%	316.60%	97.41%	90.92%	115.94%	138.54%	-1,487.90%	91.53%
EBIT Growth	-46.42%	-487.56%	-109.32%	39.46%	-90.50%	77.03%	80.88%	49.57%	69.30%	-195.76%	-6.18%
NOPAT Growth	12.05%	-285.96%	-122.33%	42.40%	-219.59%	40.74%	79.40%	43.28%	74.43%	-7.72%	-2.84%
Net Income Growth	37.49%	-293.11%	-98.37%	88.61%	-21.26%	116.16%	87.09%	327.73%	140.15%	-467.26%	77.43%
EPS Growth	41.18%	-270.00%	-90.68%	89.23%	-20.00%	116.22%	87.56%	328.57%	137.50%	-450.00%	78.57%
Operating Cash Flow Growth	-5.48%	-1.41%	87.06%	48.25%	15.95%	56.76%	53.94%	79.17%	86.12%	27.13%	39.49%
Free Cash Flow Firm Growth	-144.53%	-198.34%	-379.66%	2,046.10%	-667.62%	-308.67%	-866.77%	-1,449.48%	59.10%	50.90%	59.12%
Invested Capital Growth	17.97%	14.96%	-63.94%	-38.13%	196.96%	171.73%	181.61%	200.05%	86.33%	103.70%	81.74%
Revenue Q/Q Growth	5.79%	6.81%	5.49%	5.37%	4.37%	6.10%	3.21%	5.10%	5.00%	1.56%	6.54%
EBITDA Q/Q Growth	128.38%	-264.34%	-215.20%	90.29%	327.12%	96.24%	-1,005.66%	117.04%	3,297.94%	-124.80%	94.10%
EBIT Q/Q Growth	59.61%	-122.23%	-164.21%	82.54%	-27.10%	67.45%	-119.93%	53.97%	22.63%	-277.60%	21.04%
NOPAT Q/Q Growth	77.51%	-219.27%	-169.85%	84.03%	-24.78%	10.15%	6.18%	56.02%	43.76%	-364.22%	10.43%
Net Income Q/Q Growth	67.42%	-134.84%	-204.47%	96.80%	-246.94%	126.60%	-343.26%	156.43%	-38.83%	-537.35%	85.05%
EPS Q/Q Growth	69.23%	-131.25%	-204.05%	96.89%	-242.86%	127.91%	-333.33%	157.14%	-43.75%	-566.67%	85.71%
Operating Cash Flow Q/Q Growth	49.78%	-9.89%	-5.58%	16.33%	17.14%	21.83%	-7.29%	35.40%	21.69%	-16.78%	1.73%
Free Cash Flow Firm Q/Q Growth	-3,057.79%	-81.93%	43.29%	158.85%	-1,157.95%	-13.33%	-34.16%	17.86%	67.94%	-38.95%	-11.72%
Invested Capital Q/Q Growth	-3.08%	-33.42%	-30.62%	23.11%	172.35%	-1.29%	48.62%	-5.74%	34.75%	7.91%	32.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.24%	83.99%	83.94%	84.64%	84.97%	84.60%	85.01%	85.17%	85.30%	83.88%	83.94%
EBITDA Margin	1.24%	-6.94%	-20.73%	-1.91%	4.16%	-0.15%	-1.56%	0.25%	8.21%	-2.00%	-0.11%
Operating Margin	-1.54%	-8.58%	-21.95%	-3.33%	-3.98%	-3.76%	-3.76%	-1.44%	-1.54%	-3.85%	-3.24%
EBIT Margin	-2.87%	-8.74%	-21.89%	-3.63%	-4.42%	-1.63%	-3.48%	-1.52%	-1.12%	-4.17%	-3.09%
Profit (Net Income) Margin	-2.18%	-7.32%	-21.13%	-0.64%	-2.13%	0.96%	-2.27%	1.22%	0.71%	-3.05%	-0.43%
Tax Burden Percent	153.83%	107.05%	108.30%	71.70%	154.16%	76.87%	538.22%	76.50%	38.36%	220.82%	59.70%
Interest Burden Percent	49.32%	78.24%	89.12%	24.67%	31.32%	-76.65%	12.11%	-104.43%	-164.67%	33.13%	23.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	23.13%	0.00%	23.50%	61.64%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-108,129.26%	-14.12%	-63.90%	-40.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-108,130.32%	-14.72%	-63.74%	-41.56%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	108,128.44%	13.72%	59.50%	37.97%
Return on Equity (ROE)	-11.51%	-14.91%	-20.02%	-16.03%	-14.14%	-10.71%	-2.70%	-0.82%	-0.39%	-4.40%	-2.76%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-386.71%	-413.64%	-282.32%	3,764.40%	-70.25%	62.04%	7.67%
Operating Return on Assets (OROA)	-2.11%	-6.56%	-17.02%	-2.92%	-3.41%	-1.28%	-2.74%	-1.20%	-0.86%	-3.21%	-2.50%
Return on Assets (ROA)	-1.60%	-5.49%	-16.42%	-0.52%	-1.65%	0.75%	-1.78%	0.96%	0.54%	-2.35%	-0.35%
Return on Common Equity (ROCE)	-11.51%	-14.91%	-20.02%	-16.03%	-14.14%	-10.71%	-2.70%	-0.82%	-0.39%	-4.40%	-2.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-13.39%	-18.07%	-14.14%	0.00%	-9.22%	-2.27%	-1.40%	0.00%	-1.15%	0.00%
Net Operating Profit after Tax (NOPAT)	-5.07	-30	-81	-13	-16	-18	-17	-7.37	-4.14	-19	-17
NOPAT Margin	-1.08%	-6.01%	-15.37%	-2.33%	-2.79%	-2.89%	-2.63%	-1.10%	-0.59%	-2.69%	-2.26%
Net Nonoperating Expense Percent (NNEP)	-0.51%	-0.62%	-2.80%	0.83%	0.33%	1.88%	0.17%	1.06%	0.60%	-0.16%	0.83%
Return On Investment Capital (ROIC_SIMPLE)	-0.35%	-	-	-	-0.91%	-	-	-	-0.18%	-0.81%	-0.83%
Cost of Revenue to Revenue	15.76%	16.01%	16.06%	15.36%	15.03%	15.40%	14.99%	14.83%	14.70%	16.12%	16.06%
SG&A Expenses to Revenue	10.95%	11.44%	11.57%	11.00%	11.98%	11.15%	11.39%	11.64%	11.51%	11.01%	11.17%
R&D to Revenue	24.77%	25.45%	32.12%	28.14%	28.05%	28.45%	31.10%	28.55%	30.39%	30.82%	31.19%
Operating Expenses to Revenue	85.78%	92.57%	105.90%	87.97%	88.95%	88.36%	88.77%	86.61%	86.84%	87.73%	87.18%
Earnings before Interest and Taxes (EBIT)	-13	-44	-116	-20	-26	-10	-22	-10	-7.89	-30	-24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.81	-35	-110	-11	24	-0.90	-9.96	1.70	58	-14	-0.84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.15	20.24	24.40	20.76	21.90	21.76	18.78	15.58	18.85	14.86	14.22
Price to Tangible Book Value (P/TBV)	16.24	23.27	28.29	23.91	28.87	28.26	23.89	19.53	23.87	19.36	18.83
Price to Revenue (P/Rev)	8.11	11.53	13.58	11.97	13.46	13.79	12.55	10.89	13.69	10.94	10.31
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7,772.20	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	364.94	398.80	254.17	242.12	239.59	181.39	134.60
Enterprise Value to Revenue (EV/Rev)	7.50	10.90	12.96	11.34	12.88	13.19	11.93	10.23	13.02	10.26	9.65
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	704.78	795.54	621.43
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.11	0.00	186.69	264.33
Enterprise Value to Operating Cash Flow (EV/OCF)	47.49	73.62	81.89	69.34	79.67	75.98	65.18	50.42	57.14	44.14	40.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.43	0.00	392.18	2,264.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.43	0.42	0.38	0.34	0.32	0.29	0.26	0.24	0.18	0.00
Long-Term Debt to Equity	0.46	0.43	0.42	0.38	0.34	0.32	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.09	-1.12	-1.11	-1.09	-1.00	-1.01	-1.01	-1.00	-0.93	-0.93	-0.91
Leverage Ratio	2.53	2.60	2.56	2.44	2.41	2.34	2.27	2.17	2.12	2.05	1.92
Compound Leverage Factor	1.25	2.04	2.28	0.60	0.76	-1.79	0.27	-2.27	-3.49	0.68	0.45
Debt to Total Capital	31.40%	30.29%	29.60%	27.75%	25.48%	23.96%	22.21%	20.71%	19.36%	15.54%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.21%	20.71%	19.36%	15.54%	0.00%
Long-Term Debt to Total Capital	31.40%	30.29%	29.60%	27.75%	25.48%	23.96%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.60%	69.71%	70.40%	72.25%	74.52%	76.04%	77.79%	79.29%	80.64%	84.46%	100.00%
Debt to EBITDA	-9.17	-4.29	-2.61	-2.77	-3.48	-3.11	-9.65	-13.07	9.44	10.50	0.00
Net Debt to EBITDA	21.63	10.85	6.99	7.85	9.61	9.34	31.43	47.01	-36.38	-52.68	0.00
Long-Term Debt to EBITDA	-9.17	-4.29	-2.61	-2.77	-3.48	-3.11	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-6.31	-4.61	-3.17	-3.40	-3.24	-3.47	-6.80	0.11	-42.00	2.46	0.00
Net Debt to NOPAT	14.88	11.67	8.51	9.65	8.94	10.42	22.15	-0.39	161.83	-12.36	0.00
Long-Term Debt to NOPAT	-6.31	-4.61	-3.17	-3.40	-3.24	-3.47	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	6.21	8.69	10.25	9.86	10.77	11.59	10.91	9.77	12.16	10.15	11.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.30	2.25	2.25	2.35	1.99	2.07	1.56	1.64	1.67	1.66	1.79
Quick Ratio	2.15	2.08	2.05	2.16	1.79	1.86	1.40	1.49	1.53	1.48	1.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-49	-28	16	-172	-199	-267	-219	-70	-98	-109
Operating Cash Flow to CapEx	472.58%	439.83%	279.84%	312.06%	404.77%	461.87%	397.52%	458.76%	544.71%	369.17%	319.39%
Free Cash Flow to Firm to Interest Expense	-23.82	-52.34	-29.46	17.10	-174.65	-212.75	-296.19	-234.20	-74.07	-151.65	-480.64
Operating Cash Flow to Interest Expense	95.71	87.17	81.69	93.73	106.01	135.92	130.77	170.45	204.57	250.89	724.06
Operating Cash Flow Less CapEx to Interest Expense	75.46	67.35	52.50	63.70	79.82	106.49	97.88	133.30	167.02	182.93	497.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.75	0.78	0.81	0.77	0.78	0.79	0.79	0.77	0.77	0.81
Accounts Receivable Turnover	9.01	10.49	10.44	10.86	8.31	9.85	10.05	10.20	8.34	9.71	9.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	17.19	17.51	18.81	19.83	20.81	21.73	22.79	23.22	24.16	23.98	23.91
Accounts Payable Turnover	26.04	57.04	43.82	21.99	22.57	66.19	102.32	34.84	61.66	27.40	52.87
Days Sales Outstanding (DSO)	40.51	34.80	34.98	33.62	43.91	37.07	36.33	35.78	43.77	37.61	37.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	14.02	6.40	8.33	16.60	16.18	5.51	3.57	10.48	5.92	13.32	6.90
Cash Conversion Cycle (CCC)	26.49	28.40	26.65	17.02	27.73	31.56	32.76	25.30	37.85	24.29	30.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-79	-105	-138	-106	77	76	112	106	143	154	204
Invested Capital Turnover	-19.74	-16.01	-17.54	-22.55	-1,804.77	-153.39	-189.11	98,285.49	23.95	23.72	17.99
Increase / (Decrease) in Invested Capital	17	19	-54	-29	156	181	250	212	66	78	92
Enterprise Value (EV)	12,974	20,025	25,192	23,340	27,961	30,162	28,569	25,651	34,204	27,944	27,495
Market Capitalization	14,045	21,177	26,412	24,633	29,219	31,535	30,057	27,297	35,970	29,795	29,355
Book Value per Share	$20.43	$21.19	$21.81	$23.72	$26.51	$28.59	$31.41	$34.12	$36.97	$38.44	$39.16
Tangible Book Value per Share	$17.80	$18.43	$18.81	$20.60	$20.11	$22.02	$24.68	$27.22	$29.19	$29.51	$29.57
Total Capital	1,446	1,501	1,538	1,642	1,791	1,906	2,058	2,210	2,366	2,373	2,065
Total Debt	454	455	455	456	456	457	457	458	458	369	0.00
Total Long-Term Debt	454	455	455	456	456	457	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,071	-1,152	-1,220	-1,292	-1,258	-1,373	-1,489	-1,646	-1,766	-1,850	-1,861
Capital Expenditures (CapEx)	19	18	27	29	26	28	30	35	36	44	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-420	-473	-469	-461	-459	-493	-480	-530	-551	-637	-647
Debt-free Net Working Capital (DFNWC)	993	1,012	1,060	1,136	930	1,026	1,256	1,408	1,518	1,406	1,023
Net Working Capital (NWC)	993	1,012	1,060	1,136	930	1,026	799	950	1,060	1,037	1,023
Net Nonoperating Expense (NNE)	5.16	6.59	30	-9.41	-3.80	-24	-2.32	-16	-9.13	2.56	-14
Net Nonoperating Obligations (NNO)	-1,071	-1,152	-1,220	-1,292	-1,258	-1,373	-1,489	-1,646	-1,766	-1,850	-1,861
Total Depreciation and Amortization (D&A)	19	9.05	6.16	9.57	50	9.17	12	12	66	15	23
Debt-free, Cash-free Net Working Capital to Revenue	-24.25%	-25.75%	-24.11%	-22.42%	-21.14%	-21.57%	-20.03%	-21.15%	-20.97%	-23.39%	-22.71%
Debt-free Net Working Capital to Revenue	57.36%	55.07%	54.54%	55.19%	42.83%	44.86%	52.47%	56.17%	57.79%	51.60%	35.91%
Net Working Capital to Revenue	57.36%	55.07%	54.54%	55.19%	42.83%	44.86%	33.37%	37.91%	40.35%	38.06%	35.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.20)	($0.78)	($2.39)	($0.11)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)
Adjusted Weighted Average Basic Shares Outstanding	48.07M	49.40M	49.70M	50.05M	49.88M	50.69M	51.01M	51.35M	51.18M	52.15M	52.70M
Adjusted Diluted Earnings per Share	($0.20)	($0.78)	($2.39)	($0.11)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)
Adjusted Weighted Average Diluted Shares Outstanding	48.07M	49.40M	49.70M	50.05M	49.88M	51.50M	51.01M	51.78M	51.82M	52.15M	52.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.39M	49.64M	50.02M	50.33M	50.67M	50.96M	51.35M	51.62M	52.15M	52.74M	52.69M
Normalized Net Operating Profit after Tax (NOPAT)	-5.07	-10	-37	-12	-14	-17	-16	-6.61	-6.76	-18	-16
Normalized NOPAT Margin	-1.08%	-2.02%	-6.92%	-2.22%	-2.36%	-2.80%	-2.51%	-0.99%	-0.96%	-2.59%	-2.16%
Pre Tax Income Margin	-1.42%	-6.84%	-19.51%	-0.89%	-1.38%	1.25%	-0.42%	1.59%	1.85%	-1.38%	-0.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.35	-47.14	-123.63	-21.28	-26.12	-10.77	-24.58	-10.89	-8.31	-46.26	-103.61
NOPAT to Interest Expense	-5.40	-32.40	-86.79	-13.67	-16.47	-19.10	-18.60	-7.87	-4.37	-29.87	-75.90
EBIT Less CapEx to Interest Expense	-34.60	-66.96	-152.82	-51.32	-52.31	-40.20	-57.48	-48.05	-45.87	-114.22	-330.31
NOPAT Less CapEx to Interest Expense	-25.65	-52.22	-115.98	-43.71	-42.66	-48.53	-51.49	-45.03	-41.92	-97.83	-302.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.03%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,048.52%

Key Financial Trends

HubSpot's recent financial results for Q2 2025 compared to previous quarters and years show several key trends impacting its business performance and financial health.

Revenue Growth: Operating Revenue for Q2 2025 increased sequentially from $714.1M in Q1 2025 to $760.9M, continuing an upward trajectory since 2023 when revenues were below $620M per quarter, indicating strong top-line growth.
Gross Profit Margin: Despite rising revenues, the gross profit margin remains robust at around 84% in Q2 2025 ($638.7M gross profit on $760.9M revenue), similar to prior quarters, demonstrating efficient revenue generation relative to direct costs.
Strong Operating Cash Flow: Net cash from operating activities was $164.4M in Q2 2025, slightly higher than $161.6M in Q1 2025, affirming solid cash generation capabilities from core business operations.
Increasing Investments: Continuous investments in property, plant & equipment ($51.5M in Q2 2025) suggest ongoing expansion and capacity enhancement efforts.
Substantial Investment Portfolio: HubSpot's significant short-term and long-term investments balance ($1.07B and $191M respectively as of Q2 2025) provides financial flexibility and potential income.
Net Income and Profitability: HubSpot reported a net loss of $3.3M in Q2 2025, an improvement from a loss of $21.8M in Q1 2025, but still in loss territory, reflecting ongoing costs and investments impacting short-term profitability.
Operating Expenses: Marketing ($339.9M) and R&D ($237.3M) expenses remain high and growing, which supports innovation and market expansion but pressures near-term earnings.
Restructuring Charges: The company continues to incur restructuring charges each quarter (~$1.1M in Q2 2025), possibly reflecting ongoing organizational adjustments.
Significant Financing Cash Outflows: Net cash used in financing activities was $479.6M in Q2 2025, largely due to debt repayments ($369.2M), which, while reducing leverage, impacts liquidity.
Declining Cash & Equivalents: Despite strong cash flow, HubSpot’s cash and equivalents decreased by $55.2M in Q2 2025, reflecting the intensive investing and financing activities.

Summary: HubSpot continues to demonstrate strong revenue growth and operating cash flow generation, with a disciplined investment in marketing, R&D, and capital expenditures to support future growth. However, profitability remains challenged due to continued expenses and restructuring costs, resulting in small net losses in recent quarters albeit with improvement. The company’s financial structure shows proactive debt repayment, though it leads to sizable cash outflows. Investors should watch HubSpot’s ability to convert revenue growth into sustained profitability while managing spending and liquidity.

08/23/25 08:21 PMAI Generated. May Contain Errors.

Frequently Asked Questions About HubSpot's Financials

When does HubSpot's financial year end?

According to the most recent income statement we have on file, HubSpot's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has HubSpot's net income changed over the last 10 years?

HubSpot's net income appears to be on an upward trend, with a most recent value of $4.63 million in 2024, falling from -$48.23 million in 2014. The previous period was -$164.51 million in 2023. See where experts think HubSpot is headed by visiting HubSpot's forecast page.

What is HubSpot's operating income?

HubSpot's total operating income in 2024 was -$67.60 million, based on the following breakdown:

Total Gross Profit: $2.23 billion
Total Operating Expenses: $2.30 billion

How has HubSpot's revenue changed over the last 10 years?

Over the last 10 years, HubSpot's total revenue changed from $115.88 million in 2014 to $2.63 billion in 2024, a change of 2,167.5%.

How much debt does HubSpot have?

HubSpot's total liabilities were at $1.89 billion at the end of 2024, a 8.7% increase from 2023, and a 2,842.0% increase since 2014.

How much cash does HubSpot have?

In the past 10 years, HubSpot's cash and equivalents has ranged from $55.58 million in 2015 to $512.67 million in 2024, and is currently $512.67 million as of their latest financial filing in 2024.

How has HubSpot's book value per share changed over the last 10 years?

Over the last 10 years, HubSpot's book value per share changed from 3.53 in 2014 to 36.97 in 2024, a change of 948.2%.

Related Companies

This page (NYSE:HUBS) was last updated on 8/23/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

HubSpot (HUBS) Financials

Key Financial Trends

Frequently Asked Questions About HubSpot's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

HubSpot (HUBS) Financials

Annual Income Statements for HubSpot

Quarterly Income Statements for HubSpot

Annual Cash Flow Statements for HubSpot

Quarterly Cash Flow Statements for HubSpot

Annual Balance Sheets for HubSpot

Quarterly Balance Sheets for HubSpot

Annual Metrics And Ratios for HubSpot

Quarterly Metrics And Ratios for HubSpot

Key Financial Trends

Frequently Asked Questions About HubSpot's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools