HubSpot (HUBS) Financials

$198.84 +0.47 (+0.24%)

As of 12:16 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63	46
Consolidated Net Income / (Loss)	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63	46
Net Income / (Loss) Continuing Operations	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63	46
Total Pre-Tax Income	-46	-45	-50	-62	-51	-81	-74	-98	-151	29	69
Total Operating Income	-46	-45	-40	-48	-47	-51	-55	-103	-201	-68	7.38
Total Gross Profit	134	209	300	413	545	716	1,042	1,423	1,832	2,234	2,623
Total Revenue	182	271	376	513	675	883	1,301	1,731	2,170	2,628	3,131
Operating Revenue	182	271	376	513	675	883	1,301	1,731	2,170	2,628	3,131
Total Cost of Revenue	48	62	76	100	130	167	259	308	338	393	508
Operating Cost of Revenue	48	62	76	100	130	167	259	308	338	393	508
Total Operating Expenses	180	254	340	461	592	767	1,097	1,526	2,033	2,302	2,615
Selling, General & Admin Expense	35	45	57	76	93	109	145	198	250	300	326
Marketing Expense	113	163	213	267	341	452	650	886	1,069	1,219	1,379
Research & Development Expense	32	46	70	118	158	206	302	442	618	779	906
Restructuring Charge	-	-	-	-	-	-	0.00	0.00	97	3.99	4.04
Total Other Income / (Expense), net	0.83	-0.37	-9.90	-14	-3.78	-30	-19	4.41	50	96	62
Interest Expense	0.19	0.27	13	21	23	37	30	3.76	3.80	3.72	0.88
Interest & Investment Income	0.39	0.85	3.84	9.18	19	7.77	1.17	15	59	83	66
Other Income / (Expense), net	0.63	-0.96	-0.56	-1.49	-0.39	-0.71	10	-6.83	-4.67	17	-3.26
Income Tax Expense	0.41	0.53	-10	1.87	2.97	4.22	4.02	8.89	14	24	24
Basic Earnings per Share	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.23)	($3.30)	$0.09	$0.88
Weighted Average Basic Shares Outstanding	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	48.07M	49.88M	51.18M	52.46M
Diluted Earnings per Share	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.23)	($3.30)	$0.09	$0.86
Weighted Average Diluted Shares Outstanding	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	48.07M	49.88M	51.82M	53.19M
Weighted Average Basic & Diluted Shares Outstanding	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	49.39M	50.67M	52.15M	52.74M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26	17	54	33
Consolidated Net Income / (Loss)	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26	17	54	33
Net Income / (Loss) Continuing Operations	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26	17	54	33
Total Pre-Tax Income	-4.99	-8.05	7.72	-2.68	11	13	-9.87	-5.46	23	62	39
Total Operating Income	-19	-23	-23	-24	-9.63	-11	-27	-25	11	48	28
Total Gross Profit	472	494	522	542	570	600	599	639	676	709	735
Total Revenue	558	582	617	637	670	703	714	761	810	847	881
Operating Revenue	558	582	617	637	670	703	714	761	810	847	881
Total Cost of Revenue	86	87	95	96	99	103	115	122	134	138	146
Operating Cost of Revenue	86	87	95	96	99	103	115	122	134	138	146
Total Operating Expenses	490	518	546	566	580	611	627	663	665	661	707
Selling, General & Admin Expense	61	70	69	73	78	81	79	85	81	82	86
Marketing Expense	271	281	300	294	310	315	327	340	355	358	386
Research & Development Expense	157	163	176	198	191	214	220	237	228	221	234
Restructuring Charge	0.85	3.55	0.78	1.08	0.99	1.14	1.08	1.11	1.04	0.81	1.09
Total Other Income / (Expense), net	14	15	31	21	20	24	18	19	12	13	11
Interest Expense	0.95	0.98	0.94	0.90	0.94	0.95	0.64	0.23	0.00	0.00	0.25
Interest & Investment Income	16	19	19	20	22	22	21	18	14	13	13
Other Income / (Expense), net	-1.66	-2.55	13	1.78	-0.57	2.91	-2.31	1.09	-2.35	0.30	-1.29
Income Tax Expense	-1.41	4.36	1.79	12	2.50	8.01	12	-2.20	6.60	7.23	6.74
Basic Earnings per Share	($0.07)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)	$0.31	$1.05	$0.62
Weighted Average Basic Shares Outstanding	50.05M	49.88M	50.69M	51.01M	51.35M	51.18M	52.15M	52.70M	52.51M	52.46M	52.49M
Diluted Earnings per Share	($0.07)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)	$0.31	$1.03	$0.62
Weighted Average Diluted Shares Outstanding	50.05M	49.88M	51.50M	51.01M	51.78M	51.82M	52.15M	52.70M	52.67M	53.19M	52.58M
Weighted Average Basic & Diluted Shares Outstanding	50.33M	50.67M	50.96M	51.35M	51.62M	52.15M	52.74M	52.69M	52.39M	52.74M	51.22M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-68	5.01	30	26	161	103	-1.11	-46	58	125	368
Net Cash From Operating Activities	-0.42	19	50	85	119	89	239	273	351	599	761
Net Cash From Continuing Operating Activities	-0.42	19	50	85	119	68	239	273	351	599	761
Net Income / (Loss) Continuing Operations	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63	46
Consolidated Net Income / (Loss)	-46	-46	-40	-64	-54	-85	-78	-107	-165	4.63	46
Depreciation Expense	7.34	11	16	23	29	37	45	58	73	97	136
Amortization Expense	0.67	0.65	11	14	7.63	21	28	2.01	1.99	2.01	0.58
Non-Cash Adjustments To Reconcile Net Income	23	37	52	79	98	59	134	278	450	426	472
Changes in Operating Assets and Liabilities, net	15	16	11	33	39	36	110	43	-9.45	69	106
Net Cash From Investing Activities	-104	-23	-397	-71	-316	-216	-180	-320	-335	-516	492
Net Cash From Continuing Investing Activities	-104	-23	-397	-71	-316	-216	-180	-320	-335	-516	492
Purchase of Property, Plant & Equipment	-13	-22	-27	-33	-54	-59	-62	-82	-100	-128	-184
Acquisitions	-0.60	-	-9.42	0.00	-23	0.00	-20	-10	-142	-42	-88
Purchase of Investments	-114	-52	-894	-682	-1,305	-1,520	-1,498	-1,537	-1,595	-2,009	-1,477
Sale and/or Maturity of Investments	23	51	534	644	1,066	1,363	1,400	1,310	1,503	1,661	2,237
Other Investing Activities, net	-0.17	-	-	-	-	-	-	0.00	0.00	1.93	2.74
Net Cash From Financing Activities	37	8.47	377	13	359	222	-51	7.43	37	53	-910
Net Cash From Continuing Financing Activities	37	8.47	377	13	359	222	-51	7.43	37	53	-910
Repayment of Debt	-0.21	-0.74	-1.05	-0.74	-0.62	-0.03	0.00	-1.62	-0.01	-0.06	-460
Repurchase of Common Equity	-	-	-	0.00	0.00	-328	0.00	-0.03	0.00	0.00	-500
Issuance of Common Equity	46	12	72	22	366	30	47	40	48	76	71
Other Financing Activities, net	-8.61	-2.37	-83	-8.03	-6.25	70	-98	-31	-11	-22	-22
Effect of Exchange Rate Changes	-0.55	-	-	-	-0.72	6.83	-8.86	-6.81	4.65	-12	26
Cash Interest Paid	0.19	0.17	0.76	1.04	1.01	1.51	1.84	1.75	1.72	1.72	0.42
Cash Income Taxes Paid	0.22	0.95	0.86	1.84	3.09	2.31	6.97	4.69	13	12	19

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	78	-147	60	350	-388	103	112	-55	43	268	62
Net Cash From Operating Activities	89	104	127	118	160	194	162	164	187	247	199
Net Cash From Continuing Operating Activities	89	104	127	118	160	194	162	164	187	247	199
Net Income / (Loss) Continuing Operations	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26	17	54	33
Consolidated Net Income / (Loss)	-3.58	-12	5.93	-14	8.15	4.98	-22	-3.26	17	54	33
Depreciation Expense	21	19	21	22	25	28	29	33	36	39	40
Amortization Expense	-11	31	-12	-10	-13	37	-13	-11	-8.98	33	-6.69
Non-Cash Adjustments To Reconcile Net Income	106	63	99	126	127	74	121	147	128	77	118
Changes in Operating Assets and Liabilities, net	-23	3.61	13	-5.77	12	49	47	-1.95	16	44	14
Net Cash From Investing Activities	-15	-266	-74	213	-569	-86	23	269	170	30	65
Net Cash From Continuing Investing Activities	-15	-266	-74	211	-569	-84	23	269	170	30	65
Purchase of Property, Plant & Equipment	-29	-26	-28	-30	-35	-36	-44	-51	-45	-44	-50
Acquisitions	-	-140	0.00	-	-	-38	-51	-19	-1.66	-16	-8.87
Purchase of Investments	-409	-448	-399	-256	-839	-515	-685	-164	-364	-264	-364
Sale and/or Maturity of Investments	425	348	353	497	308	503	803	502	580	351	488
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	2.74	0.00
Net Cash From Financing Activities	9.92	6.65	11	21	12	10	-80	-480	-341	-9.47	-196
Net Cash From Continuing Financing Activities	9.92	6.65	11	21	12	10	-80	-480	-341	-9.47	-196
Repayment of Debt	-	-	0.00	-	-	-	-91	-369	-	-	-2.62
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-360	-15	-207
Issuance of Common Equity	13	9.80	20	25	16	14	19	19	24	8.68	16
Other Financing Activities, net	-3.47	-3.14	-8.79	-4.70	-4.29	-4.17	-9.07	-4.74	-4.36	-3.40	-3.19
Effect of Exchange Rate Changes	-5.63	8.83	-4.31	-1.51	10	-16	8.56	-	-	-0.48	-5.53
Cash Interest Paid	-	0.86	-	0.86	-	0.86	0.00	-	-	-	0.00
Cash Income Taxes Paid	2.00	1.45	3.10	4.07	3.87	1.15	3.71	6.94	3.91	4.76	9.15

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	220	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796	3,854
Total Current Assets	146	176	603	712	1,110	1,457	1,454	1,755	1,872	2,634	2,450
Cash & Equivalents	56	60	88	111	270	378	377	331	388	513	882
Short-Term Investments	49	55	417	481	692	873	821	1,082	1,000	1,557	822
Accounts Receivable	25	39	61	77	93	126	157	227	295	335	419
Prepaid Expenses	7.95	14	19	14	24	35	38	44	89	81	101
Other Current Assets	8.11	9.03	13	24	32	45	60	71	99	149	226
Plant, Property, & Equipment, net	18	30	43	52	84	101	96	105	103	114	142
Total Noncurrent Assets	56	53	66	69	376	415	625	685	1,097	1,048	1,263
Long-Term Investments	41	36	31	11	54	31	175	113	326	154	137
Goodwill	9.77	9.77	15	15	30	31	47	46	174	210	291
Intangible Assets	4.76	6.54	15	18	29	35	50	81	149	192	249
Other Noncurrent Operating Assets	1.01	1.27	4.96	25	263	318	353	445	449	492	585
Total Liabilities & Shareholders' Equity	220	260	712	834	1,569	1,973	2,175	2,545	3,071	3,796	3,854
Total Liabilities	99	141	502	589	919	1,211	1,301	1,553	1,737	1,888	1,788
Total Current Liabilities	91	127	178	237	322	446	617	762	942	1,573	1,467
Short-Term Debt	0.54	-	-	-	0.00	7.84	20	0.00	0.00	458	0.00
Accounts Payable	2.59	4.35	4.66	7.81	13	14	2.77	21	9.11	3.65	25
Accrued Expenses	12	16	20	22	29	37	74	155	172	227	299
Current Deferred Revenue	64	95	137	183	231	313	430	540	672	784	1,005
Current Employee Benefit Liabilities	11	11	16	24	26	44	64	10	53	67	99
Other Current Liabilities	-	-	-	-	24	30	26	36	35	33	40
Total Noncurrent Liabilities	7.36	14	324	352	597	765	684	791	795	314	320
Noncurrent Deferred Revenue	7.08	11	21	29	3.06	3.64	4.47	5.90	5.81	3.97	8.50
Other Noncurrent Operating Liabilities	0.01	2.42	3.93	4.90	253	290	296	331	333	310	312
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	122	119	210	245	650	763	874	992	1,334	1,908	2,066
Total Preferred & Common Equity	122	119	210	245	650	763	874	992	1,334	1,908	2,066
Total Common Equity	122	119	210	245	650	763	874	992	1,334	1,908	2,066
Common Stock	323	365	496	590	1,048	1,241	1,436	1,647	2,137	2,714	2,815
Retained Earnings	-200	-246	-286	-344	-398	-483	-561	-642	-804	-800	-754
Treasury Stock	-	-	-	-	-	-	-	-	-	0.00	-0.00
Accumulated Other Comprehensive Income / (Loss)	-0.81	-0.86	-0.06	-0.72	-0.34	4.60	-1.34	-13	1.83	-5.65	5.24

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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	2,297	2,644	2,729	2,816	3,193	3,356	3,557	3,896	3,684	3,502	3,829
Total Current Assets	1,561	1,822	1,908	1,975	1,985	2,236	2,439	2,614	2,310	2,114	2,442
Cash & Equivalents	332	325	457	536	448	798	410	625	601	614	944
Short-Term Investments	953	1,160	1,072	1,062	1,071	938	1,528	1,418	1,068	872	747
Accounts Receivable	167	198	207	212	267	270	279	295	321	315	355
Prepaid Expenses	45	63	90	79	92	111	87	109	130	110	156
Other Current Assets	65	76	82	87	107	120	135	168	189	204	239
Plant, Property, & Equipment, net	103	107	104	105	103	106	111	124	132	137	150
Total Noncurrent Assets	633	715	717	736	1,104	1,014	1,007	1,159	1,242	1,251	1,238
Long-Term Investments	153	122	146	151	312	210	166	177	191	172	88
Goodwill	45	46	46	46	174	174	174	255	275	275	300
Intangible Assets	74	90	102	110	159	169	180	211	231	244	254
Other Noncurrent Operating Assets	361	457	422	429	460	461	488	516	545	560	596
Total Liabilities & Shareholders' Equity	2,297	2,644	2,729	2,816	3,193	3,356	3,557	3,896	3,684	3,502	3,829
Total Liabilities	1,390	1,597	1,647	1,629	1,744	1,755	1,805	1,892	1,619	1,647	1,832
Total Current Liabilities	668	810	847	839	960	1,437	1,489	1,577	1,287	1,316	1,518
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	457	458	369	0.00	0.00	0.00
Accounts Payable	13	2.96	3.13	17	7.93	4.12	5.27	22	13	25	53
Accrued Expenses	91	131	157	135	153	174	188	227	252	264	282
Current Deferred Revenue	469	572	586	578	697	708	720	836	888	882	1,038
Current Employee Benefit Liabilities	63	71	70	79	69	61	84	86	97	107	108
Other Current Liabilities	32	34	31	30	33	33	35	37	38	39	37
Total Noncurrent Liabilities	722	787	799	790	784	318	317	315	332	331	315
Noncurrent Deferred Revenue	5.19	5.47	4.57	4.21	4.92	4.61	4.23	4.58	5.99	6.67	7.11
Other Noncurrent Operating Liabilities	263	327	339	330	323	313	312	310	326	324	308
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	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065	1,856	1,997
Total Preferred & Common Equity	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065	1,856	1,997
Total Common Equity	907	1,046	1,082	1,186	1,449	1,601	1,752	2,005	2,065	1,856	1,997
Common Stock	1,551	1,735	1,890	2,001	2,251	2,419	2,551	2,829	2,884	2,658	2,716
Retained Earnings	-627	-681	-800	-805	-799	-813	-805	-822	-825	-808	-721
Treasury Stock	-	-	-	-	-	-	-	-	-0.00	-0.00	-0.00
Accumulated Other Comprehensive Income / (Loss)	-18	-7.76	-8.39	-9.38	-2.98	-4.82	5.65	-2.66	5.43	5.81	1.79

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	57.02%	48.93%	38.62%	36.57%	31.56%	30.85%	47.30%	33.08%	25.38%	21.07%	19.17%
EBITDA Growth	10.63%	10.67%	58.22%	9.53%	14.19%	161.62%	318.00%	-275.43%	-164.38%	137.06%	190.52%
EBIT Growth	4.58%	0.50%	10.79%	-22.25%	4.76%	-8.77%	13.25%	-145.34%	-87.44%	75.53%	108.19%
NOPAT Growth	4.39%	3.90%	10.13%	-20.24%	2.63%	-8.17%	-7.81%	-87.71%	-95.34%	92.24%	144.70%
Net Income Growth	4.51%	1.07%	12.84%	-60.72%	15.80%	-58.21%	8.46%	-37.91%	-53.25%	102.81%	892.03%
EPS Growth	66.90%	7.19%	16.28%	-53.70%	22.89%	-48.44%	12.63%	-34.34%	-47.98%	102.73%	855.56%
Operating Cash Flow Growth	96.61%	4,678.25%	156.19%	71.02%	40.21%	-25.27%	168.50%	14.43%	28.48%	70.56%	27.08%
Free Cash Flow Firm Growth	16.62%	-0.16%	-23.14%	28.36%	-167.73%	62.61%	188.24%	-605.24%	-231.72%	73.99%	-1.42%
Invested Capital Growth	-75.57%	-37.36%	-0.50%	-43.44%	45.53%	-62.78%	-139.05%	17.97%	196.96%	86.33%	58.16%
Revenue Q/Q Growth	11.64%	9.42%	8.71%	7.88%	6.66%	8.06%	9.91%	6.15%	5.45%	4.84%	4.81%
EBITDA Q/Q Growth	22.79%	-7.81%	40.39%	17.11%	-1,857.32%	158.29%	-0.25%	-8.02%	20.49%	238.62%	80.40%
EBIT Q/Q Growth	17.25%	-8.74%	9.22%	2.93%	0.96%	1.11%	-4.71%	-4.06%	-2.99%	33.14%	107.88%
NOPAT Q/Q Growth	16.99%	-8.16%	9.85%	3.21%	-0.70%	1.01%	-1.10%	0.96%	-5.06%	-100.26%	-44.40%
Net Income Q/Q Growth	17.01%	-8.52%	5.46%	0.07%	2.17%	-6.40%	-1.24%	5.41%	1.92%	118.85%	1,399.86%
EPS Q/Q Growth	-414.81%	-5.74%	6.09%	1.19%	3.03%	-4.40%	-0.61%	5.91%	2.37%	119.15%	1,175.00%
Operating Cash Flow Q/Q Growth	78.43%	-1.86%	30.93%	29.08%	14.19%	17.18%	16.76%	-1.87%	4.26%	17.66%	7.53%
Free Cash Flow Firm Q/Q Growth	0.00%	4.70%	19.25%	15.23%	-191.58%	69.56%	408.33%	-80.84%	-183.13%	-101.93%	5.86%
Invested Capital Q/Q Growth	3.46%	-9.20%	-24.54%	-23.73%	51.47%	-90.57%	-80.56%	-3.08%	172.35%	34.75%	14.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.66%	77.17%	79.84%	80.44%	80.74%	81.09%	80.10%	82.21%	84.41%	85.03%	83.76%
EBITDA Margin	-20.79%	-12.47%	-3.76%	-2.49%	-1.62%	0.76%	2.17%	-2.86%	-6.03%	1.85%	4.50%
Operating Margin	-25.54%	-16.48%	-10.69%	-9.41%	-6.96%	-5.76%	-4.21%	-5.94%	-9.26%	-2.57%	0.24%
EBIT Margin	-25.20%	-16.84%	-10.83%	-9.70%	-7.02%	-5.84%	-3.44%	-6.34%	-9.47%	-1.91%	0.13%
Profit (Net Income) Margin	-25.31%	-16.81%	-10.57%	-12.44%	-7.96%	-9.63%	-5.98%	-6.20%	-7.58%	0.18%	1.47%
Tax Burden Percent	100.90%	101.18%	79.37%	103.01%	105.86%	105.22%	105.44%	109.03%	109.25%	16.14%	66.09%
Interest Burden Percent	99.55%	98.71%	122.96%	124.54%	107.15%	156.80%	165.11%	89.75%	73.24%	-57.00%	1,685.59%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.86%	33.91%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.95%	2.65%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-10.97%	0.37%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.23%	-0.34%
Return on Equity (ROE)	-39.63%	-37.90%	-24.14%	-28.06%	-12.02%	-12.04%	-9.51%	-11.51%	-14.14%	0.29%	2.31%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-386.71%	-70.25%	-42.41%
Operating Return on Assets (OROA)	-23.20%	-19.00%	-8.37%	-6.44%	-3.94%	-2.91%	-2.16%	-4.65%	-7.32%	-1.47%	0.11%
Return on Assets (ROA)	-23.30%	-18.98%	-8.17%	-8.26%	-4.47%	-4.80%	-3.75%	-4.55%	-5.86%	0.13%	1.20%
Return on Common Equity (ROCE)	-39.63%	-37.90%	-24.14%	-28.06%	-12.02%	-12.04%	-9.51%	-11.51%	-14.14%	0.29%	2.31%
Return on Equity Simple (ROE_SIMPLE)	-37.84%	-38.38%	-18.88%	-26.09%	-8.27%	-11.15%	-8.91%	-10.82%	-12.33%	0.24%	0.00%
Net Operating Profit after Tax (NOPAT)	-33	-31	-28	-34	-33	-36	-38	-72	-141	-11	4.88
NOPAT Margin	-17.88%	-11.54%	-7.48%	-6.59%	-4.87%	-4.03%	-2.95%	-4.16%	-6.48%	-0.42%	0.16%
Net Nonoperating Expense Percent (NNEP)	-10.07%	-9.70%	-5.92%	-11.29%	-4.32%	-6.69%	-4.45%	-3.46%	-2.05%	1.03%	2.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-4.98%	-7.86%	-0.46%	0.24%
Cost of Revenue to Revenue	26.34%	22.83%	20.16%	19.56%	19.26%	18.91%	19.90%	17.79%	15.59%	14.97%	16.24%
SG&A Expenses to Revenue	19.46%	16.65%	15.12%	14.78%	13.78%	12.37%	11.14%	11.42%	11.50%	11.43%	10.41%
R&D to Revenue	17.84%	16.98%	18.74%	22.93%	23.45%	23.28%	23.22%	25.54%	28.46%	29.64%	28.93%
Operating Expenses to Revenue	99.20%	93.65%	90.52%	89.84%	87.71%	86.85%	84.31%	88.15%	93.67%	87.61%	83.53%
Earnings before Interest and Taxes (EBIT)	-46	-46	-41	-50	-47	-52	-45	-110	-206	-50	4.12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-38	-34	-14	-13	-11	6.75	28	-50	-131	49	141
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	15.78	14.10	15.70	20.16	10.44	23.85	35.64	14.15	21.90	18.85	10.17
Price to Tangible Book Value (P/TBV)	17.91	16.35	18.32	23.26	11.48	26.13	40.12	16.24	28.87	23.87	13.78
Price to Revenue (P/Rev)	10.55	6.18	8.80	9.62	10.06	20.60	23.95	8.11	13.46	13.69	6.71
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7,772.20	457.89
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%	0.01%	0.22%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	364.94	239.59	84.96
Enterprise Value to Revenue (EV/Rev)	9.76	5.62	8.15	9.05	9.06	19.69	23.20	7.50	12.88	13.02	6.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	2,574.58	1,068.81	0.00	0.00	704.78	136.05
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	4,654.66
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	3,933.06
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	78.66	61.71	54.71	51.38	195.57	126.40	47.49	79.67	57.14	25.22
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	1,706.84	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.00	1.42	1.30	0.52	0.63	0.46	0.46	0.34	0.24	0.00
Long-Term Debt to Equity	0.00	0.00	1.42	1.30	0.52	0.62	0.44	0.46	0.34	0.00	0.00
Financial Leverage	-1.16	-1.23	-1.19	-1.17	-1.08	-1.05	-1.08	-1.09	-1.00	-0.93	-0.91
Leverage Ratio	1.70	2.00	2.95	3.40	2.69	2.51	2.53	2.53	2.41	2.12	1.92
Compound Leverage Factor	1.69	1.97	3.63	4.23	2.88	3.93	4.19	2.27	1.77	-1.21	32.44
Debt to Total Capital	0.67%	0.00%	58.66%	56.58%	34.38%	38.57%	31.55%	31.40%	25.48%	19.36%	0.00%
Short-Term Debt to Total Capital	0.44%	0.00%	0.00%	0.00%	0.00%	0.63%	1.54%	0.00%	0.00%	19.36%	0.00%
Long-Term Debt to Total Capital	0.23%	0.00%	58.66%	56.58%	34.38%	37.94%	30.01%	31.40%	25.48%	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	99.33%	100.00%	41.34%	43.42%	65.62%	61.43%	68.45%	68.60%	74.52%	80.64%	100.00%
Debt to EBITDA	-0.02	0.00	-21.14	-24.96	-31.07	70.91	14.27	-9.17	-3.48	9.44	0.00
Net Debt to EBITDA	3.82	0.00	17.14	22.71	61.56	-118.89	-34.36	21.63	9.61	-36.38	0.00
Long-Term Debt to EBITDA	-0.01	0.00	-21.14	-24.96	-31.07	69.75	13.57	-9.17	-3.48	0.00	0.00
Debt to NOPAT	-0.03	0.00	-10.62	-9.44	-10.35	-13.46	-10.50	-6.31	-3.24	-42.00	0.00
Net Debt to NOPAT	4.45	0.00	8.62	8.59	20.51	22.57	25.29	14.88	8.94	161.83	0.00
Long-Term Debt to NOPAT	-0.01	0.00	-10.62	-9.44	-10.35	-13.24	-9.99	-6.31	-3.24	0.00	0.00
Altman Z-Score	10.84	6.48	4.44	5.55	5.01	9.65	14.99	6.08	10.57	12.12	7.90
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	1.60	1.38	3.38	3.01	3.44	3.27	2.35	2.30	1.99	1.67	1.67
Quick Ratio	1.42	1.20	3.17	2.82	3.27	3.09	2.20	2.15	1.79	1.53	1.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-23	-23	-28	-20	-54	-20	18	-89	-296	-77	-78
Operating Cash Flow to CapEx	-3.32%	89.92%	181.42%	253.49%	220.95%	151.03%	385.89%	334.07%	350.66%	469.21%	413.91%
Free Cash Flow to Firm to Interest Expense	-122.44	-85.61	-2.12	-0.94	-2.35	-0.54	0.58	-23.74	-77.95	-20.71	-89.21
Operating Cash Flow to Interest Expense	-2.29	73.08	3.76	3.97	5.21	2.40	7.88	72.61	92.34	160.87	868.40
Operating Cash Flow Less CapEx to Interest Expense	-71.16	-8.20	1.69	2.40	2.85	0.81	5.84	50.88	66.00	126.59	658.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.92	1.13	0.77	0.66	0.56	0.50	0.63	0.73	0.77	0.77	0.82
Accounts Receivable Turnover	9.23	8.45	7.54	7.45	7.96	8.07	9.17	9.01	8.31	8.34	8.31
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	12.32	11.21	10.22	10.71	9.92	9.56	13.19	17.19	20.81	24.16	24.46
Accounts Payable Turnover	17.79	17.83	16.82	16.10	12.59	12.66	31.74	26.04	22.57	61.66	35.79
Days Sales Outstanding (DSO)	39.53	43.19	48.42	49.02	45.87	45.25	39.82	40.51	43.91	43.77	43.94
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)	20.52	20.47	21.71	22.67	29.00	28.84	11.50	14.02	16.18	5.92	10.20
Cash Conversion Cycle (CCC)	19.01	22.72	26.72	26.34	16.87	16.41	28.32	26.49	27.73	37.85	33.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-23	-32	-32	-45	-25	-40	-96	-79	77	143	226
Invested Capital Turnover	-10.10	-9.95	-11.88	-13.30	-19.22	-27.15	-19.04	-19.74	-1,804.77	23.95	16.99
Increase / (Decrease) in Invested Capital	-9.88	-8.58	-0.16	-14	21	-16	-56	17	156	66	83
Enterprise Value (EV)	1,775	1,523	3,062	4,643	6,112	17,389	30,175	12,974	27,961	34,204	19,182
Market Capitalization	1,920	1,674	3,304	4,933	6,787	18,192	31,145	14,045	29,219	35,970	21,022
Book Value per Share	$3.57	$3.33	$5.63	$6.24	$15.18	$16.62	$18.49	$20.43	$26.51	$36.97	$39.44
Tangible Book Value per Share	$3.14	$2.88	$4.83	$5.40	$13.81	$15.17	$16.43	$17.80	$20.11	$29.19	$29.13
Total Capital	123	119	509	563	991	1,242	1,277	1,446	1,791	2,366	2,066
Total Debt	0.82	0.00	298	319	341	479	403	454	456	458	0.00
Total Long-Term Debt	0.28	0.00	298	319	341	471	383	454	456	0.00	0.00
Net Debt	-145	-150	-242	-290	-675	-803	-970	-1,071	-1,258	-1,766	-1,840
Capital Expenditures (CapEx)	13	22	27	33	54	59	62	82	100	128	184
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-50	-66	-85	-122	-174	-232	-342	-420	-459	-551	-722
Debt-free Net Working Capital (DFNWC)	55	49	424	475	787	1,019	856	993	930	1,518	982
Net Working Capital (NWC)	54	49	424	475	787	1,011	836	993	930	1,060	982
Net Nonoperating Expense (NNE)	14	14	12	30	21	49	39	35	24	-16	-41
Net Nonoperating Obligations (NNO)	-145	-150	-242	-290	-675	-803	-970	-1,071	-1,258	-1,766	-1,840
Total Depreciation and Amortization (D&A)	8.01	12	27	37	36	58	73	60	75	99	137
Debt-free, Cash-free Net Working Capital to Revenue	-27.24%	-24.23%	-22.60%	-23.79%	-25.82%	-26.27%	-26.31%	-24.25%	-21.14%	-20.97%	-23.04%
Debt-free Net Working Capital to Revenue	30.22%	18.04%	112.94%	92.68%	116.65%	115.43%	65.79%	57.36%	42.83%	57.79%	31.37%
Net Working Capital to Revenue	29.93%	18.04%	112.94%	92.68%	116.65%	114.54%	64.28%	57.36%	42.83%	40.35%	31.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.35)	($3.53)	$0.09	$0.88
Adjusted Weighted Average Basic Shares Outstanding	34.71M	36.16M	37.86M	39.61M	43.29M	46.34M	47.57M	48.07M	49.88M	51.18M	52.46M
Adjusted Diluted Earnings per Share	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	($2.35)	($3.53)	$0.09	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	34.71M	36.16M	37.86M	39.61M	43.29M	46.34M	47.57M	48.07M	49.88M	51.82M	53.19M
Adjusted Basic & Diluted Earnings per Share	($1.39)	($1.29)	($1.08)	($1.66)	($1.28)	($1.90)	($1.66)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.22M	35.20M	36.83M	38.53M	42.03M	44.76M	46.89M	49.39M	50.67M	52.15M	52.74M
Normalized Net Operating Profit after Tax (NOPAT)	-33	-31	-28	-34	-33	-36	-38	-72	-73	-45	7.54
Normalized NOPAT Margin	-17.88%	-11.54%	-7.48%	-6.59%	-4.87%	-4.03%	-2.95%	-4.16%	-3.36%	-1.69%	0.24%
Pre Tax Income Margin	-25.09%	-16.62%	-13.32%	-12.08%	-7.52%	-9.15%	-5.68%	-5.69%	-6.94%	1.09%	2.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-247.82	-172.14	-3.09	-2.33	-2.08	-1.39	-1.48	-29.16	-54.09	-13.52	4.70
NOPAT to Interest Expense	-175.85	-117.98	-2.13	-1.58	-1.44	-0.96	-1.27	-19.14	-37.00	-2.93	5.57
EBIT Less CapEx to Interest Expense	-316.69	-253.42	-5.16	-3.89	-4.44	-2.98	-3.52	-50.89	-80.42	-47.81	-205.10
NOPAT Less CapEx to Interest Expense	-244.72	-199.25	-4.21	-3.14	-3.80	-2.55	-3.31	-40.88	-63.34	-37.22	-204.24
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%	-385.20%	0.00%	-0.03%	0.00%	0.00%	1,089.11%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,740,536.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	52,740,536.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.62
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.59%	23.90%	23.08%	20.43%	20.12%	20.84%	15.67%	19.40%	20.87%	20.42%	23.37%
EBITDA Growth	47.95%	316.60%	97.41%	90.92%	115.94%	138.54%	-1,487.90%	91.53%	1,997.23%	108.91%	520.79%
EBIT Growth	39.46%	-90.50%	77.03%	80.88%	49.57%	69.30%	-195.76%	-6.18%	187.17%	715.31%	189.48%
NOPAT Growth	42.40%	-219.59%	40.74%	79.40%	43.28%	74.43%	-7.72%	-2.84%	208.98%	1,127.68%	220.35%
Net Income Growth	88.61%	-21.26%	116.16%	87.09%	327.73%	140.15%	-467.26%	77.43%	103.00%	992.23%	249.38%
EPS Growth	89.23%	-20.00%	116.22%	87.56%	328.57%	137.50%	-450.00%	78.57%	93.75%	1,044.44%	247.62%
Operating Cash Flow Growth	48.25%	15.95%	56.76%	53.94%	79.17%	86.12%	27.13%	39.49%	17.43%	27.45%	23.06%
Free Cash Flow Firm Growth	2,046.10%	-667.62%	-308.67%	-866.77%	-1,449.48%	59.10%	50.90%	59.12%	61.79%	42.46%	58.02%
Invested Capital Growth	-38.13%	196.96%	171.73%	181.61%	200.05%	86.33%	103.70%	81.74%	86.63%	58.16%	41.64%
Revenue Q/Q Growth	5.37%	4.37%	6.10%	3.21%	5.10%	5.00%	1.56%	6.54%	6.39%	4.60%	4.04%
EBITDA Q/Q Growth	90.29%	327.12%	96.24%	-1,005.66%	117.04%	3,297.94%	-124.80%	94.10%	4,319.31%	238.47%	-50.05%
EBIT Q/Q Growth	82.54%	-27.10%	67.45%	-119.93%	53.97%	22.63%	-277.60%	21.04%	137.79%	446.15%	-45.09%
NOPAT Q/Q Growth	84.03%	-24.78%	10.15%	6.18%	56.02%	43.76%	-364.22%	10.43%	146.60%	430.36%	-45.64%
Net Income Q/Q Growth	96.80%	-246.94%	126.60%	-343.26%	156.43%	-38.83%	-537.35%	85.05%	607.55%	229.14%	-40.19%
EPS Q/Q Growth	96.89%	-242.86%	127.91%	-333.33%	157.14%	-43.75%	-566.67%	85.71%	616.67%	232.26%	-39.81%
Operating Cash Flow Q/Q Growth	16.33%	17.14%	21.83%	-7.29%	35.40%	21.69%	-16.78%	1.73%	13.99%	32.06%	-19.64%
Free Cash Flow Firm Q/Q Growth	158.85%	-1,157.95%	-13.33%	-34.16%	17.86%	67.94%	-38.95%	-11.72%	23.24%	51.72%	-1.39%
Invested Capital Q/Q Growth	23.11%	172.35%	-1.29%	48.62%	-5.74%	34.75%	7.91%	32.60%	-3.20%	14.19%	-3.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.64%	84.97%	84.60%	85.01%	85.17%	85.30%	83.88%	83.94%	83.51%	83.74%	83.46%
EBITDA Margin	-1.91%	4.16%	-0.15%	-1.56%	0.25%	8.21%	-2.00%	-0.11%	4.40%	14.23%	6.83%
Operating Margin	-3.33%	-3.98%	-3.76%	-3.76%	-1.44%	-1.54%	-3.85%	-3.24%	1.39%	5.70%	3.17%
EBIT Margin	-3.63%	-4.42%	-1.63%	-3.48%	-1.52%	-1.12%	-4.17%	-3.09%	1.10%	5.73%	3.03%
Profit (Net Income) Margin	-0.64%	-2.13%	0.96%	-2.27%	1.22%	0.71%	-3.05%	-0.43%	2.04%	6.43%	3.70%
Tax Burden Percent	71.70%	154.16%	76.87%	538.22%	76.50%	38.36%	220.82%	59.70%	71.47%	88.28%	82.85%
Interest Burden Percent	24.67%	31.32%	-76.65%	12.11%	-104.43%	-164.67%	33.13%	23.20%	260.31%	127.01%	147.42%
Effective Tax Rate	0.00%	0.00%	23.13%	0.00%	23.50%	61.64%	0.00%	0.00%	28.53%	11.72%	17.15%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-108,129.26%	-14.12%	-63.90%	-40.73%	19.52%	85.46%	46.56%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-108,130.32%	-14.72%	-63.74%	-41.56%	19.00%	84.80%	46.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	108,128.44%	13.72%	59.50%	37.97%	-17.40%	-76.94%	-41.76%
Return on Equity (ROE)	-16.03%	-14.14%	-10.71%	-2.70%	-0.82%	-0.39%	-4.40%	-2.76%	2.11%	8.52%	4.80%
Cash Return on Invested Capital (CROIC)	0.00%	-386.71%	-413.64%	-282.32%	3,764.40%	-70.25%	62.04%	7.67%	-54.67%	-42.41%	-5.95%
Operating Return on Assets (OROA)	-2.92%	-3.41%	-1.28%	-2.74%	-1.20%	-0.86%	-3.21%	-2.50%	0.93%	4.69%	2.58%
Return on Assets (ROA)	-0.52%	-1.65%	0.75%	-1.78%	0.96%	0.54%	-2.35%	-0.35%	1.73%	5.26%	3.16%
Return on Common Equity (ROCE)	-16.03%	-14.14%	-10.71%	-2.70%	-0.82%	-0.39%	-4.40%	-2.76%	2.11%	8.52%	4.80%
Return on Equity Simple (ROE_SIMPLE)	-14.14%	0.00%	-9.22%	-2.27%	-1.40%	0.00%	-1.15%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-13	-16	-18	-17	-7.37	-4.14	-19	-17	8.03	43	23
NOPAT Margin	-2.33%	-2.79%	-2.89%	-2.63%	-1.10%	-0.59%	-2.69%	-2.26%	0.99%	5.03%	2.63%
Net Nonoperating Expense Percent (NNEP)	0.83%	0.33%	1.88%	0.17%	1.06%	0.60%	-0.16%	0.83%	0.51%	0.66%	0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.91%	-	-	-	-0.18%	-0.81%	-0.83%	0.43%	2.06%	1.16%
Cost of Revenue to Revenue	15.36%	15.03%	15.40%	14.99%	14.83%	14.70%	16.12%	16.06%	16.49%	16.26%	16.54%
SG&A Expenses to Revenue	11.00%	11.98%	11.15%	11.39%	11.64%	11.51%	11.01%	11.17%	9.97%	9.65%	9.72%
R&D to Revenue	28.14%	28.05%	28.45%	31.10%	28.55%	30.39%	30.82%	31.19%	28.13%	26.08%	26.58%
Operating Expenses to Revenue	87.97%	88.95%	88.36%	88.77%	86.61%	86.84%	87.73%	87.18%	82.12%	78.04%	80.29%
Earnings before Interest and Taxes (EBIT)	-20	-26	-10	-22	-10	-7.89	-30	-24	8.89	49	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	24	-0.90	-9.96	1.70	58	-14	-0.84	36	121	60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.76	21.90	21.76	18.78	15.58	18.85	14.86	14.22	13.28	10.17	6.45
Price to Tangible Book Value (P/TBV)	23.91	28.87	28.26	23.89	19.53	23.87	19.36	18.83	18.43	13.78	8.93
Price to Revenue (P/Rev)	11.97	13.46	13.79	12.55	10.89	13.69	10.94	10.31	8.25	6.71	3.90
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	7,772.20	0.00	0.00	0.00	457.89	128.41
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%	0.01%	0.00%	0.00%	0.00%	0.22%	0.78%
Enterprise Value to Invested Capital (EV/IC)	0.00	364.94	398.80	254.17	242.12	239.59	181.39	134.60	116.28	84.96	50.85
Enterprise Value to Revenue (EV/Rev)	11.34	12.88	13.19	11.93	10.23	13.02	10.26	9.65	7.70	6.13	3.36
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	704.78	795.54	621.43	294.17	136.05	51.49
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4,654.66	183.20
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	6.11	0.00	186.69	264.33	2,620.93	3,933.06	209.04
Enterprise Value to Operating Cash Flow (EV/OCF)	69.34	79.67	75.98	65.18	50.42	57.14	44.14	40.46	32.50	25.22	13.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	6.43	0.00	392.18	2,264.93	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.34	0.32	0.29	0.26	0.24	0.18	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.38	0.34	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.09	-1.00	-1.01	-1.01	-1.00	-0.93	-0.93	-0.91	-0.92	-0.91	-0.91
Leverage Ratio	2.44	2.41	2.34	2.27	2.17	2.12	2.05	1.92	1.96	1.92	1.93
Compound Leverage Factor	0.60	0.76	-1.79	0.27	-2.27	-3.49	0.68	0.45	5.09	2.44	2.85
Debt to Total Capital	27.75%	25.48%	23.96%	22.21%	20.71%	19.36%	15.54%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	22.21%	20.71%	19.36%	15.54%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.75%	25.48%	23.96%	0.00%	0.00%	0.00%	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	72.25%	74.52%	76.04%	77.79%	79.29%	80.64%	84.46%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-2.77	-3.48	-3.11	-9.65	-13.07	9.44	10.50	0.00	0.00	0.00	0.00
Net Debt to EBITDA	7.85	9.61	9.34	31.43	47.01	-36.38	-52.68	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-2.77	-3.48	-3.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-3.40	-3.24	-3.47	-6.80	0.11	-42.00	2.46	0.00	0.00	0.00	0.00
Net Debt to NOPAT	9.65	8.94	10.42	22.15	-0.39	161.83	-12.36	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-3.40	-3.24	-3.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	9.86	10.77	11.59	10.91	9.77	12.16	10.15	11.65	9.79	7.94	5.13
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	2.35	1.99	2.07	1.56	1.64	1.67	1.66	1.79	1.61	1.67	1.61
Quick Ratio	2.16	1.79	1.86	1.40	1.49	1.53	1.48	1.55	1.37	1.45	1.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	16	-172	-199	-267	-219	-70	-98	-109	-84	-40	-41
Operating Cash Flow to CapEx	312.06%	404.77%	461.87%	397.52%	458.76%	544.71%	369.17%	319.39%	417.80%	565.96%	399.56%
Free Cash Flow to Firm to Interest Expense	17.10	-174.65	-212.75	-296.19	-234.20	-74.07	-151.65	-480.64	-20,938.68	-40,440.60	-167.36
Operating Cash Flow to Interest Expense	93.73	106.01	135.92	130.77	170.45	204.57	250.89	724.06	46,838.75	247,430.00	811.53
Operating Cash Flow Less CapEx to Interest Expense	63.70	79.82	106.49	97.88	133.30	167.02	182.93	497.36	35,628.00	203,711.00	608.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.77	0.78	0.79	0.79	0.77	0.77	0.81	0.85	0.82	0.85
Accounts Receivable Turnover	10.86	8.31	9.85	10.05	10.20	8.34	9.71	9.64	10.07	8.31	10.16
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	19.83	20.81	21.73	22.79	23.22	24.16	23.98	23.91	24.06	24.46	24.10
Accounts Payable Turnover	21.99	22.57	66.19	102.32	34.84	61.66	27.40	52.87	31.46	35.79	14.25
Days Sales Outstanding (DSO)	33.62	43.91	37.07	36.33	35.78	43.77	37.61	37.88	36.25	43.94	35.94
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)	16.60	16.18	5.51	3.57	10.48	5.92	13.32	6.90	11.60	10.20	25.61
Cash Conversion Cycle (CCC)	17.02	27.73	31.56	32.76	25.30	37.85	24.29	30.97	24.65	33.75	10.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-106	77	76	112	106	143	154	204	198	226	218
Invested Capital Turnover	-22.55	-1,804.77	-153.39	-189.11	98,285.49	23.95	23.72	17.99	19.68	16.99	17.72
Increase / (Decrease) in Invested Capital	-29	156	181	250	212	66	78	92	92	83	64
Enterprise Value (EV)	23,340	27,961	30,162	28,569	25,651	34,204	27,944	27,495	22,992	19,182	11,095
Market Capitalization	24,633	29,219	31,535	30,057	27,297	35,970	29,795	29,355	24,650	21,022	12,874
Book Value per Share	$23.72	$26.51	$28.59	$31.41	$34.12	$36.97	$38.44	$39.16	$35.22	$39.44	$37.86
Tangible Book Value per Share	$20.60	$20.11	$22.02	$24.68	$27.22	$29.19	$29.51	$29.57	$25.38	$29.13	$27.35
Total Capital	1,642	1,791	1,906	2,058	2,210	2,366	2,373	2,065	1,856	2,066	1,997
Total Debt	456	456	457	457	458	458	369	0.00	0.00	0.00	0.00
Total Long-Term Debt	456	456	457	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,292	-1,258	-1,373	-1,489	-1,646	-1,766	-1,850	-1,861	-1,658	-1,840	-1,779
Capital Expenditures (CapEx)	29	26	28	30	35	36	44	51	45	44	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-461	-459	-493	-480	-530	-551	-637	-647	-688	-722	-767
Debt-free Net Working Capital (DFNWC)	1,136	930	1,026	1,256	1,408	1,518	1,406	1,023	798	982	924
Net Working Capital (NWC)	1,136	930	1,026	799	950	1,060	1,037	1,023	798	982	924
Net Nonoperating Expense (NNE)	-9.41	-3.80	-24	-2.32	-16	-9.13	2.56	-14	-8.51	-12	-9.40
Net Nonoperating Obligations (NNO)	-1,292	-1,258	-1,373	-1,489	-1,646	-1,766	-1,850	-1,861	-1,658	-1,840	-1,779
Total Depreciation and Amortization (D&A)	9.57	50	9.17	12	12	66	15	23	27	72	34
Debt-free, Cash-free Net Working Capital to Revenue	-22.42%	-21.14%	-21.57%	-20.03%	-21.15%	-20.97%	-23.39%	-22.71%	-23.01%	-23.04%	-23.26%
Debt-free Net Working Capital to Revenue	55.19%	42.83%	44.86%	52.47%	56.17%	57.79%	51.60%	35.91%	26.72%	31.37%	28.01%
Net Working Capital to Revenue	55.19%	42.83%	44.86%	33.37%	37.91%	40.35%	38.06%	35.91%	26.72%	31.37%	28.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)	$0.31	$1.05	$0.62
Adjusted Weighted Average Basic Shares Outstanding	50.05M	49.88M	50.69M	51.01M	51.35M	51.18M	52.15M	52.70M	52.51M	52.46M	52.49M
Adjusted Diluted Earnings per Share	($0.11)	($0.24)	$0.12	($0.28)	$0.16	$0.09	($0.42)	($0.06)	$0.31	$1.03	$0.62
Adjusted Weighted Average Diluted Shares Outstanding	50.05M	49.88M	51.50M	51.01M	51.78M	51.82M	52.15M	52.70M	52.67M	53.19M	52.58M
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	50.33M	50.67M	50.96M	51.35M	51.62M	52.15M	52.74M	52.69M	52.39M	52.74M	51.22M
Normalized Net Operating Profit after Tax (NOPAT)	-12	-14	-17	-16	-6.61	-6.76	-18	-16	8.77	43	24
Normalized NOPAT Margin	-2.22%	-2.36%	-2.80%	-2.51%	-0.99%	-0.96%	-2.59%	-2.16%	1.08%	5.11%	2.73%
Pre Tax Income Margin	-0.89%	-1.38%	1.25%	-0.42%	1.59%	1.85%	-1.38%	-0.72%	2.86%	7.28%	4.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-21.28	-26.12	-10.77	-24.58	-10.89	-8.31	-46.26	-103.61	2,222.00	48,542.00	108.80
NOPAT to Interest Expense	-13.67	-16.47	-19.10	-18.60	-7.87	-4.37	-29.87	-75.90	2,007.32	42,584.40	94.49
EBIT Less CapEx to Interest Expense	-51.32	-52.31	-40.20	-57.48	-48.05	-45.87	-114.22	-330.31	-8,988.75	4,823.00	-94.31
NOPAT Less CapEx to Interest Expense	-43.71	-42.66	-48.53	-51.49	-45.03	-41.92	-97.83	-302.60	-9,203.43	-1,134.60	-108.62
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%	0.00%	-1,048.52%	-13,739.33%	1,089.11%	704.88%

Financials Breakdown Chart

Key Financial Trends

HubSpot (NYSE: HUBS) has shown several improving trends across the last four years of quarterly statements, with continued revenue growth, stable gross margins, and a rise in profitability and cash generation into 2025. The bullets below summarize the most impactful developments for retail investors.

Strong revenue growth trend: Operating revenue rose from about $0.50B in Q1 2023 to about $0.85B in Q4 2025, signaling sustained top-line expansion over the period.
Stable, high gross margin: Total gross profit margins have remained in the low to mid-80s percentage range (approximately 83%–85%), indicating pricing power and efficient cost control relative to revenue growth.
Net income turns positive in late 2025: Net income and earnings per share moved into positive territory in Q3–Q4 2025 (Q4 2025 net income of about $54.4M; basic EPS around $1.05, diluted $1.03), a meaningful milestone after years of losses.
Operating income turns profitable in Q4 2025: Total operating income reached about $48.2M in Q4 2025, reflecting an improving operating margin as revenue growth accelerates.
Robust and rising cash flow from operations: Net cash from continuing operating activities rose through 2025, with Q4 2025 net cash from continuing operating activities around $247.4M, signaling stronger cash generation capability alongside growing profitability.
No long-term debt; solid liquidity: The balance sheet shows no long-term debt in recent quarters, and cash balances (cash & equivalents) have remained substantial (e.g., about $614M at Q3 2025), supporting liquidity and autonomous capital allocation.

05/22/26 11:35 AM ETAI Generated. May Contain Errors.

HubSpot Financials - Frequently Asked Questions

According to the most recent income statement we have on file, HubSpot's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

HubSpot's net income appears to be on a downward trend, with a most recent value of $45.91 million in 2025, falling from -$46.05 million in 2015. The previous period was $4.63 million in 2024. View HubSpot's forecast to see where analysts expect HubSpot to go next.

HubSpot's total operating income in 2025 was $7.38 million, based on the following breakdown:

Total Gross Profit: $2.62 billion
Total Operating Expenses: $2.62 billion

Over the last 10 years, HubSpot's total revenue changed from $181.94 million in 2015 to $3.13 billion in 2025, a change of 1,621.0%.

HubSpot's total liabilities were at $1.79 billion at the end of 2025, a 5.3% decrease from 2024, and a 1,712.0% increase since 2015.

In the past 10 years, HubSpot's cash and equivalents has ranged from $55.58 million in 2015 to $882.24 million in 2025, and is currently $882.24 million as of their latest financial filing in 2025.

Over the last 10 years, HubSpot's book value per share changed from 3.57 in 2015 to 39.44 in 2025, a change of 1,005.0%.

Related Companies

Financial statements for NYSE:HUBS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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

Financials Breakdown Chart

Key Financial Trends

HubSpot Financials - Frequently Asked Questions

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

Financials Breakdown Chart

Key Financial Trends

HubSpot Financials - Frequently Asked Questions

When does HubSpot's financial year end?

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

What is HubSpot's operating income?

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

How much debt does HubSpot have?

How much cash does HubSpot have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools