HubSpot reported strong Q4 and full-year 2025 results, characterized by accelerating revenue growth and significant improvements in operating and net income. The company highlighted strong momentum in its upmarket business and the successful adoption of its AI-powered customer platform, positioning it for continued durable growth in 2026.
Total revenue grew 20% year-over-year to $846.7 million in Q4 2025, and 19% for the full year to $3.13 billion, demonstrating strong top-line performance.
positiveGAAP operating margin improved significantly to 5.7% in Q4 2025 from -1.5% in Q4 2024, and full-year GAAP operating margin turned positive at 0.2% from -2.6% in 2024.
positiveNon-GAAP operating margin expanded to 22.6% in Q4 2025 from 18.9% in Q4 2024, indicating improved operational efficiency.
positiveCalculated billings showed robust growth, up 27% year-over-year in Q4 2025, suggesting strong future revenue potential.
positiveProfessional services and other revenue growth decelerated to 12% in Q4 2025 from 16% in the full year 2025, indicating a potential slowdown in this segment.
attentionWeighted average diluted shares outstanding for GAAP net income increased to 53.2 million in FY2025 from 51.8 million in FY2024, diluting earnings per share.
attentionWhile GAAP operating income improved, it was still a modest $7.4 million for the full year 2025, highlighting continued efforts to achieve sustained profitability.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Subscription | N/A | — | — | — |
Professional services and other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
2025 was a transformative year for HubSpot, defined by the momentum of our agentic customer platform and clear acceleration upmarket.
AI adoption gathered pace, as Breeze Customer Agent and Breeze Prospecting Agent delivered real outcomes for customers.
Heading into 2026, we're cementing our position as the leading agentic customer platform for scaling companies, building on our strength upmarket, and leading the new era of marketing with products and a playbook that drive growth.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.