HubSpot, Inc. (HUBS) financials

NYSE · Technology · Software - Application · 9,016 employees · CEO Yamini Rangan

Price: $234.87 -1.96%
Market cap: $12B
Enterprise value: $11.3B
Last report: Q2 '26 filed 2026-08-05
Next report: 2026-11-04 EPS est. $3.27

Revenue (TTM)$3.45B+21.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)3.8%+6.4 pp vs a year agoOperating income $132M

Net income (TTM)$147M+1,331.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$767M+14.6% vs a year agoCapex $89.1M

Diluted EPS (TTM)$2.83+1,320.9% vs a year agoSum of the last 4 quarters

Net cash$1.1B-20.7% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $12B
Revenue: $3.45B
Revenue growth: +18%
Profit margin: 4.3%
P/E: 83.0×
P/S: 3.5×
EV / EBITDA: 33.9×
Free cash flow: $767M
Net income: $147M
Revenue estimate: $3.68B
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 1.5%, EPS beat by 7.9%Revenue $912M vs $898M expected (+1.5%); EPS $3.26 vs $3.02 (+7.9%).
Revenue growth slowing: 19.8% year on yearQ2 '26 revenue $912M, against an average of 21.0% over the four quarters before.
Operating margin 3.8% (TTM), +6.4 pp on a year agoOperating income grew 282.3% while revenue grew 21.1%.
23.9% of pre-tax profit is non-operatingPre-tax income $174M vs operating income $132M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 2.6% of revenue (a year ago 0.4%)$89.1M invested in the last 4 quarters (+778.0% on a year earlier). Free cash flow $767M = 522.4% of net income.
Returned $758M to shareholders = 98.7% of free cash flowBuybacks $758M (a year earlier $125M), dividends $0, stock-based pay $515M (TTM).
Diluted share count down 3.9% in a year50.6M diluted shares in Q2 '26, 52.7M a year earlier.
Net cash $1.1BCash + short-term investments $1.34B, debt incl. leases $237M; a year ago net cash $1.39B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$912M	$761M	+19.8%
Gross margin	82.4%	83.9%	-1.6 pp
Operating income	$43.3M	-$24.6M	+276.0%
Operating margin	4.8%	-3.2%	+8.0 pp
Net income	$43.3M	-$3.26M	+1,430.2%
Diluted EPS	$0.86	-$0.06	+1,491.6%
Operating cash flow	$223M	$164M	+35.5%
Capex	$19.7M	$16M	+22.6%
Free cash flow	$203M	$148M	+36.9%
R&D	$226M	$237M	-4.9%
Stock-based compensation	$128M	$141M	-8.9%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$912M	$898M	+1.5%
EPS (as estimated)	$3.26	$3.02	+7.9%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Subscription and Circulation	$894M	+20.1%	98.1%	$3.38B	+21.2%
Service	$17.7M	+8.5%	1.9%	$72.1M	+15.0%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Americas	$534M	+16.7%	58.5%	$2.03B	+17.6%
Europe	$301M	+23.4%	33.0%	$1.14B	+27.3%
Asia Pacific	$77M	+29.2%	8.4%	$281M	+23.6%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $856M
Capex: -$89.1M
Buybacks: -$758M
Dividends: $0
Acquisitions: -$45.2M
Net debt issued: $0
Stock-based compensation: $515M
Free cash flow: $767M
Returned to shareholders / FCF: 98.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	83.0×	4,099.0× 2 of 5 years	456.0× – 7,741.9×
EV / EBITDA	33.9×	6,542.5× 3 of 5 years	98.9× – 19,250.9×
EV / Sales	3.3×	13.2×	6.5× – 24.0×
Price / FCF	15.7×	92.0×	29.8× – 174.8×
Price / Book	7.2×	20.0×	10.2× – 35.4×
FCF yield	6.4%	1.5%	0.6% – 3.4%
Return on invested capital	5.6%	-3.7%	-9.3% – 0.3%
Return on equity	7.8%	-5.9%	-12.3% – 2.2%

Analysts

Consensus target $245.17 (+4.4%)
range $190.00 – $300.00 · rating Buy

Strong buy0

Buy25

Hold21

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$3.68B	+17.7%	$13.30	+1,447.0%	17.7×	19
FY2027	$4.2B	+13.9%	$16.87	+26.8%	13.9×	19
FY2028	$4.77B	+13.5%	$20.15	+19.5%	11.7×	5
FY2029	$5.29B	+11.0%	$23.45	+16.4%	10.0×	1
FY2030	$5.88B	+11.2%	$27.02	+15.2%	8.7×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 256 figures HubSpot, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$26M	$12.5M	+107.4%	$24.8M	$3.65M	+578.7%
Accounts Receivable, after Allowance for Credit Loss, Current	$378M	$321M	+17.8%	$419M	$335M	+25.2%
Accounts Receivable, Allowance for Credit Loss, Current	$7.29M	$6.24M	+16.8%	$6.83M	$6.09M	+12.1%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$24.2M	$19.3M	+25.5%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$24.9M	$19.9M	+25.6%
Accrued Liabilities	$02025-12-31	$0	–	$0	$0	–
Accrued Liabilities and Other Liabilities	$195M	$153M	+27.4%	$167M	$125M	+33.3%
Accrued Sales Commission, Current	$122M	$98.9M	+23.8%	$132M	$102M	+29.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$191M	$160M	+19.7%	$176M	$147M	+20.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$165K	$5.43M	-97.0%	$5.24M	-$5.65M	+192.7%
Additional Paid in Capital, Common Stock	$2.33B	$2.88B	-19.1%	$2.81B	$2.71B	+3.7%
Advertising Expense	–	–	–	$144M	$118M	+22.5%
Amortization of Debt Issuance Costs and Discounts	$146K	$77K	+89.6%	$577K	$2.01M	-71.3%
Amortization of Deferred Sales Commissions	$71M	$37M	+91.9%	$188M	$143M	+31.2%
Amortization of Intangible Assets	–	–	–	$12.1M	$9.6M	+26.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$131M	$150M	-12.5%	$552M	$524M	+5.3%
Asset Impairment Charges	–	–	–	$0	$0	–
Asset Retirement Obligation, Accretion Expense	–	–	–	$145K	$130K	+11.5%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$697K	-$373K	+286.9%
Asset Retirement Obligations, Noncurrent	$6.7M2025-12-31	$5.85M	+14.4%	$6.7M	$5.85M	+14.4%
Assets	$3.5B	$3.68B	-4.9%	$3.85B	$3.8B	+1.5%
Assets, Current	$2.13B	$2.31B	-7.9%	$2.45B	$2.63B	-7.0%
Assets, Fair Value Disclosure	$806M	$1.41B	-42.8%	$1.17B	$1.79B	-34.6%
Capital Expenditures Incurred but Not yet Paid	-$2.47M	-$2.24M	-9.9%	$3.39M	$1.7M	+99.0%
Capitalized Computer Software, Accumulated Amortization	$389M	$267M	+45.9%	$324M	$220M	+47.5%
Capitalized Computer Software, Amortization	$39.7M	$29.3M	+35.5%	$118M	$74.3M	+58.7%
Capitalized Computer Software, Gross	$622M	$458M	+35.9%	$538M	$374M	+43.8%
Capitalized Computer Software, Net	$233M	$191M	+21.9%	$214M	$154M	+38.4%
Cash and Cash Equivalents, at Carrying Value	$958M	$601M	+59.4%	$882M	$513M	+72.1%
Cash and Cash Equivalents, Fair Value Disclosure	$362M	$130M	+178.1%	$191M	$64.1M	+198.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$961M	$604M	+59.1%	$885M	$517M	+71.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$961M	$604M	+59.1%	$885M	$517M	+71.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$14.4M	-$25.2M	+157.1%	$368M	$125M	+195.3%
Common Stock, Capital Shares Reserved for Future Issuance	1.65M2025-12-31	1.85M	-11.0%	1.65M	1.85M	-11.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	55.4M	54.2M	+2.2%	54.8M	52.7M	+4.1%
Common Stock, Shares, Outstanding	49.7M	52.7M	-5.8%	52.6M	51.8M	+1.5%
Common Stock, Value, Issued	$50K	$53K	-5.7%	$53K	$52K	+1.9%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$41.7M	$4.83M	+763.6%	$56.8M	-$2.85M	+2,091.2%
Contract with Customer, Liability, Current	$1.06B	$888M	+18.9%	$1B	$784M	+28.1%
Contract with Customer, Liability, Noncurrent	$6.38M	$5.99M	+6.4%	$8.5M	$3.97M	+114.0%
Contract with Customer, Liability, Revenue Recognized	$554M	$452M	+22.6%	$670M2024-12-31	$543M	+23.4%
Convertible Notes Payable, Current	–	–	–	$458M2024-12-31	–	–
Cost of Goods and Services Sold	$161M	$122M	+31.7%	$508M	$393M	+29.3%
Current Federal Tax Expense (Benefit)	–	–	–	$4.35M	$7.63M	-43.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$17.8M	$12.1M	+47.3%
Current Income Tax Expense (Benefit)	–	–	–	$23.6M	$21.4M	+10.3%
Current State and Local Tax Expense (Benefit)	–	–	–	$1.41M	$1.64M	-14.3%
Debt Securities, Available-for-sale	$425M	$1.26B	-66.3%	$958M	$1.71B	-44.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$83K	$897K	-90.7%	$1.32M	$1.57M	-16.1%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$315K	$261K	+20.7%	$4K	$353K	-98.9%
Debt Securities, Available-for-sale, Allowance for Credit Loss	$0	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Amortized Cost	$425M	$1.26B	-66.2%	$957M	$1.71B	-44.0%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$45.5M	$191M	-76.2%	$136M	$154M	-11.7%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$380M	$1.07B	-64.5%	$821M	$1.56B	-47.2%
Debt Securities, Available-for-sale, Current	$380M	$1.07B	-64.5%	$822M	$1.56B	-47.2%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$45.3M	$191M	-76.3%	$137M	$154M	-11.4%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$380M	$1.07B	-64.5%	$822M	$1.56B	-47.2%
Debt Securities, Available-for-sale, Noncurrent	$45.3M	$191M	-76.3%	$137M	$154M	-11.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02