HubSpot Inc.
HUBSFinancial Snapshot
ticker: HUBS step: 04 generated: 2026-05-13 source: quick-research
HubSpot, Inc. (HUBS) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $1.73B | $2.17B | $2.63B | +21% |
| Non-GAAP Gross Margin | ~83% | ~83% | ~84% | |
| GAAP Operating Margin | ~-15% | ~-9.3% | ~-2.6% | improving rapidly |
| Non-GAAP Operating Margin | ~11% | ~15.5% | ~17.5% | |
| GAAP Net Income | ~-$0.25B | ~-$0.18B | ~$0.005B | ~breakeven |
FY2025: Revenue $3.131B (+19% YoY); non-GAAP operating margin ~19%; GAAP approaching profitability. Q4 2025 strong results + 2026 outlook drove stock +5.5% in one session. EPS surged to $1.04/share in a strong quarter, challenging profitability skeptics. $1B share repurchase program announced.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$450M |
| Free Cash Flow | ~$350–400M (~13–15% FCF margin) |
| Capital Expenditures | ~$50–75M |
| Cash & Equivalents | ~$2.0B |
| Total Debt | ~$1.6B (convertible notes) |
FCF margins improving as operating leverage accrues. GAAP net income barely positive in FY2024 — first GAAP profitable year. SBC declining as % of revenue (~10% of revenue in FY2024 vs. 15%+ prior years). $1B buyback authorized provides EPS support.
Key Ratios (approximate)
- P/E: ~45–55x (non-GAAP FY2026E) | EV/Sales: ~9–10x | FCF Yield: ~1.5%
- Revenue Growth (TTM): ~19% | Non-GAAP Operating Margin: ~17–19%
Growth Profile
HubSpot compounded from $1.73B (FY2022) to $3.13B (FY2025) — an 81% increase in 3 years — with growth decelerating from 25% (FY2023) to 21% (FY2024) to 19% (FY2025). Mid-teens to high-teens growth is the new expectation, with AI monetization (credits model) as the potential re-acceleration catalyst. GAAP profitability achieved in FY2024 — a milestone that reduces the "unprofitable growth" concern. The multi-hub expansion (Content Hub attach rate 3x, Agent.AI 10x users) supports sustained 15–20% growth.
Forward Estimates
- FY2026: Revenue ~$3.6–3.7B (+15–18% YoY); non-GAAP EPS ~$2.84/share (+224% YoY due to SBC normalization)
- AI Credits model: additive revenue layer on top of seat licensing — beginning to scale in FY2026
- Agent.AI: 500K+ users → monetization beginning; AEO features driving Marketing Hub ARPU expansion
- Analyst targets: wide dispersion $248–650; mean ~$550; majority Outperform/Overweight
- $1B buyback: ~3–4% of market cap; EPS accretive over 2–3 years
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HUBS.