At a glance
HubSpot Inc is worth $12.51B, about 292 times its fiscal 2025 earnings. Revenue grew 19.2% to $3.13B in fiscal 2025, with 1.5% kept as profit; over 5 years it has grown 28.8% a year. It pays no dividend; it spent $500.0M buying back its shares over FY2021–FY2025. The stock returned −46.9% over the past year with dividends reinvested and −20.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.3% in the 2020 crash (S&P 500: 33.7%) and 57.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 16 months after the lows.
The business in plain English
HubSpot sells cloud software that helps businesses market to, sell to and support their own customers. Its platform has three layers. First are hubs for marketing, sales, customer service, operations, content and commerce, along with artificial intelligence (AI) agents that do tasks such as researching accounts, qualifying sales leads and answering support questions. Second is the Smart CRM, a customer relationship management database that keeps one record and timeline for each customer. Third is an ecosystem of app integrations, templates, partner firms and training courses.
HubSpot targets mid-market business-to-business companies, which it defines as those with 2 to 2,000 employees. It earns money mainly from subscriptions, and substantially all of them last one year or less. A free version draws users in. HubSpot then aims to upgrade them to paid hubs, add users and sell extra features. Outside service firms called Solutions Partners matter a great deal. They and the customers they referred made up about 25% of customers but about 49% of 2025 revenue.
Revenue was $3.1 billion in 2025, and HubSpot had 288,706 customers in more than 135 countries as of December 31, 2025. Its annual report breaks revenue down by region: the Americas supplied 59.8%, Europe 32.3% and Asia Pacific 7.9%. Customers outside the United States generated about 48% of revenue.
Price history
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HUBS -46.9% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By geography
| Americas | $1.87B | 59.8% |
| Europe | $1.01B | 32.3% |
| Asia Pacific | $248.1M | 7.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $911.7M, up 19.8% from a year earlier, and net income was $43.3M.
- For fiscal 2025, revenue was $3.13B (+19.2% year over year; +28.8% a year from FY2020 to FY2025) with a 1.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +28.8% good |
|---|---|
| Operating margin | 0.2% weak |
| Free cash flow margin | 22.6% good |
| Return on equity (FY2025) | 2.2% weak |
| Return on assets (FY2025) | 1.2% weak |
| Net cash (cash minus debt) | $1.01B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $883.0M | $-85.0M | $51.6M |
| FY2021 | $1.30B | $-77.8M | $210.0M |
| FY2022 | $1.73B | $-107.3M | $235.7M |
| FY2023 | $2.17B | $-164.5M | $317.3M |
| FY2024 | $2.63B | $4.6M | $560.7M |
| FY2025 | $3.13B | $45.9M | $707.6M |
Valuation snapshot
| Market value | $12.51B |
|---|---|
| P/E ratio | 291.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
HubSpot’s market value went from $1.67B at the end of 2016 to $12.51B on Oct 27, 2026, about 7.5 times as much; since the end of 2025 it is down 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $12.51B | -40.5% |
| 2025 | $21.02B | -41.6% |
| 2024 | $35.97B | +23.1% |
| 2023 | $29.22B | +108.0% |
| 2022 | $14.04B | -54.9% |
| 2021 | $31.14B | +71.2% |
| 2020 | $18.19B | +168.0% |
| 2019 | $6.79B | +37.6% |
| 2018 | $4.93B | +49.3% |
| 2017 | $3.30B | +97.4% |
| 2016 | $1.67B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HUBS price data to Oct 27, 2026 | -37.5% | -46.9% | -15.5% | -20.6% | +17.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.5% |
| 2025 | -42.4% |
| 2024 | +20.0% |
| 2023 | +100.8% |
| 2022 | -56.1% |
| 2021 | +66.3% |
| 2020 | +150.1% |
| 2019 | +26.1% |
| 2018 | +42.2% |
| 2017 | +88.1% |
| 2016 | -16.5% |
| 2015 | +67.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.6% over that stretch · deepest drop along the way 47.3%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56.3% over that stretch · deepest drop along the way 57%, back to its old high 15.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($200K) and 6 sales ($9.6M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 15, 2026 | Brian Halligan Director | sell (plan) | $2.1M |
| Oct 20, 2026 | Brian Halligan Director | sell (plan) | $2.0M |
| Jul 21, 2026 | Brian Halligan Director | sell (plan) | $1.9M |
| Aug 18, 2026 | Brian Halligan Director | sell (plan) | $1.9M |
| Jun 16, 2026 | Brian Halligan Director | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Sep 30, 2026 |
| T. Rowe Price Associates, Inc. | 8.7% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 7.3% | Sep 30, 2026 |
| Vanguard Capital Management | 5.17% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.02% | Sep 30, 2026 |
| FMR LLC | 4.4% | Jun 30, 2025 |
ETFs with the most weight in HUBS
| CLOU Global X Cloud Computing ETF | 4.02% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.75% |
| FCLD Fidelity Cloud Computing ETF | 2.63% |
| CNAV Mohr Company Nav ETF | 2.39% |
| GTEK Goldman Sachs Future Tech Leaders Equity ETF | 2.34% |
| BKWO BNY Mellon Women's Opportunities ETF | 2.03% |
| JTEK JPMorgan U.S. Tech Leaders ETF | 2.02% |
| FDG American Century Focused Dynamic Growth ETF | 1.95% |
What could go wrong
- Heavy reliance on Solutions Partners. Solutions Partners, and the customers they referred, accounted for about 49% of 2025 revenue. If these outside service firms stop promoting HubSpot or serve customers poorly, growth could slow.
- Customers can walk away each year. Substantially all subscriptions run one year or less, with no duty to renew. Customers can also drop to cheaper tiers or fewer seats. Because revenue is recognized over time, a slowdown may show up late.
- New pricing models are less predictable. HubSpot has moved toward charging per user seat and by usage. The company calls usage-based pricing novel and evolving. Customers control the timing and may use less than expected, making revenue harder to predict.
- Fierce competition as AI reshapes software. HubSpot competes in a crowded, fragmented market against established and new companies. Rapid AI change could favor rivals, force price cuts, or demand heavier research spending to keep its AI agents competitive.
- Email and tracking rules could limit use. The platform's email, messaging and website tracking tools face outside limits. Private email standards have interfered with them before, and laws on tracking, commercial email and texts could restrict their use or invite lawsuits.
- Profits are thin after years of losses. HubSpot lost money every year from 2020 through 2023 and warns it may not stay consistently profitable. In 2025, operating profit was just 0.2% of revenue.
Recent events
- Executive or board change
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement; Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released
- Quarterly results released; Executive or board change; Investor presentation or announcement
For income and retirement investors
HubSpot does not pay a dividend, so the stock produces no income on its own. An investor who needs cash would have to sell shares, which can mean selling at a low price after a drop. Buybacks over fiscal 2021–2025 totaled about $500 million, all of it in 2025, yet the share count still rose about 5.5% between October 29, 2021 and July 31, 2026.
The shares have fallen sharply in past selloffs. In the 2020 COVID crash they dropped 47.3%, then regained their earlier peak by May 29, 2020. In the 2022 bear market (a long, broad market decline) they fell 57% and did not recover until January 29, 2024. The stock's price record does not go back to the 2008 financial crisis. As of October 27, 2026, the stock was down 46.9% over one year. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does HubSpot make money?
Mainly by selling subscriptions to its customer platform. Businesses can start free, then pay for hubs covering marketing, sales, customer service, operations, content and commerce, plus extra users and features. HubSpot focuses on mid-market business-to-business companies with 2 to 2,000 employees. Revenue was $3.1 billion in 2025. Solutions Partners are service firms that promote and offer HubSpot to their clients. Together with the customers they referred, they accounted for about 49% of 2025 revenue.
Does HubSpot pay a dividend?
No. HubSpot does not pay a dividend and paid none in fiscal 2021 through 2025. It has returned cash through share buybacks, meaning it buys back its own stock, and spent about $500 million on them in 2025. Even so, the share count rose about 5.5% between October 29, 2021 and July 31, 2026. For an income investor, the stock produces no regular cash payments. Any return depends on the share price, and raising cash means selling shares.
Is HubSpot profitable?
Yes, but only narrowly. HubSpot posted net losses every year from 2020 through 2023, then earned $4.6 million in 2024 and $45.9 million in 2025 on $3.1 billion of revenue. Operating profit was just 0.2% of 2025 revenue. Cash generation was stronger. Free cash flow, the cash left after paying operating costs and capital spending, was $707.6 million in 2025, or 22.6% of revenue. In the quarter ended June 30, 2026, net income was $43.3 million.
How fast is HubSpot growing?
Revenue grew 19.2% in 2025, to $3.1 billion. That was slower than its average pace of about 28.8% a year from 2020 to 2025. In the quarter ended June 30, 2026, revenue rose 19.8% from a year earlier, to $911.7 million. The share price is high relative to profits. The P/E ratio (share price divided by yearly earnings per share) was about 292 as of October 27, 2026, based on thin 2025 earnings of $0.86 per diluted share.
How much has HubSpot stock fallen?
Sharply. As of October 27, 2026, the shares were down 37.5% year to date and 46.9% over one year, after a 42.4% drop in calendar 2025. Over five years, the return averaged a loss of 20.6% a year. At its worst, the stock has fallen 80% from a peak in about 12 years of trading history. Over ten years, though, it gained about 380% in total, or about 17% a year. Past returns do not predict future ones.