Companies / HubSpot COMPANY FILINGS
HubSpot HUBS What does HubSpot do? HubSpot provides a customer platform for marketing, sales and customer service teams, focusing on mid-market business-to-business companies. Its customer relationship management software connects customer profiles with tools for marketing, sales, service, operations, content and commerce. The platform also includes AI agents and an ecosystem of integrations, partners and educational resources. HubSpot primarily sells the platform through subscriptions.
View detail Hide detail Company overview · FY2025 Year ended 2025-12-31 · Read the full 10-K on SEC EDGAR (opens in a new tab)
Selected passages from the company’s business description, with headings added for readability. See the original filing for the full context.
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Business description: FY2025 CIK 0001404655 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 10
Report coverage 2016–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Revenue rose to $3.1 billion in 2025 from $2.6 billion in 2024. HubSpot attributed subscription revenue growth to an increase in paying customers.
Source: 2025 The filing warns that consumption-based products may be less predictable than subscription-based products, and customers could use them less than HubSpot expects.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Revenue increased Revenue rose to $3.1 billion in 2025 from $2.6 billion in 2024. HubSpot attributed subscription revenue growth to an increase in paying customers.
Source: 2025 Operating profit achieved Net income increased to $45.9 million in 2025 from $4.6 million in 2024. HubSpot also reported operating income in 2025, compared with an operating loss in 2024.
Source: 2025 Business context Buyback program completed HubSpot completed its $500 million share repurchase program in 2025 and settled the remaining principal of its convertible notes due that year.
Source: 2025 Revenue retention rose on revised basis Net revenue retention was 103.5% in 2025 versus 101.8% in 2024 on the filing’s revised basis. HubSpot changed the calculation to remove the impact of commissions for partners no longer eligible to receive them.
Source: 2025 Business in fiscal 2025 HubSpot primarily sells subscriptions to a customer platform with AI agents for marketing, sales and customer service teams.
Source: 2025
5-year changes FY2021–FY2025 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Platform descriptions added AI agents The 2021 filing described a cloud CRM platform. The 2023 and 2024 filings described a customer platform with AI-powered engagement hubs, Smart CRM and commerce tools, followed by a customer platform with AI agents in the 2025 filing. These descriptions show changes in how HubSpot presented its business, without establishing when each capability launched.
Source: 2021 , 2023 , 2024 , 2025 2023 restructuring charges recorded The restructuring disclosed in the 2022 filing began after year-end, in January 2023, and included an approximately 7% workforce reduction and office consolidation. The 2023 filing reported $96.8 million in restructuring charges, including facilities and severance-related costs.
Source: 2022 , 2023 Operating profit followed net income HubSpot reported net income in 2024 and operating income in 2025, but the earlier loss figures require attention to revisions. The 2023 filing reported a $176.3 million net loss for that year; the 2024 filing revised it to $164.5 million. In 2024, net income was $4.6 million despite an operating loss. In 2025, net income reached $45.9 million alongside operating income.
Source: 2023 , 2024 , 2025 Request a correction HubSpot attributed 2024 subscription revenue growth to a larger customer base. It said customer growth was primarily driven by lower-priced Starter products and Professional and Enterprise products under its new seats model.
Source: 2024 The filing identifies dependence on subscription renewals: substantially all subscription periods are one year or less, and customers need not renew. Non-renewals or reduced customer spending could lower revenue.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Customer growth supported revenue HubSpot attributed 2024 subscription revenue growth to a larger customer base. It said customer growth was primarily driven by lower-priced Starter products and Professional and Enterprise products under its new seats model.
Source: 2024 Net profit; operating loss HubSpot reported $4.6 million of net income in 2024, compared with a revised $164.5 million net loss in 2023. HubSpot still recorded an operating loss in 2024.
Source: 2024 Business context Cacheflow acquired On October 30, 2024, HubSpot acquired Cacheflow, a B2B subscription billing and quoting software business. The cash purchase price was $40.4 million, net of acquired cash.
Source: 2024 Vendor-credit error prompted revisions During its first-quarter 2024 close, HubSpot identified a vendor-credit calculation error and revised affected prior-period financial statements. The company judged the error immaterial to previously presented annual and interim financial statements.
Source: 2024 Business in fiscal 2024 HubSpot primarily sells subscriptions to a customer platform combining AI-powered engagement tools, CRM software and a connected ecosystem, focused on mid-market B2B companies.
Source: 2024
5-year changes FY2020–FY2024 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Platform descriptions added AI and commerce The 2020 filing described a subscription CRM platform for marketing, sales, service and content management. The 2021 filing also listed Operations Hub and payments. By 2024, HubSpot described AI-powered engagement hubs, Smart CRM and a connected ecosystem, including commerce tools.
Source: 2020 , 2021 , 2024 Net loss became net profit Reported revenue rose from $883.0 million in 2020 to $2.6 billion in 2024. Net results moved from a reported $85.0 million loss in 2020 to $4.6 million of income in 2024, although the 2024 filing still showed an operating loss.
Source: 2020 , 2024 Prior net losses revised downward The 2024 filing revised prior results for vendor-credit and deferred-tax errors that HubSpot judged immaterial. Net losses originally reported as $112.7 million for 2022 and $176.3 million for 2023 became $107.3 million and $164.5 million, respectively. Those revisions change the historical comparison basis.
Source: 2022 , 2023 , 2024 Request a correction Total revenue grew 25% in 2023 compared with 2022. HubSpot attributed customer growth primarily to increased demand for its lower-priced Starter products.
Source: 2023 The filing identifies subscription renewals and customer spending as risks: customers have no obligation to renew, and nonrenewals or reduced spending could lower HubSpot’s revenue.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Nonrenewals may reduce revenue The filing identifies subscription renewals and customer spending as risks: customers have no obligation to renew, and nonrenewals or reduced spending could lower HubSpot’s revenue.
Source: 2023 Restructuring reduced workforce HubSpot’s 2023 restructuring included an approximately 7% workforce reduction and global office-lease consolidation. The company incurred $96.8 million in restructuring charges.
Source: 2023 Net loss widened HubSpot’s net loss widened to $176.3 million in 2023 from $112.7 million in 2022. Operating activities nevertheless generated $350.971 million in cash in 2023.
Source: 2023 Business in fiscal 2023 HubSpot sells a subscription customer platform covering marketing, sales, service, operations, content management and commerce, focused on B2B companies with 2–2,000 employees.
Source: 2023
5-year changes FY2019–FY2023 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Platform descriptions added AI and commerce HubSpot’s 2019 filing described Marketing, Sales and Service hubs. Its 2020 filing also listed content management, and its 2021 filing included Operations Hub and payments. The 2023 filing described a customer platform combining AI-powered engagement hubs, Smart CRM and an ecosystem, with Commerce Hub among its products.
Source: 2019 , 2020 , 2021 , 2023 Revenue and net losses increased Revenue and net losses both increased. Using each year’s original filing, revenue rose from $674.9 million in 2019 to $2.2 billion in 2023, while net losses widened from $53.7 million to $176.3 million. In 2023, operating activities generated $350.971 million in cash despite the reported net loss.
Source: 2019 , 2023 Restructuring generated charges in 2023 The 2022 filing disclosed a restructuring plan begun after year-end in January 2023, including an approximately 7% workforce reduction and office consolidation. The 2023 filing reported $96.8 million of restructuring charges, including facilities and severance-related costs.
Source: 2022 , 2023 Request a correction Revenue rose to $1.7 billion in 2022 from $1.3 billion in 2021. HubSpot attributed customer growth primarily to increased demand for its lower-priced Starter products.
Source: 2022 The filing identifies subscription renewals and customer spending as key risks: customers who do not renew or reduce their spending could lower HubSpot’s revenue.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Nonrenewals may reduce revenue The filing identifies subscription renewals and customer spending as key risks: customers who do not renew or reduce their spending could lower HubSpot’s revenue.
Source: 2022 Net loss widened HubSpot’s net loss widened to $112.7 million in 2022 from $77.8 million in 2021. It generated positive operating cash flow of $273.174 million in 2022.
Source: 2022 Business context Post-year-end restructuring began After year-end, HubSpot began implementing a restructuring plan in January 2023. The plan included an approximately 7% workforce reduction and office lease consolidation.
Source: 2022 New accounting cut interest expense HubSpot adopted new convertible-debt accounting on January 1, 2022, which it says reduced interest expense. Prior-year comparative amounts were not adjusted and remain under the previous accounting guidance.
Source: 2022 Business in fiscal 2022 HubSpot sells a cloud CRM platform covering marketing, sales, service, operations and content management, focused on mid-market business-to-business customers.
Source: 2022
5-year changes FY2018–FY2022 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Filings added operations and payments The 2018 filing described Marketing, Sales and Service hubs with a free CRM. The 2020 filing also listed a content-management hub, and by the 2022 filing the platform included operations tools and a native payment solution.
Source: 2018 , 2020 , 2022 Revenue exceeded 2018 level Reported revenue increased from $513.0 million in 2018 to $674.9 million in 2019 and $1.7 billion in 2022. Reported net losses were $63.8 million in 2018 and $112.7 million in 2022.
Source: 2018 , 2019 , 2022 Convertible-debt accounting changed Convertible-debt accounting changed between 2021 and 2022. The 2021 accounts included debt-discount amortization and losses on early note extinguishment; HubSpot said the guidance adopted on January 1, 2022 eliminated those charges and reduced interest expense. Earlier comparative amounts remained under the old guidance.
Source: 2021 , 2022 Request a correction Subscription revenue increased 48% in 2021 compared with 2020. HubSpot cited stronger demand for its Professional and Enterprise products as one driver of customer growth.
Source: 2021 The filing identifies subscription renewals as a revenue risk: customers have no obligation to renew, and substantially all subscription periods are one year or less. Lower renewal rates could harm future revenue and operating results.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business context Net loss narrowed HubSpot reported a $77.8 million net loss in 2021, compared with $85.0 million in 2020. Its 2021 operating cash inflow was $238.728 million.
Source: 2021 Hustle Con Media acquired HubSpot acquired all equity interests in the media company Hustle Con Media in February 2021. The acquisition note reports a $17.2 million cash purchase price, net of cash acquired, including a $0.4 million upward working-capital adjustment.
Source: 2021 Convertible note principal partly repaid In 2021, HubSpot settled $106.5 million of principal on its 2022 convertible notes in cash. At year-end, $19.4 million of principal remained outstanding on those notes.
Source: 2021 Business in fiscal 2021 HubSpot sells a cloud-based customer relationship management (CRM) platform by subscription, focusing on business-to-business companies with 2–2,000 employees.
Source: 2021
5-year changes FY2017–FY2021 AI comparison of the five fiscal years ending in this report year. Later filings are excluded.
Filings added operations and payments HubSpot’s 2017 filing described a marketing and sales platform. The 2018 filing included Service Hub, the 2020 filing listed a content-management hub, and the 2021 filing listed Operations Hub and a native payment solution.
Source: 2017 , 2018 , 2020 , 2021 Revenue rose; losses at both ends Reported annual revenue rose from $375.6 million in 2017 to $674.9 million in 2019 and $1.3 billion in 2021. HubSpot still reported a net loss at both endpoints: $39.7 million in 2017 and $77.8 million in 2021.
Source: 2017 , 2019 , 2021 Software and content companies acquired Acquisitions spanned software and content: HubSpot acquired data-synchronization provider PieSync in October 2019 and media company Hustle Con Media in February 2021. The respective filings reported cash purchase prices of $23.3 million and $17.2 million, each net of acquired cash.
Source: 2019 , 2021 Request a correction FINANCIAL STATEMENTS
Balance sheet A snapshot of what HubSpot owns and owes at a point in time.
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Source: 10-K · 2025-12-31 · SEC EDGAR ↗
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