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HUBS Q3 2025 Earnings

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Call Details

  • Call Title: HubSpot Q3 2025 Earnings Call
  • Date: November 5, 2025 at 9:30 PM UTC
  • Management Team:
    • Chuck MacGlashing (Head of Investor Relations)
    • Yamini Rangan (Chief Executive Officer)
    • Dharmesh Shah (Co-founder and CTO)
    • Kate Bueker (Chief Financial Officer)

Call Summary

Financial Performance

  • Q3 revenue grew 18.4% year over year in constant currency to $810 million.
  • Subscription revenue grew 21% year over year in Q3 and services and other revenue grew 19% as-reported.
  • Q3 calculated billings were $804 million, up 19% year over year in constant currency.
  • Q3 non-GAAP operating margin was 20%, which was up one point year over year and three points sequentially.
  • Net income was $140 million in Q3, or $2.66 per fully diluted share on a non-GAAP basis.
  • Free cash flow was $147 million, representing 18% of revenue in Q3.
  • Cash and marketable securities totaled $1.7 billion at the end of September.
  • Domestic revenue grew 17% year over year in Q3, while international revenue grew 20% in constant currency and 25% as-reported, representing 49% of total revenue.

Guidance

  • Q4 as-reported revenue is expected to be in the range of $828 to $830 million, up 16% year over year in constant currency and 18% as-reported.
  • Q4 non-GAAP operating profit is expected to be $183 to $184 million, representing a 22% operating profit margin.
  • Q4 non-GAAP diluted net income per share is expected to be $2.97 to $2.99, assuming 52.7 million fully diluted shares outstanding.
  • Full year 2025 as-reported revenue is now expected to be $3.113 to $3.115 billion, up 18% year over year in constant currency and 19% as-reported.
  • Full year 2025 non-GAAP operating profit is now expected to be $574 to $575 million, representing an 18% operating profit margin.
  • Full year 2025 non-GAAP diluted net income per share is now expected to be $9.60 to $9.62, assuming 53.2 million fully diluted shares outstanding.
  • Full year CapEx as a percentage of revenue is now expected to be 6%, driven by higher capitalized software expenses.
  • Full year free cash flow is still expected to be about $580 million.

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