HUBS Q4 2025 Earnings

Call Details

• Call Title: HubSpot Q4 2025 Earnings Call
• Date: February 11, 2026 at 9:30 PM UTC
• Management Team:
  • Yamini Rangan (Chief Executive Officer)
  • Dharmesh Shah (Co-founder and CTO)
  • Kate Bueker (Chief Financial Officer)
  • Chuck MacGlashing (Head of Investor Relations)

Call Summary

Financial Performance

• Q4 revenue grew 18.2% year over year in constant currency and full year 2025 revenue grew 18.2% in constant currency to $3.1B.
• Q4 subscription revenue grew 21% year over year on an as-reported basis, while services and other revenue increased 12% in Q4 as reported.
• Q4 operating margin on a non-GAAP basis was 23%, which was up four points year over year, and full year 2025 operating margin was 18.6%.
• Q4 net income was $163M, or $3.09 per diluted share, and full year net income was $516M, or $9.70 per diluted share.
• Free cash flow was $209M in Q4 (25% of revenue) and $595M for full year 2025 (19% of revenue).
• Cash and marketable securities totaled $1.8B at the end of December 2025.
• Q4 calculated billings were $971M, growing 20% year over year in constant currency and $3.4B for the full year 2025, up 19% in constant currency.
• Q4 domestic revenue grew 17% year over year while international revenue grew 19% in constant currency and represented 49% of total revenue in Q4.

ARR / Recurring Revenue Growth

• Full year net new ARR growth was 24% year over year, which was six points above constant currency revenue growth for 2025.
• Net new ARR growth exceeded constant currency revenue growth in every quarter of 2025.
• Q4 net revenue retention increased sequentially to 105%, and full year net revenue retention was 103.5% compared to 101.8% in 2024.
• Average subscription revenue per customer was $11,700 in Q4, up one point year over year in constant currency.
• HubSpot added 9,800 net new customers in Q4, bringing the total customer count to more than 288,000, which is 16% growth year over year.
• Company expects full year 2026 net new ARR growth to outpace constant currency revenue growth and to report net new ARR growth annually in Q4.