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Hubspot Inc (HUBS) stock

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NYSE: HUBS NYSE Application Software Next results ~November 4, 2026

C+ Fundamentals grade

HubSpot provides a cloud-based customer platform for the marketing, sales and customer-service teams of a business. It combines connected applications the company calls Hubs — Marketing, Sales, Service, Operations, Content and Commerce — with a central Smart CRM that keeps a unified record of each contact, and an AI layer named Breeze that automates work such as data enrichment and answering support questions.

The company sells chiefly by subscription and focuses on mid-market business-to-business firms, defined as those with 2 to 2,000 employees. It uses a freemium model, offering free tiers that customers can upgrade as they grow, while its Commerce Hub adds payment processing. Software is also distributed through a network of Solutions Partners who refer customers and account for about a quarter of them.

Formed in Delaware in 2005 and based in Cambridge, Massachusetts, HubSpot had 8,882 full-time employees and 288,706 customers in more than 135 countries as of 31 December 2025, with roughly 53% of customers outside the United States. It serves them from operations in the US, Europe, Asia Pacific and South America.

Based on Hubspot Inc's 10-K filed February 11, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$210–$340 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 11% below our base value.

Price used: $233.49, November 2, 2026

Hubspot Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Hubspot files

Where Hubspot stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.45bn, up 21.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 23.1% from 22.0% a year earlier. Operating margin widened to 3.8% from -2.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $136 a share, against a share price of $247. At that price, our model says the market is pricing in about 33.1% a year of cash-flow growth for five years, faster than the 21.5% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Hubspot Inc's trailing-twelve-month revenue grew 21.1% year on year, with a free-cash-flow margin of 23.1%. Where it stands out: gross margin of 83.2% ranks 24 of 160 application software companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$210–$340 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin expanding: TTM operating margin reached 3.8%, up 6.3pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 21.1% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Margins widening. Operating margin is up 6.3 points on a year ago.
  • Strong cash generation. 23.1% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 84 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 74% and a beta of 0.4 against the S&P 500.
  • Heavily shorted. 10.3% of the shares available to trade are sold short (2.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$3.26 against an average estimate of $3.02: beat by 8.1%
Revenue
$912m, up 19.8% on a year earlier
Share reaction
-0.2% in the first session after the results on October 6, 2026, against +0.3% for the S&P 500
Next report
November 4, 2026; average EPS estimate $3.27

Hubspot's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.6%
  • 1 week-11.6%
  • 1 month+8.8%
  • This year-41.8%
  • 1 year-52.5%
  • 5 years-69.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
3.8%
Net margin
4.3%
EPS (TTM, diluted)
$2.78

Growth

Revenue growth
+21.1%
Change in growth rate
+0.0 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$797M
FCF margin
23.1%
Stock pay % of revenue
14.9%

Earnings

Last results
October 6, 2026
Next results (est.)
January 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Announcement
  4. Leadership
  5. Leadership
  6. Results
  7. Announcement
  8. Announcement
  9. Announcement
  10. Partnership
  11. Insider trade
  12. Insider trade
  13. Announcement
  14. Results
  15. Announcement
  16. Partnership
  17. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hubspot Inc valuation models and calculator

What the price is pricing in

The share price implies about 29.4% a year of cash-flow growth for five years.That is faster than the 21.5% a year revenue growth Hubspot has delivered.

  • Priced in29.4%
  • Last 12 months21.1%
  • 3 years a year21.1%
  • 5 years a year21.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($226.68, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$260
Price used
$226.68close November 3, 2026
Implied change
▲ +16%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Hubspot Inc's free cash flow after stock-based pay with after-tax interest added back ($133M, FY2026 Q2 TTM), growing 16% and 17.7% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$340 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Hubspot Inc's free cash flow after stock-based pay ( $133M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Hubspot Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$210–$340 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$230 ~$190–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$230–$260 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hubspot Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $66$80$98$122$154$194
8.5% $57$67$80$97$120$149
10% $51$59$69$82$99$121

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$56.31$47.00$88.40$125.73$158.50$396.44$659.15$289.13$580.54$696.77$401.30$233.49
Market value$1.9bn$1.7bn$3.3bn$4.8bn$6.7bn$17.7bn$30.9bn$13.9bn$29.0bn$36.1bn$21.3bn$12.3bn
+ Net debt (− = net cash)−$56m−$60m$211m$207m$71m$101m$26m−$331m−$388m−$54m−$882m−$958m
Enterprise value$1.8bn$1.6bn$3.5bn$5.1bn$6.7bn$17.8bn$30.9bn$13.6bn$28.6bn$36.1bn$20.5bn$11.4bn
Multiples
Price / sales 10.3x6.1x8.7x9.4x9.9x20.1x23.8x8.0x13.3x13.7x6.8x3.6x
Price / earnings —————————n/mn/m83.9x
Price / free cash flow —n/m111.0x77.5x84.7xn/m147.2x58.9x91.3x64.4x30.2x15.5x
EV / EBITDA —————————n/m142.4x49.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Hubspot's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 80.8%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -6.1%; its worst year was -13.3%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.4% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 14.2% over five years; stock-based pay has been a median 14.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (68 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $926m and EPS of $3.27 (range $3.25 to $3.36) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.30 +37% $3.7bn +18%
Next $16.82 +26% $4.2bn +14%

Next year's EPS estimate has moved +7.8% in 90 days, across 33 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 5 analysts raised Hubspot Inc's forecast and 0 cut it.

Consensus EPS forecast Hubspot Inc, last 90 days
$13.00 $14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.08 Current fiscal year, 60 days ago: $13.28 Current fiscal year, 30 days ago: $13.29 Current fiscal year, 7 days ago: $13.30 Current fiscal year, Now: $13.30 $13.30 Next fiscal year, 90 days ago: $15.60 Next fiscal year, 60 days ago: $16.61 Next fiscal year, 30 days ago: $16.84 Next fiscal year, 7 days ago: $16.85 Next fiscal year, Now: $16.82 $16.82

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.08$15.60
60 days ago $13.28$16.61
30 days ago $13.29$16.84
7 days ago $13.30$16.85
Now $13.30$16.82

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.02 $3.26 +8.1%
Mar 2026 $2.47 $2.72 +10.2%
Dec 2025 $2.99 $3.09 +3.4%
Sept 2025 $2.59 $2.66 +2.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 6, 2026

No numeric guidance in Hubspot Inc's latest earnings release (filed October 6, 2026). Some companies give their outlook only on the earnings call.

How earlier guidance turned out

  • GAAP net income per diluted share, Three Months Ended June 30, 2026 guided $0.50 to $0.51 Above range: $0.86
  • GAAP net income range, Three Months Ended June 30, 2026 guided $25,371k to $26,371k Above range: $43,338k
  • GAAP operating income range, Three Months Ended June 30, 2026 guided $21,672k to $22,672k Above range: $43,319k
  • Total revenue, Second Quarter 2026 guided $897m to $898m Above range: $912m

How our valuation uses these forecasts

Our cash-flow model grows Hubspot Inc's revenue by +16.0% next year and +17.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.2%, weight 70%) and the company's own record (+20.0%, weight 30%) . How the weights are set.

Analyst recommendations

35 analysts, Oct 2026
Buy1131%
Hold2366%
Sell13%

Monthly trend

  1. Oct 2026382335
  2. Sep 2026691935
  3. Aug 2026691834
  4. Jul 20268161035

Counts of recommendations published by analysts covering Hubspot Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.3%
of tradable shares
Days to cover
2.24
at average volume
Short interest, 1 month
+21%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.7%
of shares
Employees
9,016
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −52.5%

$491.92 on October 31, 2025 to $233.49

ThenNowEffect
Revenue (last 12 months) $2.8bn $3.4bn +21.1%
P/S multiple 9.1x 3.6x −60.5%
Share count 52m 53m −0.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −44.8%

$422.89 on November 3, 2023 to $233.49

ThenNowEffect
Revenue (last 12 months) $1.9bn $3.4bn +77.4%
P/S multiple 10.7x 3.6x −66.5%
Share count 49m 53m −7.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HUBS+66%−56%+101%+20%−42%−42%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HUBS50%42%67%67%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HUBS−24%−61%−29%−34%−57%−58%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from November 16, 2021 to June 25, 2026. Getting back needed a 400% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$170.28 – $494.58
From 52-week high
−52.8%
vs 50-day average
−0.4%
vs 200-day average
+1.0%
Volatility (1 year)
74%
Beta vs S&P 500
0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.7%
After a week
5 up, 7 down
typical move ±8.8%
After a month
4 up, 7 down
typical move ±10.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 6, 2026 −0.2% +0.3% +0.3% —
August 5, 2026 −18.7% −0.4% −15.6% +2.5%
May 7, 2026 −16.1% +0.5% −22.0% −11.5%
February 11, 2026 −1.3% −1.6% +3.2% +13.9%
November 5, 2025 −16.3% −0.7% −16.4% −19.5%
August 6, 2025 −6.2% +0.7% −11.1% −0.9%
May 8, 2025 −6.3% +0.6% +3.2% −5.9%
February 12, 2025 +4.5% +0.7% −4.6% −22.3%
November 6, 2024 +11.5% +3.3% +21.1% +28.3%
August 7, 2024 +5.8% +1.6% +7.6% +10.3%
May 8, 2024 −4.6% +0.6% −0.2% −3.1%
February 14, 2024 +0.8% +1.6% −0.6% −0.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Hubspot Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.15× the last 60 days’ realised volatility , richer than 43% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

HUBS Hubspot Inc Grade C+ $238.29

Own 100 shares, sell the $290 call expiring December 18, 2026 (46 days) for $8.10 a share — $810 per contract.

Previous session · Bid $8.10, ask $9.90, quoted Mon 2 Nov, 17:26 New York time with HUBS at $238.29. Option prices move with the shares: check the live chain at your broker before trading.

  • If HUBS ends below $290: you keep your shares and the $810 — 3.4% extra on the position, 27.0% a year at that pace.
  • If it ends above $290: your shares are sold at $290, a total return of 25.1% including the premium — at or above our value of ~$260.
$6.0k $0 −$4.6k Break-even $230.19 Price $238.29 Our value $260
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$810
Annualised
27.0%
Break-even
$230.19
Max gain
$5,981.35
Chance of selling
~29%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Hubspot Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hubspot Inc
$2B $2.5B $3B $3.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.1B Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.3B Revenue (TTM), FY24 Q2: $2.4B Revenue (TTM), FY24 Q3: $2.5B Revenue (TTM), FY24 Q4: $2.6B Revenue (TTM), FY25 Q1: $2.7B Revenue (TTM), FY25 Q2: $2.8B Revenue (TTM), FY25 Q3: $3B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.3B Revenue (TTM), FY26 Q2: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.1B
FY23 Q4 $2.2B
FY24 Q1 $2.3B
FY24 Q2 $2.4B
FY24 Q3 $2.5B
FY24 Q4 $2.6B
FY25 Q1 $2.7B
FY25 Q2 $2.8B
FY25 Q3 $3B
FY25 Q4 $3.1B
FY26 Q1 $3.3B
FY26 Q2 $3.4B
Revenue growth, TTM YoY Hubspot Inc
18% 20% 22% 24% 26% 28% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 26.2% Revenue growth, TTM YoY, FY23 Q4: 25.4% Revenue growth, TTM YoY, FY24 Q1: 24.4% Revenue growth, TTM YoY, FY24 Q2: 23.1% Revenue growth, TTM YoY, FY24 Q3: 21.8% Revenue growth, TTM YoY, FY24 Q4: 21.1% Revenue growth, TTM YoY, FY25 Q1: 19.2% Revenue growth, TTM YoY, FY25 Q2: 19.0% Revenue growth, TTM YoY, FY25 Q3: 19.2% Revenue growth, TTM YoY, FY25 Q4: 19.2% Revenue growth, TTM YoY, FY26 Q1: 21.1% Revenue growth, TTM YoY, FY26 Q2: 21.1% 21.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 26.2%
FY23 Q4 25.4%
FY24 Q1 24.4%
FY24 Q2 23.1%
FY24 Q3 21.8%
FY24 Q4 21.1%
FY25 Q1 19.2%
FY25 Q2 19.0%
FY25 Q3 19.2%
FY25 Q4 19.2%
FY26 Q1 21.1%
FY26 Q2 21.1%
Operating margin (TTM) Hubspot Inc
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -9.0% Operating margin (TTM), FY23 Q4: -9.3% Operating margin (TTM), FY24 Q1: -7.9% Operating margin (TTM), FY24 Q2: -3.7% Operating margin (TTM), FY24 Q3: -3.2% Operating margin (TTM), FY24 Q4: -2.6% Operating margin (TTM), FY25 Q1: -2.6% Operating margin (TTM), FY25 Q2: -2.5% Operating margin (TTM), FY25 Q3: -1.7% Operating margin (TTM), FY25 Q4: 0.2% Operating margin (TTM), FY26 Q1: 1.9% Operating margin (TTM), FY26 Q2: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -9.0%
FY23 Q4 -9.3%
FY24 Q1 -7.9%
FY24 Q2 -3.7%
FY24 Q3 -3.2%
FY24 Q4 -2.6%
FY25 Q1 -2.6%
FY25 Q2 -2.5%
FY25 Q3 -1.7%
FY25 Q4 0.2%
FY26 Q1 1.9%
FY26 Q2 3.8%
FCF margin (TTM) Hubspot Inc
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 14.8% FCF margin (TTM), FY23 Q4: 14.6% FCF margin (TTM), FY24 Q1: 15.8% FCF margin (TTM), FY24 Q2: 16.9% FCF margin (TTM), FY24 Q3: 18.9% FCF margin (TTM), FY24 Q4: 21.3% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 22.0% FCF margin (TTM), FY25 Q3: 21.9% FCF margin (TTM), FY25 Q4: 22.6% FCF margin (TTM), FY26 Q1: 22.5% FCF margin (TTM), FY26 Q2: 23.1% 23.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 14.8%
FY23 Q4 14.6%
FY24 Q1 15.8%
FY24 Q2 16.9%
FY24 Q3 18.9%
FY24 Q4 21.3%
FY25 Q1 21.6%
FY25 Q2 22.0%
FY25 Q3 21.9%
FY25 Q4 22.6%
FY26 Q1 22.5%
FY26 Q2 23.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 52 78 116 182 271 376 513 675 883 1,301 1,731 2,170 2,628 3,131 3,449
Gross profit 35 50 81 134 209 300 413 545 716 1,042 1,423 1,832 2,234 2,623 2,871
EBITDA — −30 −43 −39 −33 −24 −25 −18 −14 −10 −45 −128 29 144 228
Operating income — −34 −49 −46 −45 −40 −48 −47 −51 −55 −103 −201 −68 7 131
Net income −19 −34 −48 −46 −46 −40 −64 −54 −85 −78 −107 −165 5 46 147
Diluted EPS −$1.34 −$2.24 −$1.40 −$1.39 −$1.29 −$1.08 −$1.66 −$1.28 −$1.90 −$1.66 −$2.23 −$3.30 $0.09 $0.86 $2.78
Growth (year on year)
Revenue — +50.4% +49.3% +57.0% +48.9% +38.6% +36.6% +31.6% +30.8% +47.3% +33.1% +25.4% +21.1% +19.2% +21.1%
Margins
Gross margin 67.4% 64.6% 69.7% 73.7% 77.2% 79.8% 80.4% 80.7% 81.1% 80.1% 82.2% 84.4% 85.0% 83.8% 83.2%
EBITDA margin — −38.4% −37.0% −21.5% −12.4% −6.5% −4.8% −2.7% −1.6% −0.7% −2.6% −5.9% 1.1% 4.6% 6.6%
Operating margin — −44.1% −41.9% −25.5% −16.5% −10.7% −9.4% −7.0% −5.8% −4.2% −5.9% −9.3% −2.6% 0.2% 3.8%
Net margin −36.4% −44.1% −41.6% −25.3% −16.8% −10.6% −12.4% −8.0% −9.6% −6.0% −6.2% −7.6% 0.2% 1.5% 4.3%
Free-cash-flow margin −11.9% −31.1% −17.0% −4.9% 1.3% 7.8% 12.2% 11.6% 5.8% 16.1% 13.6% 14.6% 21.3% 22.6% 23.1%
Cash flow
Cash from operations −6 −20 −12 −0 19 50 85 119 89 239 273 351 599 761 856
Capital spending 0 4 7 8 16 20 22 40 37 29 37 34 38 53 59
Free cash flow −6 −24 −20 −9 4 29 63 79 52 210 236 317 561 708 797
Stock-based pay 3 3 16 21 33 47 76 98 121 167 276 432 505 528 515
Free cash flow after stock pay −9 −28 −36 −30 −29 −18 −14 −19 −70 43 −40 −115 56 179 283
Balance sheet
Cash 41 13 124 56 60 88 111 270 378 377 331 388 513 882 958
Total debt 0 0 0 0 0 298 319 341 479 403 — 0 458 0 0
Net debt (negative = net cash) −41 −13 −124 −56 −60 211 207 71 101 26 −331 −388 −54 −882 −958
Diluted shares 14m 15m 35m 33m 35m 37m 39m 42m 45m 47m 48m 50m 52m 53m 53m
Returned to shareholders
Buybacks — — — — — — — — — — — — — 500 1,118
Total returned — — — — — — — — — — — — — 500 1,118

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $3.5bn
Short-term assets $2.1bnLonger-term assets $1.4bn
What it owes, and who funded it · $3.5bn
Short-term liabilities $1.5bnLonger-term liabilities $304mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.1bn short-term assets against $304m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $131m against $644,000 of interest.

From Hubspot Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.1B
Returned to shareholders
140%
of free cash flow
Diluted share count
+0.7%
year over year
Total shareholder yield
9.6%
dividends 0.0% + buybacks 9.6% of market value
R&D spending
26.3%
of revenue
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated HUBS GRAB DOCU TRMB DDOG TTD Median
Revenue, last 12 months $3.4bn $3.4bn $3.4bn $3.8bn $4.0bn $3.0bn $482m
Revenue growth, last 12 months 21.1% 20.5% 8.6% 5.8% 31.5% 11.6% 12.0%
Revenue growth, 3-year average 21.1% — 8.2% 1.2% 27.9% 19.9% 11.1%
Revenue growth, latest quarter 19.8% — 9.4% 11.0% 35.6% 3.0% 11.9%
Gross margin 83.2% 43.2% 79.5% 69.8% 79.5% 76.9% 69.2%
Operating margin 3.8% 1.9% 12.0% 17.0% 0.4% 19.6% 1.1%
Operating margin, 3-year average −0.8% — 7.9% 14.0% 0.6% 17.1% −0.8%
Net margin 4.3% 8.0% 9.8% −2.8% 4.5% 13.6% 2.1%
Cash from operations / revenue 24.8% 2.3% 39.4% 21.1% 31.0% 36.2% 18.2%
Free-cash-flow margin 23.1% −0.5% 35.7% 20.4% 29.8% 28.4% 15.0%
Free-cash-flow margin, 3-year average 20.7% — 32.7% 14.2% 30.1% 26.1% 16.2%
Stock pay / revenue 14.9% 7.2% 18.0% 4.3% 20.7% 15.1% 9.3%
Change in share count 0.7% 5.3% −5.3% −3.1% 1.7% −4.3% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 21.1% 12.0% 50 of 184
Change in growth rate Growth +0.0pp +0.2pp 97 of 184
Gross margin Profitability 83.2% 69.8% 24 of 160
Operating margin Profitability 3.8% 1.1% 77 of 181
Net margin Profitability 4.3% 2.1% 84 of 185
Free-cash-flow margin Cash generation 23.1% 15.2% 64 of 180
Stock pay as % of revenue Cash generation 14.9% 9.3% 130 of 177
Change in share count Balance sheet 0.7% 1.7% 71 of 163
Days sales outstanding Balance sheet 40 days 57 days 50 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $3.1B 97.8% ▲ 19.2%
Services $67.3M 2.2% ▲ 16.1%
Geography
Region Revenue Share YoY
Americas $1.9B 59.8% ▲ 17.8%
Europe $1B 32.3% ▲ 22.5%
Asia Pacific $248M 7.9% ▲ 16.5%

From Hubspot Inc's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9B
Institutions reporting
596
Shares held vs prior quarter
▼ 0.2%
Positions opened / closed
90 / 169

Top buyers and sellers, Q2 2026: 306 institutions bought and 390 sold ; the biggest buyer was State Of Michigan Retirement System (+1.1M shares) and the biggest seller Jpmorgan Chase & Co (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Price T Rowe Associates Inc $798M 4.4M 8.9% ▼ 5.1%
Blackrock, Inc. $631M 3.5M 7.1% ▼ 15.6%
Vanguard Portfolio Management LLC $458M 2.5M 5.1% ▼ 12.2%
AQR Capital Management LLC $441M 2.4M 4.9% ▲ 48.5%
Vanguard Capital Management LLC $406M 2.2M 4.5% ▼ 2.0%
Two Sigma Investments, LP $332M 1.8M 3.7% ▲ 35.3%
FMR LLC $309M 1.7M 3.5% ▼ 3.2%
Pictet Asset Management Holding SA $302M 1.7M 3.4% ▼ 24.3%
Arrowstreet Capital, Limited Partnership $241M 1.3M 2.7% ▲ 46.1%
State Of Michigan Retirement System $217M 1.2M 2.4% ▲ 1017.4%
Morgan Stanley $209M 1.1M 2.3% ▼ 9.5%
Qube Research & Technologies Ltd $183M 1.0M 2.0% ▲ 183.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hubspot Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.8M 4 trades by 4 insiders, last 12 months Insider sales History → $27.2M 17 trades by 2 insiders · 100% under pre-set plans
Net ▼ $24.4M net selling
Insider Date Trade Shares Price Value
Halligan Brian Director October 20, 2026 Sell pre-set plan 8,500 $239.57 $2M
Halligan Brian Director September 15, 2026 Sell pre-set plan 8,500 $245.64 $2.1M
Halligan Brian Director August 18, 2026 Sell pre-set plan 8,500 $219.50 $1.9M
Dischler Gerald Director August 10, 2026 Buy 925 $215.93 $199,735
Fisher Erika Ashley Chief Legal Officer August 4, 2026 Sell pre-set plan 702 $235.22 $165,124
Halligan Brian Director July 21, 2026 Sell pre-set plan 8,500 $221.09 $1.9M
Halligan Brian Director June 16, 2026 Sell pre-set plan 8,500 $184.42 $1.6M
Halligan Brian Director May 19, 2026 Sell pre-set plan 8,500 $220.00 $1.9M
Rangan Yamini Chief Executive Officer & Pres May 12, 2026 Buy 2,750 $189.84 $522,060
Shah Dharmesh Chief Technology Officer May 12, 2026 Buy 10,000 $181.37 $1.8M
Norrington Lorrie M Director May 11, 2026 Buy 1,313 $190.42 $250,021
Fisher Erika Ashley Chief Legal Officer May 4, 2026 Sell pre-set plan 915 $236.66 $216,544

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Hubspot Inc shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded November 19, 2025, filed December 29, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded March 28, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded February 21, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 4, 2027 estimated from the company's past filing pattern, not announced

  • October 6, 2026
  • August 5, 2026
  • May 7, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Hubspot Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hubspot Inc in brief

What does Hubspot Inc do?
Hubspot Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Hubspot Inc's stock ticker?
Hubspot Inc trades under the ticker HUBS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hubspot Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hubspot Inc reported revenue of $3.4B, 21.1% higher than a year earlier, according to its SEC filings.
What is Hubspot Inc's free cash flow?
Hubspot Inc's free-cash-flow margin is 23.1% of revenue over the trailing twelve months, ranking 64 of the 180 application software companies we cover.
What is Hubspot Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Hubspot Inc's free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$210–$340 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Hubspot Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Price T Rowe Associates Inc, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Hubspot Inc buying back stock, and does it pay a dividend?
Hubspot Inc spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.7% over the year.
What is Hubspot Inc's market cap?
On November 2, 2026, Hubspot Inc's market capitalisation was about $12.3B, with a price-to-earnings ratio of 83.9 and net debt of -$958M. Market figures come from third-party market data and may be delayed.
Who are Hubspot Inc's competitors?
In our Application Software peer group, the companies closest to Hubspot Inc are Grab Holdings Ltd, Docusign, Inc., Trimble Inc., Datadog, Inc. and Trade Desk, Inc. The side-by-side comparison below sets their revenue, margins and growth against Hubspot Inc's.
Are insiders buying or selling Hubspot Inc stock?
Over the last 12 months, Hubspot Inc's directors and officers reported 4 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Hubspot Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hubspot Inc announces its own schedule.