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HubSpot Reports Q1 2025 Results

HubSpot, Inc. (NYSE: HUBS), the customer platform for scaling companies, today announced financial results for the first quarter ended March 31, 2025. Financial Highlights: Revenue Total revenue w...

Autore: Business Wire

HubSpot Reports Q1 2025 Results

CAMBRIDGE, Mass.: HubSpot, Inc. (NYSE: HUBS), the customer platform for scaling companies, today announced financial results for the first quarter ended March 31, 2025.

Financial Highlights:

Revenue

Operating Income (Loss)

Net Income (Loss)

Balance Sheet and Cash Flow

Additional Recent Business Highlights

“We had a solid start to 2025, with continued revenue growth and customer expansion,” said Yamini Rangan, Chief Executive Officer at HubSpot. “We saw further proof that our AI-first strategy is working—customers are seeing results, and Customer Agent is a great example of the value we’re delivering. As more companies consolidate their tech stacks, HubSpot is becoming the clear choice for businesses that want to drive AI innovation while reducing total cost of ownership. With our rapid pace of innovation, strong execution, and clear focus on value, we’re well-positioned to drive durable, long-term growth.”

Share Repurchase Program

On May 6, 2025, the company’s Board of Directors authorized a share repurchase program for the repurchase of shares of the company’s common stock, in an aggregate amount of up to $500.0 million (the “2025 Share Repurchase Program”) over a period of up to 12 months. Repurchases under this program will be made in the open market, through privately negotiated transactions or other means, including pursuant to 10b5-1 plans, and in compliance with applicable securities laws and other requirements. The timing, manner, price, and amount of the 2025 Share Repurchase Program will be subject to the discretion of the Company’s management. The 2025 Share Repurchase Program does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice.

Business Outlook

Based on information available as of May 8, 2025, HubSpot is issuing guidance for the second quarter and full year of 2025 as indicated below.

Second Quarter 2025:

Full Year 2025:

Use of Non-GAAP Financial Measures

In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website ir.hubspot.com.

Conference Call Information

HubSpot will host a conference call on Thursday, May 8, 2025 at 4:30 p.m. Eastern Time (ET) to discuss the company’s first quarter 2025 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit HubSpot's Investor Relations website at ir.hubspot.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

An archived webcast of this conference call will also be available on HubSpot's Investor Relations website at ir.hubspot.com.

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About HubSpot

HubSpot is the customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 1,700 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

Cautionary Language Concerning Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the second fiscal quarter of and full year 2025 and our long-term financial framework; statements regarding our share repurchase program; statements regarding our positioning for future growth and market leadership; statements regarding the economic environment; and statements regarding expected market trends, future priorities and related investments, and market opportunities. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a customer platform; our ability to develop new products and technologies and differentiate our platform from competing products and technologies, including artificial intelligence and machine learning technologies; our ability to manage our growth effectively over the long-term to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption “Risk Factors” in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Consolidated Balance Sheets

(in thousands)

 

 

 

March 31,

 

December 31,

 

 

2025

 

2024

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

625,029

 

 

$

512,667

 

Short-term investments

 

 

1,417,785

 

 

 

1,556,828

 

Accounts receivable

 

 

294,509

 

 

 

334,829

 

Deferred commission expense

 

 

167,962

 

 

 

148,693

 

Prepaid expenses and other current assets

 

 

108,588

 

 

 

80,586

 

Total current assets

 

 

2,613,873

 

 

 

2,633,603

 

Long-term investments

 

 

176,557

 

 

 

154,212

 

Property and equipment, net

 

 

123,815

 

 

 

114,165

 

Capitalized software development costs, net

 

 

169,517

 

 

 

154,484

 

Right-of-use assets

 

 

215,990

 

 

 

216,230

 

Deferred commission expense, net of current portion

 

 

174,270

 

 

 

160,814

 

Other assets

 

 

126,200

 

 

 

115,254

 

Intangible assets, net

 

 

41,054

 

 

 

37,563

 

Goodwill

 

 

255,040

 

 

 

209,508

 

Total assets

 

$

3,896,316

 

 

$

3,795,833

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

22,234

 

 

$

3,649

 

Accrued compensation costs

 

 

86,354

 

 

 

67,442

 

Accrued commissions

 

 

97,064

 

 

 

102,043

 

Accrued expenses and other current liabilities

 

 

129,571

 

 

 

125,135

 

Operating lease liabilities

 

 

36,696

 

 

 

32,693

 

Convertible senior notes

 

 

368,883

 

 

 

458,184

 

Deferred revenue

 

 

836,296

 

 

 

784,253

 

Total current liabilities

 

 

1,577,098

 

 

 

1,573,399

 

Operating lease liabilities, net of current portion

 

 

249,570

 

 

 

254,539

 

Deferred revenue, net of current portion

 

 

4,581

 

 

 

3,969

 

Other long-term liabilities

 

 

60,523

 

 

 

55,640

 

Total liabilities

 

 

1,891,772

 

 

 

1,887,547

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

52

 

 

 

52

 

Additional paid-in capital

 

 

2,828,754

 

 

 

2,713,697

 

Accumulated other comprehensive (loss) income

 

 

(2,660

)

 

 

(5,654

)

Accumulated deficit

 

 

(821,602

)

 

 

(799,809

)

Total stockholders’ equity

 

 

2,004,544

 

 

 

1,908,286

 

Total liabilities and stockholders’ equity

 

$

3,896,316

 

 

$

3,795,833

 


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Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

2025

 

2024

Revenues:

 

 

 

Subscription

$

698,728

 

 

$

603,798

 

Professional services and other

 

15,409

 

 

 

13,616

 

Total revenue

 

714,137

 

 

 

617,414

 

Cost of revenues:

 

 

 

Subscription

 

100,230

 

 

 

80,725

 

Professional services and other

 

14,877

 

 

 

14,363

 

Total cost of revenues

 

115,107

 

 

 

95,088

 

Gross profit

 

599,030

 

 

 

522,326

 

Operating expenses:

 

 

 

Research and development

 

220,100

 

 

 

175,637

 

Sales and marketing

 

326,697