HubSpot Revenue: $3.13B in 2025, and a Market That Cut Its Value in Half Anyway

HubSpot's revenue was $3.13 billion in 2025, up 19% from $2.63 billion in 2024, according to the company's Q4 and full-year 2025 results released February 11, 2026. The company ended 2025 with 288,706 customers, up 16% year over year. Through the first half of 2026 the pace has held: Q2 2026 revenue came in at $911.7 million, up 20%, and management guided the full year to $3.69–3.70 billion.

The strange part is what the market did with those numbers. Despite beating estimates, HubSpot stock fell 20.2% on the August 5, 2026 Q2 print, and by mid-August 2026 the company's market cap sat around $11.2 billion — down roughly 51% in a year, per stockanalysis.com. A business compounding revenue at ~20% now trades at about 3x its own 2026 revenue guidance.

What is HubSpot's revenue, year by year?

HubSpot has been public since October 2014 (NYSE: HUBS), so every row below comes from an SEC filing or the company's own earnings releases — the S-1 for the pre-IPO years, 10-Ks after that.

Growth rates are as-reported. HubSpot guided 2026 revenue to $3.69–3.70 billion, which would be roughly +18%.

The shape of that table is the whole HubSpot story: nineteen consecutive years of growth, from $255,000 in 2007 to $3.13 billion in 2025 — about a 12,000x increase — with the growth rate stepping down a few points a year as the base compounds. Nothing in the filings shows a growth cliff. The stock chart says otherwise, and we'll get to that.

Correcting our own record

Does the math close? Customers x price vs. reported revenue

HubSpot reports two unit-economics numbers each quarter: customer count and average subscription revenue per customer (annualized quarterly subscription revenue divided by average customers in the period). The arithmetic checks out. Q4 2025 subscription revenue was $829.0 million; annualized, that's $3.32 billion. Divide by the reported $11,683 average subscription revenue per customer and you get roughly 284,000 average customers for the quarter — consistent with the 288,706 HubSpot reported at December 31, 2025.

The more interesting signal is the mix. Customer count grew 16% in 2025 while revenue per customer grew only 3%. HubSpot's growth is volume-driven: more small and mid-market companies coming in at starter and seats-based pricing, not existing customers paying dramatically more. By Q2 2026, average subscription revenue per customer was $11,800, up 4% — so a typical customer pays HubSpot just under $1,000 a month.

2026 so far: a beat, a buyback, and a 20% haircut

Q2 2026 (reported August 5, 2026) was, on paper, a good quarter: revenue of $911.7 million, up 20% as-reported; GAAP net income of $43.3 million, or $0.86 per share, versus a loss a year earlier; a $1 billion addition to the share repurchase program. Full-year 2025 had already delivered HubSpot's first full year of positive GAAP operating income as a public company — $7.4 million, against a $67.6 million loss in 2024 — alongside $594.9 million in non-GAAP free cash flow.

The stock still dropped 20.2% on the print, and the market cap has roughly halved over the past year, from north of $30 billion in early 2025 (the stock traded above $700 then; it closed at $237.08 on August 26, 2026, per stockanalysis.com). Guidance explains part of it: Q3 2026 was guided to $924–925 million, about 14% growth as-reported — a visible step down from 20%. The rest is a story question the filings can't settle: HubSpot built its business on inbound marketing — companies finding you through search and content — and investors are pricing in the risk that AI assistants and AI search results erode exactly that channel. HubSpot's counter-argument on the Q2 call was AI adoption inside its own product. The revenue line hasn't cracked; the multiple has.

How HubSpot got here, briefly

Brian Halligan and Dharmesh Shah founded HubSpot in Cambridge, Massachusetts in 2006, out of MIT, around the inbound-marketing thesis: publish useful content and let buyers come to you, instead of cold-calling them. The company raised about $100.5 million in venture funding before going public on the NYSE on October 9, 2014, priced at $25 per share, and used the following decade to expand from marketing software into a full CRM platform — free CRM in 2014, then sales, service, content, and operations hubs.

Yamini Rangan, HubSpot's first chief customer officer, took over as CEO in September 2021, the same year revenue crossed $1 billion. Under her, revenue has grown 2.4x — $1.30B in 2021 to $3.13B in 2025 — with the customer base more than doubling to 306,446 by mid-2026.

For current figures on HubSpot and its competitors — Salesforce most directly — see the HubSpot page in the Latka database.