HubSpot Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did HUBS Beat Earnings? Q2 2025 Results
HubSpot posted a clean beat across the board in Q2 2025, with revenue climbing 19.4% year over year to $760.87 million against a consensus estimate of $740.08 million, while non-GAAP EPS of $2.19 cleared the $2.12 analyst estimate by 3.11%. The company's customer base expanding 18% to nearly 268,000 at quarter end was a key driver, as volume growth more than offset modest pricing gains, with average subscription revenue per customer rising just 1% to $11,310. Perhaps more telling was the 26% jump in calculated billings to $814.30 million, a figure that points to strengthening demand momentum heading into the back half of the year. CEO Yamini Rangan's AI-first pivot, anchored by Customer Agent and Prospecting Agent, appears to be resonating with go-to-market teams and has kept analyst sentiment broadly constructive on the stock's longer-term trajectory. Looking ahead, HubSpot guided Q3 revenue to $785 to $787 million and full-year 2025 revenue to approximately $3.08 to $3.09 billion, implying sustained 17% growth with non-GAAP operating margins stepping up meaningfully to 20% in Q3.
- 19% YoY revenue growth driven by subscription revenue expansion
- Customer base grew 18% to 267,982
- Calculated billings grew 26% as-reported and 20% in constant currency to $814.3 million
- Operating cash flow increased to $164.4 million from $117.8 million in Q2 2024
“Q2 was another solid quarter of continued revenue growth and customer expansion. Our strategy is to be the leading AI-first customer platform for scaling companies, and I'm excited by the progress we're making. Customer Agent and Prospecting Agent are delivering results for customers, and our embedded AI features are helping go-to-market teams work smarter and faster. We're innovating rapidly, reimagining our product and our company to be AI-first, and relentlessly focused on delivering customer value. Heading into Q3, we're strongly positioned to deliver durable, long-term growth.”
HubSpot CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, HubSpot expects total revenue of $785.0–$787.0 million (up 17% YoY as-reported, 16% constant currency), non-GAAP operating income of $156.0–$157.0 million (20% operating margin), and non-GAAP EPS of $2.56–$2.58 on approximately 53.0 million weighted average diluted shares. For full-year 2025, the company guides total revenue of $3.080–$3.088 billion (up 17% YoY), non-GAAP operating income of $568.0–$572.0 million (18% operating margin), and non-GAAP EPS of $9.47–$9.53 on approximately 53.4 million weighted average diluted shares.
HUBS YoY Financials
HUBS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.