Slide 1: Investor Presentation Q4 2025
Investor Presentation. Q4 2025
Slide 2: Safe Harbor
Safe Harbor This presentation includes certain “forward-looking statements” within the meaning of and will be affected by a variety of risks and factors that are beyond our control the Private Securities Litigation Reform Act of 1995, including statements regarding including, without limitation, ris
Slide 3: Where we're heading
Where we’re heading Be the #1 agentic customer platform for scaling companies. 3
Slide 4: SaaS to Agentic
SaaS Agentic Action Hubs Hubs and agents Coordination Across teams Across humans and agents Structured, unstructured, Context Structured data and external signals 4
Slide 5: Powerful on its own and even stronger together
Action: Where work gets done Powerful on its own and even Coordination: Where humans and agents collaborate stronger together. Context: Where customer understanding lives 5
Slide 6: The Agentic Customer Platform
Action: Where work gets done Hubs Breeze Agents Breeze Assistant What HubSpot is Building Coordination: Where humans and agents collaborate The Agentic Agent Management Connected Systems Unified Governance Customer Platform. Context: Where customer understanding lives Smart CRM Customer Data Business
Slide 7: HubSpot's Platform Journey: Marketing App to Agentic Customer Platform
HubSpot’s Platform Journey Marketing App to Agentic Customer Platform Revenue $3B CRM XFunnel Operations Hub $2B Acquisition Dashworks CMS Hub Acquisition Frame AI Acquisition $1B Cacheflow Performable Acquisition Acquisition $500M Clearbit Acquisition $250M $100M PieSync $50M Acquisition ‘06 ‘11 ‘12
Slide 8: We are positioned for long-term durable growth
Current growth levers delivering results Multi-hub and larger deals upmarket We are Downmarket acquisition velocity Platform value resulting in strong retention positioned for long-term Emerging growth levers traction durable growth. Executing well on pricing model changes Delivering clear AI value
Slide 9: Financial Overview
Financial Overview. Q4 2025 9
Slide 10: Q4 2025 Financial Summary
Q4 2025 Financial Summary Quarterly Increase Currency Tailwind Constant Q4 2025 Actuals Results (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $847m 20% 2% 18% Subscription Revenue $829m 21% – – Professional Services & Other Revenue $18m 12% – – Gross Profit1 $722m 18% – – Gross Profit Margin1
Slide 11: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary Quarterly Increase Currency Tailwind Constant Full Year 2025 Actuals Results (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $3,131m 19% 1% 18% Subscription Revenue $3,064m 19% – – Professional Services & Other Revenue $67m 16% – – Gross Profit1 $2,671m 18% – –
Slide 12: Q1 2026 Guidance Summary
Q1 2026 Guidance Summary Quarterly Increase Currency Tailwind Constant Q1 2026 Guidance Guidance (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $862m – $863m 21% 5% 16% Operating Profit1 $144m – $145m 44% – 45% – – Operating Profit Margin1 17% 3% 1.5% 16% Net income per share1 $2.46 – $2.48 38
Slide 13: Full Year 2026 Guidance Summary
Full Year 2026 Guidance Summary Full Year Increase Currency Tailwind Constant Full Year 2026 Guidance Guidance (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $3,690m – $3,700m 18% 2% 16% Operating Profit1 $736m – $740m 26% – 27% – – Operating Profit Margin1 20% 1% 0.5% 19% Net income per share
Slide 14: Consistent Revenue Growth
Consistent Revenue Growth $847m 29% CAGR1 Q1’19 → Q4’25 $152m Q1 2019 Quarterly Revenue Q4 2025 1 CAGR = Compound Annual Growth Rate. Revenue CAGR based on as-reported results 14 and includes the impact from currency.
Slide 15: Consistent Customer Growth
Consistent Customer Growth 289k 26% CAGR1 Q1’19 → Q4’25 61k Q1 2019 Quarterly Customer Count Q4 2025 15 1 CAGR = Compound Annual Growth Rate.
Slide 16: Substantial Operating Profit Growth
Substantial Operating Profit Growth $191m 49% CAGR1 Q1’19 → Q4’25 $13m Q1 2019 Quarterly Operating Profit Q4 2025 1 CAGR = Compound Annual Growth Rate. Operating profit and operating profit margin are non-GAAP metrics. Please refer to the appendix 16 for a reconciliation of GAAP to non-GAAP figures.
Slide 17: Strong Free Cash Flow & Balance Sheet Position
Strong Free Cash Flow & Balance $595m Sheet Position $1.8B Cash position 19% Margin $64m FCF, TTM Q4’25 Q1 2019 Trailing Twelve Month Free Cash Flow Q4 2025 1 Free cash flow (FCF) and free cash flow margin are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to 17 non-GAAP fi
Slide 18: Confident in Our Ability to Deliver More Leverage Over Time
Confident in Our Ability to Deliver More Leverage Over Time 25% 20–22% 20% 2026e 2027 Long-Term Margin Margin Target Margin Target 1 2026e margin represents the midpoint of our full year 2026 non-GAAP operating profit margin guidance. Operating profit margin targets are non-GAAP and reflect our current
Slide 19: Key Takeaways
Key Takeaways 01 02 03 Platform of choice Innovation fueling Delivering strong in large and durable and financial results growing TAM diverse growth opportunities 19
Slide 20: Thank You
HubSpxst Thank You
Slide 21: Appendix
Appendix 21
Slide 22: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 23: Non-GAAP Operating Income
Non-GAAP Operating Income Operating Income GAAP operating loss Stock bosed compencation Amortization of acquired intangible assets ‘Acquisition related expenses Non-GAAP income from operations Operating Incame GAAP operating loss Stock-bosed compensation Amortization of acquired intangible assets Ac
Slide 24: Free Cash Flow (TTM)
Free Cash Flow (TTM) GAAP net cash and cash equivalents provided by operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow GAAP net cash and cash equivalents provided by
Slide 25: Non-GAAP Operating Income and Income Per Share Guidance
Non-GAAP Operating Income and Income Per Share Guidance
Slide 26: Definitions
Definitions Customers: We define our Customers at the end of a particular period as the number of business entities with one or more paid subscriptions to our customer platform, either purchased directly with us or purchased from a Solutions Partner. A single customer may have separate paid subscripti