HubSpot (NYSE:HUBS) executives highlighted steady revenue growth, expanding profitability, and increasing traction with AI-driven products during the company’s fourth-quarter and full-year 2025 earnings call. Management also introduced its 2026 priorities and provided guidance that calls for continued growth and a higher operating margin, alongside a newly authorized share repurchase program.
Q4 and full-year results: revenue up 18% in constant currency
CEO Yamini Rangan said HubSpot “had a solid finish to 2025,” with fourth-quarter revenue growth of 18.2% year-over-year in constant currency. For the full year, revenue grew 18.2% in constant currency to $3.1 billion.
Profitability also improved. Rangan said operating margin was 22.6% in Q4 and 18.6% for the full year. Bueker, speaking to non-GAAP metrics, reported Q4 operating margin of 23% and full-year operating margin of 18.6%, attributing operating leverage to disciplined hiring and benefits from partner commissions changes.
HubSpot ended 2025 with more than 288,000 customers, adding 9,800 net new customers in Q4 and more than 40,000 during the year. Average subscription revenue per customer was $11,700 in Q4, up modestly year-over-year. Net revenue retention increased sequentially to 105% in Q4, while full-year net revenue retention was 103.5%, up from 101.8% in 2024.
Upmarket and multi-hub adoption continued to build
Rangan emphasized “strong core fundamentals,” pointing to continued upmarket momentum and increasing multi-hub adoption. She said deals over $5,000 in monthly recurring revenue grew 33% in 2025, while deals over $10,000 grew 41%. The number of customers with 500 or more seats grew five-fold, which she described as “one of the strongest upmarket years.”
Multi-hub adoption also accelerated. Rangan said 62% of new Pro Plus customers landed with multiple hubs in 2025. Within the existing base, 40% of the Pro Plus install base by ARR owned four or more hubs, up six points year-over-year.
Management also discussed the impact of pricing changes made to lower the barrier to entry, remove seat minimums, and introduce Core Seats. Rangan said approximately 90% of legacy customers have moved to the new pricing model and almost 50% of ARR has gone through its first renewal under the new terms. Bueker said net revenue retention in 2025 benefited primarily from improved seat upgrade rates—across Sales Hub seats, Service Hub seats, and Core Seats—while pricing increases at renewal (up to 5%) were also supportive and are expected to contribute similarly in 2026.
AI momentum: agents, connectors, and usage-based credits
Rangan framed 2025 as a year where HubSpot’s AI offerings gained traction, with a strategy built around embedding AI into the platform, delivering agents that “do real work,” and enabling data activation through tools such as Breeze Assistant and LLM connectors.
She highlighted adoption metrics across several agents:
- Customer Agent: Activated by more than 8,000 customers in 2025, with “mid-60s% resolution rates.” In Q4 it represented about 60% of credits consumed.
- Prospecting Agent: Activated by more than 10,000 customers, up 57% quarter-over-quarter. Rangan said customers using it were booking nearly twice as many meetings compared to last year.
- Data Agent: Activated by more than 2,500 customers since launch at Inbound, aimed at automatic data enrichment.
Rangan said the company’s usage-based credits model is “starting to scale,” with Data Agent, Prospecting Agent, and Intent Monitoring each contributing roughly 10% to 15% of credits consumed in Q4.
During Q&A, management addressed investor concerns around AI disruption and the potential disintermediation of SaaS platforms. Rangan argued that “context” and platform logic—such as workflows, permissions, approvals, routing, and forecasting—remain critical and are not easily replaced by third-party tools. She said HubSpot intends to remain “open by design” for partners and integrations, but added that at scale, high-frequency extraction or bulk export would be metered and monetized.
Co-founder and CTO Dharmesh Shah said HubSpot is seeing increased usage of its Claude Connector and ChatGPT connector, describing connectors as a way to extend HubSpot’s platform through emerging AI channels, while noting some newer products in the ecosystem remain early.
ჰ2>2026 strategy and guidance
Looking ahead, Rangan outlined three strategic priorities for 2026: making AI work for growth companies, reimagining marketing for an AI-driven discovery landscape, and accelerating upmarket growth. She also cited two emerging growth levers: Core Seat adoption and credits consumption. Rangan said adoption of enriched data jumped from 51% to nearly 70% in Q4, and she described a goal of making Core Seats foundational for go-to-market teams.
HubSpot provided guidance for 2026 that calls for 16% constant-currency revenue growth. For Q1 2026, the company expects revenue of $862-$863 million, up 16% year-over-year in constant currency, and non-GAAP operating profit of $144-$145 million (17% margin). For full-year 2026, HubSpot expects revenue of $3.69-$3.7 billion, up 16% in constant currency, with non-GAAP operating profit of $736-$740 million (20% margin). Bueker said the company expects net additions of 9,000-10,000 customers per quarter and low- to mid-single-digit ASRPC growth in constant currency.
Bueker also noted a headwind from the legacy Clearbit business, which is expected to reduce 2026 revenue growth by about 40 basis points, moderating from a 60 basis point headwind in 2025. The company expects 2026 free cash flow of about $740 million and CapEx at 5%-6% of revenue.
Share repurchase authorization and internal AI use
Management said the board authorized a share repurchase program of up to $1 billion. Bueker said HubSpot ended December with $1.8 billion in cash and marketable securities and described the repurchase authorization as consistent with continued confidence in the long-term opportunity, alongside ongoing investment in product innovation and selective M&A.
Rangan also detailed how HubSpot is using AI internally. She said 97% of code committed last year used AI assistance, and that nearly 60% of support is handled by AI. She added that “almost every HubSpotter is using AI every day of their week,” and said internal learnings are being incorporated into products and customer best practices.
About HubSpot (NYSE:HUBS)
HubSpot, Inc is a software company that develops a cloud-based customer relationship management (CRM) platform designed to help organizations attract, engage and delight customers. Its primary business activities center on providing integrated marketing, sales and customer service tools that support inbound marketing strategies, content management, lead nurturing, sales automation and customer support workflows.
The company’s product suite is organized around modular “hubs” built on a central CRM: Marketing Hub, Sales Hub, Service Hub, CMS Hub and Operations Hub.
