Research Reports

Q3 2025 revenue: $810 million, up 18.4% YoY in constant currency, 21% as-reported (CEO, CFO).
Operating margin: 20% non-GAAP, up 1 point YoY and 3 points sequentially (CFO).
Total customers: ~279,000, net adds of 10,900 in Q3, growing 17% YoY (CEO, CFO).
Multi-hub adoption: 43% of Pro Plus installed base by ARR subscribe to 3 core hubs (+4 pts YoY); 39% own 4+ hubs (+6 pts) (CEO).
Upmarket momentum: Deals over $5k MRR grew 35% YoY (CEO).
AI agent adoption: Customer agent >6,200 customers (+48% QoQ), prospecting agent activated by 6,400 customers (+94% QoQ), data agent 1,700 customers (CEO).
Breeze Assistant: Weekly active usage up 56% in past 6 months (CEO).
LLM connectors: ChatGPT connector activated by >47,000 customers (55% Pro Plus); Cloud connector >6,000 customers (CEO).
Calculated billings: $804 million, up 19% YoY in constant currency, 18% as-reported (CFO).
Free cash flow: $147 million, 18% of revenue (CFO).
CapEx: Expected 6% of revenue for full-year 2025 (CFO).
Net revenue retention: 103% in Q3, flat sequentially; expected step-up in Q4 to a couple-point improvement for full-year 2025 (CFO).
Customer dollar retention: High 80s in Q3 (CFO).
Average subscription revenue per customer (ASRPC): $11,600, up 1% YoY in constant currency, up 3% as-reported (CFO).

Official Guidance:

Q4 2025: Revenue $828M–$830M (16% YoY constant currency, 18% as-reported); non-GAAP operating profit $183M–$184M (22% margin); non-GAAP diluted EPS $2.97–$2.99 (52.7M shares) (CFO).
Full-year 2025: Revenue $3.113B–$3.115B (18% YoY constant currency, 19% as-reported); non-GAAP operating profit $574M–$575M (18% margin); non-GAAP diluted EPS $9.60–$9.62 (53.2M shares); free cash flow ~$580M (CFO).

Mgmt Quotes:

"Platforms were sticky pre-AI, they will be even stickier in the AI era." (CEO)
"Our core growth drivers are strong and they are proven... platform consolidation, moving upmarket and multi-hub momentum." (CEO)
"Credits tie our growth directly to customer value. And as customers use more data, use more AI and automation inside HubSpot, they'll grow with us." (CEO)
"Net new ARR is the leading indicator... revenue is the lagging indicator with flow-through." (CEO)
"We do think that there's a path for further improvement on net revenue retention over the longer term." (CFO)

Metric	Value	Speaker/Context
Total Revenue (Q3)	$810M	CFO
Revenue Growth (constant currency)	18.4% YoY	CEO
Revenue Growth (as-reported)	21% YoY	CFO
Subscription Revenue Growth	21% YoY	CFO
Services & Other Revenue Growth	19% YoY	CFO
Domestic Revenue Growth	17% YoY	CFO
International Revenue Growth (constant currency)	20% YoY	CFO
International Revenue % of Total	49%	CFO
Net New Customers (Q3)	10,900	CEO
Total Customers	279,000	CEO
Customer Growth (YoY)	17%	CFO
ASRPC (constant currency)	$11,600 (+1% YoY)	CFO
Customer Dollar Retention	High 80s	CFO
Net Revenue Retention	103%	CFO
Calculated Billings (Q3)	$804M	CFO
Billings Growth (constant currency)	19% YoY	CFO
Billings Growth (as-reported)	18% YoY	CFO
Non-GAAP Operating Margin (Q3)	20%	CFO
Non-GAAP Net Income (Q3)	$140M	CFO
Non-GAAP Diluted EPS (Q3)	$2.66	CFO
Free Cash Flow (Q3)	$147M (18% of revenue)	CFO
Cash & Marketable Securities	$1.7B	CFO
Share Repurchases (Q3)	780,000 shares ($375M)	CFO
Q4 Revenue Guidance	$828M–$830M	CFO
Q4 Non-GAAP Operating Profit Guidance	$183M–$184M (22% margin)	CFO
Q4 Non-GAAP Diluted EPS Guidance	$2.97–$2.99	CFO
FY2025 Revenue Guidance	$3.113B–$3.115B	CFO
FY2025 Non-GAAP Operating Profit Guidance	$574M–$575M (18% margin)	CFO
FY2025 Non-GAAP Diluted EPS Guidance	$9.60–$9.62	CFO
FY2025 CapEx % of Revenue	6%	CFO
FY2025 Free Cash Flow Guidance	~$580M	CFO