# HubSpot, Inc. (HUBS)

> Source: Nexqual · https://nexqual.com/HUBS · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, HubSpot, Inc. (HUBS), nexqual.com/HUBS" · informational, not investment advice.

**Price:** USD 267.19 (+6.92% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 249.9 · day 253.42–268.6 · 52w 169.63–497.96 · market cap $13.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.45B, net income $147M (4.3% margin), free cash flow $797M (SEC filings).
- Valuation: P/E 93.1x (avg 4133.3x at the last 2 fiscal year-ends).
- Analysts: Hold (mean 2.63 on a 1–5 scale) (35 analysts), mean target USD 248.77 (range 190–320).
- Total return with dividends: 1Y -43.8% vs S&P 500 +14.9%; 5Y -67.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 3.27, revenue estimate $925M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.73B | $2.17B | $2.63B | $3.13B | $3.45B |
| Gross profit | $1.04B | $1.42B | $1.83B | $2.23B | $2.62B | — |
| Operating income | -$54.8M | -$103M | -$201M | -$67.6M | $7.4M | $131M |
| Net income | -$77.8M | -$107M | -$165M | $4.6M | $45.9M | $147M |
| EPS (diluted) | -$1.66 | -$2.23 | -$3.30 | $0.09 | $0.86 | — |
| Free cash flow | $210M | $236M | $317M | $561M | $708M | $797M |
| Gross margin | 80.1% | 82.2% | 84.4% | 85.0% | 83.8% | — |
| Operating margin | -4.2% | -5.9% | -9.3% | -2.6% | 0.2% | 3.8% |
| Net margin | -6.0% | -6.2% | -7.6% | 0.2% | 1.5% | 4.3% |
| Revenue growth | +47.3% | +33.1% | +25.4% | +21.1% | +19.2% | — |
| Cash + short-term investments | $1.20B | $1.41B | $1.39B | $2.07B | $1.70B | — |
| Total debt | $383M | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 93.1x · P/S 4.0x · P/FCF 17.2x · P/B 8.3x · FCF yield 5.83% · Earnings yield 1.07% · Buyback yield (TTM) 8.17%
P/E at fiscal year-ends: Dec 2025 465.0x, Dec 2024 7801.6x.

## Analysts
Consensus Hold (mean 2.63 on a 1–5 scale), 35 analysts; mean target USD 248.77 (low 190, high 320).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Barclays | Downgrade | Overweight → Equal-Weight | $240 |
| 2026-10-08 | JP Morgan | Downgrade | Overweight → Neutral | $268 → $240 |
| 2026-10-07 | Cantor Fitzgerald | Reiterated | Neutral | $200 |
| 2026-10-06 | Needham | Reiterated | Buy | $300 |
| 2026-10-05 | Raymond James | Downgrade | Outperform → Market Perform |  |
| 2026-09-21 | BMO Capital | Target raised | Market Perform | $215 → $250 |
| 2026-09-21 | Truist Securities | Target raised | Buy | $230 → $275 |
| 2026-09-21 | Stephens & Co. | Target raised | Equal-Weight | $251 → $255 |
| 2026-09-18 | TD Cowen | Target lowered | Hold | $285 → $260 |
| 2026-09-18 | UBS | Target raised | Buy | $250 → $290 |
| 2026-09-18 | RBC Capital | Reiterated | Outperform | $300 |
| 2026-09-18 | Needham | Reiterated | Buy | $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -43.8% | -67.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -44.0% | -19.9% |
| Volatility (annualized) | 75.3% | 53.6% |
| Max drawdown | -65.6% (Nov 2025→Jun 2026) | -79.1% (Nov 2021→Jun 2026) |

## Peers (Software - Application)
MANH (Manhattan Associates, Inc.) USD 242.17 +2.69% · FIG (Figma, Inc.) USD 24.1 +4.87% · PAYC (Paycom Software, Inc.) USD 272.61 +4.44% · BSY (Bentley Systems, Incorporated) USD 39.41 +2.74% · GWRE (Guidewire Software, Inc.) USD 189.64 +4.26% · DOCU (DocuSign, Inc.) USD 84.41 +3.60%

## More
Full page: https://nexqual.com/HUBS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HUBS's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1404655/000119312526046646/hubs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Meta Platforms (META) | "Select functionality of our customer platform depends on our ability to deliver data, including search engine results and social media updates, provided by unaffiliated third parties, such as Meta, Google, LinkedIn and X…" |
| Customer | Alphabet (Google) (GOOGL) | "Select functionality of our customer platform depends on our ability to deliver data, including search engine results and social media updates, provided by unaffiliated third parties, such as Meta, Google, LinkedIn and X…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription & Circulation | $894.0M | 98.1% | +20.1% |
| Service | $17.7M | 1.9% | +8.5% |
| Total revenue | $911.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $533.7M | 58.5% | +16.7% |
| Europe | $301.1M | 33.0% | +23.4% |
| Asia Pacific | $77.0M | 8.4% | +29.2% |
| Total revenue | $911.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.27 | $3.45 | -5.1% | $925.3M | 31 |
| Next quarter (ends 2026-12-31) | $4.09 | $3.94 | +3.9% | $964.9M | 31 |
| Current fiscal year (ends 2026-12-31) | $13.30 | $13.10 | +1.6% | $3.68B | 34 |
| Next fiscal year (ends 2027-12-31) | $16.85 | $15.63 | +7.8% | $4.20B | 33 |