Abstract

HubSpot will report fiscal Q4 2025 results on February 11, 2026 Post Market; this preview summarizes last quarter’s performance, the company’s guidance, and market expectations for revenue, gross margin, net margin, and adjusted EPS alongside recent analyst commentary.

Market Forecast

Market expectations point to revenue of $0.83 billion for the current quarter, with an estimated year-over-year growth of 23.35%, adjusted EPS of $2.99 with a forecast year-over-year increase of 36.39%, and EBIT of $0.18 billion with a forecast year-over-year increase of 42.76%. Management is expected to sustain a gross profit margin profile above 80.00% and maintain progress in net profitability, though specific guidance on gross margin and net margin for the current quarter is not provided. HubSpot’s main business continues to be subscription revenue driven by its CRM platform and adoption of Sales, Marketing, and Service Hubs across mid-market customers, with healthy momentum into fiscal Q4. The most promising segment is subscription revenue, which delivered $0.79 billion last quarter and remains the core growth lever for the company with double-digit year-over-year expansion.

Last Quarter Review

HubSpot’s last reported quarter delivered revenue of $0.81 billion, gross profit margin of 83.51%, GAAP net profit attributable to shareholders of $0.02 billion, a net profit margin of 2.04%, and adjusted EPS of $2.66 with a year-over-year increase of 22.02%. Subscription revenue reached $0.79 billion and professional services and other revenue reached $0.02 billion, highlighting the company’s continued focus on high-margin subscription growth, while the quarter-over-quarter net income growth rate was 607.55%. Subscription revenue accounted for 97.80% of total revenue and remained the key engine of growth, with continued adoption of platform modules and cross-sell into the installed base.

Current Quarter Outlook (with major analytical insights)

Core subscription platform: upsell motion and suite adoption remain the revenue anchor

HubSpot’s subscription business, anchored by its multi-hub CRM suite, sets the tone for top-line expansion in the current quarter. With the prior quarter’s subscription revenue at $0.79 billion representing 97.80% of total revenue, the path to $0.83 billion this quarter depends on continued new customer additions and robust net revenue retention through cross-sell of Marketing, Sales, Service, and Operations Hubs. Pricing optimization and packaging that nudges customers toward higher-tiered bundles can support average revenue per account, reinforcing mid-20s percent revenue growth. The stickiness of the customer base, supported by product integrations and an expanding app ecosystem, remains a cushion for gross margin above 80.00%, even as customer acquisition costs may seasonally elevate in Q4 given peak marketing cycles.

High-potential growth vectors: Commerce, AI features, and enterprise penetration

Management’s product investments in AI-powered sales and marketing tools, workflow automation, and reporting are increasingly embedded across the suite, improving user productivity and feature utilization. This could elevate expansion revenue in the quarter, augmenting both seat growth and attach rates, particularly within enterprise and upper mid-market accounts. While professional services and other revenue remain a small base at $0.02 billion, it plays a strategic role in enabling complex deployments, thereby catalyzing larger subscription commitments. Over the medium term, higher adoption of advanced capabilities such as revenue operations and commerce integrations should support durable double-digit growth, with efficiency gains helping the company widen adjusted operating margins.

Key stock drivers this quarter: operating leverage, free-cash conversion, and macro demand

Investors will likely focus on the balance between growth and profitability, with consensus expecting EBIT of $0.18 billion and adjusted EPS of $2.99. Upside could emerge if operating expense growth lags revenue growth due to disciplined hiring and rationalized marketing spend, translating into incremental operating leverage. The quality of billings and remaining performance obligations will be scrutinized to gauge demand durability into 2026, while net new customer adds and suite adoption metrics will color the sustainability of revenue growth. Gross margin resilience near the mid-80.00% range would signal continued scale benefits in hosting and support costs, and favorable mix toward subscription. Any signs of elongating deal cycles or pressured seat expansions in SMB cohorts due to macro uncertainty would be viewed as a risk to near-term growth.

Analyst Opinions

A majority of recent institutional commentary skews bullish, emphasizing sustained demand for HubSpot’s CRM suite and the potential for margin expansion as revenue scales toward the $1.00 billion quarterly mark. Analysts highlight consistent outperformance versus prior revenue and EPS estimates, a robust net retention profile supported by multi-hub adoption, and ongoing product enhancement in AI and automation as catalysts for continued mid-20s percent growth. Notable broker views point to the potential for upside to consensus if net revenue retention remains stable and if operating expenses moderate sequentially, while most caution that valuation requires continued execution on both growth and profitability milestones. Overall, the dominant view anticipates a solid print with constructive guidance, with risks centered on macro-sensitive SMB demand and competitive intensity in the CRM landscape.