Companies · martech CRM

HubSpot

Sell sideHUBS

HubSpot brought in $3.13B of revenue in fiscal 2025, growing 29% a year over five years at a 0% operating margin.

$3.13Brevenue, FY2025

+29%growth a year, 5 years

0%operating margin

Revenue and margin

Bars: revenue, $B (10-K). Years where the filing's revenue line isn't comparable are left out of the line.

What they told investors

“It is still relatively smaller in our overall demand equation, but it is highly effective and converts about 3x higher than other leads for HubSpot, Inc.”Kathryn Bueker · 2026 Q1 · transcript

“In 2022, we bought The Hustle. We bought Mindstream, which has an AI-focused newsletter driving lots of demand for us, along with YouTube and other media outlets.”management · 2026 Q1 · transcript

What they see in the market

What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.

AI in marketing 8× since 2023CRM, loyalty & first-party data 7× since 2019SEO & AI search 5× since 2019Affiliate & lead gen 3× since 2019

AI in marketing · SEO & AI search “Using HubSpot, they improved their visibility in LLMs and saw 13% of their leads come from new AI-driven sources.” Yamini Rangan on the earnings call · Feb 11, 2026 · source
CRM, loyalty & first-party data “And Crunch Fitness, a global brand with over 1,200 employees and 500 franchise locations used HubSpot to deliver personalized on-brand messages at scale, sending more than 15 million targeted e-mails a month and generating 2 million leads in a year.” Yamini Rangan on the earnings call · Feb 11, 2026 · source
Affiliate & lead gen “For example, Franchise Brokers Association, our customer, who connects great leaders with franchise opportunities increased content production by 250% and improved organic lead generation by 216% using tools like our blog writer and content remix.” Yamini Rangan on the earnings call · Nov 6, 2024 · source

Peers

Salesforce