HUBSPOT INC

For the period ended Dec 31, 2025. Filed Feb 11, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 11, 2026

HUBS$196.99-4.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEM ENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2025	2024	2023
Operating Activities:
Net income (loss)	$45,911	$4,628	$(164,510)
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by operating activities, net of acquisitions
Depreciation and amortization	136,295	96,828	72,673
Stock-based compensation	528,153	504,770	432,271
Restructuring charges	—	—	67,263
Gain on strategic investments	(5,500)	(21,245)	—
Impairment of strategic investments	5,923	5,306	1,704
(Benefit from) provision for deferred income taxes	(2)	2,690	550
Amortization of debt discount and issuance costs	577	2,012	1,986
Accretion of bond discount	(40,468)	(51,676)	(42,907)
Unrealized currency translation	(5,692)	(1,550)	(341)
Changes in assets and liabilities, net of acquisition
Accounts receivable	(64,003)	(48,428)	(57,618)
Prepaid expenses and other assets	(34,060)	(4,415)	(47,048)
Deferred commission expense	(117,032)	(96,687)	(81,178)
Right-of-use assets	25,894	32,297	29,173
Accounts payable	18,999	(4,577)	(14,031)
Accrued expenses and other current liabilities	117,971	89,129	79,947
Operating lease liabilities	(36,124)	(41,521)	(36,889)
Deferred revenue	183,875	131,038	109,926
Net cash and cash equivalents provided by operating activities	760,717	598,599	350,971
Investing Activities:
Purchases of investments	(1,443,998)	(1,993,610)	(1,580,504)
Maturities of investments	2,237,387	1,658,601	1,502,534
Sale of investments	—	1,997	—
Purchases of property and equipment	(53,165)	(37,939)	(33,718)
Capitalization of software development costs	(130,624)	(89,636)	(66,372)
Purchases of intangible assets	(274)	(1,231)	(164)
Business acquisitions, net of cash acquired	(87,608)	(40,438)	(142,129)
Proceeds from net working capital settlement	—	1,933	—
Proceeds from strategic investments	2,738	—	—
Purchases of strategic investments	(32,683)	(15,538)	(14,413)
Net cash and cash equivalents provided by (used in) investing activities	491,773	(515,861)	(334,766)
Financing Activities:
Repayment of 2025 Convertible Notes	(459,811)	(57)	(13)
Employee taxes paid related to the net share settlement of stock-based awards	(21,573)	(21,949)	(10,714)
Proceeds related to the issuance of common stock under stock plans	71,394	75,501	47,738
Repurchases of common stock	(500,019)	—	—
Net cash and cash equivalents (used in) provided by financing activities	(910,009)	53,495	37,011
Effect on exchange rate changes on cash and cash equivalents	25,744	(11,553)	4,649
Net increase in cash, cash equivalents and restricted cash	368,225	124,680	57,865
Cash, cash equivalents and restricted cash, beginning of year	516,720	392,040	334,175
Cash, cash equivalents and restricted cash, end of year	884,945	$516,720	$392,040
Supplemental cash flow disclosure:
Cash paid for interest	$422	$1,721	$1,722
Cash paid for income taxes	$19,311	$12,187	$12,911
Right-of-use assets obtained in exchange for operating lease facilities	$1,297	$2,593	$7,059
Right-of-use asset reductions related to operating lease terminations	$—	$—	$(7,382)
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	$3,389	$1,703	$1,068
Settlement of Capped Call Options related to the 2025 Convertible Notes	$50,600	$—	$—
Asset retirement obligations	$—	$—	$(199)

The accompanying notes are an integral part of the consolidated financial statements

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.