HubSpot Inc 2025年季度报告

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMTOCOMMISSION FILE NUMBER001-36680 HubSpot, Inc.(Exact name of registrant as specified in its charter) Delaware20-2632791(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) Two Canal ParkCambridge,Massachusetts02141(Address of principal executive offices)(888)482-7768(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.YES☒NO☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).YES☒NO☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Accelerated filerSmaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐NO☒There were52,693,110shares of the registrant’s Common Stock issued and outstanding as of August 1, 2025. HUBSPOT, INC. Table of Contents Part I — Financial Information Item 1.Unaudited Consolidated Financial Statements:Unaudited Consolidated Balance Sheets as of June 30, 2025 and December 31, 20246Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 20247Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June30, 2025 and 20248Unaudited Consolidated Statement of Stockholders’ Equity for the Three and Six Months Ended June 30, 2025and 20249Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 202410Notes to Unaudited Consolidated Financial Statements11Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures about Market Risk38Item 4.Controls and Procedures38 Part II — Other Information Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 4040656666666768 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and these statementsinvolve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Quarterly Reporton Form 10-Q are forward-looking statements. Forward-looking statements generally relate to future events or our future financialor operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,”“should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,”“predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern ourexpectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include,but are not limited to, statements about: •our future financial and operational performance, including our expectations regarding our revenue, cost of revenue,gross margin and operating expenses;•maintaining and expanding our customer base and increasing our average subscription revenue per customer;•the impact of competition in our industry and innovation by our competitors, including as a result of new or better useof evolving artificial intelligence (“AI”) technologies;•our anticipated growth and expectations regarding our ability to manage our future growth;•our expectations