HubSpot Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	45.91	4.63	-164.51	-107.35	-77.84
Depreciation & Amortization	136.3	96.83	72.67	58.15	45.16
Stock-Based Compensation	528.15	504.77	432.27	275.85	166.76
Other Adjustments	-45.16	-64.46	28.26	-5.72	-4.87
Change in Receivables	-64	-48.43	-57.62	-73.99	-34.11
Changes in Accounts Payable	19	-4.58	-14.03	18.28	-10.61
Changes in Accrued Expenses	117.97	89.13	79.95	26.14	58.21
Changes in Unearned Revenue	183.88	131.04	109.93	116.97	127.72
Changes in Other Operating Activities	-161.32	-110.33	-135.94	-35.16	-31.7
Operating Cash Flow	760.72	598.6	350.97	273.17	238.73
Operating Cash Flow Growth	27.08%	70.56%	28.48%	14.43%	168.50%
Capital Expenditures	-53.17	-37.94	-33.72	-37.43	-28.73
Purchases of Intangible Assets	-130.9	-90.87	-66.54	-54.35	-33.14
Purchases of Investments	-1,477	-2,009	-1,595	-1,537	-1,501
Proceeds from Sale of Investments	2,240	1,661	1,503	1,310	1,400
Payments for Business Acquisitions	-87.61	-40.44	-142.13	-	-16.81
Other Investing Activities	-	1.93	-	-	-
Investing Cash Flow	491.77	-515.86	-334.77	-319.66	-179.51
Long-Term Debt Repaid	-459.81	-0.06	-0.01	-81.43	-89.53
Net Long-Term Debt Issued (Repaid)	-459.81	-0.06	-0.01	-81.43	-89.53
Issuance of Common Stock	71.39	75.5	47.74	39.93	46.51
Repurchase of Common Stock	-521.59	-21.95	-10.71	-11.53	-17.44
Net Common Stock Issued (Repurchased)	-450.2	53.55	37.02	28.41	29.07
Other Financing Activities	-	-	-	60.45	8.99
Financing Cash Flow	-910.01	53.5	37.01	7.43	-51.47
Effect of Exchange Rate Changes on Cash and Cash Equivalents	25.74	-11.55	4.65	-6.81	-8.86
Net Cash Flow	368.23	124.68	57.87	-45.87	-1.11
Free Cash Flow	707.55	560.66	317.25	235.75	210
Free Cash Flow Growth	26.20%	76.72%	34.57%	12.26%	306.67%
FCF Margin	22.60%	21.34%	14.62%	13.62%	16.15%
Free Cash Flow Per Share	13.30	10.82	6.36	4.90	4.48
Levered Free Cash Flow	-171.25	168.72	-85.67	-41.82	-7.31
Unlevered Free Cash Flow	247.53	153.24	-140.67	34.79	102.27

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.