Hubspot (HUBS) Operating Expenses (2013 - 2026)
Hubspot (HUBS) recorded Operating Expenses of $707.54 million in Q2 2026, up 6.7% from $663.32 million a year earlier and unchanged from the prior quarter.
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Analysis
Hubspot (HUBS) Operating Expenses (2013 - 2026) Analysis & Trends
On a TTM basis, Hubspot's Operating Expenses came in at $2.74 billion as of Jun 30, 2026, up 10.5% year-over-year; for FY2025, it came in at $2.62 billion, up 13.6% from FY2024.
- Annual Operating Expenses has increased for 13 straight years, with a five-year compound annual growth rate of 27.8% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $2.3 billion in FY2024 (+13.2%), $2.03 billion in FY2023 (+33.2%), $1.53 billion in FY2022 (+39.1%) and $1.1 billion in FY2021 (+43.0%).
- The Q2 2026 figure is the highest quarterly Operating Expenses in data going back to Q3 2013.
- On a year-over-year basis, Operating Expenses has increased for 48 consecutive quarters, with growth averaging 13.8% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 0.9% in Q2 2024 to 49.4% in Q2 2022.
- Per Business Quant, the preceding three quarters came in at $707.36 million (Q1 2026), $660.8 million (Q4 2025) and $664.77 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palantir Technologies | 449.27 Bn | 418.33 Bn | 1.64 Bn | 726.59 Mn |
| 2 | Oracle | 417.01 Bn | 289.56 Bn | - | 12.62 Bn |
| 3 | Sap Se | 258.97 Bn | 180.05 Bn | 8.40 Bn | -8.41 Bn |
| 4 | Salesforce | 185.51 Bn | 141.38 Bn | 8.70 Bn | 6.37 Bn |
| 5 | ServiceNow | 134.41 Bn | 112.87 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Automatic Data Processing | 104.14 Bn | 86.27 Bn | 2.51 Bn | 4.34 Bn |
| 7 | Intuit | 71.93 Bn | 51.28 Bn | 3.44 Bn | 3.88 Bn |
| 8 | Relx | 60.47 Bn | 57.43 Bn | - | - |
| 9 | Strategy | 54.44 Bn | 47.43 Bn | 81.55 Mn | 8.41 Bn |
| 10 | Hubspot | 9.81 Bn | 3.60 Bn | 750.86 Mn | 707.54 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 707.54 Mn |
| Mar 31, 2026 | 707.36 Mn |
| Dec 31, 2025 | 660.80 Mn |
| Sep 30, 2025 | 664.77 Mn |
| Jun 30, 2025 | 663.32 Mn |
| Mar 31, 2025 | 626.51 Mn |
| Dec 31, 2024 | 610.64 Mn |
| Sep 30, 2024 | 580.03 Mn |
| Jun 30, 2024 | 565.65 Mn |
| Mar 31, 2024 | 545.56 Mn |
| Dec 31, 2023 | 517.63 Mn |
| Sep 30, 2023 | 490.47 Mn |
| Jun 30, 2023 | 560.35 Mn |
| Mar 31, 2023 | 464.34 Mn |
| Dec 31, 2022 | 402.88 Mn |
| Sep 30, 2022 | 394.04 Mn |
| Jun 30, 2022 | 395.07 Mn |
| Mar 31, 2022 | 333.82 Mn |
| Dec 31, 2021 | 305.91 Mn |
| Sep 30, 2021 | 284.52 Mn |
API Access
Hubspot Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=HUBS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "HUBS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=HUBS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();