HubSpot: Can Its Low-TCO Strategy Trigger a Massive Shift Away From Point Solutions?

In Q3 2025, HubSpot reported an 18.4% year-over-year revenue growth in constant currency, totaling $810 million. The operating margin stood at 20%, indicative of balanced growth and profitability. The company added 10,900 new customers, raising its global customer count to nearly 279,000. Average subscription revenue per customer was $11,600, showing modest growth year-over-year. However, the consistency of growth has been tempered by a slight deceleration in billing growth, which was 19% year-over-year in constant currency, a bit lower than previous quarters. Additionally, customer dollar retention rates remained in the “high 80s,” signaling room for improvement in customer retention strategies. HubSpot’s ongoing emphasis on platform consolidation, multi-hub adoption, and penetration into the upmarket segment have been significant growth drivers. Notably, deals with monthly recurring revenue exceeding $5,000 grew by 35% year-over-year.