Core Insights - HubSpot Inc. reported fourth-quarter earnings of $3.09 per share, surpassing the analyst estimate of $2.99 [2] - Quarterly revenue reached $846.75 million, exceeding the Street estimate of $830.54 million and increasing from $703.17 million in the same period last year [2] Financial Performance - The company experienced a 16% increase in customers, growing to 288,706 as of December 31, 2025, compared to the previous year [4] - Average Subscription Revenue Per Customer was $11,683 during the fourth quarter of 2025, reflecting a 3% increase on an as-reported basis compared to the fourth quarter of 2024 [4] - Calculated billings for the fourth quarter of 2025 were $971.4 million, marking a 27% increase on an as-reported basis and a 20% increase in constant currency compared to the fourth quarter of 2024 [4] Future Outlook - HubSpot anticipates fiscal 2026 adjusted EPS in the range of $12.38 to $12.46, compared to the analyst estimate of $11.45 [4] - Revenue guidance for fiscal 2026 is projected between $3.69 billion and $3.7 billion, exceeding the $3.61 billion estimate [4] Strategic Highlights - The CEO of HubSpot, Yamini Rangan, emphasized that 2025 was a transformative year, driven by the momentum of their customer platform and accelerated AI adoption [3]

Investor Presentation. Q4 2025 Safe Harbor This presentation includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management's expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the first fiscal quarter of and full year 2026 and our long-term financial framework; state ...

Employee Growth and Management - The company had 8,882 full-time employees as of December 31, 2025, up from 8,246 in 2024, indicating significant growth in headcount[102]. - The company must effectively manage growth and organizational changes to execute its business plan and maintain service levels[102]. - The company relies heavily on its management team and key employees, and the loss of any key personnel could adversely affect its business[128]. - The company experiences challenges in attracting and retaining qualified personnel, particularly in AI and machine learning, due to competition from other firms[130]. Subscription and Revenue Risks - Subscription renewal rates are critical, as customers may choose lower tiers or not renew, impacting future revenue and operating results[94]. - The company relies heavily on subscription sales, with a substantial portion of revenue derived from these agreements, making it vulnerable to fluctuations in renewal rates[93]. - There is a risk that consumption-based pricing strategies may lead to less predictable revenue compared to traditional subscription models[93]. - The company may face volatility in its financial results due to changes in market prices and impairments of its strategic investments[123]. Competition and Market Dynamics - The competitive landscape is evolving, with new technologies and competitors potentially affecting pricing and customer retention[98]. - The company faces intense competition from established and new software companies, which may hinder its ability to maintain pricing and margins[100]. - The company acknowledges the need for significant investment in developing new products like Breeze, despite uncertainty about market acceptance[114]. - The company’s growth strategy includes expanding its customer base internationally, which may not be successful if past experiences are not addressed[125]. Technology and Innovation - The company is investing in expanding its customer platform capabilities, including AI and machine learning, to enhance market acceptance and revenue growth[105]. - Failure to adapt to rapidly changing technology and customer needs could render the company's platform less competitive[109]. - The company emphasizes the importance of adequate research and development resources to remain competitive, particularly in AI and machine learning, to avoid missing market opportunities[112]. Economic and Regulatory Environment - Global inflation rates have increased to levels not seen in several decades, potentially leading to decreased demand for products and increased operating costs[136]. - Economic uncertainty may lead to reduced customer spending on products, affecting revenue and profitability[140]. - The company anticipates that economic conditions in Europe may adversely affect customer willingness to subscribe to its platform[135]. - The company is subject to various governmental regulations related to privacy, data protection, and information security, which could impair customer base expansion and revenue growth[169]. Cybersecurity and Data Privacy - Security measures are crucial as unauthorized access to customer data could damage the company's reputation and result in significant liabilities[154]. - Cyber-attacks and data breaches are prevalent, with increasing sophistication, which could adversely affect the company's operations and financial condition[155]. - The company may incur significant costs related to remediation and additional security measures following a cyber incident, impacting its competitive position[158]. - Privacy concerns may limit the adoption of the customer platform, affecting overall demand and potentially leading to significant fines for noncompliance[153]. Legal and Compliance Risks - The company may face liabilities related to data breaches, including costs associated with issuing new payment cards if customer payment information is compromised[159]. - Intellectual property infringement claims could disrupt business operations and lead to costly litigation, impacting revenue and operating results[162]. - The company agrees to indemnify customers against third-party claims of intellectual property infringement, which could have material adverse effects on its financial condition[163]. - The evolving landscape of privacy and cybersecurity regulations in the U.S. complicates compliance efforts and increases the risk of regulatory enforcement and litigation[175]. Financial Performance and Capital Management - The company generated net income of $45.9 million in 2025, compared to $4.6 million in 2024, and a net loss of $164.5 million in 2023, resulting in an accumulated deficit of $753.9 million as of December 31, 2025[209]. - The company may face significant losses in the future due to increased operating expenses related to marketing, sales, and infrastructure expansion, which may not be offset by revenue growth[209]. - The company’s credit facility imposes financial covenants that could limit operational flexibility and adversely affect financial condition if not complied with[217]. - The company may experience quarterly fluctuations in operating results, making future performance difficult to predict and potentially leading to stock price declines[211]. International Operations and Market Expansion - The company plans to expand its international operations, which involves various risks including regulatory challenges and cultural differences[124]. - The company is exposed to fluctuations in currency exchange rates, which may materially affect revenue and operating results[132]. - The company has implemented a hedging program in Q1 2024 to mitigate foreign exchange impacts, particularly for significant transactions in currencies other than the U.S. dollar[132]. - Changes in global tax laws, including the OECD's proposals for a global minimum tax, may materially impact the company's financial results and cash flows[207].

Exhibit 99.1 HubSpot Reports Strong Q4 and Full Year 2025 Results Q4'25 revenue grew 20% on an as-reported basis and 18% in constant currency compared to Q4'24 Full year 2025 revenue grew 19% on an as-reported basis and 18% in constant currency compared to 2024 CAMBRIDGE, MA (February 11, 2026) — HubSpot, Inc. (NYSE: HUBS), the customer platform for scaling companies, today announced financial results for the fourth quarter and full year ended December 31, 2025. Operating Income (Loss) Fourth Quarter 2025: ...

Core Insights - The WisdomTree Cloud Computing Fund (WCLD) has seen a significant decline of 30.5% over the past year, contrasting with the S&P 500's gain of 14.4%, indicating a shift in investor sentiment towards cloud computing stocks amid concerns about AI spending [1] Group 1: Fund Performance and Structure - WCLD's current price is $28.60, reflecting a stark reversal from its previous pandemic-era performance [1] - The fund holds 65 positions, with 92.1% of its assets concentrated in Information Technology, highlighting a high sector concentration risk [1] - MongoDB is the largest holding at 2.81%, and the fund charges a 0.45% expense ratio, which is considered reasonable for this specialized market segment [1] Group 2: Market Sentiment and Valuation - Investor skepticism is growing regarding the ability of emerging cloud software companies to sustain their business models as AI technology evolves [1] - Concerns about AI disruption have led to questions about the competitive positions of companies like HubSpot and Atlassian within WCLD's portfolio [1] - MongoDB trades at 67 times forward earnings despite having negative EBITDA, raising concerns about the sustainability of such valuations in the current market environment [1] Group 3: Investment Opportunities and Risks - Some institutional investors, such as Bank of America and Tower Research, are increasing their positions in WCLD, viewing the current sell-off as a valuation reset rather than a sign of structural collapse [1] - WCLD is positioned for aggressive growth exposure to cloud software, appealing to investors willing to accept significant volatility and a long-term investment horizon [1] - The fund's concentrated tech exposure means it will amplify both potential gains and losses, contrasting with broader diversified options like the Nasdaq 100, which has delivered 15.5% one-year returns [1]

Core Insights - Software companies, particularly SaaS firms, are experiencing significant stock declines following the launch of Anthropic's AI tool, Claude Cowork, which aims to replace existing software solutions [1][2]. - The market reaction reflects a mix of overreaction and legitimate concerns regarding AI's potential to disrupt various software sectors [2][3]. Software Industry Analysis - Major software companies like Shopify, Monday.com, and Fastly have seen stock drops of 23%, 15%, and 16% respectively, indicating a broader trend of declining investor confidence in the sector [1]. - The software market is categorized into three groups: 1. Large, financially robust companies (e.g., Microsoft) that are less likely to be affected by AI disruptions. 2. Ecosystem companies that are critical to their customers' operations (e.g., Shopify). 3. Companies that provide niche solutions which could be easily replaced by AI alternatives (e.g., HubSpot, Atlassian) [1][2]. AI Impact on Software - The emergence of AI tools like Claude Cowork is seen as a pivotal moment, similar to last year's DeepSeek moment, raising questions about the sustainability of certain software companies [2]. - The ongoing trend suggests that while some software will be replaced by AI, mission-critical software is likely to remain resilient [2][3]. Job Market Insights - Recent job numbers indicate a decline in job openings to the lowest level since 2020, with layoffs peaking at levels not seen since January 2009, raising concerns about the overall economic health [8][9]. - Entry-level tech jobs are particularly affected, with AI contributing to this trend, although unemployment rates remain within historical averages [9][10]. Investment Opportunities - CrowdStrike (CRWD) is highlighted as a strong investment due to its essential cybersecurity services, which are unlikely to be replaced by AI [4]. - Toast (TOST) is noted for its entrenched position in the restaurant ecosystem, making it less vulnerable to AI disruption [5]. - Zscaler (ZS) is recognized for its potential growth in the cybersecurity market, driven by increasing AI technology demands [18]. - GoDaddy (GDDY) is considered undervalued, with a strong business model that combines software and physical infrastructure [19]. Company Performance Metrics - Powell Industries (POWL) reported a 63% increase in net new orders year-over-year, indicating strong demand in the industrial sector [17]. - Zscaler's stock has recently hit a 52-week low, presenting a potential buying opportunity in the cybersecurity space [18].

Core Viewpoint - Klaviyo, Inc. (NYSE:KVYO) specializes in marketing automation and email marketing services, providing tools for personalized marketing campaigns, and faces competition from firms like Mailchimp and HubSpot [1] Group 1: Analyst Ratings and Price Targets - Jefferies set a price target of $29 for KVYO, indicating a potential increase of 37.31% from its current price of $21.12 [1] - Benchmark reduced its price target from $46 to $30 while maintaining a buy rating [2] - Jefferies upgraded the stock to a "strong-buy" in October, while Stifel Nicolaus maintained a buy rating and Morgan Stanley set an overweight rating [3] Group 2: Stock Performance - KVYO's stock recently hit a new 52-week low after an analyst downgrade, falling to $18.55 during trading and closing at $19.67 [2] - The stock has shown some recovery, currently priced at $21.12, reflecting a 7.26% increase with a change of $1.43 [3] - Over the past year, KVYO reached a high of $48.17 and a low of $18.55, with a market capitalization of approximately $6.38 billion and a trading volume of 11.48 million shares on the NYSE [3]

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Group 1: Company Performance - Box CEO Aaron Levie describes the current moment as the most exciting in the company's 20-year history, despite Wall Street's negative perception, with the stock down 17% in 2026 after a significant drop earlier in the year [1] - The WisdomTree Cloud Computing Fund has seen a decline of about 20% in 2026, with Box's performance reflecting broader trends in the software industry [2] Group 2: Industry Trends - The generative AI boom, initiated by OpenAI's ChatGPT, is rapidly transforming the business landscape, enabling the creation of apps and digital products in a matter of seconds or minutes [3] - Levie highlights a "cognitive dissonance" within the industry, where companies recognize the potential of AI to enhance their products while also fearing that AI could threaten their existence [3] - Levie argues that businesses prefer to invest in specialized vendors for back office software and customer relationship management systems rather than developing these capabilities in-house, which would involve additional liabilities [4]

Core Insights - B2B organizations are increasingly rethinking their website platforms, focusing on long-term CMS decisions that align with their growth strategies [3][4] - The right CMS is seen as a foundational element for digital growth, impacting marketing and sales alignment, SEO, and conversion rates [4] - GoingClear's G3 Framework is designed to help B2B brands transition to HubSpot CMS, emphasizing inbound marketing and continuous optimization [5] Company Overview - GoingClear is a B2B digital agency founded in 2001, specializing in building and maintaining digital presences that align with buyer expectations and industry best practices [9] - The agency focuses on creating high-performance websites that support business objectives and improve alignment across marketing, sales, and content operations [6][7] - GoingClear aims to help B2B brands move away from fragmented, plugin-dependent systems to unified platforms for better reliability and system ownership [7]