The Complete History of HubSpot’s Net Revenue Retention: From 88.6% at IPO to 115% Peak — And Why 102% Today Is Still Strong
SaaStr
JULY 26, 2025
The problems were clear: Poor churn rates among price-sensitive SMB customers Anemic expansion revenue with limited upsell opportunities Rigid pricing that didn’t scale with customer growth Single-product focus limiting expansion paths By their IPO filing in August 2014, HubSpot had improved to 88.6% The result? 2023: 103.9%
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