HubSpot Inc (HUBS) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to HubSpot's Q4 2025 earnings call. My name is Gigi, and I will be your operator today. (Operator Instructions)

下午好，歡迎參加 HubSpot 2025 年第四季財報電話會議。我叫吉吉，今天由我來為您接聽電話。（操作說明）

I would now like to hand the conference over to Head Director of Investor Relations, Charles MacGlashing, please go ahead.

現在我將會議交給投資人關係主管查爾斯‧麥克格拉辛先生，請您開始吧。

Thanks, operator. Good afternoon and welcome to HubSpot's fourth quarter and full-year 2025 earnings conference call. Today, we'll be discussing the results announced in the press release that was issued after the market closed. With me on the call this afternoon is Yamini Rangan, our Chief Executive Officer; Dharmesh Shah, our Co-Founder and CTO; and Kate Bueker, our Chief Financial Officer.

謝謝接線生。下午好，歡迎參加 HubSpot 2025 年第四季及全年業績電話會議。今天，我們將討論市場收盤後發布的新聞稿中公佈的結果。今天下午和我一起參加電話會議的有：我們的執行長 Yamini Rangan；我們的共同創辦人兼技術長 Dharmesh Shah；以及我們的財務長 Kate Bueker。

Before we start, I'd like to draw your attention to the Safe Harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of Section 27A of the Securities Exchange Act of 1933 as amended and Section 21A of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, expected growth, FX movement, and business outlook, including our financial guidance for the fourth fiscal quarter and full-year 2026. Forward-looking statements reflect our views only as of today and except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our Form 10-K, which will be filed with the SEC this afternoon for a discussion of the risks and uncertainties that could cause actual results to differ materially from expectations.

在開始之前，我想提請大家注意今天新聞稿中包含的「安全港」聲明。在本次電話會議中，我們將發表一些與我們業務相關的聲明，這些聲明可能被視為 1933 年證券交易法第 27A 條（經修訂）和 1934 年證券交易法第 21A 條（經修訂）意義上的前瞻性聲明。除歷史事實陳述外，所有其他陳述均為前瞻性陳述，包括管理層對未來財務和營運業績及營運支出、預期成長、外匯走勢和業務前景的預期，包括我們對 2026 年第四財季和全年的財務指引。前瞻性陳述僅反映我們截至今日的觀點，除法律要求外，我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天新聞稿中的警示性語言以及我們今天下午將向美國證券交易委員會提交的 10-K 表格，其中討論了可能導致實際結果與預期結果存在重大差異的風險和不確定性。

During the course of today's call, we'll refer to certain non-GAAP financial measures as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed and a reconciliation of the differences between such measures can be found within our fourth quarter and fiscal-year 2025 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將提及一些根據 G 條例定義的非 GAAP 財務指標。與我們使用或討論的每個非 GAAP 財務指標最直接可比較的 GAAP 財務指標以及這些指標之間差異的調節表，可以在我們網站投資者關係部分的 2025 財年第四季度和全年收益新聞稿中找到。

Now, it is my pleasure to turn the call to HubSpot's Chief Executive Officer, Yamini Rangan. Yamini?

現在，我很高興將電話轉交給 HubSpot 的執行長 Yamini Rangan。亞米尼？

Thank you, Chuck, and welcome, everyone, to the call. I will start with our Q4 and full-year 2025 results and the consistent themes driving those results. Then, I will highlight our 2026 strategy, how we are positioned to lead and win with AI, and the specific levers we are activating to drive growth. Let's dive in.

謝謝你，查克，也歡迎各位參加本次通話。我將首先介紹我們 2025 年第四季和全年業績，以及推動這些業績的持續因素。然後，我將重點介紹我們的 2026 年策略，我們如何利用人工智慧來引領和贏得市場，以及我們正在啟動的具體成長槓桿。讓我們深入探討一下。

We had a solid finish to 2025. Q4 revenue grew 18.2% year over year in constant currency, and full-year 2025 revenue grew 18.2% in constant currency to $3.1 billion. We delivered another quarter of standout operating profit growth with operating margin of 22.6% in Q4 and 18.6% for the full year.

我們對2025年的規劃已經圓滿完成。第四季營收以固定匯率計算年增 18.2%，2025 年全年營收以固定匯率計算成長 18.2% 至 31 億美元。我們在第四季再次實現了出色的營業利潤成長，營業利潤率為 22.6%，全年營業利潤率為 18.6%。

We now serve more than 288,000 customers globally. We added 9,800 net new customers in Q4 and more than 40,000 customers for the year. That growth at our scale says something important. Customers trust HubSpot during a time of transformative change in the industry driven by AI.

我們現在為全球超過 288,000 名客戶提供服務。第四季我們新增淨客戶9800人，全年新增客戶超過4萬人。這種規模的成長說明了一些重要的事情。在人工智慧驅動的產業變革時期，客戶信賴 HubSpot。

I'm also pleased to announce that our Board of Directors has authorized a share repurchase program of up to $1 billion, a clear signal of the confidence we have in our business and the growth opportunity ahead. Two themes drove our performance in 2025, strong core fundamentals and momentum with our agentic customer platform. First, our core fundamentals are solid. Upmarket momentum was consistent all year with a strong finish in December.

我也很高興地宣布，我們的董事會已批准一項高達 10 億美元的股票回購計劃，這清楚地表明了我們對公司業務和未來成長機會的信心。2025 年，兩大主題推動了我們的業績：強勁的核心基本面和代理客戶平台的發展勢頭。首先，我們的核心基礎很穩固。全年市場上漲動能持續強勁，12 月更是強勢收尾。

Large companies are consolidating on HubSpot because we deliver the power they want with the ease of use they need. In 2025, deals over $5,000 in monthly recurring revenue grew 33%, and deals over $10,000 grew 41%. The number of customers with 500 or more seats grew fivefold, making it one of the strongest upmarket years. This is the direct result of years of focused product investment, the moat we have built with our partner ecosystem, and our growing brand credibility with larger companies.

大型企業紛紛選擇 HubSpot，因為我們既能提供他們想要的強大功能，又能提供他們所需的易用性。2025 年，每月經常性收入超過 5,000 美元的交易成長了 33%，每月經常性收入超過 10,000 美元的交易成長了 41%。擁有 500 個或以上座位的客戶數量增長了五倍，使其成為高端市場表現最強勁的年份之一。這是多年來我們專注於產品投資、與合作夥伴生態系統建立的護城河以及我們在大公司中不斷提高的品牌信譽的直接結果。

Rentokil Initial, a global leader in pest control, used Marketing Hub to increase leads by 76% and delivered a 671% ROI. That success led them to expand HubSpot. Now, they use HubSpot's enterprise product suite across more than 100 teams to scale their go-to market strategy. Mercantile Bank, a financial institution with over 700 employees, consolidated six separate solutions onto Marketing Hub and saw an immediate improvement in efficiency and personalization capabilities. This success prompted them to expand to Sales Hub, Service Hub, and Content Hub, and replace their legacy CRM, giving them a unified view of customer while lowering costs.

Rentokil Initial 是全球害蟲防治的領導者，它利用 Marketing Hub 將潛在客戶數量增加了 76%，並實現了 671% 的投資回報率。這項成功促使他們擴展了 HubSpot 的業務。現在，他們利用 HubSpot 的企業產品套件，在 100 多個團隊中擴展其市場推廣策略。Mercantile Bank 是一家擁有 700 多名員工的金融機構，它將六個獨立的解決方案整合到 Marketing Hub 上，並立即提高了效率和個人化能力。這項成功促使他們擴展到銷售中心、服務中心和內容中心，並替換了他們原有的客戶關係管理系統，從而在降低成本的同時，為他們提供了統一的客戶視圖。

Multi-hub adoption accelerated again this year. In 2025, 62% of new Pro Plus customers landed with multiple hubs. We saw two common patterns with new customers. They landed with Marketing and Sales Hub or with Marketing, Sales, Service, Content, and Operations. Five hubs operating as one go-to market platform.

今年多中心架構的採用速度再次加快。到 2025 年，62% 的新 Pro Plus 客戶將擁有多個中心。我們發現新客戶有兩種常見的模式。他們最終加入了行銷和銷售中心，或加入了行銷、銷售、服務、內容和營運部門。五個中心協同運作，組成一個市場推廣平台。

Multi-hub expansion is also showing up across our install base with 40% of Pro Plus install base by ARR, owning four or more hubs, up 6 points year over year. We are the agentic customer platform of choice for scaling companies and multi-hub adoption is the new norm. Our pricing changes also created meaningful tailwind in 2025. As a reminder, we lowered the price point to get started, removed seat minimums to make upgrades easy, and added core seats that deliver platform value.

多中心擴充也體現在我們的安裝基礎中，以 ARR 計算，Pro Plus 安裝基礎中有 40% 擁有四個或更多中心，比前一年增長了 6 個百分點。我們是規模化公司首選的代理客戶平台，多中心採用已成為新常態。我們的定價調整也為 2025 年帶來了顯著的利多因素。再次提醒大家，我們降低了入門價格，取消了座位最低數量限制，讓升級變得容易，並增加了能夠提供平台價值的核心座位。

That shift is largely complete. Approximately 90% of our legacy customers have moved into the new pricing model, and almost 50% of our ARR had gone through their first renewal. The impact is showing up clearly in the data. We continue to see strength in net customer additions aided by the changes. And despite the questions we get on seat compression, we saw customers buy more Sales Hub seats, Service Hub seats, and Core Seats throughout the year. All of this reinforces our confidence that our core fundamentals are strong and built to drive durable growth.

這種轉變基本上完成。大約 90% 的老客戶已經過渡到新的定價模式，近 50% 的 ARR 已經完成了第一次續約。數據已經清晰地反映了這種影響。在這些變化的推動下，我們持續看到淨新增客戶數量保持強勁成長。儘管我們收到了一些關於座椅壓縮的問題，但我們看到客戶在全年購買了更多的銷售中心座椅、服務中心座椅和核心座椅。所有這些都增強了我們對公司核心基本面強勁、能夠推動永續成長的信心。

Strong fundamentals matter, but what defined 2025 was our momentum in AI. We are clear about who we serve, growing companies with 2 to 2,000 employees. That's where we win, and that's who we build for. Our AI strategy is simple and focused on helping those companies grow. We embed AI across the platform, we deliver agents that do real work, and we give teams tools like Breeze Assistant and LLM connectors to turn their data into action. That strategy is resonating. AI natives like Lovable, Browserbase, and Squint.ai are choosing HubSpot as their platform to drive growth.

強勁的基本面固然重要，但真正決定 2025 年走向的是我們人工智慧領域的發展勢頭。我們很清楚自己的服務對象，也就是擁有 2 至 2000 名員工的成長型公司。這就是我們取勝的地方，也是我們為之建造的人群。我們的人工智慧策略很簡單，就是專注於幫助這些公司成長。我們將人工智慧嵌入整個平台中，我們提供能夠執行實際工作的代理，並為團隊提供 Breeze Assistant 和 LLM 連接器等工具，以將他們的數據轉化為行動。這一策略正在產生共鳴。像 Lovable、Browserbase 和 Squint.ai 這樣的 AI 原生企業都選擇 HubSpot 作為推動成長的平台。

Now let's talk about AI adoption. Our agents gained real traction last year. Customer agent handle support tickets and answers questions across the full customer journey. More than 8,000 customers activated it last year and are seeing mid-60s resolution rates driven by product innovation. Prospecting agent help sales teams research accounts, personal lines outreach, and engage prospects. Over 10,000 customers have activated it, up 57% quarter-over-quarter. This is a clear use case with strong pull. Customers using it are booking nearly twice as many meetings compared to last year.

現在我們來談談人工智慧的應用。去年，我們的代理商取得了顯著的成長。客服人員負責處理支援工單，並解答客戶在整個購買過程中遇到的問題。去年有超過 8,000 名客戶啟動了該服務，並且由於產品創新，其問題解決率達到了 60% 以上。銷售代理協助銷售團隊進行客戶研究、個人保險業務拓展，並與潛在客戶互動。已有超過 10,000 名客戶啟動了該服務，環比增長 57%。這是一個應用場景清晰、需求強勁的案例。使用該平台的客戶預訂的會議數量幾乎是去年的兩倍。

At INBOUND, we launched Data Agent which automatically enriches customer data. More than 2,500 customers have already activated it, a clear signal that customers want AI to take on the manual work that slows teams down. And while it's still early, our usage-based credit model is starting to scale. In Q4, customer agents accounted for about 60% of credits consumed. Data Agent, prospecting agents, and intent monitoring each contribute between 10% to 15% of credits consumed. All of this reinforces the clear point. AI is becoming a core driver of how our customers grow and, therefore, how we grow.

在 INBOUND，我們推出了數據代理，它可以自動豐富客戶數據。已有超過 2500 位客戶啟動了該功能，這清楚地表明客戶希望人工智慧能夠承擔拖慢團隊速度的手動工作。雖然目前還處於早期階段，但我們的基於使用量的信用模式已經開始擴大規模。第四季度，客戶服務人員消耗的信用額度約佔總信用額度的 60%。資料代理、潛在客戶代理和意圖監控各自消耗的積分佔總積分的 10% 到 15%。所有這些都進一步印證了這一點。人工智慧正成為我們客戶發展以及我們自身發展的核心驅動力。

Okay. Let's look ahead to 2026. Our strategy is clear and focused on three things: making AI work for growth companies, reimagining marketing with a new playbook and products, and accelerating upmarket growth with a platform that delivers both power and simplicity.

好的。讓我們展望2026年。我們的策略清晰明確，專注於三件事：讓 AI 為成長型公司服務，用新的策略和產品重新構想行銷，以及透過兼具強大功能和簡易性的平台加速高端市場成長。

First, we are focused on making AI work for growth companies. While there is no shortage of AI solutions in the market, there is a real gap between generating AI output and driving growth outcomes. Closing that gap is what will unlock broad AI adoption, and that requires context, having the right information at the right time, with the judgment to know what to do with it. And that's where HubSpot has a clear advantage. Most AI tools ask customers to bring their own context, upload brand guidelines, teach the system who their customer is and how their business works, then do it again for the next agent or LLM. And again, that's backwards.

首先，我們專注於讓人工智慧為成長型公司服務。雖然市場上不乏人工智慧解決方案，但人工智慧產出與推動成長成果之間仍存在著真正的差距。彌合這一差距才能真正實現人工智慧的廣泛應用，而這需要背景信息，需要在正確的時間獲得正確的信息，並具備運用這些信息的判斷力。而這正是 HubSpot 的明顯優勢。大多數 AI 工具要求客戶提供自己的背景資訊、上傳品牌指南、教導系統他們的客戶是誰以及他們的業務是如何運作的，然後對下一個代理商或 LLM 重複此操作。而且，這又是本末倒置的。

With HubSpot, context is shared and powers everything. Our AI vision is to lead with our agentic customer platform where unified customer data, business context, pure benchmarks across more than 288,000 customers, and deep domain expertise powers workflows and agents.

HubSpot 讓上下文資訊共享，並為一切提供支援。我們的 AI 願景是引領我們的代理客戶平台，該平台利用統一的客戶數據、業務背景、超過 288,000 個客戶的純粹基準以及深厚的領域專業知識來驅動工作流程和代理。

To do this, we are bringing together three interconnected layers: context layer where customer understanding lives, action layer with our hubs and agents where they help do work, and a coordination layer to connect everything. You will see us accelerate this vision throughout this year. It will show up in powerful use cases where AI does real work for teams and drive measurable growth. That is our AI strategy.

為此，我們將三個相互關聯的層結合在一起：上下文層（用於理解客戶）、行動層（包含我們的中心和代理，他們負責協助完成工作）以及協調層（用於連接所有內容）。今年，您將會看到我們加快實現這一願景的步伐。它將在強大的應用場景中展現出來，在這些場景中，人工智慧可以為團隊完成實際工作，並推動可衡量的成長。這就是我們的人工智慧策略。

At the same time, marketing is going through the biggest shift we have seen in decades. Search traffic is declining as AI-generated answers becomes the starting point for product and brand discovery. Customers are spending time across more channels, and AI is creating new ways for companies to be found. We saw these changes coming and have deliberately diversified our marketing channels. Last year, YouTube leads grew 68%, Newsletter leads grew 53%, and HubSpot became the most visible CRM in LLM-generated answers.

與此同時，行銷領域正經歷著幾十年來最大的變革。隨著人工智慧產生的答案成為產品和品牌發現的起點，搜尋流量正在下降。消費者花時間在更多管道上，人工智慧正在為企業創造新的被發現的方式。我們預見了這些變化，並有意識地實現了行銷管道的多元化。去年，YouTube 潛在客戶成長了 68%，新聞簡報潛在客戶成長了 53%，HubSpot 成為 LLM 產生的答案中最顯眼的 CRM。

And now we're turning what we have learned into a playbook and products for our customers. We launched The Loop, a new growth playbook for the AI era, along with AI-powered solutions to help teams put it into action. Data Hub gives customers clean, unified data foundation, essential for marketing in the AI era. And Marketing Studio provides an AI-powered workspace to plan and create campaigns faster. And our AEO tools give marketers a real opportunity to offset declines in traditional search. Customers are already seeing results.

現在，我們將所學到的知識轉化為行動指南和產品，服務我們的客戶。我們推出了《The Loop》，這是一本針對人工智慧時代的新增長指南，同時也提供了人工智慧解決方案，以幫助團隊將其付諸實踐。資料中心為客戶提供清晰、統一的資料基礎，這對於人工智慧時代的行銷至關重要。而行銷工作室則提供了一個由人工智慧驅動的工作空間，可以更快地規劃和創建行銷活動。我們的AEO工具為行銷人員提供了彌補傳統搜尋下滑的真正機會。客戶已經看到了效果。

Docebo, an AI-powered learning platform with over 1,000 employees shifted towards AEO as organic traffic declined. Using HubSpot, they improved their visibility in LLM and saw 13% of their leads come from new AI-driven sources. And Crunch Fitness, a global brand with over 1,200 employees and 500 franchise locations use HubSpot to deliver personalized, on-brand messages at scale, sending more than 15 million targeted e-mails a month and generating 2 million leads in a year. HubSpot helped define the inbound marketing era, and we are uniquely positioned to lead what comes next.

Docebo 是一個擁有 1000 多名員工的 AI 驅動學習平台，隨著自然流量的下降，該平台轉向了 AEO（人工智慧優化）。透過 HubSpot，他們提高了在 LLM 領域的知名度，並發現 13% 的潛在客戶來自新的 AI 驅動管道。Crunch Fitness 是一個全球品牌，擁有 1200 多名員工和 500 家加盟店，該公司使用 HubSpot 大規模地提供個人化的品牌訊息，每月發送超過 1500 萬封目標電子郵件，每年產生 200 萬條潛在客戶線索。HubSpot 協助定義了入站行銷時代，我們擁有獨特的優勢來引領未來。

The third pillar of our strategy is to keep winning upmarket. Last year was one of our strongest upmarket years. That was driven by product innovation that delivered real results for larger customers. Within their first year on HubSpot, upmarket customers generated more leads, closed more deals, and improved ticket close rates. In 2026, we're doubling down on that momentum.

我們策略的第三大支柱是持續贏得高端市場。去年是我們高端市場表現最強勁的一年。這是由產品創新驅動的，產品創新為大型客戶帶來了實際成果。在使用 HubSpot 的第一年，高階客戶就獲得了更多潛在客戶，達成了更多交易，並提高了工單完成率。2026年，我們將加倍努力，鞏固這股勢頭。

We are aligning dedicated product resources to the needs of this segment and increasing sales capacity to drive growth. This is a large market where we have clear product market fit, a strong and energized partner ecosystem, and significant room to grow. Our strategy shows up clearly in our growth levers. Our core drivers remain strong and durable: upmarket momentum, multi-hub adoption and pricing tailwinds. These are working consistently, and we expect them to continue to scale.

我們正在調配專門的產品資源來滿足該細分市場的需求，並提高銷售能力以推動成長。這是一個巨大的市場，我們的產品與市場契合度很高，擁有強大且充滿活力的合作夥伴生態系統，並且還有很大的成長空間。我們的策略在我們的成長槓桿中體現得非常明顯。我們的核心驅動力依然強勁且持久：高端市場發展動能、多樞紐模式的普及以及價格方面的利多因素。這些措施一直行之有效，我們預計它們將繼續擴大規模。

As we enter a more transformational phase with AI, we see two emerging growth levers, core seat adoption and credit. We have significantly expanded the value of the core seat by including brief assistant, enriched company data with buying intense signals, and platform features that brings teams together. As a result, adoption of enriched data jumped from 51% to nearly 70% in Q4, a clear signal of the value customers are seeing with core seat. Our goal is to make the core seat the foundation for every go-to-market employee and to drive broad adoption across teams. And as customers rely on agents to do more work on their behalf, we will scale credit consumption. Together, these levers expand how customers get value from HubSpot and how we accelerate growth.

隨著人工智慧進入更具變革性的階段，我們看到了兩個新興的成長槓桿：核心席位採用率和信貸。我們透過加入簡短的助手、包含購買訊號豐富的公司數據以及將團隊聚集在一起的平台功能，顯著提升了核心席位的價值。因此，第四季度增強數據的採用率從 51% 躍升至近 70%，這清楚地表明了客戶對核心席位的價值的認可。我們的目標是讓核心席次成為每個市場推廣員工的基礎，並推動各團隊廣泛採用。隨著客戶越來越依賴代理商代表他們處理事務，我們將擴大信貸消費規模。這些措施共同拓展了客戶從 HubSpot 獲取價值的方式，以及我們加速成長的方式。

With that, I'll hand it over to our CFO, Kate Bueker, to walk you through our financial and operating results.

接下來，我將把麥克風交給我們的財務長凱特·布克爾，讓她為大家介紹我們的財務和營運績效。

Thanks, Yamini. Let's turn to our fourth quarter and full-year 2025 financial results. Q4 revenue grew 18% year-over-year in constant currency and 20% on an as-reported basis. Q4 subscription revenue grew 21% year-over-year, while services and other revenue increased 12% on an as-reported basis. Q4 domestic revenue grew 17% year-over-year, and international revenue growth was 19% in constant currency and 24% as reported, representing 49% of total revenue.

謝謝你，亞米尼。讓我們來看看2025年第四季和全年的財務表現。第四季營收以固定匯率計算年增 18%，以報告匯率計算年增 20%。第四季訂閱收入年增 21%，而服務和其他收入則按報告基準增長 12%。第四季國內營收年增 17%，國際營收以固定匯率計算成長 19%，以報告匯率計算成長 24%，佔總營收的 49%。

For the full year of 2025, revenue grew 18% year-over-year in constant currency and 19% as reported. Full-year subscription revenue grew 18% year-over-year in constant currency and 19% as reported. Services and other revenue grew 16% on an as-reported basis. We added 9,800 net new customers in Q4, bringing our total customer count to over 288,000, growing 16% year-over-year with particular strength in Pro Plus customer additions in the quarter. Average subscription revenue per customer was $11,700 in Q4, up 1 point year-over-year in constant currency and up 3 points on an as-reported basis.

2025 年全年，以固定匯率計算，營收年增 18%；以報告匯率計算，營收年增 19%。以固定匯率計算，全年訂閱營收年增 18%；以報告匯率計算，年增 19%。服務和其他收入按報告基準增長了 16%。第四季我們新增淨客戶 9,800 人，客戶總數超過 288,000 人，較去年同期成長 16%，其中 Pro Plus 客戶在本季成長尤為強勁。第四季每位客戶的平均訂閱收入為 11,700 美元，以固定匯率計算年增 1 個百分點，按報告基準計算年增 3 個百分點。

Moving into 2026, we continue to expect net additions in the 9,000 to 10,000 range with low to mid-single-digit ASRPC growth in constant currency. Customer dollar retention remained in the high 80s in Q4, while net revenue retention increased sequentially as expected to 105%. For the full year of 2025, net revenue retention was 103.5%, up from 101.8% in 2024, reflecting continued momentum in seat expansion and the benefit from our pricing change.

展望 2026 年，我們繼續預期淨新增就業人數將在 9,000 至 10,000 人之間，以固定匯率計算，平均每就業人數成長率將達到個位數中低水準。第四季客戶美元留存率維持在 80% 以上，而淨收入留存率如預期般較上季成長至 105%。2025 年全年淨收入留存率為 103.5%，高於 2024 年的 101.8%，反映出座位擴張的持續動能以及我們價格調整帶來的好處。

Looking ahead to 2026, we expect to grow net revenue retention by another 1 to 2 points year-over-year, driven by a combination of continued seat expansion and ramping credit adoption. As a reminder, we tend to see a seasonal downtick in net revenue retention in Q1, followed by expansion as we move through the year.

展望 2026 年，我們預期淨收入留存率將年增 1 至 2 個百分點，這主要得益於席次持續擴張和信用卡普及率的提高。需要提醒的是，我們通常會在第一季看到淨收入留存率出現季節性下降，然後隨著時間的推移而成長。

Q4 calculated billings were $971 million, growing 20% year-over-year in constant currency and 27% on an as-reported basis. Q4 billings benefited from strong upmarket performance, resulting in a modest increase in overall billings duration in the quarter. For the full year of 2025, calculated billings were $3.4 billion, growing 19% year-over-year in constant currency and 23% on an as-reported basis.

第四季計算的帳單金額為 9.71 億美元，以固定匯率計算年增 20%，並以報告基準計算年增 27%。第四季帳單受益於高端市場的強勁表現，導致該季度整體帳單週期略有增加。2025 年全年，預計帳單金額為 34 億美元，以固定匯率計算年增 19%，並按報告基準計算年增 23%。

The remainder of my comments will refer to non-GAAP measures. Q4 operating margin was 23%, up 4 points compared to the year-ago period and 3 points sequentially. Full-year 2025 operating margin was 18.6%, up 1 point year-over-year. We delivered operating leverage as a result of disciplined hiring as well as the ongoing benefits of our partner commission changes. Net income was $163 million or $3.09 in Q4 and $516 million or $9.70 per fully diluted share for the full year of 2025. Free cash flow was $209 million or 25% of revenue in Q4 and $595 million or 19% of revenue for the full year of 2025. Our cash and marketable securities totaled $1.8 billion at the end of December.

我接下來的評論將涉及非GAAP指標。第四季營業利潤率為 23%，比去年同期成長 4 個百分點，較上一季成長 3 個百分點。2025 年全年營業利益率為 18.6%，較去年同期成長 1 個百分點。我們透過嚴格的招募以及合作夥伴佣金調整帶來的持續收益，實現了營運槓桿效應。2025 年第四季淨收入為 1.63 億美元，即每股 3.09 美元；2025 年全年淨收入為 5.16 億美元，即每股完全稀釋收益 9.70 美元。第四季自由現金流為 2.09 億美元，佔營收的 25%；2025 年全年自由現金流為 5.95 億美元，佔營收的 19%。截至12月底，我們的現金和有價證券總額為18億美元。

As Yamini shared, our Board has authorized a new $1 billion share repurchase program. While we remain focused on investing in organic product innovation and selective M&A, we also see the opportunity to return capital to shareholders through an additional share repurchase program. This reflects our continued confidence in the long-term opportunity ahead.

正如亞米尼所說，我們的董事會已批准一項新的10億美元股票回購計畫。雖然我們仍然專注於投資有機產品創新和選擇性併購，但我們也看到了透過額外的股票回購計畫向股東返還資本的機會。這體現了我們對未來長期機會的持續信心。

Before turning to guidance, I want to highlight several factors shaping our 2026 growth outlook and the underlying strength of our business performance. In 2025, net new ARR growth exceeded constant currency revenue growth in every quarter, with full year net new ARR growing 24% year-over-year, 6 points above constant currency revenue growth. Looking ahead, we expect full-year 2026 net new ARR growth to outpace constant currency revenue growth, supported by the underlying trends Yamini outlined, continued upmarket momentum, multi-hub adoption, and pricing benefits, and the emerging impact of core seed adoption and credits. Going forward, we plan to share net new ARR growth on an annual basis as part of our Q4 earnings.

在給予業績展望之前，我想重點介紹幾個影響我們 2026 年成長前景和我們業務表現基本面的因素。2025 年，淨新增 ARR 成長率在每季都超過了以固定匯率計算的營收成長率，全年淨新增 ARR 年成長 24%，比以固定匯率計算的營收成長率高出 6 個百分點。展望未來，我們預計 2026 年全年新增淨 ARR 成長將超過以固定匯率計算的收入成長，這得益於 Yamini 概述的基本趨勢、持續的高端市場勢頭、多中心採用和定價優勢，以及核心種子採用和信貸的新興影響。展望未來，我們計劃在第四季財報中按年度公佈新增淨 ARR 成長。

With that, let's dive into our guidance for the first quarter and full year of 2026. For the first quarter, total as-reported revenue is expected to be in the range of $862 million to $863 million, up 16% year-over-year in constant currency and 21% on an as-reported basis. Non-GAAP operating profit is expected to be between $144 million and $145 million, representing a 17% operating profit margin. Non-GAAP diluted net income per share is expected to be between $2.46 and $2.48. This assumes 52.5 million fully diluted shares outstanding.

接下來，讓我們深入了解我們對 2026 年第一季和全年的業績展望。第一季度，以報告計算的總收入預計在 8.62 億美元至 8.63 億美元之間，以固定匯率計算年增 16%，並按報告基準計算年增 21%。非GAAP營業利潤預計在1.44億美元至1.45億美元之間，營業利益率為17%。預計以非GAAP準則計算的稀釋後每股淨收益將在2.46美元至2.48美元之間。此預測基於5250萬股完全稀釋後的流通股。

And for the full year of 2026, total as reported revenue is expected to be in the range of $3.69 billion to $3.7 billion, up 16% year-over-year in constant currency, and 18% on an as-reported basis, modestly above our guidance for Q1 constant currency revenue growth. Non-GAAP operating profit is expected to be in the range of $736 million to $740 million, representing a 20% operating profit margin. Non-GAAP diluted net income per share is expected to be between $12.38 and $12.46. This assumes 51.8 million fully diluted shares outstanding.

預計 2026 年全年報告總收入將在 36.9 億美元至 37 億美元之間，按固定匯率計算同比增長 16%，按報告基準計算同比增長 18%，略高於我們對第一季固定匯率收入增長的預期。非GAAP營業利潤預計在7.36億美元至7.4億美元之間，營業利益率為20%。預計以非GAAP準則計算的稀釋後每股淨收益將在12.38美元至12.46美元之間。此預測基於5180萬股完全稀釋後的流通股。

As you adjust your models, please keep in mind the following. We expect our legacy Clearbit business to be a 40-basis-point headwind to full-year 2026 revenue growth, moderating slightly from the 60-basis-point headwind for 2025. Our EPS guidance for Q1 and full-year 2026 includes the expected impact from our share repurchase program. And we expect CapEx as a percentage of revenue to be 5% to 6% for the full year of 2026 and free cash flow to be about $740 million.

在調整模型時，請記住以下幾點。我們預計，我們原有的 Clearbit 業務將對 2026 年全年營收成長造成 40 個基點的阻力，較 2025 年的 60 個基點阻力略有緩和。我們對 2026 年第一季和全年每股收益的預期包括了股票回購計畫的預期影響。我們預計 2026 年全年資本支出佔收入的比例為 5% 至 6%，自由現金流約為 7.4 億美元。

With that, I will turn the call back over to Yamini for her closing remarks.

接下來，我將把電話轉回給亞米尼，請她作總結發言。

Okay. In closing, I'm energized by our position heading into 2026. We are moving with urgency and focus, innovating quickly to help our customers grow with AI and evolving how we operate to support that pace. We have transformed how we build products and how we serve customers with AI, and we are turning those learnings into real value for our customers.

好的。最後，我對我們邁向 2026 年的地位感到振奮。我們正以緊迫感和專注度推進工作，快速創新，幫助客戶透過人工智慧實現成長，並不斷改進我們的營運方式以支持這一發展速度。我們利用人工智慧改變了我們建立產品和為客戶服務的方式，並將這些經驗轉化為客戶的實際價值。

We enter 2026 with clear momentum. Our core growth drivers remain strong, and our emerging AI levers are gaining traction. Together, they give us confidence in our ability to deliver durable growth. I want to thank our customers, partners, and investors for your continued trust and support and a heartfelt thank you to HubSpotters around the world for staying focused on solving for our customers every single day.

我們帶著強勁的發展勢頭進入2026年。我們的核心成長動力依然強勁，而我們新興的人工智慧技術也正在取得進展。它們共同增強了我們對實現永續成長能力的信心。我要感謝我們的客戶、合作夥伴和投資者一直以來的信任和支持，並衷心感謝世界各地的 HubSpot 員工，感謝你們每天都專注於為我們的客戶解決問題。

With that, operator, please open up the call for questions.

接線員，接下來請開放提問環節。

(Operator Instructions)

（操作說明）

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Yamini, I thought I'd kick off with just ripping off the Band-Aid that everybody is focused on. The software complex is under a ton of pressure on AI destruction fears. It's asked on every earnings call of every company. And you spoke a lot in your prepared remarks about contacts and moats, but can you dig deeper into how defensible HubSpot's role is as a system of record and maybe what your fear on LLM disruption is.

Yamini，我想先從揭開大家都在關注的那個顯而易見的問題開始。軟體產業正承受著來自人工智慧可能帶來的毀滅性後果的巨大壓力。每家公司的每次財報電話會議都會被問到這個問題。您在準備好的演講稿中談到了聯繫和護城河，但您能否更深入地探討 HubSpot 作為記錄系統的角色有多穩固，以及您對 LLM 顛覆性的擔憂是什麼？

And related to that, how would you respond to investors that fear that more data will be sucked into and be retained in third-party agents and that this could threaten the role of a system of record itself. I know there's a lot to unpack there, but I think that's what we get asked the most every day now.

與此相關的是，您會如何回應投資者的擔憂，即更多的數據將被第三方代理機構吸收和保留，這可能會威脅到記錄系統本身的作用。我知道這裡面有很多東西要解釋，但我覺得這是我們現在每天都被問到最多的問題。

All right, Samad. Let's start with ripping off band-aid. I'll probably start with the disruption threat and specifically our moat to address that. Then I'll take the second part of your question, which is about value getting captured outside of SaaS as data gets sucked out of solutions. All right.

好的，薩馬德。讓我們先從撕掉創可貼開始。我可能會先從顛覆性威脅入手，特別是我們應對這項威脅的護城河。接下來，我將回答您問題的第二部分，即關於資料從解決方案中流失後，SaaS 以外的價值是如何被獲得的。好的。

First off, in terms of disruption, there's a big difference between point SaaS solutions and platform. And that difference matters even more in the AI era. Look, in the last decade, HubSpot won as a platform because we were the source for customer data. With AI, we will win because we are the source of customer context and that matters. As I talk to customers right now, the biggest challenge we see with AI adoption, particularly in mid-market companies is not access to more AI tools, more LLM, more agents.

首先，就顛覆性而言，點式 SaaS 解決方案和平台之間存在著很大的差異。在人工智慧時代，這種差異顯得尤為重要。你看，在過去的十年裡，HubSpot 之所以能成為成功的平台，是因為我們是客戶資料的來源。借助人工智慧，我們將取得成功，因為我們是客戶背景的來源，而這至關重要。我現在與客戶交流時發現，人工智慧應用面臨的最大挑戰，尤其是在中型企業中，不是獲得更多人工智慧工具、更多LLM、更多代理。

There are plenty of those. The biggest challenge that I see is that there is a huge gap between AI output and AI outcomes.

這樣的例子很多。我看到的最大挑戰是人工智慧的輸出和人工智慧的結果之間存在著巨大差距。

And when I say outcomes, I mean, more leads, more deals, more growth. And by the way, that's all our customers want to talk to us about. Mid-market companies don't care about AI for the sake of AI. They don't want to just adopt it. They care about driving growth and if AI can help with that, they will adopt it.

我說的成果是指更多的銷售線索、更多的交易、更大的成長。順便說一句，我們的客戶也都只想跟我們談這個。中型企業並不關心為了人工智慧而人工智慧。他們並不想僅僅照搬它。他們關心的是推動成長，如果人工智慧能夠幫助他們實現這一目標，他們就會採用它。

And in order for AI and agents to drive outcomes, you need customer context. This is the context it wasn't the heads of people, but now you need the patterns of what works, what doesn't work in your business, in your industry, in your particular function, and then you need to be able to take an action on it and that is what a platform like HubSpot delivers.

為了讓人工智慧和智慧代理能夠推動結果達成，你需要了解客戶的背景資訊。在這種背景下，關鍵不在於人頭，而是你需要了解在你的企業、產業、特定職能中哪些做法有效、哪些無效，然後你需要能夠根據這些做法採取行動，而這正是 HubSpot 等平台所提供的。

I'll give you a practical example. You can ask an LLM to generate outreach for 100 prospects and then do the same thing in the platform with a history of interactions with the prioritization of what sales cares about with how your best reps handle competitive objections within your industry and then ask it to generate outreach. The difference is, one, will be AI output and the other will be AI outcomes. One produces words, the other wins deals. One knows a lot about the external world, the platform knows specifically about the customers' world and what is happening today.

我給你舉個實際例子。您可以要求 LLM 為 100 個潛在客戶生成推廣信息，然後在平台上執行相同的操作，該平台會根據銷售人員關心的優先事項以及您行業內最優秀的銷售代表如何處理競爭對手的異議，生成互動歷史記錄，然後要求它生成推廣信息。差別在於，一個是人工智慧的輸出，另一個是人工智慧的結果。一個負責撰寫文字，另一個負責促成交易。人們了解很多關於外部世界的信息，而平台則特別了解客戶的世界以及當下正在發生的事情。

There's this whole idea that AI is like a magic wand, and you can abstract away all of this problem and expect agents to work. It just will not. Context has to come from somewhere. It has to be trusted, it needs to be real-time, and it needs to be actionable, and that is what a platform like HubSpot delivers.

人們普遍認為人工智慧就像一根魔杖，你可以把所有問題抽象化，然後期望智能體能夠正常運作。就是不行。語境總要有個來源。它必須值得信賴，必須是即時，必須可操作，而這正是 HubSpot 等平台所提供的。

Our strategy, as I just articulated, is to be that intelligent system of customer context and we have the data, but more importantly, we have the business context, the industry context, and the domain context to deliver it, and that's why customers come to us. They rely on us for that context. They want to use more of our APIs and partners want to customize and build on top of us. And as AI adoption accelerates, the value of our agentic platform increases.

正如我剛才闡述的，我們的策略是成為一個智慧的客戶情境系統，我們擁有數據，但更重要的是，我們擁有業務情境、產業情境和領域情境來提供這些數據，這就是客戶選擇我們的原因。他們依賴我們提供的背景資訊。他們希望更多地使用我們的 API，合作夥伴希望在我們的基礎上進行客製化和建置。隨著人工智慧的普及，我們的智能體平台的價值也隨之提升。

Okay. Now going to your second part of the question, which is, can all the data just be completely sucked out so that there is no value captured by SaaS? Well, first of all, that assumes that we will not build agents rapidly ourselves. We are building agents on top of that customer context, and it is working, and we're seeing that adoption. Second, it assumes that SaaS platforms are data.

好的。現在來看你的第二個問題，那就是，所有資料是否都可以完全被抽走，以至於 SaaS 無法捕捉任何價值？首先，這假設我們自己不會迅速建構代理。我們正在基於客戶背景建立代理，而且效果顯著，我們看到了這種普及。其次，它假設 SaaS 平台就是數據。

SaaS platforms are more than data. It is the logic, right? You can certainly get a nondeterministic output for a sales female, but try taking a nondeterministic output for your sales forecast. That is not possible. It's workflows like forecasting, routing, approvals, permission, that is logic. It's not data to be sucked away. And ownership, accountability, and governance, all of those live inside applications, and it's much easier to bring AI into these applications rather than try to extract all of this away as like -- as if it's just data. It is not.

SaaS平台不僅僅是數據。這就是邏輯，對吧？對於女性銷售人員來說，你當然可以得到一個不確定的產出結果，但是試著用一個不確定的產出結果來預測你的銷售表現。那不可能。邏輯指的是預測、路線規劃、審核、權限等工作流程。這不是可以被隨意丟棄的數據。所有權、問責制和治理，所有這些都存在於應用程式內部，將人工智慧引入這些應用程式比試圖將所有這些提取出來（就像提取資料一樣）容易得多。它不是。

And then the last thing I'll say is that we serve companies that have 200 to 2,000 employees. That mid-market segment is what we care about. They're focused on growing business. They're not managing model complexity. They're not looking at the latest LLM version. They're not stitching together AI infrastructure.

最後我想說的是，我們服務的公司員工人數在 200 到 2000 人之間。我們關注的是中端市場區隔。他們專注於發展業務。他們沒有有效管理模型複雜性。他們看的不是最新版的LLM。他們並沒有在搭建人工智慧基礎設施。

They want AI that just works and drive measurable growth, and that's our focus, making AI simple, practical, and actionable, and driving outcomes for scaling companies. That's our strategy, and we think it's very defensible for the segment of customers that we are delivering value for.

他們想要的是能夠真正發揮作用並推動可衡量成長的人工智慧，而這正是我們的重點：讓人工智慧變得簡單、實用、可操作，並為規模化公司帶來成果。這就是我們的策略，我們認為對於我們正在為其創造價值的客戶群來說，這種策略是完全站得住腳的。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. The question I had was on acceleration. The guidance for 16% constant currency growth this year. It's certainly not an acceleration, but all the bread crumbs that you're giving us on kind of net new ARR would mathematically just leads to acceleration. So I'm curious what the disconnect is there between guidance of slowing growth and net new ARR, which would hit that accelerating growth?

偉大的。我的問題是關於加速度的。今年預計以固定匯率計算成長16%。這當然不是加速成長，但你給我們提供的所有關於淨新增 ARR 的信息，從數學角度來看，最終都會導致加速成長。所以我很好奇，成長放緩的預期和新增淨 ARR 之間為什麼會出現這種脫節，而新增 ARR 又會打擊加速成長的預期呢？

I'll just start by saying that we remain confident that we can reaccelerate and hit our 20% revenue growth goal. You're right, all of the leading indicators are pointing in the right direction. Net new ARR is an important forward indicator of growth for us, and we've delivered net new ARR growth in excess of revenue growth now over the last six quarters. Our revenue guidance implies a modest acceleration throughout 2026.

首先我想說的是，我們仍有信心重新加速成長，達到20%的營收成長目標。你說得對，所有領先指標都指向正確的方向。淨新增 ARR 是我們衡量成長的重要前瞻性指標，在過去的六個季度中，我們的淨新增 ARR 成長已經超過了收入成長。我們的營收預期表明，2026 年全年將出現小幅加速成長。

As I shared in my prepared remarks, net revenue retention is expected to expand by another 1 to 2 points this year. And we're also expecting that 2026, net new ARR growth is also going to outpace constant currency revenue growth. And that's supported by all of those underlying trends that Yamini talked about.

正如我在準備好的發言稿中所述，預計今年淨收入留存率將再增加 1 至 2 個百分點。我們也預計，到 2026 年，淨新增 ARR 成長也將超過以固定匯率計算的收入成長。而亞米尼提到的所有那些潛在趨勢都支持這一點。

Continued upmarket momentum, continued multi-hub adoption, continued benefit from our ongoing pricing changes, and then those emerging growth levers of core seat adoption and credits. The momentum that we're seeing with net new ARR is what gives us the confidence that we will be able to deliver 20% revenue growth in the future.

持續的高端市場動能、持續的多樞紐採用、持續受益於我們不斷進行的價格調整，以及核心座位採用和積分等新興成長槓桿。淨新增 ARR 的成長動能讓我們有信心在未來實現 20% 的營收成長。

Keith Bachman, BMO.

Keith Bachman，BMO。

It's a good follow-on question to the previous one. Kate, I was hoping to dig a little more into the context of guidance. In particular, a few things I wanted to flush out. You talked about pricing and I just wanted to try to understand, A, how much pricing help was in '25 versus '26? And, B, if you could comment a little bit about any guidance, so to speak, on how much core seat growth may add and/or credits as we think about what is embedded in guidance as you articulated?

這是對前一個問題的一個很好的後續問題。凱特，我原本希望更深入地探討指導的背景。尤其是一些我想澄清的事情。你談到了定價，我只是想了解一下，A，2025 年和 2026 年的定價幫助有多大區別？還有，B，您能否就核心席位成長可能增加多少學分和/或學分，以及您闡述的指導意見，發表一些看法？

And then the final one, I know a multi-part question here, sorry, is could you give any color on what like-for-like seat growth was in '25 and how you think that may be different or the same in '26. So sort of three engines within the context of guidance of CY '26.

最後一個問題，我知道這是一個多部分的問題，抱歉，您能否簡要介紹一下 2025 年的同類座位增長情況，以及您認為 2026 年的情況會有何不同或相同之處。所以，在 CY '26 指導方針的背景下，這算是三個引擎。

Yeah. Maybe I'm going to just start by giving a high-level view of how we set guidance for 2026. And the short answer there is that we set guidance in a way that is very consistent with how we have always set guidance. And that is that we -- it's early in the year, we want to set guidance that we feel comfortable that we can meet or exceed throughout the year under a set of outcomes across economic and execution outcomes that are that capture a range. Again, it's early in the year, and we want to establish a set of guidance that we're comfortable that we can deliver against.

是的。或許我可以先從宏觀層面談談我們如何制定 2026 年的指導方針。簡而言之，我們制定指導方針的方式與我們一直以來制定指導方針的方式非常一致。也就是說，現在才年初，我們希望制定一些指導方針，我們認為在涵蓋一系列經濟和執行結果的範圍內，我們能夠全年達到或超過這些目標。再次強調，現在才年初，我們希望制定一套我們能夠實際執行的指導方針。

That said, like our guidance -- our starting point guidance for 2026 is higher than our starting point guidance for 2025. It's up about 0.5 point from last year. Our full-year guidance this year is higher than our Q1 guidance. And so that would indicate that Q1 is going to be the low point for growth this year and that we're going to accelerate growth throughout the year. So it's early. We wanted to put forward guidance that is consistent in terms of methodology that we're comfortable we can deliver against and that shows that we can reaccelerate revenue over time.

也就是說，與我們的預期一樣——我們對 2026 年的預期起點高於我們對 2025 年的預期起點。比去年上漲了約0.5個百分點。我們今年的全年業績預期高於第一季的預期。因此，這表明第一季將是今年成長的低谷，我們將在全年加速成長。現在還早。我們希望提出一套方法論上前後一致的指導方針，我們有信心能夠實現這些方針，並且能夠證明我們可以隨著時間的推移重新加速收入成長。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Yamini, I remembered your -- Dario, keynote from INBOUND. And Dharmesh, I know you spent a lot of time in the Claude ecosystem. Maybe talk to us about how you see your leading-edge customers using a tool like Claude Cowork alongside HubSpot to get to a better and complementary outcome of both tools working side by side.

Yamini，我記得你—Dario，INBOUND 的主題演講。達爾梅什，我知道你花了很多時間在克勞德生態系統​​中。或許您可以和我們談談，您如何看待您的領先客戶將 Claude Cowork 等工具與 HubSpot 結合使用，從而實現兩個工具協同工作，獲得更好、更互補的結果。

So Anthropic's Claude Cowork is still very early, and it's solving for a consumer-oriented use cases. So it's still very early to see our customers using it. What we do see customers using is our Claude connector that connects an individual's account on Claude to HubSpot via our connector, and that's getting increased usage. And what gives us a lot of optimism is around -- what that's really doing is extending the customer platform that Yamini has been talking about and providing it via a new channel, which is these kind of AI applications like Claude and ChatGPT.

所以 Anthropic 的 Claude Cowork 還處於非常早期的階段，它主要針對面向消費者的使用場景。所以現在就看到我們的客戶使用它還為時過早。我們看到客戶正在使用我們的 Claude 連接器，該連接器將個人在 Claude 上的帳戶透過我們的連接器連接到 HubSpot，而且該連接器的使用率正在不斷提高。而真正讓我們感到樂觀的是——它實際上是在擴展 Yamini 一直在談論的客戶平台，並透過新的管道提供該平台，也就是像 Claude 和 ChatGPT 這樣的 AI 應用。

So we're not seeing Claude Core yet, but we are seeing the kind of classic Claude connector and the ChatGPT connector being used.

所以我們現在還沒有看到 Claude Core，但是我們看到了經典的 Claude 連接器和 ChatGPT 連接器正在使用。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe following on the previous question. To the extent that the modality develops around third-party agents and agent networks that continuously have to access both to read and to action information within HubSpot. Can you just give us a framework for how you're thinking about monetization in that type of environment? And then to some extent, how should we think about the -- to cue for a question, kind of the potential for consumption tailwinds on ARR growth, net new ARR growth on the credit side for '26 and maybe beyond?

或許可以接著上一個問題問。如果這種模式圍繞著第三方代理和代理網絡發展，這些代理和代理網絡需要不斷訪問 HubSpot 以讀取和處理信息，那麼這種模式就會發展下去。您能否簡要介紹一下在這種環境下您是如何考慮獲利模式的？那麼在某種程度上，我們應該如何看待——提示一下這個問題——消費利好因素對 2026 年及以後信貸方面 ARR 增長和淨新增 ARR 增長的潛在影響呢？

So I'll start with the first one and then talk about the credit consumption. So in the first part, the way we think about ourselves is we are an open platform. That's how we won in the last decade, that's how we will win in the next decade. And we want customers to bring in and use as much data as possible.

那我就先從第一個問題開始，然後再談談信用消耗。所以，在第一部分，我們對自己的認知是，我們是一個開放的平台。過去十年我們就是這樣取得勝利的，未來十年我們也將如此取得勝利。我們希望客戶能夠匯入並使用盡可能多的資料。

So we're very open about that. We don't charge for customers, bringing in the data, the more complete the customer context, the better outcomes that we can deliver. So we don't try to restrict that, and we try to enable that.

所以我們對此非常坦誠。我們不向客戶收取費用，引入數據後，客戶背景資訊越完整，就能提供越好的結果。所以我們不試圖限制它，反而試著促進它。

The second thing I would say is we also want partners building on top of HubSpot. And this could be workflows, this could be agents, this could be custom apps, and we want that to happen. And we've always been partner-friendly. We will continue to operate that way.

第二點我想說的是，我們也希望合作夥伴能夠基於 HubSpot 進行開發。這可以是工作流程，可以是代理，可以是自訂應用程序，我們希望這種情況發生。我們一直以來都非常重視合作夥伴。我們將繼續以這種方式運作。

The part that we will say we're very disciplined is around platform access at scale. If other agents or other platforms that are emerging are relying on our customer context, that access, we will monitor it, we will meter it, and we will monetize it. And specifically, if it is high frequency, extraction of scale, if it's like bulk export of data or content, or context, we will govern it, and monetize that accordingly.

我們非常注重的是大規模平台存取方面的管理。如果其他代理商或其他新興平台依賴我們的客戶背景訊息，我們將對其進行監控、計量，並將其貨幣化。具體來說，如果是高頻提取、規模化提取，例如批量導出資料、內容或上下文，我們將對其進行管控，並據此實現盈利。

So the way to think about our platform is we are open by design, but we're not a free data pipeline for everybody to take that information out. We're an intelligent customer platform. Access to that context is valuable, and we'll price it in a way that is fair, scalable, and aligned to the value that we create for customers, which means we will also share the value. So that's in terms of our culture.

所以，理解我們平台的方式是，我們的設計是開放的，但我們並不是一個任何人都可以隨意獲取資訊的免費資料管道。我們是一個智慧客戶平台。獲得這些背景資訊很有價值，我們將以公平、可擴展的方式定價，並與我們為客戶創造的價值保持一致，這意味著我們也會分享這些價值。這是就我們文化而言。

The second question you asked is around monetization specifically of credits and how we think about that as tailwind now and maybe in the future. And I'll start by saying that we're beginning to see real usage beyond included credits, and that's, again, happening because customers are getting clear measurable value. And the biggest driver today that we see is customer agent. I talked about this. This has got clear product market fit and clear value. And customers are using it to resolve support tickets, but they're also using it to answer tickets in terms of marketing as well as sales. And it represents nearly 60% of the credits that are getting consumed right now.

你提出的第二個問題是關於貨幣化，特別是關於積分的貨幣化，以及我們如何看待它現在和將來可能帶來的順風作用。首先我想說的是，我們開始看到實際使用量超過了包含的額度，而這再次表明，客戶獲得了清晰可衡量的價值。而我們現在看到的最大驅動因素是客戶代理。我談過這件事。該產品具有清晰的產品市場契合度和明確的價值。客戶不僅用它來解決支援工單，還用它來回答行銷和銷售方面的工單。這佔目前消耗積分的近 60%。

We are also seeing very strong adoption in three other use cases. Prospecting agent has found really clear fit. And think about this agent. It can do account research, it can monitor your contacts, and then it can drive outreach based on the signal that you get about a company or a particular contact. And given how much disruption is happening in terms of the lead, this has got pull. I talk to customers day in and day out of our prospecting agent.

我們也看到其他三個應用場景也獲得了非常強勁的採用率。這位潛在客戶經紀人找到了非常合適的人選。想想這位經紀人。它可以進行帳戶調查，可以監控您的聯絡人，然後根據您獲得的有關公司或特定聯絡人的訊號來進行外展活動。鑑於目前領先優勢發生瞭如此大的變化，這確實很有吸引力。我每天都和我們的客戶銷售代表與客戶交談。

Now what is interesting is how customers are buying credits. They're not just thinking of this as an experiment. They're beginning to scale it. They're starting with what's included, then they replace real work and then they allocate more budget, and that is a real positive green shoot.

現在有趣的是，顧客是如何購買積分的。他們不只是把這當作一次實驗。他們開始擴大規模。他們先從現有內容入手，然後替換實際工作內容，最後再分配更多預算，這是一個非常正面的好兆頭。

One of our customers SkyTrak and GOLFTEC, they piloted this customer agent and started with 10,000 support chats a month. That agent was so effective that it used up all of the included credits in four hours.

我們的客戶 SkyTrak 和 GOLFTEC 試用了這款客戶代理，最初每月處理 10,000 次支援聊天。那位代理人效率極高，四個小時就把所有贈送的額度都用光了。

Then they allocated another $50,000 of their budget for credit and treated it more like a work replacement. So where we are is we have this cap holding in place. Agents are clearly adding value. They are being adopted. The credit mechanisms are in place.

然後，他們又從預算中撥出 5 萬美元用於信貸，並將其視為一種工作替代方式。所以現在的情況是，這個蓋子就固定住了。經紀人顯然在創造價值。它們正在被收養。信貸機制已經到位。

We're beginning to deliver value, and we see this as a tailwind and an emerging lever both in 2026 as well as many years to come.

我們開始創造價值，我們認為這將成為2026年以及未來許多年的順風和新興槓桿。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yes. This is Jack McShane on for Parker. Yamini, with the agentic ecosystem buildout seemingly accelerating throughout the quarter, whether it be through Frontier, Claude Code, Opus, et cetera. How did deal velocity trend in the quarter relative to prior periods? Are the weekly announcements of the next use case-specific agent or a new model that specializes in coding, are those types of announcements causing any sort of confusion or slowdown in the pipeline?

是的。這是傑克·麥克沙恩替帕克上場。Yamini 認為，代理生態系統的建構似乎在本季加速進行，無論是透過 Frontier、Claude Code、Opus 等。本季交易速度與前期相比有何變化趨勢？每週發布的關於下一個特定用例代理或專門用於編碼的新模型的公告，這些類型的公告是否會造成任何混亂或減緩開發進度？

Maybe a better way of asking it is how are customers and prospects digesting to these announcements in real time?

或許更好的問法是：客戶和潛在客戶如何即時消化這些公告？

I actually really like this question. I'll tell you there's a huge disconnect between what's happening in terms of announcements and how Investors are processing it and the actual conversations that we're having with customers in terms of AI adoption and use case. And again, I'll remind that the segments that we serve, there are 2 to 2,000 employee companies. They have a business to run, and they're not chasing every announcement that is happening out there. And if you look at the pipeline and what we are talking about, the first conversation that we have is how can they drive innovation and growth.

我其實很喜歡這個問題。我可以告訴你，目前發布的公告與投資者的理解方式，以及我們與客戶就人工智慧的採用和應用案例進行的實際對話之間存在巨大的脫節。我再次提醒大家，我們服務的細分市場，是一家擁有 2 到 2000 名員工的公司。他們有自己的生意要經營，不可能關注外界發生的每項公告。如果你看看產品線和我們正在討論的內容，我們首先要討論的是它們如何推動創新和成長。

It is not how can I adopt -- name the announcement of this week? It's really how can I drive adoption and growth and for ourselves, and we deliver that. We deliver our platform. We deliver solutions that can -- that are easy to use, that have fast time to implement, and they look to us to drive it. So we talked about Q4, in Q4 specifically, upmarket was very strong.

這不是“我該如何收養——說出本週的公告？”真正的問題在於如何推動產品普及和成長，以及我們本身如何實現這一點。我們交付我們的平台。我們提供的解決方案易於使用，實施速度快，他們期待我們來推動這些解決方案的實施。所以我們討論了第四季度，具體來說，第四季高端市場表現非常強勁。

And if you look at the nature of the conversations we had, it was consolidating multiple applications is driving growth through innovation and then making sure that there is clear data and clean context to be able to get them to grow. That is the kind of conversation that we have. Again, huge disconnect, and we had a very robust Q4.

如果你仔細觀察我們之間的對話，你會發現，整合多個應用程式是透過創新來推動成長，然後確保有清晰的數據和乾淨的背景訊息，才能讓它們發展壯大。這就是我們之間的對話類型。再次出現巨大脫節，而我們第四季的業績卻非常強勁。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Kate, maybe just on the acceleration that we could see throughout this year. You mentioned a lot of growth drivers earlier, but could you just break out how much price is contributing to that versus some of the other growth drivers around seats and credit adoption, like could we be getting to the point that you mentioned earlier that credits are scaling, could that start to add a point to growth this year? Would just love to hear a little bit more about the breakout of those.

凱特，或許只是指我們今年看到的這種加速發展動能。您之前提到了許多成長驅動因素，但您能否具體說明價格對成長的貢獻有多大，以及座位和積分普及等其他成長驅動因素的貢獻有多大？例如，我們是否正達到您之前提到的積分規模化階段，這是否會在今年開始為成長貢獻一個點？我很想多了解一些關於這些突破的資訊。

Yes. Thanks so much for the question. I actually think, Taylor, the easiest way to talk about it is through the trends that we're seeing in net revenue retention. As you know, net revenue retention was up this year, 105 in Q4, it was up to 103 for the full year, and that's about 1.7 points up from last year. The components of that, if you think about what was actually driving the expansion. It was very much all of the benefits of the seats pricing model change.

是的。非常感謝你的提問。泰勒，我其實覺得，談論這個問題最簡單的方法就是透過我們看到的淨收入留存率趨勢。如您所知，今年的淨收入留存率有所上升，第四季度為 105，全年為 103，比去年增長了約 1.7 個百分點。如果你仔細想想究竟是什麼推動了擴張，你會發現其中的組成部分。座位定價模式改變帶來的所有好處都顯而易見。

Now that is not pricing. The biggest impact actually is that we saw higher upgrade rates for seats across sales seats, service seats and core seats. As you remember, one of the things that happened with the pricing model change is that we lowered the barrier to get the barrier to entry to get started at HubSpot. So people bought the seats that they needed, and there was a much more natural upgrade path from there.

這根本不是定價。實際上，最大的影響是我們看到銷售座位、服務座位和核心座位的升等率都提高了。您應該還記得，定價模式改變帶來的一個結果是，我們降低了 HubSpot 的進入門檻。所以人們購買了他們需要的座位，然後就有了更自然的升級途徑。

The other contributor was what you're talking about, which is as customers migrated and came up for a renewal we would -- they would see up to a 5% pricing increase, and that did help support net revenue retention in 2025. It will support revenue retention in 2026 again to a similar amount. But the bigger driver of the expansion this year and into next year were the other factors associated with the pricing change.

另一個影響因素就是你所說的，那就是隨著客戶遷移並需要續訂，他們會看到價格上漲高達 5%，這確實有助於在 2025 年保持淨收入。預計到 2026 年，收入將再次保持在同一水平。但今年及明年擴張的主要驅動力是與價格變動相關的其他因素。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

I was wondering, Yamini, if you could just talk about the benefits you're seeing from AI internally, just in terms of your own R&D and maybe sales and marketing efficiency, where you're seeing some real levers there? Just any anecdotal comments would be great.

Yamini，我想問你能否談談人工智慧在公司內部帶來的好處，例如在研發、銷售和行銷效率方面，你看到了哪些真正的提升？任何軼事評論都歡迎。

Yes. Thanks a lot, Kirk. Look, we have been transforming HubSpot completely through AI, and I'll start with coding. The way we build products has transformed completely, 97% of the code that was committed last year was done with AI assist. And if you look at our top engineers, they are living and breathing in agentic coding with Claude Code, and that's how we build.

是的。非常感謝，柯克。你看，我們一直在透過人工智慧徹底改造 HubSpot，我將從編碼開始講起。我們建立產品的方式已經徹底改變，去年提交的程式碼中有 97% 是在 AI 輔助下完成的。如果你看看我們頂尖的工程師，他們正在使用 Claude Code 進行智慧編碼，而我們也正是這樣建構產品的。

And that has certainly changed the pace of innovation, but also the types of innovation that we are able to bring to the customers. So that's like number one, it has changed dramatically.

這無疑改變了創新的速度，也改變了我們能為客戶帶來的創新類型。所以，第一點就是，它發生了巨大的變化。

And then when you think about our -- how we serve -- we have been on this path of transforming with AI. Support completely done, our support is the first year support and nearly 60% of our support is handled by AI, which means our teams are spending on much more complex cases. We've been using AI to transform marketing as well as prospecting. Our prospecting approach internally has changed the level of meetings and the level of pipeline that we bring and in a given quarter, 10,000 to 15,000 meetings are being set up internally through prospecting. And almost everything that we do from sales in terms of node capture, in terms of deal progression, in terms of smart guidance for getting deals.

然後，當你思考我們——我們如何提供服務——我們一直在利用人工智慧進行轉型。支援工作已全部完成，我們的支援服務是第一年的支援服務，近 60% 的支援工作由人工智慧處理，這意味著我們的團隊正在處理更複雜的案例。我們一直在利用人工智慧來變革行銷和客戶開發。我們內部的潛在客戶開發方法改變了我們帶來的會議數量和銷售管道數量，每個季度，我們透過內部開發安排了 10,000 到 15,000 場會議。幾乎所有我們在銷售方面所做的工作，包括節點獲取、交易推進、以及為達成交易提供智慧指導等。

All of that has grown, which means at the end of the day, our efficiency in terms of support our efficiency in terms of sales and our efficiency in terms of building pipeline has increased. And overall, as a company, we are leaning very hard into AI. We set ourselves a target last year to say we want every HubSpotter to be inspired and work in this new AI-first manner. And we put out targets, then we blew through it. At the end of the year, almost every is using AI every day of their week.

所有這些都得到了成長，這意味著最終，我們在支援方面的效率、在銷售方面的效率以及在建立銷售管道方面的效率都提高了。總的來說，作為一家公司，我們正在大力發展人工智慧。去年我們為自己設定了一個目標，那就是希望每位 HubSpot 員工都能受到啟發，並以這種以人工智慧為先的新方式工作。我們設定了目標，然後就超額完成了。到年底，幾乎每個人每天都在使用人工智慧。

And so we're transformed and that helps us, of course, to move faster and operate at speed. But more importantly, everything that we learn of what works and what doesn't, we're building it into the product, and we are sharing it as best practices for the customer. And so a really good story that we're happy with that. And we're going to continue to do that. Now it's like we are on to the second phase of AI transformation internally to scale up our efforts even more.

因此，我們發生了轉變，這當然有助於我們更快地前進和高效運作。但更重要的是，我們把所有關於哪些有效、哪些無效的經驗都融入產品中，並作為最佳實踐與客戶分享。所以，這是一個非常好的故事，我們對此感到滿意。我們將繼續這樣做。現在，我們似乎已經進入了內部人工智慧轉型的第二階段，要進一步擴大我們的努力規模。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

This is Rishi Jaluria. Maybe I want to drill into one thing. So Yamini, I was struck by you mentioning Lovable as a customer during the prepared remarks. Without talking specifically about a single customer, definitely it's striking that the market clearly is worried that vibe coding is going to replace incumbent platforms, but one of the leaders in vibe coding is using your intelligence to power that.

這是里希·賈盧裡亞。或許我想深入研究某一方面。Yamini，你在準備好的演講稿中提到 Lovable 是你的顧客，這讓我印象深刻。雖然不具體談論某個客戶，但市場顯然擔心 Vibe 編碼會取代現有平台，這一點確實引人注目，但 Vibe 編碼領域的領導者之一正在利用你的智慧來推動這一趨勢。

So my question is really this. As you think about your own adoption amongst AI natives, especially the cutting-edge ones that have the common household names over the past year, in many cases over the past six months. Can you talk about why you might feel HubSpot is uniquely positioned for those companies? And why they're choosing to use you instead of leveraging all the vibe coding tools in Claude Code and CodeAx, et cetera, to try to build their own?

所以我的問題其實是這樣的。當你思考自己在人工智慧原住民群體中的應用時，尤其是在過去一年，甚至在過去六個月裡，那些擁有家喻戶曉名字的前沿人工智慧領域。您能否談談您認為 HubSpot 為何能為這些公司提供獨特的優勢？為什麼他們選擇使用你的服務，而不是利用 Claude Code 和 CodeAx 等工具中的所有 Vibe 編碼工具來嘗試建立自己的程式碼？

Coding has gotten easier, but domain expertise and platform value has not just gone away, right? So people just equate coding to your ability to build everything. Look, I've just said that internally in terms of how we build products is completely transformed, and we're building products completely. And of course, everybody within the company knows as vibe coding are how us managers do it or US managers do it.

程式設計變得更容易了，但領域專業知識和平台價值並沒有消失，對吧？所以人們就把程式設計能力等同於建構一切的能力。你看，我剛才說過，我們內部的產品開發方式已經徹底改變了，我們正在完全重新開發產品。當然，公司裡每個人都知道，所謂的「氛圍編碼」就是我們這些經理或美國經理的工作方式。

Our marketers do vibe coding, but it doesn't mean that we are turning around and replacing our core platform, a core HR platform, ERP platform. We're not building any of that.

我們的行銷人員會運用氛圍編碼，但這並不代表我們要徹底改變策略，取代我們的核心平台、核心人力資源平台和企業資源規劃平台。我們不會建造任何這類東西。

And so I think there's a lot that is getting lost in terms of ability to code versus value of a platform. And that's what I would come back to, which is what we deliver is a platform, and it used to be that that platform had unified data. That's why customers came to us. We were -- we built something organically. People came to us because there was value in unifying marketing, sales, and service.

所以我覺得，在程式設計能力和平台價值之間，有很多東西被忽略了。而我最終要說的就是，我們提供的是一個平台，而過去這個平台擁有統一的數據。這就是顧客選擇我們的原因。我們——我們一步一步地建立起了一些東西。人們選擇與我們合作，是因為我們認為將行銷、銷售和服務整合起來具有價值。

But what has fundamentally changed now is that it's not just about the data, it's the context because context is what you need to make decisions, whether you're an agent or you're a team member that is making decisions on behalf of that agent, and that is what we deliver. And that is why all AI native companies, including the ones that you mentioned are starting with HubSpot as their platform of choice in terms of go-to-market.

但現在從根本上改變的是，重要的不僅僅是數據，還有背景，因為背景是你做出決策所必需的，無論你是代理人還是代表代理人做出決策的團隊成員，而這正是我們所提供的。正因如此，包括你提到的那些在內的所有人工智慧原生公司，都選擇 HubSpot 作為其市場推廣的首選平台。

Dharmesh, go ahead.

達爾梅什，請講。

Yeah. One thing I'd like to add is someone that spends hours a day using Agentic coding tools. Both AI native companies and non-AI companies, the best companies, spend the most amount of calories in adding value to their customers. They don't spend their engineering calories, going off and vibe coding CRM or an ERP or an HR system, whatever, that just doesn't make sense just because it's possible.

是的。我想補充一點，就是每天花數小時使用 Agentic 程式設計工具的人。無論是人工智慧原生公司還是非人工智慧公司，最優秀的公司都會投入大量精力為客戶創造價值。他們不會把精力浪費在寫 CRM、ERP 或 HR 系統之類的東西上，只因為可行就去做，這毫無意義。

So we have, as Yamini mentioned, a large engineering team, knows what they're doing, spending 97% of their calorie using agentic coding tools, they're not doing it to replace internal platforms. So we think the best companies, both AI and non-AI, will not be using vibe coding to replace core systems. They'll be doing it to add value to their customers.

正如 Yamini 所提到的，我們有一個龐大的工程團隊，他們知道自己在做什麼，97% 的時間都花在了使用智慧編碼工具上，他們這樣做並不是為了取代內部平台。因此我們認為，最好的公司，無論是人工智慧公司還是非人工智慧公司，都不會使用 Vibe 編碼來取代核心系統。他們這樣做是為了給客戶增加價值。

That's what Lovable is doing, and I think that's what all the best companies in the world will continue to do.

這就是 Lovable 正在做的，我認為世界上所有最優秀的公司都會繼續這樣做。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

This is Eamon Coughlin on for Raimo. Great to hear that YouTube and Newsletter leads are driving differentiation with LLM-generated answers. Given the challenges of the SEO channel faced throughout 2025, should we think about that as a tailwind to top line throughout 2026?

這是埃蒙·考夫林代表雷莫報道。很高興聽到 YouTube 和電子報訂閱用戶透過 LLM 產生的答案實現了差異化。鑑於 SEO 管道在 2025 年面臨的挑戰，我們是否應該將其視為 2026 年營收成長的助力？

I'll maybe talk about the TOFU trends, the top-of-the-funnel trends. And look, yes, there's been overall decline in terms of content-generated traffic, traffic that comes into the website, but that's something that we have seen coming. We have diversified the channels. We've talked about our playbook, and that playbook is working, right? And specifically, you mentioned a couple of like channels for us YouTube has grown, Newsletters, leads from Newsletters have increased more than 50%, and AEO is increasing.

我可能會談談漏斗頂端（TOFU）的趨勢。是的，內容產生的流量，也就是網站流量，整體上有所下降，但這是我們早就預料到的。我們實現了通路多元化。我們已經討論過我們的策略，而且這個策略行之有效，對吧？具體來說，您提到了幾個類似管道，例如 YouTube 的成長、新聞簡報的成長（來自新聞簡報的潛在客戶成長超過 50%）以及 AEO 的成長。

And I think like part of the way you should think about it is that the diversification strategy as well as our ability to lead with AI is going to help us continue to drive top of the funnel, which is why you're seeing us double down on our guidance of net customer additions of 9 to 10,000 every quarter going forward. Last year, we added 40,000 customers, and this year, we'll continue to do it at that pace. And a lot of what we have done in terms of the playbook is what helps us drive customer additions even in a very challenging environment when marketing is completely changing.

我認為你應該這樣想：多元化策略以及我們以人工智慧為主導的能力將幫助我們繼續推動銷售漏斗頂端的成長，這就是為什麼你會看到我們加倍堅持每季淨新增客戶 9000 至 10000 的預期。去年我們新增了 4 萬名客戶，今年我們將持續維持這個成長速度。我們在策略手冊方面所做的許多工作，即使在行銷方式發生徹底改變的充滿挑戰的環境中，也能幫助我們推動客戶成長。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Yamini, I just want to ask about the early adopters of AI agents, whoever using it. What kind of trends are you seeing in terms of them talking about their user expansion or seat expansion. Where is -- actually, that's getting funded, all the AI investment they are doing right now. Also, are you seeing any trend differently from your segment versus scaling mid-market companies.

Yamini，我只想問問人工智慧代理的早期採用者，也就是所有使用它的人。就他們談論用戶成長或席位成長而言，你觀察到了哪些趨勢？實際上，他們目前正在進行的所有人工智慧投資都得到了資金支持。另外，您是否觀察到您所在細分市場與正在擴張的中型市場公司之間存在任何不同的趨勢？

Okay. Great question, Siti. So I'll start with like what are we seeing and then is there any difference between segments. In terms of the AI use cases, use cases that are getting resonance are the ones that show clear, measurable value and clear outcomes. So it's really about delivering value and showing clear outcomes that is driving the usage.

好的。問得好，Siti。所以我先從我們看到的情況開始，然後問各個部分之間是否有差異。就人工智慧應用案例而言，那些能夠展現清晰、可衡量的價值和明確成果的應用案例，才是真正引起共鳴的。所以，真正推動用戶使用的，是提供價值和展示清晰的成果。

I would say the strongest traction is customer agents. And I would also say prospecting agents. We talked about both of these agents. Data agents that we launched at INBOUND is another one. So all three agents are seeing really good traction and adoption.

我認為成長最快的是客服人員。我還要提一下潛在客戶開發代理人。我們討論了這兩位經紀人。我們在 INBOUND 大會上推出的資料代理程式是另一個例子。因此，這三款代理軟體都獲得了非常好的用戶成長和採用率。

And in terms of what customers look for? Is it easy to implement and get started, and is it clear enough to see value? And can they get confidence that the credit consumption is somewhat predictable? And I think it checks the box in each of those areas.

那麼，顧客究竟在尋找什麼呢？它是否易於實施和上手，且其價值是否足夠清晰？他們能否確信信貸消耗在某種程度上是可以預測的？我認為它在上述各個方面都符合要求。

The one thing I will talk about is core seat, right? Because when we think about AI monetization, it is both core seat as well as credit. And we've talked a lot about the credit. On the core seat side, as you remember, Siti, last year, we included Breeze Assistant into the core seat. And now, 50% of core seat users have tried and are using Breeze Assistant. So we know that AI is adding value there.

我今天要談的重點是核心席位，對吧？因為當我們考慮人工智慧貨幣化時，它既包括核心席位，也包括信用額度。我們已經多次談到信貸問題。西蒂，你還記得嗎？去年，我們在核心座椅方面加入了 Breeze Assistant。現在，50% 的核心用戶已經嘗試並正在使用 Breeze Assistant。所以我們知道人工智慧在那裡創造了價值。

Similarly, we added all of the company enrichment data into core seat. Again, the level of adoption for that core seat has really increased in the last couple of quarters. So our strategy to add a lot of AI and data value into the core seat is working. And the combination of core seat plus credit is what we think of as durable emerging levers in terms of AI tailwinds.

同樣地，我們將所有公司豐富數據都添加到了核心席位中。再次強調，在過去的幾個季度裡，核心席位的採用率確實大幅提高。因此，我們為核心席位增加大量人工智慧和數據價值的策略正在發揮作用。我們認為，核心席位加上學分是人工智慧發展中持久的新興槓桿。

And in terms of -- what you mentioned in terms of upmarket and downmarket, look, broadly speaking, very similar trends. I think upmarket customers care a little bit more about data security. In fact, a lot of them talked to me about which prompts are encrypted, which prompts are retained and so on. So there's a little bit more sensitivity towards data security and prompt usage versus the downmarket segment, but the use cases are about same.

至於你提到的高端市場和低端市場，總的來說，趨勢非常相似。我認為高端客戶會更注重資料安全。事實上，他們中的許多人都跟我談過哪些提示音會被加密，哪些提示音會被保留等等。因此，與低端市場相比，高端市場對資料安全和及時使用更加敏感，但使用場景大致相同。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Yamini, I wanted to follow up on the unified data model. I'm curious where you think that near-term cross-sell opportunity is most significant? Historically, I think we've heard a lot about building on Marketing Hub with Sales Hub. But as you've kind of broadened out the portfolio, where do you see like the incremental product adoption really ramping up in 2026?

Yamini，我想跟進一下統一資料模型的情況。我很想知道您認為近期交叉銷售機會最顯著的地方在哪裡？從歷史上看，我們經常聽到關於在行銷中心和銷售中心之間進行建構的說法。但隨著你們的產品組合不斷擴大，你認為到 2026 年，哪些產品的增量採用率會真正加速成長？

Maybe clarify the question a little bit when you said unified data model. Are you just talking about multi-hub adoption? Or are you talking about something else?

當您提到統一資料模型時，或許應該把問題解釋得更清楚一些。您指的是多中心部署嗎？還是你在說別的事情？

Yeah, multi-hub adoption more from a cross-sell perspective. So as you're looking to kind of go back into your base, where do you see the biggest opportunity for cross-sell in '26?

是的，多中心部署更多是從交叉銷售的角度出發的。所以，當你打算回歸你的基本盤時，你認為2026年交叉銷售的最大機會在哪裡？

Yeah, that's a great question. Look, I think in terms of where our customers land, they mostly land with marketing plus Sales Hub. That is a common man pattern or they land with all five hubs, right? Those are the two common patterns. If they land with Marketing Hub and Sales Hub, then what happens is that in a few months, they begin to see the need for Data Hub because in almost everything that you do with Loop or in almost everything that you're doing with sales automation, you need better quality data, ability to ingest more data, ability to real-time bring data through AI prompts, and that's what Data Hub provides. And so the next combination we see is Data Hub.

是的，這是一個很好的問題。你看，我認為就我們的客戶最終訪問的網站而言，他們大多是透過行銷和銷售中心訪問的。這是普通人的模式，或者他們會帶著全部五個樞紐著陸，對吧？這是兩種常見的模式。如果他們選擇了行銷中心和銷售中心，那麼幾個月後，他們就會開始意識到資料中心的必要性，因為在使用 Loop 或銷售自動化方面，幾乎所有操作都需要更高品質的資料、更多的資料攝取能力以及透過 AI 提示即時匯入資料的能力，而資料中心正是提供這些功能的平台。因此，我們看到的下一個組合是資料中心。

Service Hub is another one where there is a ton of like cross-sell opportunity, especially with the advancements that we have made with customer agents, but also across the full platform, embedding, summarization of ticket, sentiment analysis as well as being able to respond quickly. We're beginning to see Service Hub adoption. So the patterns are land with Marketing Hub and Sales Hub, expand to Service Hub, Data Hub, and content hub. And we are continuing to invest across the platform, and that is the motion that we want to continue to build.

Service Hub 是另一個有很多交叉銷售機會的地方，尤其是在我們與客服人員合作取得進步之後，而且在整個平台，包括工單嵌入、匯總、情感分析以及快速響應能力等方面，也存在著許多交叉銷售機會。我們開始看到 Service Hub 的應用。因此，這些模式首先是行銷中心和銷售中心，然後擴展到服務中心、資料中心和內容中心。我們將繼續增加對整個平台的投資，這也是我們希望繼續發展的方向。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

I just want to touch on maybe the other side of the net retention rate dynamics. I'm curious where sort of upsell and upgrade, basically the non-seat-based expansion levers, how those are playing out and whether we've seen sort of an uptick there at all? And maybe as a part of that, I would just love to hear Yamini from you on how the kind of SMB, broader SMB macro environment is evolving given we've heard a little bit of noise there.

我只想稍微談談淨留存率動態的另一面。我很好奇，像是追加銷售和升級之類的手段，基本上就是非基於席位的擴展手段，這些手段的進展如何，以及我們是否看到這方面有所增長？或許作為其中的一部分，我很想聽聽 Yamini 對中小企業，尤其是更廣泛的中小企業宏觀環境如何演變的看法，因為我們已經聽到了一些相關的傳聞。

Yeah. We've been talking about the dynamics with net revenue retention for a number of quarters now. So I think that you're familiar. But we always start the conversation on NRR with customer dollar retention, and customer dollar retention has remained really strong and consistent for us in the high 80s. It's like ticked up a little bit this year, and we expect the same in next year.

是的。我們已經連續幾個季度討論淨收入留存率的動態變化了。所以我覺得你應該很熟悉。但我們總是從客戶留存率開始討論淨收入回報率，而我們的客戶留存率一直非常強勁且穩定，保持在 80% 以上。今年似乎略有上漲，我們預計明年也會如此。

Where we've seen really strong upgrade motion is in the seats upgrade motion adding Service Hub seat, adding Sales Hub seat, adding core seats, and we're starting to see a building trend around credit adoption. The other upgrade motions that we've been talking about contact tier upgrades, some of the cross-sell motions, they've sort of been in this holding pattern for a while. That's the conversation we've been having over time.

我們看到真正強勁的升級趨勢體現在席位升級方面，例如增加了服務中心席位、增加了銷售中心席位、增加了核心席位，而且我們開始看到信貸採用方面也出現了一種發展趨勢。我們一直在討論的其他升級策略，例如聯絡人層級升級和一些交叉銷售策略，它們已經處於這種停滯狀態一段時間了。這就是我們一直以來一直在討論的話題。

And people are adding contacts. They're just not doing it at a rate and pace that is increasing. And our expectation is that those trends are going to continue here for some time. That said, as I shared, we do expect net revenue retention to be up 1 to 2 points next year, and that's going to be driven by the continued success in seat, upgrade rates as well as building momentum around core seats and credits.

人們正在添加聯絡人。只是他們的進展速度和節奏沒有跟上不斷加快的步伐。我們預計這些趨勢將在未來一段時間內持續下去。也就是說，正如我之前所說，我們預計明年淨收入留存率將提高 1 到 2 個百分點，這將得益於座位預訂和升級率的持續成功，以及核心座位和積分業務的成長勢頭。

Thank you. This concludes the HubSpot Q4 2025 earnings call. Thank you to everyone who was able to join us today. You may now disconnect your lines.

謝謝。HubSpot 2025 年第四季財報電話會議到此結束。感謝今天所有到場的朋友。現在您可以斷開線路了。