Revenue Report: Bitbucket vs HubSpot – Which Wins?

When evaluating developer tools and marketing automation platforms, revenue performance is a key metric for investors, users, and enterprise buyers alike. This report breaks down the latest revenue data for Bitbucket (a subsidiary of Atlassian) and HubSpot, comparing growth trajectories, revenue streams, and market positioning to determine which platform leads the pack.

Bitbucket Revenue Overview

Bitbucket, Atlassian’s Git-based code hosting and collaboration platform, does not report standalone revenue, as it is bundled under Atlassian’s "Collaboration" segment. For the fiscal year 2024, Atlassian reported total revenue of $4.2 billion, with the Collaboration segment (including Bitbucket, Jira, Confluence) contributing 62% of total revenue, or ~$2.6 billion. Bitbucket specifically is estimated to account for 12-15% of the Collaboration segment’s revenue, per industry analyst estimates, putting its annual revenue in the $310M–$390M range.

Growth for Bitbucket has slowed in recent quarters, with Atlassian reporting 8% year-over-year growth for the Collaboration segment in Q3 2024, down from 14% in the prior year. This is largely attributed to saturation in the core developer tools market and increased competition from GitHub (Microsoft) and GitLab.

HubSpot Revenue Overview

HubSpot, a publicly traded marketing, sales, and customer service platform, reports standalone revenue quarterly. For the full fiscal year 2023, HubSpot reported total revenue of $1.94 billion, up 28% year-over-year. In Q1 2024, HubSpot reported revenue of $517 million, a 26% increase from Q1 2023, with 89% of revenue coming from subscription services and 11% from professional services.

HubSpot’s growth is driven by expansion into enterprise markets, with its Enterprise tier growing 32% year-over-year in Q1 2024, and the launch of new AI-powered tools like HubSpot AI for content creation and lead scoring. The company also reported a 22% increase in total customers, reaching 184,000 paid customers in Q1 2024.

Head-to-Head Revenue Comparison

Metric

Bitbucket (Estimated)

HubSpot (Reported)

FY2023 Revenue

$290M–$360M

$1.94B

YoY Growth (Latest Quarter)

8% (Collaboration Segment)

26%

Revenue Concentration

Developer Tools (100%)

Marketing (58%), Sales (27%), Service (15%)

Gross Margin

~82% (Atlassian Consolidated)

84%

Which Platform Wins?

The answer depends on the evaluation criteria:

• Revenue Scale: HubSpot leads by a wide margin, with nearly 5x the estimated revenue of Bitbucket, and reports standalone, audited financials for transparency.
• Growth Rate: HubSpot’s 26% YoY growth far outpaces Bitbucket’s 8% segment growth, driven by expansion into new markets and AI adoption.
• Market Stability: Bitbucket benefits from Atlassian’s diversified portfolio, with consistent enterprise adoption in DevOps workflows, though growth is slowing.

For investors seeking high-growth SaaS opportunities, HubSpot is the clear winner. For enterprise buyers prioritizing integrated DevOps ecosystems, Bitbucket remains a strong contender, but its revenue trajectory lags behind HubSpot’s rapid expansion.

Key Takeaways

While Bitbucket is a dominant player in the developer tools space, HubSpot’s standalone revenue scale, faster growth, and diversified revenue streams make it the winner of this revenue report comparison. Bitbucket’s reliance on Atlassian’s broader performance and slowing growth in the core Git market limit its revenue upside compared to HubSpot’s aggressive expansion.