10-Q · November 5, 2025
HubSpot reported Q3 2025 revenue of $809.518M, up $139.797M (≈20.9%) versus Q3 2024 and sequentially higher; subscription revenue drove the growth. Gross margin remained high at 83.5% (gross profit $676.0M) while the…
Earnings analysis · 10-Q
HUBS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
HubSpot reported strong Q1 2026 results with revenue at $881 million, surpassing estimates, and net income of $32.6 million, recovering from losses in the previous year. The results demonstrate a 23% year-over-year…
Read full summary
HubSpot reported strong Q1 2026 results with revenue at $881 million, surpassing estimates, and net income of $32.6 million, recovering from losses in the previous year. The results demonstrate a 23% year-over-year revenue growth, driven by increased subscription offerings and enhanced customer base, leading to positive forward guidance despite some pressure on margins due to increased operational costs and economic uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.72
What stood out
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Revenue Surpasses Estimates
HubSpot reported revenue of $881 million, exceeding estimates of $864 million.
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Notable EPS Growth
Diluted EPS rose to $2.72, up from a loss of $0.42 in Q1 2025.
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Robust Year-over-Year Growth
Total revenue increased by 23% year-over-year, from $714 million in Q1 2025.
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Increased Customer Base
Customer count grew from 258,258 to 299,458 year-over-year.
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Positive Cash Flow
HubSpot generated $198.8 million in operating cash flow, compared to $161.6 million in Q1 2025.
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Share Repurchase Program Initiated
Authorized a $1 billion share repurchase program, enhancing stockholder value.
What to watch
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Rising Operational Costs
Operational costs rose to $707.4 million in Q1 2026, from $626.5 million year-over-year.
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Economic Uncertainty
General economic conditions may impact customer spending and subscription renewals.
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Potential Regulatory Compliance Costs
New privacy regulations may increase operational costs and affect market competitiveness.
Management's outlook
Guidance for Q2 2026 estimates total revenue between $897.0 million to $898.0 million.
Earlier filings 4
10-Q · August 6, 2025
HubSpot reported Q2 revenue of $760,866,000, up 19.4% year-over-year, with gross margin stable at 83.9%. Operating loss widened slightly to $(24,614,000) (operating margin -3.2%), while GAAP net loss narrowed to…
10-Q · November 6, 2024
HubSpot reported Q3 revenue of $669,721,000 (up $112,164,000 vs. Q3 2023) with gross profit of $570,397,000 and diluted EPS of $0.16 for the quarter. Gross margin remained very high at ~85.17% and operating loss…
10-Q · August 7, 2024
HubSpot reported Q2 revenue of $637,230,000 (up $19,816,000 vs Q1 and up $108,092,000 vs Q2 2023). Gross margin remained high at 85.0% (gross profit $541,713,000) and operating loss narrowed materially versus prior…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.