HUBS earnings analysis
What we found in HUBS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surpasses Estimates
- HubSpot reported revenue of $881 million, exceeding estimates of $864 million.
- Notable EPS Growth
- Diluted EPS rose to $2.72, up from a loss of $0.42 in Q1 2025.
- Robust Year-over-Year Growth
- Total revenue increased by 23% year-over-year, from $714 million in Q1 2025.
- Increased Customer Base
- Customer count grew from 258,258 to 299,458 year-over-year.
- Positive Cash Flow
- HubSpot generated $198.8 million in operating cash flow, compared to $161.6 million in Q1 2025.
- Share Repurchase Program Initiated
- Authorized a $1 billion share repurchase program, enhancing stockholder value.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operational Costs
- Operational costs rose to $707.4 million in Q1 2026, from $626.5 million year-over-year.
- Economic Uncertainty
- General economic conditions may impact customer spending and subscription renewals.
- Potential Regulatory Compliance Costs
- New privacy regulations may increase operational costs and affect market competitiveness.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.72
- Gross margin
- 83.6%
- Operating margin
- 3.2%
What they said about what is next.
Guidance for Q2 2026 estimates total revenue between $897.0 million to $898.0 million.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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