Hubspot Stock Earnings Reports

HubSpot reported a solid Q1 2026: revenue grew 18.2% year-over-year in constant currency (23% as reported), non-GAAP operating margin expanded by ~4 points to ~17.8–18%, and total customers reached nearly 300,000 with ~10,800 net adds. Core growth drivers remain strong: upmarket deals (> $60k ARR and > $120k ARR grew substantially), multi-hub adoption is increasing, and 90% of customers have migrated to the 2024 pricing models. AI is now a meaningful incremental growth engine — active core seat users grew ~90% YoY, >25% of Pro Plus customers have purchased additional core seats, and credit consumption rose 67% quarter-over-quarter with Customer Agent, Prospecting Agent, and Data Agent gaining traction. Product innovations from Spring Spotlight (Prospecting Agent, Smart Deal Progression, Data Agent, expanded Customer Agent, HubSpot AEO) are showing early customer outcomes and are being paired with outcome-based pricing and 28-day trials to accelerate adoption. Financially, Q1 non-GAAP net income was $143M (non-GAAP diluted EPS $2.72); GAAP net income was $33M (GAAP diluted EPS $0.62); free cash flow was $154M; cash and marketable securities totaled $1.8B; $211M of buybacks executed. Guidance: Q2 revenue $897–898M (≈ +18% YoY as reported; ~16% cc), non-GAAP margin ~19%; full-year revenue raised modestly to $3.70–3.708B (~+18% as reported, 17% cc) and non-GAAP operating margin targeted ~21% (implying 2 points of margin expansion in 2026). Management reiterated the strategy to balance durable growth with margin expansion as HubSpot transforms into an AI-first, agentic platform, while noting some near-term cadence/headline pressure due to longer sales cycles from trials, sales retraining, and packaging changes.