HubSpot (HUBS) Q3 2026 Earnings
Non-GAAP figure excludes a $10.2 million net gain on strategic investments, $127.1 million stock-based compensation, $10.0 million acquisition related expense and $1.0 million restructuring charges; non-GAAP tax rate lowered to 15% from 20% in 2026
How Did HUBS Stock React to Q3 2026 Earnings?
Did HUBS Beat Earnings? Q3 2026 Results
Yes. HubSpot reported Q3 2026 earnings of $3.81 a share on Nov 4, 2026, beating the $3.27 consensus estimate by 16.4%. Revenue was $947.6M against a $925.5M estimate.
HubSpot delivered a strong third quarter, extending its streak of beating consensus EPS estimates to six consecutive quarters as adjusted earnings of $3.81 per share cleared the $3.27 consensus by 16.41% and revenue of $947.57 million edged past the $925.51 million estimate by 2.38%, rising 17.1% year over year. The standout driver was margin expansion, with non-GAAP operating margin widening to 22.6% from 19.9% a year ago, even as the company accelerated investment in what CEO Yamini Rangan calls the "Outcomes Era," a strategic pivot toward AI agents designed to deliver end-to-end business outcomes rather than discrete software tools. Subscription revenue, which grew 18%, carried the bulk of the top-line momentum, while the customer base expanded 12% to 311,704. The results come even as a recent analyst downgrade flagged uneven small and medium-sized business demand and uncertainty around AI monetization as near-term risks. Looking ahead, HubSpot guided Q4 revenue of $945 million to $947 million, implying growth of 12%, a deceleration that management attributed in part to a restructuring plan expected to generate $65 million to $75 million in charges.
- Subscription revenue up 18%
- Customers grew 12% to 311,704
- Average Subscription Revenue Per Customer up 4% to $12,038
- Calculated billings of $924.9 million, up 15%
- Non-GAAP operating margin expanded to 22.6% from 19.9%
- $10.2 million net gain on strategic investments boosted GAAP other income
- Lower share count from buybacks (49.5M diluted shares vs 52.7M)
“We are still in the early stages of a massive shift with AI, and we're transforming HubSpot to lead in the Outcomes Era.”
HubSpot CEO, on the earnings call
What Is HubSpot's Outlook?
Q4 2026: total revenue of $945.0M–$947.0M (up 12% YoY as reported and in constant currency); non-GAAP operating income of $216.0M–$217.0M (about 23% margin); non-GAAP EPS of $3.85–$3.87 on about 48.9M diluted shares. Full year 2026: total revenue of $3.685B–$3.687B (up 18% as reported, 16% in constant currency); non-GAAP operating income of $772.0M–$773.0M (about 21% margin); non-GAAP EPS of $13.59–$13.61 on about 50.4M diluted shares. The 2026 Restructuring Plan is expected to generate $65–75M of charges, mostly in Q4 2026, which are excluded from non-GAAP guidance.
HUBS YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $947.6M | $809.5M | +17.1% |
| Gross Profit | $782.9M | $676.0M | +15.8% |
| Operating Income | $71.9M | $11.2M | +540.0% |
| Net Income | $83.0M | $16.5M | +401.8% |
HUBS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.