HubSpot (HUBS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $947.6M, up 17.1% YoY reported and 17.0% in constant currency; non-GAAP operating income rose 33% to $214.2M.

• Customers reached 311,704, up 12% YoY; longer buying cycles, budget scrutiny and weaker inbound demand pressured customer additions and upgrades.

• AI is shifting software toward agents that deliver outcomes; product, pricing, go-to-market and operational changes aim to capture that opportunity as headwinds persist.

Financial highlights

• Subscription revenue was $930.2M, up 18% YoY; professional services and other revenue was $17.3M, down 3%.

• Non-GAAP net income was $188.9M, up 35%, and diluted EPS was $3.81, up 43%; GAAP net income was $83.0M and diluted EPS was $1.67.

• Calculated billings were $924.9M, up 15% YoY; free cash flow was $188.0M, up 27.9%.

• GAAP operating income was $71.9M versus $11.2M a year earlier.

Outlook and guidance

• Q4 revenue guidance is $945M–$947M, up 11.7% YoY at midpoint reported and 12.2% in constant currency; non-GAAP operating income guidance is $216M–$217M, at a 22.9% margin.

• Q4 non-GAAP diluted EPS guidance is $3.85–$3.87; expected net customer additions are below Q3’s 5,000.

• FY2026 revenue guidance is $3.685B–$3.687B, up 17.7% reported and 16.1% in constant currency; non-GAAP operating income guidance is $772M–$773M, at a 20.9%–21.0% margin.

• FY2026 non-GAAP diluted EPS guidance is $13.59–$13.61; free cash flow is expected to be $720M.

• Non-GAAP operating margin targets are 23%–24% in 2027 and 30% in 2030; net new ARR is expected to decline YoY in FY2026.