HUBS Q1 2026 Earnings

Call Details

• Call Title: HubSpot Q1 2026 Earnings Call
• Date: May 7, 2026 at 8:30 PM UTC
• Management Team:
  • Chuck MacGlashing (Head Director of Investor Relations)
  • Yamini Rangan (Chief Executive Officer)
  • Dharmesh Shah (Co-founder and Chief Technology Officer)
  • Kate Bueker (Chief Financial Officer)

Call Summary

Financial Performance

• Q1 revenue grew 23% year-over-year as reported and 18% in constant currency.
• Q1 subscription revenue grew 23% year-over-year and services and other revenue increased 22% year-over-year as reported.
• Calculated billings in Q1 were $912M, up 19% year-over-year as reported and 17% in constant currency.
• Non-GAAP operating margin was 18% in Q1, representing a four-point expansion year-over-year, while GAAP operating margin was 3%, up seven points year-over-year.
• Non-GAAP net income was $143M and non-GAAP diluted EPS was $2.72, up 49% and 53% year-over-year respectively, while GAAP net income was $33M and GAAP diluted EPS was $0.62.
• Free cash flow in Q1 was $154M, or 17% of revenue, and cash and marketable securities totaled $1.8B at quarter end.

Guidance

• Q2 revenue is guided to $897M to $898M, up 18% year-over-year on an as-reported basis and 16% in constant currency.
• Q2 non-GAAP operating income is expected to be $173M to $174M, representing a 19% non-GAAP operating margin and non-GAAP diluted net income per share of $3.00 to $3.02 assuming 51.2M shares.
• Full year 2026 revenue is guided to $3.700B to $3.708B, up 18% year-over-year as reported and 17% in constant currency, which is a 40 basis point raise versus previous guidance.
• Full year 2026 non-GAAP operating income is guided to $762M to $766M, representing a 21% non-GAAP operating margin and non-GAAP diluted EPS of $13.04 to $13.12 assuming 51.8M shares.
• The company expects to deliver two points of operating margin expansion in 2026 and to be within a 20% to 22% non-GAAP operating margin range, accelerating targets toward 2027.
• SBC is expected to decline approximately three points to 14% of revenue in 2026 and CapEx is expected to be 5% to 6% of revenue for the full year.
• Free cash flow for 2026 is now expected to be about $750M and the legacy Clearbit business is expected to be a 40 basis point headwind to full-year revenue growth.