HUBS Q2 2026 Earnings

Call Details

• Call Title: HubSpot Q2 2026 Earnings Call
• Date: August 5, 2026 at 8:30 PM UTC
• Management Team:
  • Jeff Kogler (Vice President, Investor Relations)
  • Yamini Rangan (Chief Executive Officer)
  • Dharmesh Shah (Co-founder and Chief Technology Officer)
  • Kate Bueker (Chief Financial Officer)

Call Summary

Financial Performance

• Q2 total revenue grew 20% year-over-year as reported and 17% in constant currency according to the CFO's prepared remarks.
• Q2 subscription revenue grew 20% year-over-year and services and other revenue increased 8% year-over-year as reported.
• The company added 7,000 net new customers in Q2, bringing total customers to over 306,000, which was below the 9,000–10,000 expectation.
• Average subscription revenue per customer (ASRPC) was $11,800 in Q2, up four percentage points year-over-year as reported and up two points in constant currency.
• Net revenue retention (NRR) was 102% in Q2, down one percentage point year-over-year, while customer dollar retention remained in the high 80s.
• Q2 calculated billings were $930M, up 14% year-over-year as reported and 17% in constant currency.
• GAAP net income was $43M and GAAP diluted EPS was $0.86, while non-GAAP net income was $165M and non-GAAP diluted EPS was $3.26, up 40% and 49% year-over-year, respectively.

Guidance

• Q3 revenue is guided to $924M to $925M, representing 14% year-over-year growth as reported and 15% in constant currency.
• Q3 non-GAAP operating income is guided to $187M to $188M, representing a 20% margin, and non-GAAP diluted net income per share is guided to $3.25 to $3.27 assuming 49.3 million fully diluted shares.
• Full-year 2026 revenue is guided to $3.678B to $3.686B, representing 18% year-over-year growth as reported and 16% in constant currency.
• Full-year non-GAAP operating income is guided to $762M to $766M, representing a 21% margin, and full-year non-GAAP diluted net income per share is guided to $13.23 to $13.31 assuming 50 million fully diluted shares.
• The company now expects quarterly net additions to be approximately 5,000 to 6,000 for the back half of the year and expects ASRPC growth to be in the low- to mid-single digits in constant currency.
• Full-year net revenue retention is expected to be roughly flat year-over-year and the company now expects net new ARR growth to be below constant currency revenue growth for fiscal 2026.
• Full-year CapEx is expected to be 5% to 6% of revenue and free cash flow is expected to be about $750M for 2026.