HUBS · HubSpot, Inc.

HubSpot delivered a materially stronger Q1 2026 than the prior year, marked by robust revenue growth, a decisive shift to GAAP operating profitability, and expanded margins across both GAAP and Non-GAAP measures. Revenue growth accelerated to 23% YoY ($881.0M), driven by subscription revenue growth of 23% and professional services growth of 22%, while calculated billings rose 19% YoY — suggesting healthy forward visibility and renewal strength. The GAAP operating income turnaround from a $27.5M loss to $27.9M profit reflects improved cost discipline and operating leverage, with GAAP operating margin improving 700 bps to 3.2%. Non-GAAP operating margin expanded to 17.8% (from 14.0%), and Non-GAAP net income per diluted share rose to $2.72 (from $1.78), underscoring sustained execution on profitability. Management attributed the performance to upmarket momentum, multi-hub adoption, and early traction from AI innovations launched at Spring Spotlight — including Customer Agent and Prospecting Agent — which are cited as delivering measurable outcomes for customers. Guidance for Q2 and full-year 2026 was reaffirmed with revenue expectations of $897–898M and $3.700–3.708B respectively, both implying 18% YoY growth, and non-GAAP operating margin guidance increased to 21% for FY2026 — signaling confidence in continued scale and efficiency gains. Capital return activity remained active, with $211M in share repurchases executed against a $1B authorization, leaving $789M available. The combination of accelerating top-line growth, margin expansion, strong cash flow generation ($198.8M operating cash flow), and elevated guidance confirms HubSpot’s position as a leader in the AI-powered customer platform space, with execution translating directly into financial outperformance.