0001193125-26-335148
SEC filingHubSpot Q2 2026营收增长20%，AI转型加速，盈利大幅改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $911.7M | $760.9M | +20% |
| Subscription Revenue | $894.0M | $744.5M | +20% |
| Professional Services and Other Revenue | $17.7M | $16.3M | +8% |
| Gross Profit | $750.9M | $638.7M | — |
| Operating Income (GAAP) | $43.3M | ($24.6M) | — |
| Operating Income (Non-GAAP) | $185.3M | $129.1M | +44% |
| Operating Margin (GAAP) | 4.8% | (3.2%) | — |
| Operating Margin (Non-GAAP) | 20.3% | 17.0% | — |
| Net Income (GAAP) | $43.3M | ($3.3M) | — |
| Net Income (Non-GAAP) | $164.8M | $117.3M | +40% |
| Diluted EPS (GAAP) | $0.86 | ($0.06) | — |
| Diluted EPS (Non-GAAP) | $3.26 | $2.19 | +49% |
| Customers | 306,446 | — | +14% |
| Average Subscription Revenue Per Customer | $11,800 | — | +4% |
| Calculated Billings | $929.7M | — | +14% |
| Operating Cash Flow | $222.8M | $164.4M | — |
| Non-GAAP Free Cash Flow | $167.9M | $116.2M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Revenue | $924.0M - $925.0M | +14% YoY (as-reported), +15% constant currency |
| Q3 2026 | Non-GAAP Operating Income | $187.0M - $188.0M | 20% operating margin |
| Q3 2026 | Non-GAAP Net Income Per Share | $3.25 - $3.27 | ~49.3M diluted shares |
| FY 2026 | Revenue | $3.678B - $3.686B | +18% YoY (as-reported), +16% constant currency |
| FY 2026 | Non-GAAP Operating Income | $762.0M - $766.0M | 21% operating margin |
| FY 2026 | Non-GAAP Net Income Per Share | $13.23 - $13.31 | ~50.0M diluted shares |
HubSpot Q2 2026 业绩强劲，营收同比增长 20% 至 $911.7M，GAAP 营业利润转正至 $43.3M（去年同期亏损 $24.6M），Non-GAAP 营业利润同比大增 44% 至 $185.3M，Non-GAAP 营业利润率从 17.0% 提升至 20.3%。盈利改善主要得益于收入规模效应与费用率优化，Non-GAAP 研发费用率从 20.9% 降至 17.6%，销售与营销费用率从 39.8% 降至 39.4%。客户数增长 14% 至 306,446，平均订阅收入每客户增长 4% 至 $11,800，显示客户扩张与变现能力同步提升。
管理层强调 Q2 为加速 AI 转型做出"深思熟虑的选择"，CEO Yamini Rangan 表示 AI 转变解锁了更大的市场机会，定价更新使客户更易起步、快速实现价值并规模化。公司 Q2 回购 $531.9M 股票，并于 8 月 3 日新授权 $1.0B 回购计划（24 个月），彰显资本回报承诺。Q3 指引营收 $924.0-$925.0M（+14%），Non-GAAP EPS $3.25-$3.27；全年指引营收 $3.678B-$3.686B（+18%），Non-GAAP EPS $13.23-$13.31，Non-GAAP 营业利润率目标 21%，显示管理层对全年盈利能力的信心。