HubSpot (HUBS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 20% year-over-year to $911.7M–$912M, with subscription revenue up 20% and professional services up 8%.

• GAAP operating income reached $43.3M, reversing a loss from Q2 2025; non-GAAP operating income rose 44% to $185.3M.

• Customer count grew to 306,446, with net additions of 7,000, and average subscription revenue per customer rose to $11,800.

• AI adoption accelerated, with significant growth in activated customers for Data Agent, Prospecting Agent, and Customer Agent, and product, pricing, and go-to-market strategies evolved.

• Board authorized an additional $1B share repurchase program, with over $500M repurchased in Q2, reflecting confidence in long-term growth.

Financial highlights

• Calculated billings reached $930M, up 14% year-over-year; free cash flow was $168M, up 44% year-over-year.

• Cash, cash equivalents, and investments totaled $1.4B at quarter-end.

• Non-GAAP net income was $165M ($3.26/share, up 49% year-over-year); GAAP net income was $43.3M ($0.86/share).

• Gross margin was 82%–84% for Q2 2026; non-GAAP operating margin improved to 20.3%.

• Average subscription revenue per customer increased to $11,800 in Q2 2026.

Outlook and guidance

• Q3 2026 revenue expected at $924M–$925M, up 14% year-over-year; non-GAAP operating income $187M–$188M (20% margin).

• Full-year 2026 revenue guidance is $3.678B–$3.69B, up 18% year-over-year; non-GAAP operating income $762M–$766M (21% margin).

• Non-GAAP net income per share forecasted at $13.23–$13.31 for the full year.

• Free cash flow for full year 2026 projected at $750M; long-term operating margin target set at 25%.

• Guidance assumes persistent headwinds from Q2 throughout the remainder of the year.