HubSpot (NYSE: HUBS) lifts Q2 revenue 20% and adds $1B repurchase
Rhea-AI Filing Summary
HubSpot, Inc. reported strong Q2 2026 results, with total revenue of $911.7 million, up 20% year over year on an as-reported basis and 17% in constant currency. Subscription revenue was $894.0 million, while professional services and other revenue was $17.7 million. GAAP operating income reached $43.3 million versus a prior GAAP operating loss, and non-GAAP operating income was $185.3 million with a 20.3% non-GAAP operating margin. GAAP net income was $43.3 million, or $0.86 per share, and non-GAAP net income was $164.8 million, or $3.26 per diluted share.
The company ended June 30, 2026 with $1.4 billion in cash and investments, generated $222.8 million in operating cash flow and $167.9 million in non-GAAP free cash flow, and repurchased $531.9 million of common stock in Q2. The Board authorized an additional $1.0 billion share repurchase program over up to 24 months, funded from working capital. Customers grew to 306,446, up 14%, with average subscription revenue per customer of $11,800. For Q3 2026, HubSpot guides revenue to $924.0–$925.0 million and non-GAAP diluted EPS of $3.25–$3.27; for full-year 2026, revenue of $3.678–$3.686 billion and non-GAAP diluted EPS of $13.23–$13.31. The Board also appointed AI-focused executive Jerry Dischler as a Class I director.
Positive
- Q2 2026 revenue rose 20% to $911.7 million, with non-GAAP operating income of $185.3 million and margin expanding to 20.3% from 17.0%.
- HubSpot delivered GAAP net income of $43.3 million, reversing a prior loss, while non-GAAP net income grew 40% to $164.8 million and non-GAAP diluted EPS reached $3.26.
- The Board authorized a new $1.0 billion share repurchase program over up to 24 months, following $531.9 million of stock repurchases completed in Q2 2026.
Negative
- None.
Filing Explained
The August 5 appointment is effective, while the one-billion-dollar buyback is only a discretionary maximum, not a committed purchase.
This Form 8-K reports the board’s increase to eleven directors and Jerry Dischler’s appointment effective August 5, 2026, alongside a new authorization to repurchase common stock using working capital.
The authorization permits open-market, privately negotiated, or other legally permissible purchases, including through 10b5-1 plans, with management deciding the timing, method, price, and amount.
Although the program allows up to
Dischler’s Class I term runs until the 2027 annual meeting or a successor’s qualification; he will not initially serve on a board committee, and the filing reports no appointment arrangement or related-party interest requiring disclosure.
8-K Event Classification
Key Figures
Key Terms
non-GAAP operating income financial
calculated billings financial
10b5-1 plans regulatory
agentic customer platform technical
restructuring charges financial
One Big Beautiful Bill regulatory
Earnings Snapshot
For Q3 2026, HubSpot expects total revenue of $924.0–$925.0 million, non-GAAP operating income of $187.0–$188.0 million, and non-GAAP net income per common share of $3.25–$3.27. For full-year 2026, it guides to total revenue of $3.678–$3.686 billion, non-GAAP operating income of $762.0–$766.0 million, and non-GAAP net income per diluted share of $13.23–$13.31.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 5, 2026, HubSpot, Inc. (the “Company”) issued a press release announcing its financial results and other information for the quarter ended June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
The information under this Item 2.02, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of Director
On August 3, 2026, the Company’s Board of Directors (the “Board”) unanimously approved an increase in the size of the Board to eleven (11) directors and the appointment of Gerald (“Jerry”) Dischler as a Class I director of the Company to fill the vacancy created by the increase in the size of the Board. The effective date of Mr. Dischler’s appointment was August 5, 2026. The term of the Company’s Class I directors, including Mr. Dischler, expires on the date of the Company’s 2027 annual meeting of stockholders, or upon the election and qualification of a successor director or until the earlier resignation, death or removal of a director in such class. Mr. Dischler will not initially join any committees of the Board.
Mr. Dischler’s compensation will be consistent with that provided to all of the Company’s non-employee directors pursuant to the Company’s Amended and Restated Non-Employee Director Compensation Policy, which was filed as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended June 30, 2025. In addition, the Company will enter into an indemnification agreement with Mr. Dischler in connection with his appointment to the Board, which is in substantially the same form as that entered into with the other directors of the Company.
There is no arrangement or understanding pursuant to which Mr. Dischler was appointed to the Board. There are no family relationships between Mr. Dischler and any director or executive officer of the Company, and Mr. Dischler has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure
On August 5, 2026, the Company issued a press release announcing Mr. Dischler’s appointment to the Board as described in Item 5.02(d) of this Current Report on Form 8-K. The full text of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On August 3, 2026, the Company’s Board authorized a share repurchase program for the repurchase of shares of the Company’s common stock in an aggregate amount of up to $1.0 billion (the “August 2026 Share Repurchase Program”) over a period of up to 24 months. All repurchases under the August 2026 Share Repurchase Program will be made in the open market, through privately negotiated transactions or other legally permissible means, including pursuant to 10b5-1 plans, and in compliance with applicable securities laws and other requirements. The August 2026 Share Repurchase Program will be funded using the Company's working capital. The timing, manner, price, and amount of the August 2026 Share Repurchase Program will be subject to the discretion of the Company’s management. The August 2026 Share Repurchase Program does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice.
Item 9.01 Financial Statements and Exhibits.
(d) |
Exhibits |
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Exhibit |
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Description |
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99.1 |
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Press Release of HubSpot, Inc. announcing financial results for the quarter ended June 30, 2026, dated August 5, 2026, furnished herewith |
99.2 |
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Press Release of HubSpot, Inc. announcing the appointment of director, dated August 5, 2026, furnished herewith
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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HubSpot, Inc. |
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August 5, 2026 |
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By: |
/s/ Kate Bueker |
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Name: Kate Bueker |
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Title: Chief Financial Officer |
Exhibit 99.1
HubSpot Reports Q2 2026 Results
Q2'26 revenue grew 20% on an as-reported basis and 17% in constant currency compared to Q2'25
CAMBRIDGE, MA (August 5, 2026) — HubSpot, Inc. (NYSE: HUBS), the agentic customer platform for scaling businesses, announced today its financial results for the second quarter ended June 30, 2026.
Financial Highlights*
Revenue
Operating Income (Loss)
Net Income (Loss)
Balance Sheet and Cash Flow
Additional Recent Business Highlights*
Page | 1
“In Q2, we made deliberate choices to accelerate our AI transformation,” said Yamini Rangan, Chief Executive Officer at HubSpot. “Scaling companies want real outcomes and predictable pricing when adopting AI, and we are evolving our product, pricing, and go-to-market to meet those needs. Our agents are delivering measurable outcomes for go-to-market teams, while our pricing updates make it easier for customers to get started, realize value quickly, and scale. The AI shift unlocks a much larger opportunity for HubSpot, and I'm confident these choices position us to drive long-term, compounding growth.”
*All comparisons are to the comparable prior-year period, unless otherwise noted.
Share Repurchase Program
On August 3, 2026, the company’s Board of Directors authorized an additional share repurchase program for the repurchase of shares of the company’s common stock, in an aggregate amount of up to $1.0 billion (the “August 2026 Share Repurchase Program”) over a period of up to 24 months. Repurchases under this program will be made in the open market, through privately negotiated transactions or other means, including pursuant to 10b5-1 plans, and in compliance with applicable securities laws and other requirements. The timing, manner, price, and amount of the August 2026 Share Repurchase Program will be subject to the discretion of the company’s management. The August 2026 Share Repurchase Program does not obligate the company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time, without prior notice.
Business Outlook
Based on information available as of August 5, 2026, HubSpot is issuing guidance for the third quarter and full year of 2026 as indicated below.
Third Quarter 2026:
Full Year 2026:
For Use of Non-GAAP Financial Measures
In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website ir.hubspot.com.
Conference Call Information
Page | 2
HubSpot will host a conference call on Wednesday, August 5, 2026 at 4:30 p.m. Eastern Time (ET) to discuss the company’s second quarter 2026 financial results and its business outlook. To register for this conference call, please use this registration link or visit HubSpot's Investor Relations website at ir.hubspot.com.
An archived webcast of this conference call will also be available on HubSpot's Investor Relations website at ir.hubspot.com.
The company has used, and intends to continue to use, the investor relations portion of its website and/or its social media channels, such as the company’s LinkedIn account (www.linkedin.com/company/hubspot), as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About HubSpot
HubSpot is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.
Cautionary Language Concerning Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s expectations of future financial and operational performance, including our ability to manage expenses, the timing and level of our investments, and our ability to achieve and sustain profitability, expected growth, foreign currency movement, and business outlook, including our financial guidance for the third fiscal quarter of and full year 2026 and our long-term financial framework; statements regarding our share repurchase programs; statements regarding our positioning for future growth and market leadership; statements regarding the strength of our agentic customer platform; statements regarding the growth or maintenance of our upmarket business; statements regarding the economic environment; and statements regarding expected market trends, future priorities and related investments, and market opportunities, including the adoption, performance and impact of changes to our pricing, packaging and go-to-market strategies. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a customer platform; our ability to develop new products and technologies and differentiate our platform from competing products and technologies, including artificial intelligence and machine learning technologies; our ability to manage our growth effectively over the long-term to maintain our high level of service; changes in our investment priorities, the timing of hiring and other expenses, and our ability to manage costs and achieve efficiencies; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance, including variability in the intra-quarter linearity of our business; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption “Risk Factors” in our U.S Securities and Exchange Commission filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Page | 3
Consolidated Balance Sheets
(in thousands)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
958,314 |
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$ |
882,242 |
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Short-term investments |
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379,629 |
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821,552 |
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Accounts receivable |
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378,358 |
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419,146 |
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Deferred commission expense |
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249,298 |
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226,184 |
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Prepaid expenses and other current assets |
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161,895 |
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100,611 |
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Total current assets |
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2,127,494 |
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2,449,735 |
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Long-term investments |
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45,265 |
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136,662 |
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Property and equipment, net |
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157,126 |
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141,869 |
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Capitalized software development costs, net |
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232,829 |
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213,794 |
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Right-of-use assets |
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185,551 |
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200,821 |
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Deferred commission expense, net of current portion |
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230,561 |
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218,991 |
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Other assets |
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176,819 |
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165,602 |
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Intangible assets, net |
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29,359 |
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35,225 |
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Goodwill |
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319,391 |
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291,452 |
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Total assets |
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$ |
3,504,395 |
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$ |
3,854,151 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
25,982 |
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$ |
24,764 |
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Accrued compensation costs |
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106,045 |
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99,195 |
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Accrued commissions |
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122,442 |
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132,003 |
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Accrued expenses and other current liabilities |
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194,729 |
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166,861 |
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Operating lease liabilities |
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38,095 |
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39,703 |
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Deferred revenue |
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1,056,353 |
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1,004,945 |
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Total current liabilities |
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1,543,646 |
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1,467,471 |
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Operating lease liabilities, net of current portion |
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198,819 |
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222,602 |
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Deferred revenue, net of current portion |
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6,377 |
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8,495 |
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Other long-term liabilities |
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98,825 |
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89,339 |
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Total liabilities |
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1,847,667 |
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1,787,907 |
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Stockholders’ equity: |
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Common stock |
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50 |
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53 |
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Treasury stock |
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6 |
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2 |
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Additional paid-in capital |
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2,334,513 |
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2,814,843 |
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Accumulated other comprehensive income |
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165 |
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5,244 |
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Accumulated deficit |
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(678,006 |
) |
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(753,898 |
) |
Total stockholders’ equity |
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1,656,728 |
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2,066,244 |
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Total liabilities and stockholders’ equity |
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$ |
3,504,395 |
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$ |
3,854,151 |
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Page | 4
Consolidated Statements of Operations
(in thousands, except per share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Subscription |
$ |
894,025 |
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$ |
744,532 |
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$ |
1,756,289 |
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$ |
1,443,260 |
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Professional services and other |
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17,715 |
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16,334 |
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36,446 |
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31,743 |
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Total revenue |
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911,740 |
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760,866 |
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1,792,735 |
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1,475,003 |
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Cost of revenues: |
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Subscription |
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145,957 |
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106,670 |
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274,681 |
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206,900 |
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Professional services and other |
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14,922 |
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15,491 |
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31,891 |
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30,368 |
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Total cost of revenues |
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160,879 |
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122,161 |
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306,572 |
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237,268 |
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Gross profit |
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750,861 |
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638,705 |
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1,486,163 |
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1,237,735 |
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Operating expenses: |
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Research and development |
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225,823 |
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237,340 |
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460,017 |
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457,438 |
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Sales and marketing |
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397,707 |
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339,879 |
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784,138 |
|
|
|
666,578 |
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General and administrative |
|
82,936 |
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|
|
84,995 |
|
|
|
168,576 |
|
|
|
163,629 |
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Restructuring |
|
1,076 |
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1,105 |
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2,169 |
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|
2,186 |
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Total operating expenses |
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707,542 |
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663,319 |
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1,414,900 |
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1,289,831 |
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Income (loss) from operations |
|
43,319 |
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(24,614 |
) |
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|
71,263 |
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(52,096 |
) |
Other income (expense) |
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Interest income |
|
9,412 |
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|
18,290 |
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|
|
22,296 |
|
|
|
38,854 |
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Interest expense |
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(395 |
) |
|
|
(227 |
) |
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(641 |
) |
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|
(872 |
) |
Other (expense) income, net |
|
(2,769 |
) |
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|
1,094 |
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(4,057 |
) |
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(1,214 |
) |
Total other income |
|
6,248 |
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19,157 |
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17,598 |
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|
36,768 |
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Income (loss) before income tax expense |
|
49,567 |
|
|
|
(5,457 |
) |
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|
88,861 |
|
|
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(15,328 |
) |
Income tax (expense) benefit |
|
(6,229 |
) |
|
|
2,199 |
|
|
|
(12,969 |
) |
|
|
(9,723 |
) |
Net income (loss) |
|
43,338 |
|
|
|
(3,258 |
) |
|
|
75,892 |
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|
|
(25,051 |
) |
Net income (loss) per share, basic |
$ |
0.86 |
|
|
$ |
(0.06 |
) |
|
$ |
1.47 |
|
|
$ |
(0.48 |
) |
Net income (loss) per share, diluted |
$ |
0.86 |
|
|
$ |
(0.06 |
) |
|
$ |
1.47 |
|
|
$ |
(0.48 |
) |
Weighted average common shares used in computing |
|
50,569 |
|
|
|
52,696 |
|
|
|
51,525 |
|
|
|
52,427 |
|
Weighted average common shares used in computing |
|
50,615 |
|
|
|
52,696 |
|
|
|
51,564 |
|
|
|
52,427 |
|
Page | 5
Consolidated Statements of Cash Flows
(in thousands)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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||||||||||
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2026 |
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2025 |
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2026 |
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2025 |
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Operating Activities: |
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Net income (loss) |
$ |
43,338 |
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$ |
(3,258 |
) |
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$ |
75,892 |
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|
$ |
(25,051 |
) |
Adjustments to reconcile net (loss) income to net cash and cash equivalents provided |
|
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||||
Depreciation and amortization |
|
44,396 |
|
|
|
33,194 |
|
|
|
84,635 |
|
|
|
62,024 |
|
Stock-based compensation |
|
128,482 |
|
|
|
140,975 |
|
|
|
244,227 |
|
|
|
257,668 |
|
Gain on strategic investments |
|
(91 |
) |
|
|
(1,754 |
) |
|
|
(569 |
) |
|
|
(1,869 |
) |
Impairment of strategic investments |
|
2,371 |
|
|
— |
|
|
|
3,014 |
|
|
|
1,600 |
|
|
Benefit from deferred income taxes |
|
(1,779 |
) |
|
|
121 |
|
|
|
(1,852 |
) |
|
|
(214 |
) |
Amortization of debt discount and issuance costs |
|
146 |
|
|
|
77 |
|
|
|
243 |
|
|
|
577 |
|
Accretion of bond discount |
|
(3,532 |
) |
|
|
(10,595 |
) |
|
|
(10,321 |
) |
|
|
(24,443 |
) |
Unrealized currency translation |
|
64 |
|
|
|
(5,494 |
) |
|
|
2,590 |
|
|
|
(2,777 |
) |
Changes in assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
(24,504 |
) |
|
|
(15,625 |
) |
|
|
33,934 |
|
|
|
30,030 |
|
Prepaid expenses and other assets |
|
2,670 |
|
|
|
(23,688 |
) |
|
|
(57,849 |
) |
|
|
(50,080 |
) |
Deferred commission expense |
|
(15,983 |
) |
|
|
(22,431 |
) |
|
|
(38,075 |
) |
|
|
(49,590 |
) |
Right-of-use assets |
|
6,522 |
|
|
|
6,391 |
|
|
|
13,924 |
|
|
|
12,828 |
|
Accounts payable |
|
(27,775 |
) |
|
|
(8,913 |
) |
|
|
3,544 |
|
|
|
9,121 |
|
Accrued expenses and other liabilities |
|
57,373 |
|
|
|
61,100 |
|
|
|
32,664 |
|
|
|
59,876 |
|
Operating lease liabilities |
|
(10,018 |
) |
|
|
(10,204 |
) |
|
|
(23,877 |
) |
|
|
(17,656 |
) |
Deferred revenue |
|
21,075 |
|
|
|
24,466 |
|
|
|
59,456 |
|
|
|
63,888 |
|
Net cash and cash equivalents provided by operating activities |
|
222,755 |
|
|
|
164,362 |
|
|
|
421,580 |
|
|
|
325,932 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of investments |
— |
|
|
|
(155,829 |
) |
|
|
(358,691 |
) |
|
|
(830,204 |
) |
|
Maturities of investments |
|
413,094 |
|
|
|
502,450 |
|
|
|
900,784 |
|
|
|
1,305,509 |
|
Purchases of property and equipment |
|
(19,652 |
) |
|
|
(16,025 |
) |
|
|
(35,074 |
) |
|
|
(29,370 |
) |
Purchases of strategic investments |
|
(8,140 |
) |
|
|
(7,825 |
) |
|
|
(13,932 |
) |
|
|
(18,825 |
) |
Purchases of intangible assets |
— |
|
|
|
(256 |
) |
|
|
(527 |
) |
|
|
(256 |
) |
|
Capitalization of software development costs |
|
(39,953 |
) |
|
|
(35,436 |
) |
|
|
(74,292 |
) |
|
|
(65,857 |
) |
Business acquisitions, net of cash acquired |
|
(19,108 |
) |
|
|
(18,477 |
) |
|
|
(27,449 |
) |
|
|
(69,833 |
) |
Net cash and cash equivalents provided by investing activities |
|
326,241 |
|
|
|
268,602 |
|
|
|
390,819 |
|
|
|
291,164 |
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
Employee taxes paid related to the net share settlement of stock-based awards |
|
(2,219 |
) |
|
|
(4,742 |
) |
|
|
(5,413 |
) |
|
|
(13,812 |
) |
Payment of debt issuance costs |
— |
|
|
— |
|
|
|
(2,620 |
) |
|
— |
|
|||
Repayment of 2025 Convertible Notes |
— |
|
|
|
(369,243 |
) |
|
— |
|
|
|
(459,811 |
) |
||
Proceeds related to the issuance of common stock under stock plans |
|
6,925 |
|
|
|
19,356 |
|
|
|
23,238 |
|
|
|
38,664 |
|
Repurchases of common stock |
|
(536,199 |
) |
|
|
(125,004 |
) |
|
|
(742,880 |
) |
|
|
(125,004 |
) |
Net cash and cash equivalents used in financing activities |
|
(531,493 |
) |
|
|
(479,633 |
) |
|
|
(727,675 |
) |
|
|
(559,963 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(3,126 |
) |
|
|
21,486 |
|
|
|
(8,652 |
) |
|
|
30,046 |
|
Net increase in cash, cash equivalents and restricted cash |
|
14,377 |
|
|
|
(25,183 |
) |
|
|
76,072 |
|
|
|
87,179 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
946,640 |
|
|
|
629,082 |
|
|
|
884,945 |
|
|
|
516,720 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
961,017 |
|
|
$ |
603,899 |
|
|
$ |
961,017 |
|
|
$ |
603,899 |
|
Page | 6
Reconciliation of non-GAAP operating income and operating margin
(in thousands, except percentages)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
||||
GAAP operating income (loss) |
$ |
43,319 |
|
$ |
(24,614 |
) |
|
$ |
71,263 |
|
$ |
(52,096 |
) |
Stock-based compensation |
|
128,482 |
|
|
140,975 |
|
|
|
244,227 |
|
|
257,668 |
|
Amortization of acquired intangible assets |
|
3,107 |
|
|
3,006 |
|
|
|
6,278 |
|
|
5,919 |
|
Acquisition related expense |
|
9,358 |
|
|
8,670 |
|
|
|
18,168 |
|
|
15,751 |
|
Restructuring charges |
|
1,076 |
|
|
1,105 |
|
|
|
2,169 |
|
|
2,186 |
|
Non-GAAP operating income |
$ |
185,342 |
|
$ |
129,142 |
|
|
$ |
342,105 |
|
$ |
229,428 |
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP operating margin |
|
4.8 |
% |
|
(3.2 |
%) |
|
|
4.0 |
% |
|
(3.5 |
%) |
Non-GAAP operating margin |
|
20.3 |
% |
|
17.0 |
% |
|
|
19.1 |
% |
|
15.6 |
% |
Reconciliation of non-GAAP net income
(in thousands, except per share amounts)
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
||||
GAAP net income (loss) |
$ |
43,338 |
|
$ |
(3,258 |
) |
|
$ |
75,892 |
|
$ |
(25,051 |
) |
Stock-based compensation |
|
128,482 |
|
|
140,975 |
|
|
|
244,227 |
|
|
257,668 |
|
Acquisition related expense |
|
9,358 |
|
|
8,670 |
|
|
|
18,168 |
|
|
15,751 |
|
Amortization of acquired intangibles assets |
|
3,107 |
|
|
3,006 |
|
|
|
6,278 |
|
|
5,919 |
|
Restructuring charges |
|
1,076 |
|
|
1,105 |
|
|
|
2,169 |
|
|
2,186 |
|
Non-cash interest expense for amortization of debt issuance costs |
|
— |
|
|
77 |
|
|
|
— |
|
|
577 |
|
Impairment of (gain on) strategic investments, net |
|
2,280 |
|
|
(1,754 |
) |
|
|
2,445 |
|
|
(269 |
) |
Income tax effects of non-GAAP items |
|
(22,852 |
) |
|
(31,523 |
) |
|
|
(41,353 |
) |
|
(43,578 |
) |
Non-GAAP net income |
$ |
164,789 |
|
$ |
117,298 |
|
|
$ |
307,826 |
|
$ |
213,203 |
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP net income per share: |
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
3.26 |
|
$ |
2.23 |
|
|
$ |
5.97 |
|
$ |
4.07 |
|
Diluted |
$ |
3.26 |
|
$ |
2.19 |
|
|
$ |
5.97 |
|
$ |
3.96 |
|
Shares used in non-GAAP per share calculations |
|
|
|
|
|
|
|
|
|
||||
Basic |
|
50,569 |
|
|
52,696 |
|
|
|
51,525 |
|
|
52,427 |
|
Diluted |
|
50,615 |
|
|
53,540 |
|
|
|
51,564 |
|
|
53,779 |
|
Page | 7
Reconciliation of non-GAAP expense and expense as a percentage of revenue
(in thousands, except percentages)
|
Three Months Ended June 30, |
|
|||||||||||||||||||||||||||||
|
2026 |
|
|
2025 |
|
||||||||||||||||||||||||||
|
COS, Subs- |
|
COS, Prof. services & other |
|
R&D |
|
S&M |
|
G&A |
|
|
COS, Subs- |
|
COS, Prof. services & other |
|
R&D |
|
S&M |
|
G&A |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP expense |
$ |
145,957 |
|
$ |
14,922 |
|
$ |
225,823 |
|
$ |
397,707 |
|
$ |
82,936 |
|
|
$ |
106,670 |
|
$ |
15,491 |
|
$ |
237,340 |
|
$ |
339,879 |
|
$ |
84,995 |
|
Stock -based compensation |
|
(11,758 |
) |
|
(646 |
) |
|
(60,681 |
) |
|
(34,470 |
) |
|
(20,927 |
) |
|
|
(8,190 |
) |
|
(1,051 |
) |
|
(70,807 |
) |
|
(36,587 |
) |
|
(24,340 |
) |
Amortization of acquired |
|
(2,378 |
) |
|
(200 |
) |
|
(28 |
) |
|
(501 |
) |
|
— |
|
|
|
(2,258 |
) |
|
(200 |
) |
|
(9 |
) |
|
(434 |
) |
|
(105 |
) |
Acquisition related |
— |
|
— |
|
|
(4,660 |
) |
|
(3,626 |
) |
|
(1,072 |
) |
|
— |
|
— |
|
|
(7,593 |
) |
|
(125 |
) |
|
(952 |
) |
||||
Non-GAAP expense |
$ |
131,821 |
|
$ |
14,076 |
|
$ |
160,454 |
|
$ |
359,110 |
|
$ |
60,937 |
|
|
$ |
96,222 |
|
$ |
14,240 |
|
$ |
158,931 |
|
$ |
302,733 |
|
$ |
59,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP expense as a |
|
16.0 |
% |
|
1.6 |
% |
|
24.8 |
% |
|
43.6 |
% |
|
9.1 |
% |
|
|
14.0 |
% |
|
2.0 |
% |
|
31.2 |
% |
|
44.7 |
% |
|
11.2 |
% |
Non-GAAP expense as a |
|
14.5 |
% |
|
1.5 |
% |
|
17.6 |
% |
|
39.4 |
% |
|
6.7 |
% |
|
|
12.6 |
% |
|
1.9 |
% |
|
20.9 |
% |
|
39.8 |
% |
|
7.8 |
% |
|
Six Months Ended June 30, |
|
|||||||||||||||||||||||||||||
|
2026 |
|
|
2025 |
|
||||||||||||||||||||||||||
|
COS, Subs- |
|
COS, Prof. services & other |
|
R&D |
|
S&M |
|
G&A |
|
|
COS, Subs- |
|
COS, Prof. services & other |
|
R&D |
|
S&M |
|
G&A |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP expense |
$ |
274,681 |
|
$ |
31,891 |
|
$ |
460,017 |
|
$ |
784,138 |
|
$ |
168,576 |
|
|
$ |
206,900 |
|
$ |
30,368 |
|
$ |
457,438 |
|
$ |
666,578 |
|
$ |
163,629 |
|
Stock -based compensation |
|
(22,180 |
) |
|
(1,335 |
) |
|
(114,490 |
) |
|
(65,658 |
) |
|
(40,564 |
) |
|
|
(15,887 |
) |
|
(1,980 |
) |
|
(127,604 |
) |
|
(68,192 |
) |
|
(44,005 |
) |
Amortization of acquired |
|
(4,760 |
) |
|
(400 |
) |
|
(56 |
) |
|
(957 |
) |
|
(105 |
) |
|
|
(4,436 |
) |
|
(400 |
) |
|
(9 |
) |
|
(864 |
) |
|
(210 |
) |
Acquisition related |
|
— |
|
|
— |
|
|
(10,278 |
) |
|
(4,809 |
) |
|
(3,081 |
) |
|
|
— |
|
|
— |
|
|
(14,479 |
) |
|
(246 |
) |
|
(1,026 |
) |
Non-GAAP expense |
$ |
247,741 |
|
$ |
30,156 |
|
$ |
335,193 |
|
$ |
712,714 |
|
$ |
124,826 |
|
|
$ |
186,577 |
|
$ |
27,988 |
|
$ |
315,346 |
|
$ |
597,276 |
|
$ |
118,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP expense as a |
|
15.3 |
% |
|
1.8 |
% |
|
25.7 |
% |
|
43.7 |
% |
|
9.4 |
% |
|
|
14.0 |
% |
|
2.1 |
% |
|
31.0 |
% |
|
45.2 |
% |
|
11.1 |
% |
Non-GAAP expense as a |
|
13.8 |
% |
|
1.7 |
% |
|
18.7 |
% |
|
39.8 |
% |
|
7.0 |
% |
|
|
12.6 |
% |
|
1.9 |
% |
|
21.4 |
% |
|
40.5 |
% |
|
8.0 |
% |
Page | 8
Reconciliation of non-GAAP subscription margin
(in thousands, except percentages)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
||||
GAAP subscription margin |
|
$ |
748,068 |
|
$ |
637,862 |
|
|
$ |
1,481,608 |
|
$ |
1,236,360 |
|
Stock-based compensation |
|
|
11,758 |
|
|
8,190 |
|
|
|
22,180 |
|
|
15,887 |
|
Amortization of acquired intangible assets |
|
|
2,378 |
|
|
2,258 |
|
|
|
4,760 |
|
|
4,436 |
|
Non-GAAP subscription margin |
|
$ |
762,204 |
|
$ |
648,310 |
|
|
$ |
1,508,548 |
|
$ |
1,256,683 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP subscription margin percentage |
|
|
83.7 |
% |
|
85.7 |
% |
|
|
84.4 |
% |
|
85.7 |
% |
Non-GAAP subscription margin percentage |
|
|
85.3 |
% |
|
87.1 |
% |
|
|
85.9 |
% |
|
87.1 |
% |
Reconciliation of free cash flow
(in thousands)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
||||
GAAP net cash and cash equivalents provided by operating activities |
|
$ |
222,755 |
|
$ |
164,362 |
|
|
$ |
421,580 |
|
$ |
325,932 |
|
Purchases of property and equipment |
|
|
(19,652 |
) |
|
(16,025 |
) |
|
|
(35,074 |
) |
|
(29,370 |
) |
Capitalization of software development costs |
|
|
(39,953 |
) |
|
(35,436 |
) |
|
|
(74,292 |
) |
|
(65,857 |
) |
Payment of restructuring charges |
|
|
4,728 |
|
|
3,348 |
|
|
|
9,393 |
|
|
7,853 |
|
Non-GAAP free cash flow |
|
$ |
167,878 |
|
$ |
116,249 |
|
|
$ |
321,607 |
|
$ |
238,558 |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
|
|
||||
Holdback payments to key employees related to acquisitions(1) |
|
$ |
1,565 |
|
$ |
722 |
|
|
$ |
5,711 |
|
$ |
722 |
|
(1) Includes payments related to employee holdbacks pertaining to our acquisitions. The related expenses are recognized within operating expenses over the required service periods.
Reconciliation of operating cash flow
(in thousands)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
||||
GAAP net cash and cash equivalents provided by operating activities |
|
$ |
222,755 |
|
$ |
164,362 |
|
|
$ |
421,580 |
|
$ |
325,932 |
|
Payment of restructuring charges |
|
|
4,728 |
|
|
3,348 |
|
|
|
9,393 |
|
|
7,853 |
|
Non-GAAP operating cash flow |
|
$ |
227,483 |
|
$ |
167,710 |
|
|
$ |
430,973 |
|
$ |
333,785 |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
|
|
||||
Holdback payments to key employees related to acquisitions(1) |
|
$ |
1,565 |
|
$ |
722 |
|
|
$ |
5,711 |
|
$ |
722 |
|
(1) Includes payments related to employee holdbacks pertaining to our acquisitions. The related expenses are recognized within operating expenses over the required service periods.
Page | 9
Reconciliation of forecasted non-GAAP operating income
(in thousands, except percentages)
|
Three Months Ended |
|
|
Year Ended |
|
||
GAAP operating income range |
$37,563-$38,563 |
|
|
$197,156-$201,156 |
|
||
Stock-based compensation |
|
135,055 |
|
|
|
511,271 |
|
Amortization of acquired intangible assets |
|
4,031 |
|
|
|
14,340 |
|
Acquisition related expense |
|
9,314 |
|
|
|
35,214 |
|
Restructuring charges |
|
1,037 |
|
|
|
4,019 |
|
Non-GAAP operating income range |
$187,000-$188,000 |
|
|
$762,000-$766,000 |
|
||
Non-GAAP operating margin range |
20.2% - 20.3% |
|
|
20.7% - 20.8% |
|
||
Reconciliation of forecasted non-GAAP net income and non-GAAP net income per share
(in thousands)
|
Three Months Ended |
|
|
Year Ended |
|
||
GAAP net income range |
$33,179-$34,179 |
|
|
$180,004-$184,004 |
|
||
Stock-based compensation |
|
135,055 |
|
|
|
511,271 |
|
Amortization of acquired intangible assets |
|
4,031 |
|
|
|
14,340 |
|
Acquisition related expense |
|
9,314 |
|
|
|
35,214 |
|
Restructuring charges |
|
1,037 |
|
|
|
4,019 |
|
Impairment of strategic investments, net |
— |
|
|
|
2,445 |
|
|
Income tax effects of non-GAAP items |
(22,416) |
|
|
(85,093) |
|
||
Non-GAAP net income range |
$160,200-$161,200 |
|
|
$662,200-$666,200 |
|
||
|
|
|
|
|
|
||
GAAP net income per basic and diluted share |
$0.67-$0.69 |
|
|
$3.60-$3.68 |
|
||
Non-GAAP net income per diluted share |
$3.25-$3.27 |
|
|
$13.23-$13.31 |
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
Weighted average common shares used in computing GAAP |
|
49,215 |
|
|
|
49,962 |
|
Weighted average common shares used in computing GAAP |
|
49,281 |
|
|
|
50,037 |
|
HubSpot’s estimates of stock-based compensation, amortization of acquired intangible assets, interest expense for amortization of one-time upfront debt issuance costs, restructuring charges, and income tax effects of non-GAAP items assume, among other things, the occurrence of no additional acquisitions, changes in value of strategic investments, and no further revisions to stock-based compensation and related expenses.
Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. In this release, HubSpot’s non-GAAP operating income, operating margin, subscription margin, expense, expense as a percentage of revenue, net income, operating and free cash flow are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.
Page | 10
Calculated billings is defined as total revenue recognized in a period plus the sequential change in total deferred revenue in the corresponding period. Non-GAAP operating cash flow is defined as cash and cash equivalents provided by or used in operating activities plus payment of restructuring charges. Non-GAAP free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment and capitalization of software development costs, plus payment of restructuring charges. Although non-GAAP operating cash flow and non-GAAP free cash flow are not residual cash flow available for our discretionary expenditures, we believe information regarding non-GAAP operating cash flow and non-GAAP free cash flow provide useful information to investors in understanding and evaluating the strength of our liquidity and provides a comparable framework for assessing how our business performed when compared to prior periods which were not impacted by restructuring charges paid from operating cash flow.
Constant currency amounts are presented to provide a framework for assessing our operating performance excluding the effect of foreign exchange rate fluctuations. To exclude the effect of foreign currency rate fluctuations, current period results for entities reporting in currencies other than U.S. Dollars (“USD”) are converted into USD at the average exchange rates for the comparative period rather than the actual average exchange rates in effect during the respective periods.
Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. Specifically, these non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Management may, however, utilize other measures to illustrate performance in the future. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included above in this press release.
These non-GAAP measures exclude stock-based compensation, amortization of acquired intangible assets, acquisition related expenses, disposition related income, interest expense for the amortization of one-time upfront debt issuance costs, gain or impairment losses on strategic investments, restructuring charges, and account for the income tax effects of the exclusion of these non-GAAP items. We believe investors may want to incorporate the effects of these items in order to compare our financial performance with that of other companies and between time periods:
Page | 11
Page | 12
Investor Relations Contact:
investors@hubspot.com
Media Contact:
media@hubspot.com
Page | 13
Exhibit 99.2
HubSpot Announces Jerry Dischler Joins Board of Directors
CAMBRIDGE, MA (August 5, 2026) — HubSpot, Inc. (NYSE: HUBS), the agentic customer platform for scaling companies, announced today that Jerry Dischler has been appointed to the company's Board of Directors, effective August 5, 2026. Dischler brings nearly 20 years of executive experience at Google, most recently leading the development of AI agents for customer service and sales. He joins HubSpot's Board as the company deepens its investment in AI and agentic technology.
Dischler is currently a Partner at Angular Ventures, where he invests in early-stage AI and enterprise technology companies. Prior to that, he served as President of Cloud Applications at Google, accelerating the deployment of AI within Google Workspace and leading the development of AI-first business applications.
Prior to Cloud Applications, for 15+ years, Dischler also served in various roles of increasing responsibility in Google’s Ads business, most recently serving as Vice President and General Manager of Advertising at Google, where he oversaw all advertising products including search, display, shopping, travel, and video, as well as analytics. In this role, oversaw the launch of Performance Max, the industry's first completely AI-driven advertising product. His experience building AI-powered advertising products at scale maps closely to HubSpot's work of helping businesses attract and engage customers.
Before Google, Dischler served as Director of Engineering at Avolent, and also held engineering and leadership roles at Hyperion, Sana Security, and Accenture.
"Jerry is a remarkable leader who deeply understands both the transformative potential of AI and what it takes to build and scale AI-first products," said Yamini Rangan, CEO of HubSpot. "His experience shaping AI-driven product strategy, building products grounded in real customer needs, and turning emerging technology into measurable customer outcomes will be invaluable as HubSpot continues to help scaling companies grow. Jerry is one of the most accomplished AI product leaders in our industry, and we're thrilled to welcome him to our Board."
"I've seen firsthand how AI reshapes the way businesses connect with their customers," said Dischler. "HubSpot has built the platform to make that real at scale, and I'm excited to be part of what comes next."
Dischler holds a bachelor's degree from the University of Chicago and an MBA from The Wharton School of Business.
About HubSpot
HubSpot (NYSE: HUBS) is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.