Hubspot, Inc. · NYSE:HUBS
Hubspot — Q1 2026 Earnings Presentation
27 slides from Hubspot's earnings presentation, May 7, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation. Q1 2026
Slide 2: Safe Harbor
Safe Harbor This presentation includes certain “forward-looking statements” within the meaning of and will be affected by a variety of risks and factors that are beyond our control the Private Securities Litigation Reform Act of 1995, including statements regarding including, without limitation, ris
Slide 3: Where we're heading
Where we’re heading Be the #1 agentic customer platform for scaling companies. 3
Slide 4: SaaS to Agentic
SaaS Agentic Action Hubs Hubs and agents Coordination Across teams Across humans and agents Structured, unstructured, Context Structured data and external signals 4
Slide 5: Powerful on its own and even stronger together
Action: Where work gets done Powerful on its own and even Coordination: Where humans and agents collaborate stronger together. Context: Where customer understanding lives 5
Slide 6: The Agentic Customer Platform
Action: Where work gets done Hubs Breeze Agents Breeze Assistant What HubSpot is Building Coordination: Where humans and agents collaborate The Agentic Agent Management Connected Systems Unified Governance Customer Platform. Context: Where customer understanding lives Smart CRM Customer Data Business
Slide 7: HubSpot's Platform Journey
HubSpot’s Platform Journey Marketing App to Agentic Customer Platform Revenue Starter Story CRM $3B Acquisition XFunnel Operations Hub Acquisition $2B Dashworks CMS Hub Acquisition Frame AI Acquisition $1B Performable Acquisition Cacheflow Acquisition $500M $250M Clearbit $100M PieSync Acquisition $5
Slide 8: We are positioned for long-term durable growth
Current growth levers delivering results Multi-hub and larger deals upmarket We are Downmarket acquisition velocity Platform value resulting in strong retention positioned for long-term Emerging growth levers traction durable growth. Executing well on pricing model changes Delivering clear AI value
Slide 9: Financial Overview
Financial Overview.
Slide 10: Q1 2026 Financial Summary
Q1 2026 Financial Summary Quarterly Increase Currency Tailwind Constant Q1 2026 Actuals Results (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $881m 23.4% 5.1 pts 18.2% Subscription Revenue $862m 23.4% – – Professional Services & Other Revenue $19m 21.6% – – Gross Profit1 $749m 22.8% – – Gros
Slide 11: Q2 2026 Guidance Summary
Q2 2026 Guidance Summary Currency Quarterly Increase Tailwind Constant Q2 2026 Guidance Guidance (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $897m – $898m 18.0% 2.0 pts 16.0% Operating Profit1 $173m – $174m 34.3% – – Operating Profit Margin1 19.3% - 19.4% 2.4 pts 0.5 pts 1.9 pts Net income
Slide 12: Full Year 2026 Guidance Summary
Full Year 2026 Guidance Summary Full Year Increase Currency Tailwind Constant Full Year 2026 Guidance Guidance (Decrease) Y/Y2 (Headwind) Currency Y/Y3 Total Revenue $3,700m – $3,708m 18.3% 1.7 pts 16.6% Operating Profit1 $762m – $766m 31.3% – – Operating Profit Margin1 20.6% – 20.7% 2.0 pts 0.3 pts 1
Slide 13: Consistent Revenue Growth
Consistent Revenue Growth $881m 29% CAGR1 Q1’19 → Q1’26 $152m Q1 2019 Quarterly Revenue Q1 2026 1 CAGR = Compound Annual Growth Rate. Revenue CAGR based on as-reported results 13 and includes the impact from currency.
Slide 14: Consistent Customer Growth
Consistent Customer Growth 299k 26% CAGR1 Q1’19 → Q1’26 61k Q1 2019 Quarterly Customer Count Q1 2026 14 1 CAGR = Compound Annual Growth Rate.
Slide 15: Substantial Operating Profit Growth
Substantial Operating Profit Growth $157m 43% CAGR1 Q1’19 → Q1’26 $13m Q1 2019 Quarterly Operating Profit Q1 2026 1 CAGR = Compound Annual Growth Rate. Operating profit and operating profit margin are non-GAAP metrics. Please refer to the appendix 15 for a reconciliation of GAAP to non-GAAP figures.
Slide 16: Strong Free Cash Flow & Balance Sheet Position
Strong Free Cash Flow & Balance $626m Sheet Position $1.8B Cash position 19% Margin $64m FCF, TTM Q1’26 Q1 2019 Trailing Twelve Month Free Cash Flow Q1 2026 1 Free cash flow (FCF) and free cash flow margin are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to 16 non-GAAP fi
Slide 17: Confident in Our Ability to Deliver More Leverage Over Time
Confident in Our Ability to Deliver More Leverage Over Time 25% 20–22% 21% 2026e 2027 Long-Term Margin Margin Target Margin Target 1 2026e margin represents the midpoint of our full year 2026 non-GAAP operating income margin guidance. Operating profit margin targets are non-GAAP and reflect our current
Slide 18: Key Takeaways
Key Takeaways 01 02 03 Platform of choice Innovation fueling Delivering strong in large and durable and financial results growing TAM diverse growth opportunities 18
Slide 19: Thank You
HubSpxst Thank You
Slide 20: Appendix
Appendix 20
Slide 21: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 22: Non-GAAP Gross Profit
Non-GAAP Gross Profit GAAP Gross Profit $ Stock-based compensation Amortization of acquired intangible assets Acquisition related expense Non-GAAP Gross Profit $ GAAP gross margin Non-GAAP gross margin Three Months Ended March 31, 2026 2025 735,301 599.030 11,110 8,627 2,582 2,378 748,993 610,035 83
Slide 23: Non-GAAP Operating Income
Non-GAAP Operating Income Operating Income GAAP operating loss Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Non-GAAP income from operations Operating Income GAAP operating loss Stock-based compersation Amortization of acquired intanaible assets Acq
Slide 24: Free Cash Flow (TTM)
Free Cash Flow (TTM) GAAP net cash and cash equivalents provided by operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow GAAP net cash and cash equivalents provided by
Slide 25: Non-GAAP Operating Income and Income Per Share Guidance
Non-GAAP Operating Income and Income Per Share Guidance
Slide 26: Definitions
Definitions Customers: We define our Customers at the end of a particular period as the number of business entities with one or more paid subscriptions to our customer platform, either purchased directly with us or purchased from a Solutions Partner. A single customer may have separate paid subscripti
Slide 27: Definitions
Definitions Calculated Billings: 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 Gross Profit: We define as GAAP gross profit plus stock-based compensation and amortization of acquired intang