Hubspot, Inc. · NYSE:HUBS
Hubspot — Q1 2026 Earnings Presentation
100 slides from Hubspot's earnings presentation, May 7, 2026
Slide 1: INBOUND Analyst Day 2025
INBOUND Analyst Day 2025
Slide 2: Chuck MacGlashing, SVP, Investor Relations
INBOUND Chuck MacGlashing SVP, Investor Relations
Slide 3: Safe harbor statement
Safe harbor statement This presentation 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 and operational expenditures, exp
Slide 4: Schedule
Schedule Wednesda September 11:00 AM 11:05 AM 11:35 AM 12:00 PM 1:30 PM Welcome and Introduction HubSpot’s Vision for Durable, Efficient Growth in the Al Era Delivering Durable, Efficient Growth in the Al Era Executive Q&A You to the Power of Al (Mainstage Spotlight) Chuck MacGlashing SVP, Investor
Slide 5: INBOUND 2025 Analyst Day
S INBOUND 2025 Analyst Day September 3, 2025 4
Slide 6: HubSpot's Vision for Durable, Efficient Growth in the AI Era
INBOUND HubSpot’s Vision for Durable, r Efficient Growth in the Al Era Yamini Rangan
Slide 7: Our industry is evolving at hyperspeed
Our industry is evolving at hyperspeed
Slide 8: Clarity matters.
Clarity matters.
Slide 9: Takeaways
Takeaways Transforming our platform Rich customer context Reimagining marketing Scaling upmarket & downmarket Transforming into Al-first company
Slide 10: Customers expect outcomes, not just software.
Customers expect outcomes, not just software. Big Shift
Slide 11: Unlocks opportunity for HubSpot
Unlocks opportunity for HubSpot
Slide 12: Delivering Software Work
Delivering Software Work
Slide 13: Delivering Software Work
Delivering Software Work Limited to software budgets Expands to work budgets Fragmented workflows » Augmented workflows Fixed market Fast-expanding market
Slide 14: We have a generational opportunity
We have a generational opportunity to 8 ° a Deliver Reimagine Power millions products that marketing, of companies to DO work beyond search scale with Al
Slide 15: Our Strategy
Our Strategy Be the #1 Al-powered customer platform for scaling companies.
Slide 16: Agentic customer platform
Agentic customer platform
Slide 17: Agentic
Agentic
Slide 18: Context, Action, Collaboration
Action Context Collaboration Structured data Across teams Hubs and agents Structured, unstructured, and external signals Across humans and agents
Slide 19: Powerful on its own and even stronger together.
Powerful on its own and even stronger together.
Slide 20: Powerful on its own and even stronger together.
Powerful on its own and even stronger together.
Slide 21: Context
Context To know your customer Smart CRM Structured Unstructured External Data Data Data
Slide 22: Action
Action Where work happens
Slide 23: Our approach to agents.
Our approach to agents. Featured Agents + Prospecting Agent + Customer Agent + Data Agent
Slide 24: Our approach to agents.
Our approach to agents. Custom Agents + Featured + Personalization Agent Agents + Knowledge Base Agent + Deal Loss Agent + Prospecting Agent + Social Post Agent + Customer Agent + Blog Research Agent + Data Agent
Slide 25: Our approach to agents.
+ to agents. Custom Agents Featured + Personalization Agent Agents + Knowledge Base Agent + Deal Loss Agent + Prospecting Agent + Social Post Agent + Customer Agent + Blog Research Agent + Data Agent + + a + Citizen Builder Agents + 2M+ users + 46,000 agents built +
Slide 26: Orchestration
Orchestration vetoes ame anen To connect everything
Slide 27: The AI-powered customer platform
HubSppt Breeze Assistant Breeze Agents The Al-powered customer platform. — Structured Data Unstructured Data External Data Intelligence APIs & MCPs ECOSYSTEM * SECURITY * GOVERNANCE
Slide 28: Product innovation at INBOUND
Be) Product innovation at INBOUND 200+ new features
Slide 29: Product innovation at INBOUND
Product innovation at INBOUND 24 Data Hub” Data Studio Data Quality +) Marketing Hub’ Marketing Studio Segments Personalization Al-powered Email AEO Strategy + Breeze Customer Agent Data Agent Breeze Marketplace Breeze Studio Breeze Assistant Custom Assistants 15+ New Agents © smart CRM” Flexible CR
Slide 30: Customer value and momentum
Customer value and momentum Content Hub Customer Agent Breeze Assistant 50% attach rate 5k+ customers 342k weekly active users 164% lead increase YoY 65% resolution rate 2.5x CSAT improvement Marketing Hub Prospecting Agent ChatGPT Connector 83% higher email conversion 4k+ customers Fastest growing
Slide 31: What makes HubSpot Context
What makes HubSpot Context It’s what Al needs to do great work.
Slide 32: No one has richer customer context than HubSpot.
Be) No one has richer customer context than HubSpot.
Slide 33: Data Context, User Context, Domain Context
=e eas Data Context User Context Domain Context 270k customers' worth Who, which team, Deep knowledge on of GTM interactions what access, what actions driving growth for SMBs
Slide 34: Upmarket
Upmarket "- lendlease Incumbents Reduced TCO by 80% Why we win Easy. Fast. a LIQUIDITY Unified context. fire Cut costs by 50%
Slide 35: Downmarket
Downmarket ABETAG | ale U mM be nts Switched to support 2x growth Why we win Depth. Breadth. = Unified context. Garavir Replaced 100+ automations
Slide 36: AI upstarts
Al upstarts a8 Customers don’t want point agents or apps Why we win Depth. Breadth. Unified context. g They want one connected platform
Slide 37: Our pricing philosophy.
Our pricing philosophy. Value a > Monetization §$
Slide 38: Our pricing model is hybrid.
Our pricing model is hybrid. o 60 @ Hubs Seats Credits
Slide 39: Access to specific hubs
2) eo Access to specific hubs like p Sales Hub and Service Hub Customers add more hubs Seats and seats as they grow
Slide 40: Unlock Platform Value
2024 Unlock Platform Value ¢ $100M+ ARR since launch 2025+ Unlock Al, Data, and Platform Value ¢ Unbundled Smart CRM * Make it essential for every GTM employee
Slide 41: Usage-based pricing
° Usage-based pricing C red its / Tied to work we deliver, not roles Scales with Al and Data value
Slide 42: Grows with customer value and drives durable growth.
Grows with customer value and drives durable growth. ©) + Persona Seats Core Seats Credits
Slide 43: Marketing and opportunity ahead
marketing and opportunity ahead oS
Slide 44: AI is providing new ways to grow
© ) Search is being Ves Al is providing new ways to OO) We launched a new playbook for growth: [2 Customers can execute it with our
Slide 45: The new marketing
of marketing Humans + Al in loop It is data-driven It is Al-pbowered
Slide 46: Marketing Hub + Data Hub Innovation
Marketing Hub + Data Hub Innovation Express Express your taste and voice * Data Hub %* Marketing Studio Brand Identity features * ChatGPT, Claude, and Gemini connectors Breeze Assistant to create content ‘® New at INBOUND, Tailor Make it personal with Al * Data Agent * Al Powered Segmentation * Pers
Slide 47: A clear playbook.
OO A clear playbook. +) A powerful platform. ° A thriving ecosystem.
Slide 48: Scaling upmarket and downmarket
ing upmarket : and downmarket il
Slide 49: Upmarket Strategy
Upmarket Strategy Deliver value to customers, and grow the value of customers. =
Slide 50: A playbook that's working
A playbook that’s working AN Execute the right sales motion Grow the right ecosystem Build the right product
Slide 51: Downmarket Strategy
Downmarket Strategy Drive volume, deliver value, and grow as customers grow.
Slide 52: Product-led growth that works
Product-led growth that works Deliver compelling value = Drive free-to-paid conversion Lead with free
Slide 53: Scaling upmarket and downmarket drives durable growth.
Scaling upmarket and downmarket drives durable growth.
Slide 54: Building an AI-first learning culture
Building an Al-first : learning culture ul
Slide 55: HubSpot transformation in action
HubSpot transformation in action Building faster 92% of code changes assisted by Al 46% more code shipped per engineer Working smarter 75% of web chats handled by Al 50% of support tickets resolved by Al 10k meetings/quarter booked with Al Higher win rates with Al-guided selling Growing better HubSp
Slide 56: Closing thoughts
Closing thoughts
Slide 57: Built to win
%$ B U lt to wi n Al-powered customer platform | al the Al e la Our customer context is deep Durable growth levers Operating at Al speed People, product, and passion
Slide 58: Thank you
Thank you
Slide 59: Delivering durable, efficient growth in the AI era
INBOUND Delivering durable, efficient P growth in the Al era , Kate Bueker
Slide 60: Financial priorities
(©) Financial priorities Agenda {F Levers for growth © Balancing growth and profitability
Slide 61: Our financial priorities
Our financial priorities ehcnte Profitability
Slide 62: Revenue growth (2025e at guidance mid-point)
→ 2025e represents the mid-point of FY ‘25 guidance on an as-reported basis as of August 6, 2025. CAGR = Compound Annual Growth Rate.
Slide 63: Total customer count
→ 268K represents HubSpot’s total customer count through 1H’25. Projected growth for 2H’25 is an estimated illustration of the net new customers we expect to add in the second half of 2025 and is not to scale. CAGR = Compound Annual Growth Rate.
Slide 64: Operating profit and operating profit margin
→ Operating profit and operating profit margin are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP figures. 2025e represents the mid-point of FY’25 guidance as of August 6, 2025. CAGR = Compound Annual Growth Rate.
Slide 65: Cash positions
(1) Proceeds from employee stock purchase plan and the exercise of options. Cash positions include cash, cash equivalents, and investments.
Slide 66: Growth levers
Slide 67: Current growth levers
Upmarket momentum and platform consolidation Downmarket acquisition and expansion Strong retention
Slide 68: ARR
Please refer to the appendix for a definition of ARR.
Slide 69: ARR
Please refer to the appendix for a definition of ARR.
Slide 70: ARR
Please refer to the appendix for a definition of ARR
Slide 71: Starter customer count
130K represents HubSpot’s starter customer count through 1H’25. Projected growth for 2H’25 is an estimated illustration of the net new starter customers we expect to add in the second half of 2025 and is not to scale.
Slide 72: Customer Dollar Retention and Net Revenue Retention
Please refer to the appendix for a definition of C$R. Please refer to the appendix for a definition of Net Revenue Retention (NRR).
Slide 73: Net New ARR and constant currency revenue
Please refer to the appendix for definition of Net New ARR. Please refer to the appendix for a definition of Constant Currency (CC) revenue.
Slide 74: Emerging growth levers
Slide 75: Emerging Seat-based pricing model
Emerging Seat-based pricing model Core seat platform value o) HubSpot credits
Slide 76: Install Base ARR growth by hub
Growth represents Install Base ARR and year-over-year growth rates as of Q2’25 and is presented on the same basis as prior periods. Excludes Apr’25 One-time PC Upgrade. Please refer to the appendix for a definition of ARR. Operations Hub has been renamed Data Hub.
Slide 77: ...to world-class platform
..to world-class platform © © o © / ‘4 Lo ©o-0 0°09 6«:9 Marketing Hub Sales Hub 5+ Hubs Data Hub Service Hub Content Hub Data Hub +CPQ
Slide 78: Seats pricing model impact
Seats pricing model impact: What we said at Analyst Day 2024 Easier to get started Simpler Starter pricing No Seat minimums Buy only what you need Healthier customer base Faster upgrade rates New monetization lever via Core Seat
Slide 79: Seats pricing impact comparison
Reflects comparison for 4 quarters pre-seats (2023) to 4 quarters following seats change (Q2’24-Q1’25)
Slide 80: Pro+ seat upgrades
(1) Represents the % of customers with Sales or Service Pro+ seat upgrading number of seats (2) Represents the composition of seats of Pro+ customers on legacy and seat pricing model as of Q2’25
Slide 81: ARR expected on seats model by Q4'25
The expected amount of existing ARR on the seats model by Q4’25 is our best estimate as of September 3, 2025. Please refer to the appendix for a definition of ARR.
Slide 82: Core Seat value is growing
Core Seat value is growing What is the Core Seat? Who is it for? How is it going? NN Customize and Smart Data Enrichment extend CRM Al Assistants Al-powered Workflows Notetaker Projects RevOps All Go-To-Market $100M ARR business and growing fast
Slide 83: Unified credit system
Wy Unified credit system HubSpot Credits “gy” Scale with your “work delivered A simple and unified system that enables usage-based pricing Gs nee oe
Slide 84: Customer Agent gaining traction
Customer Agent gaining traction Pe oK+ 65° 1M+ customers resolution rate ticket resolutions
Slide 85: Seats and Credits: Upmarket
Seats and Credits Customer Stories G Upmarket Al Services +30% of inbound support resolved by Customer Agent +60% resolution rate No seat change + Credits +80% increase in MRR
Slide 86: Seats and Credits: Downmarket
Seats and Credits Customer Stories ean Downmarket = Fintech 25% of inbound support resolved by Customer Agent +50% resolution rate — 1 service seat + 1 core seat + Credits +10% increase in MRR
Slide 87: Recap of growth levers
Recap of growth levers Current growth levers delivering results Landing multi-hub and larger deals upmarket Downmarket acquisition velocity continues Platform value resulting in strong retention Emerging growth levers gaining traction Executing well on pricing model changes Delivering clear Al value
Slide 88: Balancing profitability
Balancing + profitability
Slide 89: Non-GAAP operating profit margin targets
2025e represents the mid-point of FY’25 non-GAAP operating profit margin guidance as of August 6, 2025. Forward-looking non-GAAP operating profit margin targets reflect our current operating plan as of August 6, 2025 and are subject to change as future events and opportunities arise.
Slide 90: Our AI transformation
Our Al transformation R&D Faster innovation through more efficient code generation Sales Increased rep productivity and higher win rates with Al-enabled selling tools Marketing Al-enabled content generation and outreach Support Al ticket resolution >50% Flat headcount since 2023 G&A Al-first hiring
Slide 91: Our path to gross margin
Our path to GM Incremental Al, data, and commerce investment Core infrastructure optimization R&D Continued strong pace of innovation Al-enabled efficiencies S&M Drive increased rep productivity in upmarket motion Low end acquisition and enablement powered by Al G&A Scale over time
Slide 92: Strong business momentum
Strong business momentum Takeaways Al creates big r growth opp
Slide 93: Thank you
Thank you
Slide 94: Up next: Executive Q&A
INBOUND Up next: Executive O&A
Slide 95: Analyst Day 2025
INBOUND Analyst Day 2025
Slide 96: GAAP to Non-GAAP Reconciliations
Slide 97: Non-GAAP Operating Income
Slide 98: Free cash flow
Slide 99: Forecasted Non-GAAP operating income and income per share
Slide 100: Definitions