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HubSpot (HUBS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · HubSpot (HUBS) Q3 2026 earnings results →
Q3 2026 Revenue up 17% year over year to $948M · 9¢ of every $1 of revenue kept as net profit · operating margin 7.6%
HubSpot made $948M in Q3 2026 (+17% Y/Y): Subscription and Circulation $930M, Service $17.3M. Operating margin 7.6%, net earnings $83.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $947.6M in Q3 2026, up 17% year over year and up 4% from the previous quarter. Subscription and Circulation was the largest line at 98% of revenue. Subscription and Circulation added $138.6M year over year (up 18%), 100% of the total change. Service declined 3%.
Gross margin was 82.6%, down 0.9 points from Q3 2025. Operating profit was $71.9M, a 7.6% margin (up 6.2 points year over year). Of the extra revenue versus Q3 2025, 44% reached operating profit, above the 1% margin then. Operating expenses grew 7% against revenue growth of 17%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $83.0M, up 402% year over year. The effective tax rate was 8.0%. Non-operating items added $18.3M, 20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $238.0M (up 27% year over year), 287% of net earnings. Non-cash charges added back $46.2M of depreciation and amortization and $127.1M of share-based compensation. Working capital and other items used $18.2M. Capital expenditures of $16.0M left free cash flow of $222.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $948M | +17% | 7.6% | $83.0M | $238M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $912M | +20% | 4.8% | $43.3M | $223M |
| Q1 2026 | 10-Q | May 7, 2026 | $881M | +23% | 3.2% | $32.6M | $199M |
| Q4 2025 | 10-K | Feb 11, 2026 | $847M | +20% | 5.7% | $54.4M | $247M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $810M | +21% | 1.4% | $16.5M | $187M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $761M | +19% | -3.2% | −$3.3M | $164M |
| Q1 2025 | 10-Q | May 8, 2025 | $714M | +16% | -3.8% | −$21.8M | $162M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About HubSpot
We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth. We deliver seamless connection for customer-facing teams with a unified platform that includes three layers: Artificial Intelligence ("AI")-powered agents and engagement hubs, a Smart customer relationship management product (“CRM”), and a connected ecosystem supporting the customer platform with a marketplace of integrations, templates, expert partners, a community network, and an academy of educational content. Our AI-powered agents and engagement Hubs that enable companies to attract, engage, and delight customers throughout the customer lifecycle include Marketing, Sales, Service, Operations, Content and Commerce.
In its own words, from its 10-K, filed Feb 11, 2026.
HubSpot against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +17%. Operating margin: 7.6% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HUBS HubSpot | Q3 2026 | $948M | +17% | 7.6% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: HubSpot 10-Q on SEC EDGAR · CIK 1404655 · Services-Prepackaged Software
Guidance and outlook
13F: who owns HUBS and who is buying
More on HUBS
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- HubSpot guidance history: guided vs reported
- HubSpot gross margin by quarter
- HubSpot operating margin by quarter
- HubSpot net income by quarter
- HubSpot free cash flow by quarter
- HubSpot R&D spending by quarter
- HubSpot capital expenditures by quarter
- HubSpot Subscription and Circulation revenue by quarter
- HubSpot Service revenue by quarter