Filing Flows › HubSpot (HUBS) › Q1 2026
HubSpot (HUBS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
HubSpot (HUBS) reported revenue of $881M for the first quarter 2026 (Q1 2026), +23% from a year earlier and +4% from the quarter before. Operating margin was 3.2%, net earnings $32.6M (3.7% of revenue).
HubSpot, Q1 2026: revenue $881M (+23% year over year), operating margin 3.2%, net earnings $32.6M, operating cash flow $199M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $881M | +4% | +23% |
| Gross profit | $735M | +4% | +23% |
| Operating profit | $27.9M | -42% | — |
| Net earnings | $32.6M | -40% | — |
| Operating cash flow | $199M | -20% | +23% |
| Free cash flow | $183M | -22% | +24% |
What changed
Revenue was $881.0M in Q1 2026, up 23% 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 $163.5M year over year (up 23%), 98% of the total change.
Gross margin was 83.5%, down 0.4 points from Q1 2025. Operating profit was $27.9M, a 3.2% margin (up 7.0 points year over year). Operating expenses grew 13% against revenue growth of 23%. The fastest-growing cost line was Sales & marketing (+18%). Net earnings were $32.6M. The effective tax rate was 17.2%. Non-operating items added $11.4M, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $198.8M (up 23% year over year), 611% of net earnings. Non-cash charges added back $40.2M of depreciation and amortization and $115.7M of share-based compensation. Working capital and other items added $10.3M. Capital expenditures of $15.4M left free cash flow of $183.4M.
Questions
What was HubSpot's revenue in the first quarter 2026?
HubSpot (HUBS) reported revenue of $881M for the first quarter 2026 (Q1 2026), +23% from a year earlier and +4% from the quarter before.
Was HubSpot profitable in the first quarter 2026?
Operating profit was $27.9M (3.2% of revenue) and net earnings $32.6M.
Source: HubSpot 10-Q on SEC EDGAR.