Filing Flows › HubSpot (HUBS) › Q2 2026 › vs Q1 2026
HubSpot (HUBS) Q2 2026 vs Q1 2026 (quarter over quarter)
HubSpot's revenue rose $30.7M (+3%) from $881M in Q1 2026 to $912M in Q2 2026. The biggest changes: Subscription and Circulation +$31.8M (+4%); Service −$1.0M (-5%). Gross margin 82.4% against 83.5% (-1.1 pts).
HubSpot, Q2 2026: revenue $912M (+20% year over year), operating margin 4.8%, net earnings $43.3M, operating cash flow $223M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 82.4% | 83.5% | -1.1 pts |
| Operating margin | 4.8% | 3.2% | +1.6 pts |
| Net margin | 4.8% | 3.7% | +1.1 pts |
| Free cash flow margin | 22.3% | 20.8% | +1.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Subscription and Circulation | $894M | $862M | $31.8M | +4% |
| Service | $17.7M | $18.7M | −$1.0M | -5% |
| Revenue | $912M | $881M | $30.7M | +3% |
| Gross profit | $751M | $735M | $15.6M | +2% |
| Cost of revenue | $161M | $146M | $15.2M | +10% |
| Other income, net | $6.2M | $11.4M | −$5.1M | -45% |
| Operating profit | $43.3M | $27.9M | $15.4M | +55% |
| Operating expenses | $708M | $707M | $184K | 0% |
| Pre-tax earnings | $49.6M | $39.3M | $10.3M | +26% |
| Research & development | $226M | $234M | −$8.4M | -4% |
| Sales & marketing | $398M | $386M | $11.3M | +3% |
| General & admin | $82.9M | $85.6M | −$2.7M | -3% |
| Net earnings | $43.3M | $32.6M | $10.8M | +33% |
| Income tax | $6.2M | $6.7M | −$511K | -8% |
| Depreciation & amortization | $44.4M | $40.2M | $4.2M | +10% |
| Share-based compensation | $128M | $116M | $12.7M | +11% |
| Working capital & other | $6.5M | $10.3M | −$3.8M | -36% |
| Operating cash flow | $223M | $199M | $23.9M | +12% |
| Free cash flow (OCF − capex) | $203M | $183M | $19.7M | +11% |
| Capital expenditures | $19.7M | $15.4M | $4.2M | +27% |
Questions
How much did HubSpot's revenue grow quarter over quarter in Q2 2026?
HubSpot's revenue rose $30.7M (+3%) from $881M in Q1 2026 to $912M in Q2 2026.
What drove HubSpot's revenue change in Q2 2026?
Subscription and Circulation +$31.8M (+4%); Service −$1.0M (-5%).