Filing Flows › HubSpot (HUBS) › Q2 2026 › vs Q2 2025
HubSpot (HUBS) Q2 2026 vs Q2 2025 (year over year)
HubSpot's revenue rose $151M (+20%) from $761M in Q2 2025 to $912M in Q2 2026. The biggest changes: Subscription and Circulation +$149M (+20%); Service +$1.4M (+8%). Gross margin 82.4% against 83.9% (-1.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 82.4% | 83.9% | -1.6 pts |
| Operating margin | 4.8% | -3.2% | +8.0 pts |
| Net margin | 4.8% | -0.4% | +5.2 pts |
| Free cash flow margin | 22.3% | 19.5% | +2.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Subscription and Circulation | $894M | $745M | $149M | +20% |
| Service | $17.7M | $16.3M | $1.4M | +8% |
| Revenue | $912M | $761M | $151M | +20% |
| Gross profit | $751M | $639M | $112M | +18% |
| Cost of revenue | $161M | $122M | $38.7M | +32% |
| Other income, net | $6.2M | $19.2M | −$12.9M | -67% |
| Operating profit | $43.3M | −$24.6M | $67.9M | — |
| Operating expenses | $708M | $663M | $44.2M | +7% |
| Pre-tax earnings | $49.6M | −$5.5M | $55.0M | — |
| Research & development | $226M | $237M | −$11.5M | -5% |
| Sales & marketing | $398M | $340M | $57.8M | +17% |
| General & admin | $82.9M | $85.0M | −$2.1M | -2% |
| Net earnings | $43.3M | −$3.3M | $46.6M | — |
| Income tax | $6.2M | −$2.2M | $8.4M | — |
| Depreciation & amortization | $44.4M | $33.2M | $11.2M | +34% |
| Share-based compensation | $128M | $141M | −$12.5M | -9% |
| Working capital & other | $6.5M | −$6.5M | $13.1M | — |
| Operating cash flow | $223M | $164M | $58.4M | +36% |
| Free cash flow (OCF − capex) | $203M | $148M | $54.8M | +37% |
| Capital expenditures | $19.7M | $16.0M | $3.6M | +23% |
Questions
How much did HubSpot's revenue grow year over year in Q2 2026?
HubSpot's revenue rose $151M (+20%) from $761M in Q2 2025 to $912M in Q2 2026.
What drove HubSpot's revenue change in Q2 2026?
Subscription and Circulation +$149M (+20%); Service +$1.4M (+8%).