Filing Flows › HubSpot (HUBS) › Q3 2026 › vs Q2 2026
HubSpot (HUBS) Q3 2026 vs Q2 2026 (quarter over quarter)
HubSpot's revenue rose $35.8M (+4%) from $912M in Q2 2026 to $948M in Q3 2026. The biggest changes: Subscription and Circulation +$36.2M (+4%); Service −$392K (-2%). Gross margin 82.6% against 82.4% (+0.3 pts).
HubSpot, Q3 2026: revenue $948M (+17% year over year), operating margin 7.6%, net earnings $83.0M, operating cash flow $238M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 82.6% | 82.4% | +0.3 pts |
| Operating margin | 7.6% | 4.8% | +2.8 pts |
| Net margin | 8.8% | 4.8% | +4.0 pts |
| Free cash flow margin | 23.4% | 22.3% | +1.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Subscription and Circulation | $930M | $894M | $36.2M | +4% |
| Service | $17.3M | $17.7M | −$392K | -2% |
| Revenue | $948M | $912M | $35.8M | +4% |
| Gross profit | $783M | $751M | $32.0M | +4% |
| Cost of revenue | $165M | $161M | $3.8M | +2% |
| Other income, net | $18.3M | $6.2M | $12.1M | +193% |
| Operating profit | $71.9M | $43.3M | $28.6M | +66% |
| Operating expenses | $711M | $708M | $3.5M | +0.5% |
| Pre-tax earnings | $90.2M | $49.6M | $40.6M | +82% |
| Research & development | $223M | $226M | −$2.5M | -1% |
| Sales & marketing | $402M | $398M | $3.9M | +1% |
| General & admin | $85.1M | $82.9M | $2.2M | +3% |
| Net earnings | $83.0M | $43.3M | $39.6M | +91% |
| Income tax | $7.2M | $6.2M | $1.0M | +16% |
| Depreciation & amortization | $46.2M | $44.4M | $1.8M | +4% |
| Share-based compensation | $127M | $128M | −$1.4M | -1% |
| Working capital & other | $18.2M | −$6.5M | $24.8M | — |
| Operating cash flow | $238M | $223M | $15.3M | +7% |
| Free cash flow (OCF − capex) | $222M | $203M | $18.9M | +9% |
| Capital expenditures | $16.0M | $19.7M | −$3.6M | -18% |
Questions
How much did HubSpot's revenue grow quarter over quarter in Q3 2026?
HubSpot's revenue rose $35.8M (+4%) from $912M in Q2 2026 to $948M in Q3 2026.
What drove HubSpot's revenue change in Q3 2026?
Subscription and Circulation +$36.2M (+4%); Service −$392K (-2%).