Filing Flows › HubSpot (HUBS) › Q3 2026 › vs Q3 2025
HubSpot (HUBS) Q3 2026 vs Q3 2025 (year over year)
HubSpot's revenue rose $138M (+17%) from $810M in Q3 2025 to $948M in Q3 2026. The biggest changes: Subscription and Circulation +$139M (+18%); Service −$517K (-3%). Gross margin 82.6% against 83.5% (-0.9 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 82.6% | 83.5% | -0.9 pts |
| Operating margin | 7.6% | 1.4% | +6.2 pts |
| Net margin | 8.8% | 2.0% | +6.7 pts |
| Free cash flow margin | 23.4% | 21.9% | +1.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Subscription and Circulation | $930M | $792M | $139M | +18% |
| Service | $17.3M | $17.8M | −$517K | -3% |
| Revenue | $948M | $810M | $138M | +17% |
| Gross profit | $783M | $676M | $107M | +16% |
| Cost of revenue | $165M | $134M | $31.2M | +23% |
| Other income, net | $18.3M | $11.9M | $6.4M | +54% |
| Operating profit | $71.9M | $11.2M | $60.7M | +540% |
| Operating expenses | $711M | $665M | $46.2M | +7% |
| Pre-tax earnings | $90.2M | $23.1M | $67.1M | +290% |
| Research & development | $223M | $228M | −$4.4M | -2% |
| Sales & marketing | $402M | $355M | $46.3M | +13% |
| General & admin | $85.1M | $80.7M | $4.4M | +5% |
| Net earnings | $83.0M | $16.5M | $66.4M | +402% |
| Income tax | $7.2M | $6.6M | $636K | +10% |
| Depreciation & amortization | $46.2M | $35.7M | $10.5M | +29% |
| Share-based compensation | $127M | $138M | −$11.0M | -8% |
| Working capital & other | $18.2M | $3.0M | $15.3M | +514% |
| Operating cash flow | $238M | $187M | $50.7M | +27% |
| Free cash flow (OCF − capex) | $222M | $177M | $45.0M | +25% |
| Capital expenditures | $16.0M | $10.3M | $5.7M | +55% |
Questions
How much did HubSpot's revenue grow year over year in Q3 2026?
HubSpot's revenue rose $138M (+17%) from $810M in Q3 2025 to $948M in Q3 2026.
What drove HubSpot's revenue change in Q3 2026?
Subscription and Circulation +$139M (+18%); Service −$517K (-3%).