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How HubSpot (HUBS) makes money
HubSpot (HUBS) made $948M of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Subscription and Circulation brought in $930M (98%); Service brought in $17.3M (2%). Of every dollar of revenue, 83¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subscription and Circulation | $930M | 98.2% | +4% | +18% |
| Service | $17.3M | 1.8% | -2% | -3% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $948M | 100.0% |
| Cost of revenue | $165M | 17.4% |
| Gross profit | $783M | 82.6% |
| Operating expenses | $711M | 75.0% |
| Operating profit | $71.9M | 7.6% |
| Income tax | $7.2M | 0.8% |
| Net earnings | $83.0M | 8.8% |
| Operating cash flow | $238M | 25.1% |
| Free cash flow | $222M | 23.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $948M | +17% |
| Q2 2026 | $912M | +20% |
| Q1 2026 | $881M | +23% |
| Q4 2025 | $847M | +20% |
| Q3 2025 | $810M | +21% |
| Q2 2025 | $761M | +19% |
| Q1 2025 | $714M | +16% |
From HubSpot's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does HubSpot make money?
HubSpot (HUBS) made $948M of revenue in the third quarter 2026 (Q3 2026), +17% from a year earlier. Subscription and Circulation brought in $930M (98%); Service brought in $17.3M (2%). Of every dollar of revenue, 83¢ was left as gross profit, 8¢ was left as operating profit, 9¢ was left as net earnings.
What is HubSpot's biggest business?
Subscription and Circulation: $930M in the third quarter 2026, 98% of revenue, +18% from a year earlier.
What is HubSpot's profit margin?
Net earnings were $83.0M, 8.8% of revenue, in the third quarter 2026; the operating margin was 7.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.