capital · May 20, 2026

HubSpot Earnings Show 23% Revenue Growth and Raised 2026 Guidance to $3.70 Billion

HubSpot delivered Q1 2026 revenue growth of 23% year-over-year on an as-reported basis and 18% in constant currency, with subscription revenue also up 23%. Non-GAAP operating margin expanded 4 points to 17.8%, GAAP operating margin turned positive at 3% versus a 4% loss a year ago, non-GAAP net income reached $143 million, and free cash flow was $154 million. The company raised full-year revenue guidance to $3.70 billion to $3.708 billion, implying 18% as-reported growth, and non-GAAP operating margin target around 21%. Over 9,000 customers activated the Customer Agent with a 70% resolution rate, credit consumption rose 67% quarter-over-quarter, and 14,000 customers activated the Prospecting Agent. Dollar retention stayed in the high 80s with net revenue retention at 103%.