HubSpot (96) Q2 2026 Earnings Report

The call balanced encouraging operational and financial strengths—solid revenue growth, margin expansion, strong AI adoption metrics, upmarket deal growth, significant free cash flow and an active buyback program—against notable near-term headwinds: slower net customer additions, deliberate product/pricing moves that extended buying cycles, increased budget scrutiny across customers, and modest pressure on net revenue retention. Management positioned the near-term weakness as deliberate short-term trade-offs to drive longer-term AI-led growth, and provided guidance that assumes the headwinds persist through the year.

HubSpot guided Q3 revenue of $924–$925M (up 14% Y/Y as‑reported, 15% constant currency), non‑GAAP operating income of $187–$188M (20% margin) and non‑GAAP diluted EPS of $3.25–$3.27 (assumes 49.3M shares); full‑year 2026 revenue of $3.678–$3.686B (up 18% as‑reported, 16% constant currency), non‑GAAP operating income of $762–$766M (21% margin) and non‑GAAP diluted EPS of $13.23–$13.31 (assumes 50M shares). Management now expects quarterly net additions of ~5,000–6,000, ASRPC growth in the low‑to‑mid single digits (constant currency), net revenue retention roughly flat year‑over‑year (customer dollar retention in the high 80s) with net new ARR growth below constant‑currency revenue growth, CapEx of ~5–6% of revenue, free cash flow of about $750M, and ~2 points of non‑GAAP operating margin leverage in 2026 (with 2–3 points incremental expected in 2027).