HubSpot Q3 Revenue Rises 17% to $948 Million; Non-GAAP Operating Income Up 33%
HubSpot kept mid-teens growth while widening margins and buying back stock, then guided to a full-year revenue finish just under $3.7 billion.
The Cambridge, Massachusetts software company reported total revenue of $947.6 million for the third quarter ended Sept. 30, 2026, up 17% on an as-reported basis and in constant currency, according to its earnings release filed with an 8-K Wednesday. Subscription revenue was $930.2 million, up 18%. Professional services and other revenue was $17.3 million, down 3%.
GAAP operating income was $71.9 million, versus $11.2 million a year earlier, for a 7.6% margin. Non-GAAP operating income rose 33% to $214.2 million, for a 22.6% margin. GAAP net income was $83.0 million, or $1.67 per diluted share, compared with $16.5 million, or $0.31. Non-GAAP net income was $188.9 million, or $3.81 per diluted share.
Customers, cash and guidance
Customers grew 12% to 311,704. Average subscription revenue per customer was $12,038, up 4%. Calculated billings were $924.9 million, up 15%. Cash and investments totaled $1.3 billion. HubSpot repurchased $237.2 million of stock in the quarter and generated $188.0 million of non-GAAP free cash flow.
For the fourth quarter, HubSpot guided revenue to $945.0 million to $947.0 million, non-GAAP operating income to $216.0 million to $217.0 million, and non-GAAP EPS to $3.85 to $3.87. Full-year 2026 guidance calls for revenue of $3.685 billion to $3.687 billion, up 18% as reported and 16% in constant currency; non-GAAP operating income of $772.0 million to $773.0 million; and non-GAAP EPS of $13.59 to $13.61.
Why it matters
HubSpot’s quarter is less about a growth re-acceleration than about profitable scale: mid-teens revenue, expanding non-GAAP margins, and a large buyback while still growing the customer base. That combination is what growth-at-a-reasonable-price investors have been waiting to see as AI product messaging ramps.
By the numbers
- Q3 revenue: $947.6 million, up 17%
- Subscription revenue: $930.2 million, up 18%
- Non-GAAP operating income: $214.2 million, up 33%
- GAAP diluted EPS: $1.67
- Customers: 311,704, up 12%
- FY2026 revenue guide: $3.685 billion to $3.687 billion
Sources
- HubSpot Form 8-K with third-quarter 2026 financial results, filed Nov. 4, 2026 (accession 0001193125-26-447249)
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