$HUBS · HUBSPOT INC
HubSpot filed an 8-K (Item 2.02) reporting Q3 FY2026 results. Total revenue was $947.6M, up 17% YoY; GAAP net income was $83.0M ($1.67 diluted EPS) versus $16.5M a year ago, and non-GAAP net income was $188.9M ($3.81 diluted EPS). Q4 guidance calls for $945–947M revenue (12% YoY) and non-GAAP EPS of $3.85–3.87, while full-year 2026 revenue is guided to $3.685–3.687B.
- Q3 revenue $947.6M, up 17% YoY as-reported and constant currency.
- Non-GAAP EPS $3.81 vs $2.66 a year ago; GAAP diluted EPS $1.67.
- Q4 revenue guide $945–947M implies ~12% YoY growth, down from 17%.
- Repurchased $237.2M of stock in Q3; operating cash flow $238.0M.
- Customers grew 12% to 311,704; average subscription revenue per customer $12,038, up 4%.
Extended-hours last trade $206.00, down 4.81% vs the $216.41 regular close, signaling investors are focused on the Q4 deceleration rather than the Q3 beat.
A solid Q3 beat is overshadowed by Q4 guidance implying a sharp growth deceleration, the key swing factor for the stock.
HubSpot's 17% growth and AI "Outcomes Era" pivot contrast with peers facing sharper demand headwinds, but the guided 12% Q4 growth shows deceleration pressure across SaaS.
Management flags "current demand and pricing headwinds, including changes in customer buying behavior for AI solutions" and risks from its recent reduction in force.