HubSpot guides high‑teens growth

HubSpot used its first-quarter update on May 7 to pair stronger 2026 guidance with a broader pitch around artificial intelligence inside its customer platform. The Cambridge, Massachusetts-based company said full-year revenue should reach $3.700 billion to $3.708 billion, up 18% on an as-reported basis and 17% in constant currency. It also forecast non-GAAP operating income of $762 million to $766 million, equal to a 21% margin, and non-GAAP diluted earnings per share of $13.04 to $13.12. HubSpot described itself in the release as “the agentic customer platform for scaling businesses.” The guidance followed first-quarter revenue of $881.0 million, up 23% from a year earlier as reported and 18% in constant currency. Non-GAAP operating income rose to $156.8 million from $100.3 million a year earlier, while non-GAAP operating margin expanded to 17.8% from 14.0%. Non-GAAP diluted earnings per share were $2.72, up from $1.78 a year earlier. (ir.hubspot.com) ### What, exactly, did HubSpot guide for 2026? HubSpot said full-year 2026 revenue is expected in a range of $3.700 billion to $3.708 billion. The company also said non-GAAP operating income should be $762.0 million to $766.0 million, representing a 21% operating margin. Non-GAAP net income per diluted share is expected to be $13.04 to $13.12, above the $10.69 consensus figure cited by MarketBeat. (ir.hubspot.com) Q2 guidance was also set above the quarter just reported. HubSpot said second-quarter revenue should be $897 million to $898 million, with non-GAAP diluted earnings per share of $3.00 to $3.02. TIKR, citing the company’s earnings materials, said that implies about 18% year-over-year revenue growth for the quarter. (ir.hubspot.com) ### Where does AI show up in the company’s pitch? HubSpot’s May 7 release framed the company as an “agentic customer platform,” language that puts AI at the center of how it is describing the business to investors. The investor-relations site also highlights Breeze, HubSpot’s AI product branding, alongside its broader corporate materials. (tikr.com) The company’s first-quarter release did not spell out a new standalone AI revenue target. Instead, the message was tied to the platform as a whole: customer growth, margin expansion and a higher full-year outlook arrived alongside AI-led product positioning rather than as a separate experiment. HubSpot said it had 299,458 customers as of March 31, up 16% from a year earlier, and average subscription revenue per customer rose 6% to $11,722. (ir.hubspot.com) ### How strong was the first quarter underneath that guidance? March 31 figures showed more than just a revenue beat. Calculated billings were $912.3 million in the quarter, up 19% as reported and 17% in constant currency. Operating cash flow was $198.8 million, and the company ended the quarter with $1.8 billion in cash, cash equivalents and investments. (ir.hubspot.com) The balance sheet also gave HubSpot room for buybacks. The company repurchased $211.0 million of stock in the quarter, and $789.0 million remained under its existing $1 billion authorization as of March 31. ### Why did investors focus on margins as much as growth? (ir.hubspot.com) The 21% full-year non-GAAP operating margin target stood out because it suggests HubSpot expects to keep expanding profitability while still growing in the high teens. Investing.com, citing the company’s slide deck, said HubSpot was targeting a 20% to 22% margin range for 2027 and a longer-term goal of 25%. (ir.hubspot.com) Market data services that track earnings expectations also highlighted the earnings gap. MarketBeat said the company’s full-year EPS guidance of $13.04 to $13.12 compared with a consensus estimate of $10.69. ### What comes next for HubSpot? MarketBeat’s earnings calendar lists HubSpot’s next scheduled report for August 5, when investors will get second-quarter results and updated guidance. (investing.com) That report is expected to test whether the company can hold roughly 18% revenue growth while delivering the margin profile it outlined in May. (marketbeat.com 1) (marketbeat.com 2)