Slides
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HubSpot Investor Presentation . Q2 2026
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2 Safe Harbor This presentation includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management’s expectations of future financial and operational performance and operational expenditures, expected growth, foreign currency movement, and business outlook, including our financial guidance for the third fiscal quarter of and full year 2026 and our long-term financial framework; statements regarding our share repurchase programs; statements regarding our positioning for future growth and market leadership; statements regarding the strength of our agentic customer platform; statements regarding the growth and maintenance of our upmarket business; statements regarding the economic environment; and statements regarding expected market trends, future priorities, and related investments, and market opportunities, including the adoption, performance and impact of changes to our pricing, packaging and go-to-market strategies. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a customer platform; our ability to develop new products and technologies and differentiate our platform from competing products and technologies, including artificial intelligence and machine learning technologies; our ability to manage our growth effectively over the long-term to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; the price volatility of our common stock; the impact of geopolitical conflicts, inflation, foreign currency movement, and macroeconomic instability on our business, the broader economy, our workforce and operations, the markets in which we and our partners and customers operate, and our ability to forecast our future financial performance, including variability in the intra-quarter linearity of our business; regulatory and legislative developments on the use of artificial intelligence and machine learning; and other risks set forth under the caption “Risk Factors” in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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3 Where we’re heading Be the #1 agentic customer platform for scaling companies.
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4 Coordination Action Context SaaS Agentic Structured data Structured, unstructured, and external signals Hubs Hubs and agents Across teams Across humans and agents
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5 Coordination: Where humans and agents collaborate Action: Where work gets done Context: Where customer understanding lives Powerful on its own and even stronger together.
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6 What HubSpot is Building The Agentic Customer Platform. Coordination: Where humans and agents collaborate Action: Where work gets done Context: Where customer understanding lives Agent Management Connected Systems Unified Governance Hubs Breeze Agents Breeze Assistant Customer Data Business Context Team Context Industry Intelligence Domain Knowledge Smart CRM
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HubSpot’s Platform Journey Marketing App to Agentic Customer Platform 7 ‘06 ‘11 ‘12 ‘13 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ‘25‘14 $100M$50M $250M $500M CRM CMS Hub $1B $2B $3B Operations Hub Performable Acquisition PieSync Acquisition Clearbit Acquisition Cacheflow Acquisition Frame AI Acquisition Dashworks Acquisition XFunnel Acquisition Revenue ‘26 Starter Story Acquisition Futurepedia Acquisition
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8 We are positioned for long-term durable growth. Current growth levers delivering results Multi-hub and larger deals upmarket Downmarket acquisition velocity Platform value resulting in strong retention Emerging growth levers traction Executing well on pricing model changes Delivering clear AI value to customers Monetizing via core seats and credits 8
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Financial Overview.
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10 Q2 2026 Financial Summary Q2 2026 Actuals Quarterly Results Increase (Decrease) Y/Y2 Currency Tailwind (Headwind) Constant Currency Y/Y3 Total Revenue $912m 19.8% 2.3 pts 17.5% Subscription Revenue $894m 20.1% – – Professional Services & Other Revenue $18m 8.5% – – Gross Profit1 $766m 17.7% – – Gross Profit Margin1 84.0% (1.5) pts – – Operating Profit1 $185m 43.5% – – Operating Profit Margin1 20.3% 3.4 pts 0.5 pts 2.9 pts Calculated Billings $930m 14.2% (2.4) pts 16.6% Free Cash Flow1 $168m 44.4% – – 1 Gross profit, gross profit margin, operating profit, operating profit margin, and free cash flow are all non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP metrics. 2 Includes the impact of foreign currency. 3 Constant Currency is presented by converting current and comparative prior period operating results for entities reporting in currencies other than USD into USD at constant exchange rates rather than actual exchange rates in effect during the respective period. Constant Currency growth rates might not sum due to rounding.
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11 Q3 2026 Guidance Summary Q3 2026 Guidance Quarterly Guidance Increase (Decrease) Y/Y2 Currency Tailwind (Headwind) Constant Currency Y/Y3 Total Revenue $924m – $925m 14.2% (0.4 pts) 14.6% Operating Profit1 $187m – $188m 16.1% – – Operating Profit Margin1 20.2% - 20.3% 0.3 pts (0.3 pts) 0.6 pts Net income per share1 $3.25 – $3.27 22.6% – – Weighted average diluted shares outstanding 49.3m (6.4%) – – These estimates reflect our current operating plan as of August 5, 2026, and are subject to change as future events and opportunities arise. 1 Operating profit, operating profit margin and net income per share are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP metrics. 2 Increase (Decrease) y/y is based on the midpoint of guidance. Includes the impact of foreign currency. 3 Constant Currency is presented by converting current and comparative prior period operating results for entities reporting in currencies other than USD into USD at constant exchange rates rather than actual exchange rates in effect during the respective period. Constant Currency growth rates might not sum due to rounding.
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12 Full Year 2026 Guidance Summary These estimates reflect our current operating plan as of August 5, 2026, and are subject to change as future events and opportunities arise. 1 Operating profit, operating profit margin and net income per share are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP metrics. 2 Increase (Decrease) y/y is based on the midpoint of guidance. Includes the impact of foreign currency. 3 Constant Currency is presented by converting current and comparative prior period operating results for entities reporting in currencies other than USD into USD at constant exchange rates rather than actual exchange rates in effect during the respective period. Constant Currency growth rates might not sum due to rounding. Full Year 2026 Guidance Full Year Guidance Increase (Decrease) Y/Y2 Currency Tailwind (Headwind) Constant Currency Y/Y3 Total Revenue $3,678m – $3,686m 17.6% 1.5 pts 16.1% Operating Profit1 $762m – $766m 31.3% – – Operating Profit Margin1 20.7% – 20.8% 2.2 pts 0.2 pts 2.0 pts Net income per share1 $13.23 - $13.31 36.8% – – Weighted average diluted shares outstanding 50.0m (6.0%) – – Free Cash Flow1 $750m 26.1% – –
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13 Consistent Revenue Growth Q2 2019 Q2 2026Quarterly Revenue $163m $912m 28% CAGR1 Q2’19 → Q2’26 1 CAGR = Compound Annual Growth Rate. Revenue CAGR based on as-reported results and includes the impact from currency.
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14 Consistent Customer Growth Q2 2019 Q2 2026Quarterly Customer Count 65k 306k 25% CAGR1 Q2’19 → Q2’26 1 CAGR = Compound Annual Growth Rate.
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15 Substantial Operating Profit Growth Q2 2019 Q2 2026Quarterly Operating Profit $14m $185m 45% CAGR1 Q2’19 → Q2’26 1 CAGR = Compound Annual Growth Rate. Operating profit and operating profit margin are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP figures.
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16 Strong Free Cash Flow & Balance Sheet Position Q2 2019 Q2 2026Trailing Twelve Month Free Cash Flow $62m $678m $1.4B Cash and marketable securities 20% Margin FCF, TTM Q2’26 1 Free cash flow (FCF) and free cash flow margin are non-GAAP metrics. Please refer to the appendix for a reconciliation of GAAP to non-GAAP figures. TTM = Trailing Twelve Months.
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17 Confident in Our Ability to Deliver More Leverage Over Time 21% 25% 1 2026e margin represents the midpoint of our full year 2026 non-GAAP operating income margin guidance. Operating profit margin targets are non-GAAP and reflect our current operating plan as of August 5, 2026 and are subject to change as future events and opportunities arise. Please refer to the appendix for a reconciliation of GAAP to non-GAAP figures. 2026e 1 Margin 2027 Margin Leverage Target Long-Term Margin Target +2 to 3 Pts
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18 Key Takeaways 01 02 03 Platform of choice in large and growing TAM Innovation fueling durable and diverse growth opportunities Delivering strong financial results
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Thank You
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Appendix 20
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Non-GAAP Gross Profit
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Non-GAAP Operating Income
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Free Cash Flow (TTM)
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Non-GAAP Operating Income and Income Per Share Guidance
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Definitions Customers: We define our Customers at the end of a particular period as the number of business entities with one or more paid subscriptions to our customer platform, either purchased directly with us or purchased from a Solutions Partner. A single customer may have separate paid subscriptions to our customer platform, but we count these as one Customer if certain customer-provided information such as company name, URL, or email address indicate that these subscriptions are managed by the same business entity. Install Base: Refer to definition of Annual Recurring Revenue below. Net Revenue Retention: Net Revenue Retention is a measure of the percentage of recurring revenue retained from Customers over a given period of time. Our Net Revenue Retention for a given period is calculated by first dividing Retained Subscription Revenue by Retention Base Revenue in the given period, calculating the weighted average of these rates using the Retention Base Revenue for the period, and then annualizing the resulting rates. In 2025, we adjusted our calculation to remove the impact of commissions owed to Solutions Partners that are no longer eligible to receive commissions due to our change in duration and eligibility of lifetime commissions to better align with the value delivered to customers. Non-GAAP Operating Income: We define as GAAP operating income or loss plus stock-based compensation, amortization of acquired intangible assets, gain on termination of operating leases, restructuring charges, loss on disposal of fixed assets, and acquisition-related expenses. Non-GAAP Operating Profit Margin: Non-GAAP operating profit margin represents non-GAAP operating income as a percentage of revenue. Free Cash Flow: We define “FCF” as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment, capitalization of software development costs, plus repayments of convertible notes attributable to debt discount and payment of restructuring charges. Annual Recurring Revenue: We define ARR as the annual value of our Customer subscription contracts as of the specified point in time excluding any commissions owed to our partners. For the purposes of this presentation, this includes Clearbit revenue. For each Hub, this is the sum of Customer ARR for the Starter, Basic, Professional and Enterprise subscriptions, plus applicable contacts (marketing only), Seats, Credits, or Add-Ons (e.g., reporting or ads). For multi-product Customers, their ARR would be distributed across based on the value of each SKU/Hub for which they pay. ARR can differ from revenue due to several factors. ARR is converted into U.S. dollars at fixed rates that are held consistent over time and may vary from those used for revenue or deferred revenue. ARR would exclude any impact for bad debt and partner commissions (as noted above) and would also differ from Revenue due to timing of revenue recognition. Customer Dollar Retention (C$R): Customer Dollar Retention is a measure of the percentage of the Customers we retain, weighted by ARR dollars. This is calculated by summing the total dollars that were cancelled in a given period, divided by the beginning of period ARR Install Base. We then express the calculated churn inversely as retention and annualize it. Constant Currency: Constant currency amounts are presented to provide a framework for assessing our operating performance excluding the effect of foreign exchange rate fluctuations. To exclude the effect of foreign currency rate fluctuations, current period results for entities reporting in currencies other than U.S. Dollars (“USD”) are converted into USD at the average exchange rates for the comparative period rather than the actual average exchange rates in effect during the respective periods. Net New Annual Recurring Revenue (NNARR): NNARR represents the period-over-period change in ARR. For the purposes of this presentation, NNARR excludes one-time Partner Commission events and includes Clearbit revenue to provide a normalized view of recurring subscription growth.
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Definitions Calculated Billings: Calculated billings is defined as total revenue recognized in a period plus the sequential change in total deferred revenue in the corresponding period. Non-GAAP Gross Profit: We define as GAAP gross profit plus stock-based compensation and amortization of acquired intangible assets. Non-GAAP Gross Margin: Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue.