HubSpot, the Cambridge, Massachusetts-based maker of marketing, sales and customer service software, on November 4, 2026 forecast fourth-quarter revenue of $945 million to $947 million, a 12% rise on a year earlier and less than the $947.6 million it booked in the three months to September. Third-quarter revenue had grown 17%. The company also said the recurring revenue it adds in 2026 would fall short of what it added in 2025, reported net revenue retention of 101%, and declined to estimate how many customers it would add in the final quarter, citing changes in how businesses discover, test and pay for software as AI spreads through their budgets.

In Short

HubSpot sells software that businesses use to find customers, send marketing emails and answer support questions, and it told investors its sales growth will slow sharply at the end of 2026. It says AI has changed how companies shop for this kind of tool: fewer leads arrive on their own, large buyers take longer to decide and small ones watch every dollar. The visible change for customers is pricing, because new buyers in Europe, the Middle East and Africa now get a single "go-to-market seat" instead of separate Hubs and pay for AI agents and other usage through one credits system.

The third quarter in numbers

Total revenue reached $947.6 million in the quarter ended September 30, 2026, up 17% from $809.5 million, according to the earnings release HubSpot furnished to the Securities and Exchange Commission on Form 8-K. Growth was 17.1% as reported and 17.0% in constant currency, according to the investor presentation, so exchange rates barely moved the result. Subscription revenue, which makes up 98% of the total, rose 18% to $930.2 million. Professional services and other revenue fell 3% to $17.3 million, which the quarterly report attributes to lower technical consulting revenue, partly offset by fees from Payments.

Profit rose faster than sales. GAAP operating income was $71.9 million, against $11.2 million a year earlier, and GAAP operating margin rose to 7.6% from 1.4%. Non-GAAP operating income, which excludes stock-based compensation, acquisition costs, amortization of acquired intangibles and restructuring charges, grew 33% to $214.2 million, a margin of 22.6% against 19.9%. GAAP net income was $83.0 million, or $1.67 per diluted share, compared with $16.5 million, or $0.31. By PPC Land's calculation that is roughly five times the prior-year figure, and $10.6 million of it came from gains on strategic investments booked in other income, according to the quarterly report. Non-GAAP net income rose 35% to $188.9 million, or $3.81 per diluted share, up 43%.

Cash generation followed the same pattern. Operating cash flow was $238.0 million, against $187.4 million, and non-GAAP free cash flow reached $188.0 million, up 27.9% and equal to 20% of revenue. Calculated billings, defined as revenue plus the sequential change in deferred revenue, came to $924.9 million, up 15%.

Domestic revenue grew 16% and international revenue 18%, with customers outside the United States generating 49% of the total, chief financial officer Kate Bueker said on the earnings call. The regional table in the quarterly report shows a sharper spread. By PPC Land's calculation, Asia Pacific revenue rose 25.2% to $81.0 million, the Americas 16.7% to $556.8 million and Europe 15.7% to $309.8 million. Ireland's share of European revenue fell to 46% from 50%.

Customers, retention and a new kind of customer

HubSpot ended September with 311,704 customers, 12% more than the 278,880 it had a year earlier. It added 5,300 in the quarter, which Bueker said was "in line with the 5,000 to 6,000 range that we shared on our last call, but down from the 7,000 net adds we delivered in Q2." Average subscription revenue per customer was $12,038, up 4% from $11,578.

The quarterly report contains a definitional detail that appears in neither the release nor the call. "Beginning in the third quarter of 2026, Customers included Customers of YouSpot with a YouSpot Pro paid subscription," the filing states. HubSpot describes YouSpot as "a new AI-native personal CRM for individual professionals" that pulls together a user's contacts, email, calendar and notes. The filing does not say how many YouSpot Pro subscribers sit inside the 5,300 net additions, so the share of third-quarter customer growth that came from individual professionals rather than businesses cannot be determined from the published material. The same filing attributes year-over-year customer growth primarily to "increased demand for our lower-priced Starter products."

Retention weakened. Net revenue retention, which measures how much recurring revenue HubSpot keeps and expands from existing customers, was 101%, down about one point from the second quarter. Customer dollar retention, which Bueker described on the call as the company's measure of gross churn, stayed "in the high-80s." The damage, in other words, came from customers spending less rather than leaving. Responding to Billy Fitzsimmons of Piper Sandler, Bueker said upgrades to core seats and persona seats were still adding to retention, "but they are now being more than offset by headwinds elsewhere, which includes cross-sell, contact tier upgrades," along with other upgrades and cost optimizations by customers coming up for renewal.

Both retention metrics were recalculated this year. Beginning in the first quarter of 2026, according to the quarterly report, HubSpot revised its retention calculations to include commissions owed to Solutions Partners and refreshed the fixed exchange rates it uses, and the investor presentation says the same changes apply to its definition of annual recurring revenue.

A fourth quarter below the third

The guidance is where the quarter turned. HubSpot expects fourth-quarter revenue of $945.0 million to $947.0 million, up 12% on both a reported and constant currency basis, according to the release. The investor presentation puts the midpoint at 11.7% as reported and 12.2% in constant currency. By PPC Land's calculation, the $946.0 million midpoint is $1.6 million below third-quarter revenue, and even the top of the range falls short of it. A year earlier the pattern ran the other way: working back from the growth rates HubSpot gave, PPC Land calculates fourth-quarter 2025 revenue at about $847 million, up from $809.5 million in the third quarter of 2025.

Non-GAAP operating income is guided to $216.0 million to $217.0 million, a 23% margin, and non-GAAP earnings per share to $3.85 to $3.87, up 25%, on about 48.9 million diluted shares. On a GAAP basis, the release's own reconciliation shows fourth-quarter operating income ranging from $8.7 million to a loss of $0.3 million, because of restructuring charges of $60.8 million to $70.8 million tied to the October job cuts.

For the full year, HubSpot expects revenue of $3.685 billion to $3.687 billion, up 18% as reported and 16% in constant currency. Non-GAAP operating income is expected at $772.0 million to $773.0 million, a 21% margin, with non-GAAP earnings per share of $13.59 to $13.61, up 40%, on 50.4 million diluted shares. Bueker said free cash flow should come in at about $720 million and capital expenditure at 5% to 6% of revenue.

Three statements about the operating metrics carried as much weight as the dollar figures. "We now expect net new ARR to decline year-over-year in fiscal 2026," Bueker said, referring to the year's additions to annual recurring revenue, HubSpot's measure of the annualized value of its subscription contracts. Net revenue retention for 2026 is expected to be down about two points year over year. And there will be no forecast for fourth-quarter customer additions. "We are not providing a net adds estimate for Q4, but expect to be below the 5,000 level we achieved in Q3," she said. Average subscription revenue per customer is expected to grow at a low-to-mid single-digit rate in constant currency.

Samad Samana of Jefferies asked whether the 12% exit rate was a reasonable starting point for 2027. Bueker declined to give 2027 guidance before the February results, but she offered a sequence. Constant currency growth in the third quarter was down about half a point from the second. "Our Q4 guidance, obviously implies a more significant step down in constant currency revenue growth," she said, and the headwinds behind it are expected to continue into 2027. "Our approach has not changed," she added, referring to how the company sets guidance.

Margins: savings in, reinvestment out

Elizabeth Porter of Morgan Stanley described fourth-quarter profitability as "a little bit light" and asked where the restructuring savings would go. Bueker said the October head count reductions will help fourth-quarter operating profit, "but we are reinvesting a significant portion of that in employee retention, along with selective hiring in AI and some AI product investments." In her prepared remarks she put it as "a portion of the savings." HubSpot expects nearly 2.5 points of non-GAAP margin expansion in 2026 and reaffirmed a 2027 non-GAAP operating margin target of 23% to 24%. The investor presentation adds a 2030 target of 30% non-GAAP operating margin, made up of 20% GAAP margin and 10% stock-based compensation.

Two headwinds, according to Rangan

Chief executive Yamini Rangan opened the call with a trend HubSpot had already flagged on its previous earnings call. "The headwinds we saw in Q2 continued and became more pronounced in Q3," she said. The quarterly report uses similar language in a section titled Business Trends: beginning in the second quarter, HubSpot has "experienced headwinds to demand due to the rapid evolution of how AI is changing the way customers discover, evaluate and purchase software solutions," and "these demand headwinds intensified during the third quarter of 2026."

The first headwind is about proof. "They want to see the proof of AI before they buy," Rangan said of customers. HubSpot responded in the second quarter with free trials of its AI agents and pricing tied to outcomes, and agent trials grew 64% quarter over quarter in the third quarter. Converting them is another matter. Rangan said customers "need hands-on support to turn AI trials into real outcomes," so HubSpot is sending partners and solution consultants into trials for larger accounts. For smaller accounts, which do not get consultants, it is relying on what Rangan called "agentic onboarding" introduced at its UNBOUND conference, where a new user connects an email account and calendar and the software starts producing results.

The second headwind is demand itself, and it bears directly on marketers. "Inbound demand remains under pressure," Rangan said, a notable admission from a company whose investor presentation still lists "Democratize Inbound" as phase one of its history. HubSpot is trying to replace that flow with intent-based marketing, LLM connectors and answer engine optimization, and Bueker listed social channels and partnerships as further sources. Rangan was candid about the gap in the question-and-answer session. "But these new channels are nascent, and they don't really meet the changes in the inbound demand," she said.

How deep that change runs for HubSpot's own customers was already visible in earlier data. When HubSpot launched its answer engine optimization tool in April 2026, it said organic traffic to its customers had fallen 27% year over year. In June, HubSpot data showed that 42% of CRM buyers used AI search while evaluating software, and that those buyers were 36% more likely to purchase. The company had also acquired XFunnel in October 2025 to build out the same capability. Even the AI channel has been uneven: HubSpot's AEO Sensor dashboard showed in May 2026 that ChatGPT had sent businesses less traffic in April than in any of the previous 12 months.

Bigger committees above, tighter wallets below

Budget pressure splits by customer size. Upmarket, Rangan described "larger buying committees, more CEO, CTO, and board involvement and therefore longer sale cycles," because buyers now treat the choice of an AI platform as a strategic decision rather than a technology purchase. HubSpot's sales teams are responding by approaching several executives at once. "Win rates are nearly three times higher in deals with five or more buying committee members, when we engage multiple stakeholders," Rangan said. Asked by Eamon Coughlin of Barclays what share of upmarket customers received that treatment and what it did to sales costs, she did not give a figure for either. HubSpot has also moved sales and customer success into one organization for larger accounts.

Downmarket, the explanation was more direct. Small businesses are "more price sensitive, because AI is a new line item," Rangan said, and they are trying to control spending across all of the AI tools they are testing. Bueker added that the customer-addition figure is "disproportionately impacted by downmarket customers," most of whom buy Starter and Pro tiers through what she called "an inbound product-led motion," so a weaker inbound funnel shows up "in a really outsized way." HubSpot has relaunched Starter with a self-updating CRM and agentic onboarding.

There were positive signals in the larger deals. Deals over $120,000 grew 19% year over year, and 62% of new Pro-and-above customers landed with more than one Hub, up two points. Active core seats grew 34%.

The pricing pilot: one seat, no Hubs, all usage in credits

The most consequential change for buyers of HubSpot software is pricing. Rangan described it as the second phase of a process that began in 2024, when HubSpot lowered seat prices, removed seat minimums for Sales Hub and Service Hub and introduced core seats. Average selling prices fell at first, she said, but the company attracted more customers and retained those cohorts better.

The second phase is "a hybrid model of seats and credits," and a pilot running for new customers changes three things. Customers buy a single go-to-market seat that gives access to HubSpot's capabilities without separate Hub subscriptions. The price jump from Starter to Pro is reduced for Marketing Hub, Content Hub and Data Hub. And every usage-based feature moves into one credits mechanism. "That means email sent, tickets resolved, data enriched, APIs, all in credits," Rangan said.

The pilot began in the Nordics in April and in Benelux in June, and in the fourth quarter HubSpot extended it to all new customers in Europe, the Middle East and Africa. At the time of the call that expansion was four weeks old. Compared with regions outside the pilot, Rangan said, credit usage is two to three times higher and the number of Pro-and-above customers is higher, while average selling price is lower. She described the result as "more customers, greater credit consumption, and stronger new ARR," though HubSpot gave no figures for the pilot regions' revenue.

Existing customers are not part of it. Keith Bachman of BMO asked whether HubSpot might end up with two price structures, one for new customers and another for the installed base. Rangan said results from new customers would first determine how quickly the model reaches the rest of the world, and only then would the company consider moving existing customers. "This is not one where, there is a timeline for migration," she told Bachman, adding that HubSpot wants a hybrid model of seats and credits over the long term. Responding to Ken Wong of Oppenheimer, she said the appeal for a new buyer is simplicity: "if a customer is trying to figure out, do I need Sales Hub Pro with a Service Hub Enterprise, they don't need to do it." HubSpot will report what it learned in EMEA in February.

The quarterly report is less sanguine about the same model. "Our credits-based and outcome-based pricing strategies are novel and evolving," it states, and these changes "have, and may continue to, lengthen sales cycles, result in lower initial contract values, reduce or delay revenue." It adds a specific warning that "credit spend may substitute for, rather than add to, existing seat and hub spend," and that usage-based revenue may be less predictable than subscriptions. The renewal risk factor now lists "heightened scrutiny of AI-related costs" among the reasons customers may spend less.

HubSpot is not alone in moving away from per-seat licensing. Salesforce described a shift to consumption-based pricing when it launched Headless 360 in April 2026. HubSpot has also used discounts to pull in small customers: the AI Growth Bundle it offered when OpenAI let advertisers run ChatGPT ads from HubSpot in September cut HubSpot Starter and HubSpot credits by up to 65% for a year.

Agents, Breeze and the headless bet

Rangan described HubSpot as "an agentic customer platform with four connected parts": HubSpot's own agents and custom agents, the Breeze Assistant, a headless layer that exposes HubSpot to AI models through connectors and APIs, and what the company calls growth context. The investor presentation draws it as a stack, with MCP, a command line interface and APIs at the top, a "Growth Context Graph" and "Aviator Harness" in the intelligence layer, and structured and unstructured data at the bottom.

The agents

At UNBOUND, HubSpot said it doubled its portfolio of agents, launching campaign, content and nurture agents for marketers and enhancing its customer, prospecting and data agents. Rangan put the fleet at "about eight agents." The adoption figures she gave were measured from the start of the year:

  • 20% of Pro-and-above customers use HubSpot agents, up 11 points, and 64% use AI features.
  • Monthly agentic actions across Pro-and-above customers have increased fivefold.
  • Monthly credit consumption is up nearly 2.5 times.
  • The customer agent resolved more than 2 million support issues in the third quarter.
  • The data agent enriched 68% more contacts than in the second quarter.

For the prospecting agent, Rangan said customers using it "are seeing 76% more qualified leads and 80% more meetings than those who don't." That is a comparison between users and non-users, not a controlled test, and the customers who adopt a prospecting agent may differ from those who do not.

The data agent's growth comes after a public reversal on contact data. In July, HubSpot dropped planned terms of service changes for a Contact Discovery feature after customer objections, and said future enrichment would be opt-in. Nothing on the call addressed whether Contact Discovery has returned.

Customers and partners are also building their own agents. Agent Builder and Agent Hub launched in July, when PPC Land reported a public beta open to all Professional and Enterprise customers. Since then, Rangan said, Pro-and-above customers have deployed more than 5,600 custom agents, and partners deployed nearly 700 in the third quarter, "more than doubling quarter-over-quarter," with HubSpot paying incentives to speed that up. Partners matter here for a second reason: they are the people HubSpot is now sending into trials to make agents work. HubSpot's own partner research, covered by PPC Land in June, put the opportunity for its partner ecosystem at $42 billion by 2030, a figure that came from an IDC white paper HubSpot sponsored.

Breeze Assistant

Breeze Assistant is HubSpot's conversational interface, relaunched at UNBOUND to take actions rather than only answer questions. Rangan said 61% of Pro-and-above customers now use it, up 24 points since January, and that customer satisfaction with it rose 15 points to 69% over the same period. Her example was Kaplan Early Learning, whose HubSpot administrator previously relied on developers to build workflows, a process that could take weeks, and "rebuilt key workflows himself in under four hours" with Breeze.

Headless: more work happens outside HubSpot's screens

The third part of the stack moves in the opposite direction. HubSpot is building connectors so customers can work on their CRM data from inside ChatGPT, Claude and other models, and it is opening APIs and its MCP server so outside agents can operate HubSpot directly. HubSpot's connectors go back more than a year: it launched a deep research connector for ChatGPT in June 2025 and a connector for Anthropic's Claude in July 2025, and in May 2026 chief product and technology officer Duncan Lennox set out a plan to let any agent run its CRM through open data and intelligence layers.

"We were the first CRM to connect with all four leading frontier models. And today, we are the most popular CRM connector on both ChatGPT and Claude," Rangan said. HubSpot did not say how it measures popularity, and the published material offers no way to check the claim. Customers created more than 22 million CRM objects through connectors in the third quarter, up 157% on the second. Connector users, according to Rangan, have 13 points higher gross revenue retention and upgrade paid seats at three times the rate of other customers. "This reinforces our conviction that headless is additive to HubSpot," she said.

The risk factors in the quarterly report describe the downside of the same trend. "Our customers increasingly authorize third-party AI platforms and agents to access their data in our platform and to perform actions and workflows through our application programming interfaces ('APIs'), our Model Context Protocol server and other interfaces, which may reduce direct engagement with our platform," the filing states. That, it continues, "could limit our ability to cross-sell and upsell through in-product purchases, diminish our brand visibility and differentiation, make it easier for customers to substitute other products for portions of our platform, and make it more difficult for us to monetize third-party AI access to our platform." The filing also names a new competitive threat: software built from natural language prompts, which it calls "vibe coding."

Both statements can be true at once. The customers who connect HubSpot to ChatGPT or Claude may already be its most engaged users, which would explain their higher retention, while the model itself makes HubSpot's interface less central. Which effect will dominate? The published material does not settle it.

AI shows up in the cost lines

Running AI is not free, and the third-quarter cost structure shows where it lands. Non-GAAP gross margin fell 0.9 points to 84.2%, according to the investor presentation, and non-GAAP subscription margin fell to 85.4% from 86.7%. Subscription cost of revenue rose 28% to $150.0 million. The largest contributor was a $23.2 million rise in subscription and hosting costs, which the quarterly report attributes to customer growth and "growth in usage of AI features, and continued investments to expand AI functionality." Cost of subscription revenue now explicitly includes "AI inferencing costs," and the filing states that "over time, we expect gross margins to decline slightly." Bueker said the third quarter's margin expansion was "partially offset by AI costs."

Operating expenses moved in different directions. Research and development spending fell 2% to $223.3 million, or 24% of revenue against 28%: spending on software and services rose $9.3 million "due to an increase in the use of AI tools," while employee-related costs fell $13.8 million, mainly because of lower stock-based compensation. Sales and marketing rose 13% to $401.6 million, or 42% of revenue against 44%. Employee-related costs in that line rose $30.0 million as HubSpot expanded its sales and marketing teams over the year, Solutions Partner commissions rose $5.5 million and marketing programs rose $2.4 million. General and administrative expenses rose 5% to $85.1 million.

Stock-based compensation fell to $127.1 million from $138.1 million. By PPC Land's calculation, it equaled 13.4% of revenue against 17.1% a year earlier, consistent with Bueker's description of "a more than three-point reduction." She also said total head count at the end of the third quarter was down from the end of the second, before the October cuts took effect.

The October reorganization, as the filings describe it

The board authorized what the quarterly report calls the 2026 Restructuring Plan on October 1, 2026, eliminating roles that affect approximately 7% of the workforce. Five days later, Rangan told staff that HubSpot was cutting nearly 660 jobs and reorganizing its teams around customer outcomes rather than its Hub product lines, and said the reduction was not driven by AI-related efficiencies.

The filings set out the cost. HubSpot estimates charges of approximately $65 million to $75 million, "consisting primarily of future cash expenditures related to severance, notice period, employee transition and benefits payments," with most recognized in the fourth quarter. On the call, Bueker put the fourth-quarter severance charge at $60 million to $70 million, and the release's reconciliation shows fourth-quarter restructuring charges of $60.8 million to $70.8 million. The quarterly report says role eliminations should be "substantially complete by the end of the first quarter of fiscal year 2027, subject to local law and consultation requirements," with substantially all cash paid by June 30, 2027.

It is the second cut of about this size in under four years. A plan authorized on January 25, 2023 also reduced the workforce by approximately 7%, according to the quarterly report, and HubSpot was still recording costs from properties vacated under that plan: $1.0 million in the third quarter.

A new risk factor names what could go wrong. The plan "may yield unintended consequences and costs, such as the loss of institutional knowledge and expertise, employee attrition beyond our intended reduction in force, a reduction in morale among our remaining employees," the filing states. That list helps explain why "employee retention" appears first in Bueker's description of where the savings will be reinvested.

Buybacks, cash and a credit line

HubSpot spent $237.2 million buying back 1.13 million shares in the third quarter at an average price of $209.91, according to the quarterly report. Over nine months it bought 4.6 million shares for $980.1 million at an average of $213.18. In the third quarter of 2025, the average repurchase price was $480.72. By PPC Land's calculation, the company paid 56% less per share this year than in the same quarter of 2025. Between September 30 and the filing date, it bought another 0.2 million shares at an average of $224.46, for $55.8 million, leaving $964.1 million available under programs authorized in May 2025 ($500 million), February 2026 ($1.0 billion) and August 2026 ($1.0 billion).

The buybacks have reduced both the share count and the cash pile. Weighted diluted shares fell to 49.5 million from 52.7 million, a 6% decline by PPC Land's calculation. Cash, cash equivalents and short- and long-term investments totaled $1.31 billion at September 30, against $1.84 billion at the end of 2025, also by PPC Land's calculation from the balance sheet. Interest income fell 44% to $7.9 million because of lower investment balances, used to settle convertible notes due in 2025 and fund repurchases, and lower yields.

HubSpot also has borrowing capacity it has not used. On February 10, 2026, it signed a five-year senior secured revolving credit facility of up to $500 million with Bank of America as administrative agent, secured by substantially all of the company's assets. No amounts were outstanding at September 30.

Other balance sheet details from the quarterly report:

  • Remaining performance obligations of approximately $1.8 billion, about 90% of which HubSpot expects to recognize over the next 24 months.
  • Vendor commitments of $304.9 million, of which $223.2 million falls due in the next twelve months.
  • The acquisition on April 3, 2026 of Futurepedia, described as "an AI-focused media platform," for $19.1 million net of cash, plus $8.6 million in post-combination payments tied to continued employment, "to expand HubSpot's media footprint."

One insider sale followed the results. Chief legal officer Erika Ashley Fisher sold 702 shares on November 3, 2026 at $227.72, according to a Form 4 filed on November 5, under a Rule 10b5-1 trading plan adopted on September 2, 2025. She held 12,829 shares afterwards. The sale was worth about $159,900 by PPC Land's calculation. The quarterly report states that no director or officer adopted, terminated or modified a trading plan during the third quarter.

Why this matters for marketers

HubSpot's results are a read on two things marketers care about: how business software is bought, and how it will be priced.

On the first, HubSpot grew up on inbound marketing, the model in which content and search attract leads that convert through a free product. Its chief executive now says inbound demand remains under pressure because AI has changed how buyers find software, and that the replacement channels are not yet big enough. For business-to-business marketers who rely on the same funnel, that is a public company describing, in its own numbers, the effect that answer engines and AI assistants are having on lead flow. The 27% organic traffic decline HubSpot reported for its customers in April and the call's comments on inbound demand point in the same direction.

On the second, a company with more than 300,000 paying customers is testing whether to stop selling Hubs as separate products. In the EMEA pilot, emails sent, tickets resolved, data enrichment and API calls all draw from a single pool of credits. If the model spreads, marketing teams that budget by Hub and seat will instead budget by seat and consumption, and the cost of a campaign will depend partly on how much automated work it triggers. HubSpot says the change lowers the barrier for new customers. Its own filing says credit spend may substitute for seat and Hub spend rather than add to it, and may make revenue less predictable.

There is also the question of where marketing work happens. When customers create 22 million CRM records in a quarter through connectors to models such as ChatGPT and Claude, the interface for a growing share of CRM work belongs to an AI company rather than to HubSpot. That has already turned into an advertising relationship: OpenAI's ChatGPT ads can be run from HubSpot. HubSpot argues the headless model makes customers stickier. Its risk factors say it could make HubSpot easier to replace.

What the material does not establish is whether the slowdown is temporary. HubSpot points to trials, credit consumption and agent usage as early signs that its changes are working. It also expects the headwinds to continue into 2027, and February's results will be the first to show the full effect of the October restructuring, the EMEA pricing pilot and a fourth quarter it expects to be smaller than the third.

Timeline

Summary

Who: HubSpot, Inc., the NYSE-listed customer platform company based in Cambridge, Massachusetts; chief executive Yamini Rangan; chief financial officer Kate Bueker; chief legal officer Erika Ashley Fisher; and analysts from Jefferies, Morgan Stanley, Piper Sandler, BMO, Oppenheimer, Barclays and other firms who questioned management on the call.

What: Third-quarter revenue of $947.6 million, up 17%, with GAAP net income of $83.0 million and non-GAAP operating margin of 22.6%, alongside fourth-quarter revenue guidance of $945 million to $947 million, up 12% and below the third quarter. HubSpot expects net new ARR to decline in 2026, reported net revenue retention of 101%, gave no estimate for fourth-quarter customer additions, and described a seats-and-credits pricing pilot now open to all new customers in EMEA. Its quarterly report details the October restructuring, at an estimated cost of $65 million to $75 million, and adds risk factors on credit-based pricing and third-party AI agents operating HubSpot through its APIs and MCP server.

When: Results, the earnings call and the quarterly report were released on November 4, 2026, covering the quarter ended September 30, 2026. The restructuring plan was authorized on October 1 and announced to staff on October 6, 2026. HubSpot will give 2027 guidance in February 2027.

Where: HubSpot reports 311,704 customers in more than 135 countries. The pricing pilot started in the Nordics and Benelux and now covers new customers across Europe, the Middle East and Africa. Customers outside the United States generated 49% of third-quarter revenue.

Why: According to HubSpot, AI is changing how customers discover, evaluate and buy software: inbound demand is under pressure, larger customers involve more executives and take longer to decide, and smaller customers are more price sensitive because AI has become a new budget line. HubSpot says it is changing its product, pricing and sales approach in response, accepting slower near-term growth in exchange for what it expects to be stronger long-term growth.