Form 8-K

8-K — HUBSPOT INC

Accession: 0001193125-26-211923

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001404655

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hubs-20260507.htm (Primary)

EX-99.1 (hubs-ex99_1.htm)

GRAPHIC (img151174279_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hubs-20260507.htm · Sequence: 1

8-K

false000140465500014046552026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

HUBSPOT, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-36680

20-2632791

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

Two Canal Park,

Cambridge, Massachusetts

02141

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 482-7768

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.001 per share

HUBS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, HubSpot, Inc. (the “Company”) issued a press release announcing its financial results and other information for the quarter ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information under this Item 2.02, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

Exhibit

No.

Description

99.1

Press Release of HubSpot, Inc. dated May 7, 2026 furnished herewith

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HubSpot, Inc.

May 7, 2026

By:

/s/ Kate Bueker

Name: Kate Bueker

Title: Chief Financial Officer

EX-99.1

Filename: hubs-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

HubSpot Reports Strong Q1 2026 Results

Q1'26 revenue grew 23% on an as-reported basis and 18% in constant currency compared to Q1'25

CAMBRIDGE, MA (May 7, 2026) — HubSpot, Inc. (NYSE: HUBS), the agentic customer platform for scaling businesses, announced today its financial results for the first quarter ended March 31, 2026.

Financial Highlights:

Revenue

●

Total revenue was $881.0 million, up 23% on an as-reported basis and 18% in constant currency compared to Q1'25.

Subscription revenue was $862.3 million, up 23% on an as-reported basis compared to Q1'25.

Professional services and other revenue was $18.7 million, up 22% on an as-reported basis compared to Q1'25.

Operating Income (Loss)

●

GAAP operating income was $27.9 million, compared to an operating loss of ($27.5) million in Q1'25.

●

Non-GAAP operating income was $156.8 million, compared to $100.3 million in Q1'25.

●

GAAP operating margin was 3.2%, compared to (3.8%) in Q1'25.

●

Non-GAAP operating margin was 17.8%, compared to 14.0% in Q1'25.

Net Income (Loss)

●

GAAP net income was $32.6 million, or $0.62 per basic and diluted share, compared to a net loss of ($21.8) million, or ($0.42) per basic and diluted share in Q1'25.

●

Non-GAAP net income was $143.0 million, or $2.73 per basic and $2.72 per diluted share, compared to $95.9 million, or $1.84 per basic and $1.78 per diluted share in Q1'25.

●

Weighted average basic and diluted shares outstanding for GAAP net income per share were 52.5 million and 52.6 million, respectively, compared to 52.2 million basic and diluted shares in Q1'25.

●

Weighted average basic and diluted shares outstanding for non-GAAP net income per share were 52.5 million and 52.6 million respectively, compared to 52.2 million and 54.0 million, respectively in Q1'25.

Balance Sheet and Cash Flow

●

The company’s cash and cash equivalents, short-term, and long-term investments balance was $1.8 billion as of March 31, 2026.

●

During the first quarter, the company repurchased $211.0 million of its common stock. As of March 31, 2026, $789.0 million of the $1 billion repurchase program authorized by the Board of Directors remained available for future stock repurchases.

●

During the first quarter, the company generated $198.8 million in operating cash flow, compared with $161.6 million in Q1'25.

●

During the first quarter, the company generated $203.5 million of cash from non-GAAP operating cash flow and $153.7 million of non-GAAP free cash flow, compared to $166.1 million of cash from non-GAAP operating cash flow and $122.3 million of non-GAAP free cash flow during Q1'25.

Page | 1

Additional Recent Business Highlights

●

Grew Customers to 299,458 as of March 31, 2026, up 16% from March 31, 2025.

●

Average Subscription Revenue Per Customer was $11,722 during the first quarter of 2026, up 6% on an as-reported basis compared to Q1'25.

●

Calculated billings were $912.3 million in the first quarter of 2026, up 19% on an as-reported basis and 17% in constant currency compared to Q1'25.

“Q1 was a solid quarter of revenue growth, customer growth, and operating margin expansion,” said Yamini Rangan, Chief Executive Officer at HubSpot. “Scaling companies are increasingly choosing HubSpot as their agentic customer platform to drive AI innovation and reduce total cost of ownership, and that's reflected in our upmarket momentum and multi-hub adoption. The AI innovations we launched at Spring Spotlight, including Customer Agent, Prospecting Agent, and Data Agent, are delivering outcomes for customers and will strengthen our AI momentum.”

Business Outlook

Based on information available as of May 7, 2026, HubSpot is issuing guidance for the second quarter and full year of 2026 as indicated below.

Second Quarter 2026:

•

Total revenue is expected to be in the range of $897.0 million to $898.0 million, up 18% year over year on an as-reported basis and 16% in constant currency.

•

Non-GAAP operating income is expected to be in the range of $173.0 million to $174.0 million, representing a 19% operating income margin.

•

Non-GAAP net income per common share is expected to be in the range of $3.00 to $3.02. This assumes approximately 51.2 million weighted average diluted shares outstanding.

Full Year 2026:

•

Total revenue is expected to be in the range of $3.700 billion to $3.708 billion, up 18% year over year on an as-reported basis and 17% in constant currency.

•

Non-GAAP operating income is expected to be in the range of $762.0 million to $766.0 million, representing a 21% operating income margin.

•

Non-GAAP net income per common share is expected to be in the range of $13.04 to $13.12. This assumes approximately 51.8 million weighted average diluted shares outstanding.

For Use of Non-GAAP Financial Measures

In our earnings press releases, conference calls, slide presentations, and webcasts, we may use or discuss non-GAAP financial measures, as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investors section of our website ir.hubspot.com.

Conference Call Information

HubSpot will host a conference call on Thursday, May 7, 2026 at 4:30 p.m. Eastern Time (ET) to discuss the company’s first quarter 2026 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit HubSpot's Investor Relations website at ir.hubspot.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

Page | 2

An archived webcast of this conference call will also be available on HubSpot's Investor Relations website at ir.hubspot.com.

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

About HubSpot

HubSpot is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.

Cautionary Language Concerning Forward-Looking Statements

This press release 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, including our ability to manage expenses, the timing and level of our investments, and our ability to achieve and sustain profitability, expected growth, foreign currency movement, and business outlook, including our financial guidance for the second fiscal quarter of and full year 2026 and our long-term financial framework; statements regarding our share repurchase program; statements regarding our positioning for future growth and market leadership; statements regarding the strength of our agentic customer platform; statements regarding the growth or 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 press release 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; changes in our investment priorities, the timing of hiring and other expenses, and our ability to manage costs and achieve efficiencies; 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 U.S Securities and Exchange Commission 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.

Page | 3

Consolidated Balance Sheets

(in thousands)

March 31,

December 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

943,937

882,242

Short-term investments

747,115

821,552

Accounts receivable

354,950

419,146

Deferred commission expense

239,163

226,184

Prepaid expenses and other current assets

156,451

100,611

Total current assets

2,441,616

2,449,735

Long-term investments

87,520

136,662

Property and equipment, net

149,923

141,869

Capitalized software development costs, net

221,521

213,794

Right-of-use assets

192,339

200,821

Deferred commission expense, net of current portion

225,317

218,991

Other assets

178,236

165,602

Intangible assets, net

32,510

35,225

Goodwill

300,276

291,452

Total assets

3,829,258

3,854,151

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

53,420

24,764

Accrued compensation costs

107,887

99,195

Accrued commissions

117,805

132,003

Accrued expenses and other current liabilities

163,849

166,861

Operating lease liabilities

37,134

39,703

Deferred revenue

1,037,640

1,004,945

Total current liabilities

1,517,735

1,467,471

Operating lease liabilities, net of current portion

210,157

222,602

Deferred revenue, net of current portion

7,108

8,495

Other long-term liabilities

97,478

89,339

Total liabilities

1,832,478

1,787,907

Stockholders’ equity:

Common stock

Treasury stock

Additional paid-in capital

2,716,280

2,814,843

Accumulated other comprehensive income

1,789

5,244

Accumulated deficit

(721,344

)

(753,898

)

Total stockholders’ equity

1,996,780

2,066,244

Total liabilities and stockholders’ equity

3,829,258

3,854,151

Page | 4

Consolidated Statements of Operations

(in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Revenues:

Subscription

862,264

698,728

Professional services and other

18,731

15,409

Total revenue

880,995

714,137

Cost of revenues:

Subscription

128,724

100,230

Professional services and other

16,970

14,877

Total cost of revenues

145,694

115,107

Gross profit

735,301

599,030

Operating expenses:

Research and development

234,193

220,100

Sales and marketing

386,431

326,697

General and administrative

85,640

78,633

Restructuring

1,094

1,080

Total operating expenses

707,358

626,510

Income (loss) from operations

27,943

(27,480

)

Other income (expense)

Interest income

12,884

20,564

Interest expense

(245

)

(644

)

Other expense, net

(1,288

)

(2,309

)

Total other income

11,351

17,611

Income (loss) before income tax expense

39,294

(9,869

)

Income tax expense

(6,740

)

(11,924

)

Net income (loss)

32,554

(21,793

)

Net income (loss) per share, basic

0.62

(0.42

)

Net income (loss) per share, diluted

0.62

(0.42

)

Weighted average common shares used in computing

basic net income (loss) per share:

52,490

52,154

Weighted average common shares used in computing

diluted net income (loss) per share

52,578

52,154

Page | 5

Consolidated Statements of Cash Flows

(in thousands)

Three Months Ended March 31,

2026

2025

Operating Activities:

Net income (loss)

32,554

(21,793

)

Adjustments to reconcile net (loss) income to net cash and cash equivalents provided

by operating activities

Depreciation and amortization

40,239

28,830

Stock-based compensation

115,744

116,693

Gain on strategic investments

(747

)

(115

)

Impairment of strategic investments

913

1,600

Benefit from deferred income taxes

(73

)

(335

)

Amortization of debt discount and issuance costs

500

Accretion of bond discount

(6,789

)

(13,848

)

Unrealized currency translation

2,527

2,717

Changes in assets and liabilities

Accounts receivable

58,437

45,655

Prepaid expenses and other assets

(60,519

)

(26,392

)

Deferred commission expense

(22,092

)

(27,159

)

Right-of-use assets

7,402

6,437

Accounts payable

31,319

18,034

Accrued expenses and other liabilities

(24,709

)

(1,224

)

Operating lease liabilities

(13,859

)

(7,452

)

Deferred revenue

38,381

39,422

Net cash and cash equivalents provided by operating activities

198,825

161,570

Investing Activities:

Purchases of investments

(358,691

)

(674,375

)

Maturities of investments

487,690

803,059

Purchases of property and equipment

(15,422

)

(13,345

)

Purchases of strategic investments

(5,792

)

(11,000

)

Purchases of intangible assets

(527

)

—

Capitalization of software development costs

(34,339

)

(30,421

)

Business acquisitions, net of cash acquired

(8,341

)

(51,356

)

Net cash and cash equivalents provided by investing activities

64,578

22,562

Financing Activities:

Employee taxes paid related to the net share settlement of stock-based awards

(3,194

)

(9,070

)

Payment of debt issuance costs

(2,620

)

—

Repayment of 2025 Convertible Notes

—

(90,568

)

Proceeds related to the issuance of common stock under stock plans

16,313

19,308

Repurchases of common stock

(206,681

)

—

Net cash and cash equivalents used in financing activities

(196,182

)

(80,330

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(5,526

)

8,560

Net increase in cash, cash equivalents and restricted cash

61,695

112,362

Cash, cash equivalents and restricted cash, beginning of period

884,945

516,720

Cash, cash equivalents and restricted cash, end of period

946,640

629,082

Page | 6

Reconciliation of non-GAAP operating income and operating margin

(in thousands, except percentages)

Three Months Ended March 31,

2026

2025

GAAP operating income (loss)

27,943

(27,480

)

Stock-based compensation

115,744

116,693

Amortization of acquired intangible assets

3,172

2,913

Acquisition related expense

8,811

7,082

Restructuring charges

1,094

1,080

Non-GAAP operating income

156,764

100,288

GAAP operating margin

3.2

(3.8

Non-GAAP operating margin

17.8

14.0

Reconciliation of non-GAAP net income

(in thousands, except per share amounts)

Three Months Ended March 31,

2026

2025

GAAP net income (loss)

32,554

(21,793

)

Stock-based compensation

115,744

116,693

Acquisition related expense

8,811

7,082

Amortization of acquired intangibles assets

3,172

2,913

Restructuring charges

1,094

1,080

Non-cash interest expense for amortization of debt issuance costs

—

500

Impairment of strategic investments, net

166

1,485

Income tax effects of non-GAAP items

(18,502

)

(12,053

)

Non-GAAP net income

143,039

95,907

Non-GAAP net income per share:

Basic

2.73

1.84

Diluted

2.72

1.78

Shares used in non-GAAP per share calculations

Basic

52,490

52,154

Diluted

52,578

54,015

Page | 7

Reconciliation of non-GAAP expense and expense as a percentage of revenue

(in thousands, except percentages)

Three Months Ended March 31,

2026

2025

COS, Subs-

cription

COS, Prof. services & other

R&D

S&M

G&A

COS, Subs-

cription

COS, Prof. services & other

R&D

S&M

G&A

GAAP expense

128,724

16,970

234,193

386,431

85,640

100,230

14,877

220,100

326,697

78,633

Stock -based compensation

(10,421

)

(689

)

(53,809

)

(31,188

)

(19,637

)

(7,697

)

(930

)

(56,797

)

(31,604

)

(19,665

)

Amortization of acquired

intangible assets

(2,382

)

(200

)

(28

)

(457

)

(105

)

(2,178

)

(200

)

—

(430

)

(105

)

Acquisition related

expense

—

(5,618

)

(1,182

)

(2,011

)

—

(6,886

)

(122

)

(74

)

Non-GAAP expense

115,921

16,081

174,738

353,604

63,887

90,355

13,747

156,417

294,541

58,789

GAAP expense as a

percentage of revenue

14.6

1.9

26.6

43.9

9.7

14.0

2.1

30.8

45.7

11.0

Non-GAAP expense as a

percentage of revenue

13.2

1.8

19.8

40.1

7.3

12.7

1.9

21.9

41.2

8.2

Page | 8

Reconciliation of non-GAAP subscription margin

(in thousands, except percentages)

Three Months Ended March 31,

2026

2025

GAAP subscription margin

733,540

598,498

Stock-based compensation

10,421

7,697

Amortization of acquired intangible assets

2,382

2,178

Non-GAAP subscription margin

746,343

608,373

GAAP subscription margin percentage

85.1

85.7

Non-GAAP subscription margin percentage

86.6

87.1

Reconciliation of free cash flow

(in thousands)

Three Months Ended March 31,

2026

2025

GAAP net cash and cash equivalents provided by operating activities

198,825

161,570

Purchases of property and equipment

(15,422

)

(13,345

)

Capitalization of software development costs

(34,339

)

(30,421

)

Payment of restructuring charges

4,665

4,505

Non-GAAP free cash flow

153,729

122,309

Supplemental disclosures:

Holdback payments to key employees related to acquisitions(1)

4,147

$ —

(1) Includes payments related to employee holdbacks pertaining to our acquisitions. The related expenses are recognized within operating expenses over the required service periods.

Reconciliation of operating cash flow

(in thousands)

Three Months Ended March 31,

2026

2025

GAAP net cash and cash equivalents provided by operating activities

198,825

161,570

Payment of restructuring charges

4,665

4,505

Non-GAAP operating cash flow

203,490

166,075

Supplemental disclosures:

Holdback payments to key employees related to acquisitions(1)

4,147

$ —

(1) Includes payments related to employee holdbacks pertaining to our acquisitions. The related expenses are recognized within operating expenses over the required service periods.

Page | 9

Reconciliation of forecasted non-GAAP operating income

(in thousands, except percentages)

Three Months Ended

June 30, 2026

Year Ended

December 31, 2026

GAAP operating income range

$21,672-$22,672

$193,024-$197,024

Stock-based compensation

141,011

527,077

Amortization of acquired intangible assets

3,111

12,504

Acquisition related expense

6,198

25,349

Restructuring charges

1,008

4,046

Non-GAAP operating income range

$173,000-$174,000

$762,000-$766,000

Reconciliation of forecasted non-GAAP net income and non-GAAP net income per share

(in thousands, except per share amounts)

Three Months Ended

June 30, 2026

Year Ended

December 31, 2026

GAAP net income range

$25,371-$26,371

$192,129-$196,629

Stock-based compensation

141,011

527,077

Amortization of acquired intangible assets

3,111

12,504

Acquisition related expense

6,198

25,349

Restructuring charges

1,008

4,046

Impairment of strategic investments, net

—

166

Income tax effects of non-GAAP items

(22,699)

(85,371)

Non-GAAP net income range

$154,000-$155,000

$675,900-$680,400

GAAP net income per basic share

$0.50-$0.52

$3.72-$3.81

GAAP net income per diluted share

$0.50-$0.51

$3.71-$3.79

Non-GAAP net income per diluted share

$3.00-$3.02

$13.04-$13.12

Weighted average common shares used in computing GAAP

basic net income per share:

51,146

51,650

Weighted average common shares used in computing GAAP

and non-GAAP diluted net income per share:

51,248

51,847

HubSpot’s estimates of stock-based compensation, amortization of acquired intangible assets, interest expense for amortization of one-time upfront debt issuance costs, restructuring charges, and income tax effects of non-GAAP items assume, among other things, the occurrence of no additional acquisitions, changes in value of strategic investments, and no further revisions to stock-based compensation and related expenses.

Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. In this release, HubSpot’s non-GAAP operating income, operating margin, subscription margin, expense, expense as a percentage of revenue, net income, operating and free cash flow are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.

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 operating cash flow is defined as cash and cash equivalents provided by or used

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in operating activities plus payment of restructuring charges. Non-GAAP free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment and capitalization of software development costs, plus payment of restructuring charges. Although non-GAAP operating cash flow and non-GAAP free cash flow are not residual cash flow available for our discretionary expenditures, we believe information regarding non-GAAP operating cash flow and non-GAAP free cash flow provide useful information to investors in understanding and evaluating the strength of our liquidity and provides a comparable framework for assessing how our business performed when compared to prior periods which were not impacted by restructuring charges paid from operating cash flow.

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.

Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. Specifically, these non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Management may, however, utilize other measures to illustrate performance in the future. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included above in this press release.

These non-GAAP measures exclude stock-based compensation, amortization of acquired intangible assets, acquisition related expenses, disposition related income, interest expense for the amortization of one-time upfront debt issuance costs, gain or impairment losses on strategic investments, restructuring charges, and account for the income tax effects of the exclusion of these non-GAAP items. We believe investors may want to incorporate the effects of these items in order to compare our financial performance with that of other companies and between time periods:

Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. We believe that the exclusion of stock-based compensation expense allows for financial results that are more indicative of our operational performance and provide for a useful comparison of our operating results to prior periods and to our peer companies because stock-based compensation expense varies from period to period and company to company due to such things as differing valuation methodologies and changes in stock price.

Expense for the amortization of acquired intangible assets is excluded from non-GAAP expense and income measures as HubSpot views amortization of these assets as arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is a non-cash expense that is not typically affected by operations during any particular period. Valuation and subsequent amortization of intangible assets can also be inconsistent in amount and frequency because they can significantly vary based on the timing and size of acquisitions and the inherently subjective nature of the degree to which a purchase price is allocated to intangible assets. We believe that the exclusion of this amortization expense provides for a useful comparison of our operating results to prior periods,

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for which we have historically excluded amortization expense, and to our peer companies, which commonly exclude acquired intangible asset amortization. It is important to note that although we exclude amortization of acquired intangible assets from our non-GAAP expense and income measures, revenue generated from such intangibles is included within our non-GAAP income measures. The use of these intangible assets contributed to our revenues earned during the periods presented and will contribute to future periods as well.

Acquisition related expenses, such as transaction costs, retention payments, and holdback payments, and disposition related income, such as proceeds from sale of assets, are transactions that are not necessarily reflective of our operational performance during a period. We believe that the exclusion of these expenses and income provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude these expenses and income. Payments for acquisition related expenses are included in our non-GAAP operating cash flow and free cash flow.

In June 2020, we issued $460 million of convertible notes due in 2025 with a coupon interest rate of 0.375%. The issuance cost of the debt is amortized as interest expense over the remaining term of the debt. We believe the exclusion of this interest expense for one-time upfront issuance costs provides for a useful comparison of our operating results to prior periods and to our peer companies. The Notes matured in June 2025, and no additional expense has been recognized thereafter.

Strategic investments consist of non-controlling equity investments in privately held companies. The recognition of gains, impairment losses, or the proportionate share of net earnings can vary significantly across periods and we do not view them to be indicative of our fundamental operating activities and believe the exclusion provides for a useful comparison of our operating results to prior periods and to our peer companies.

Restructuring charges are related to severance, employee related benefits, facilities and other costs associated with the restructuring plan implemented in January 2023. Restructuring charges fluctuate in amount and frequency and are not reflective of our core business operating results. In addition to the restructuring charges related to facilities we abandoned during the year ended 2023, through 2027, we expect to both incur incremental restructuring charges and make cash payments related to such facilities. The abandonment of facilities is part of the restructuring plan we authorized on January 25, 2023 and is intended to consolidate our lease space and create higher density across our workspaces. The incremental charges we expect to incur relate to continuing costs for the abandoned facilities and are expected to be in the range of $6-7 million. We also expect to make cash payments of approximately $23 million in fixed rent payments for the abandoned facilities that will be made in monthly installments through 2027, for which we have taken the full restructuring charge during the year ended 2023. We plan on excluding both the incremental charges and cash payments and the related restructuring cash rent payments from our non-GAAP earnings, operating cash flow, and free cash flow metrics. We believe exclusion of these charges and cash payments provides useful information to investors in understanding and evaluating the strength of earnings and liquidity and provides a comparable framework for assessing how our business performed when compared to prior periods which were not impacted by excluded restructuring charges paid from operating cash flow.

The effects of income taxes on non-GAAP items reflect a fixed long-term projected tax rate of 15% to provide better consistency across reporting periods. In 2026, we updated our fixed long-term projected tax rate from 20% to 15% to reflect regulatory changes from the One Big Beautiful Bill that was signed into law on July 4, 2025. To determine this long-term non-GAAP tax rate, we exclude the impact of other non-GAAP adjustments and take into account other factors such as our current operating structure and existing tax positions in various jurisdictions. We will periodically reevaluate this tax rate, as necessary, for significant events such as relevant tax law changes and material changes in our forecasted geographic earnings mix.

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Investor Relations Contact:

investors@hubspot.com

Media Contact:

media@hubspot.com

Page | 13

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