5 Interesting Learnings from HubSpot at $3.5B in ARR: 23% Reported Growth, $211M in Buybacks, and a 16% Stock Drop (opens in new tab)

On paper, this was a strong quarter for HubSpot. Maybe not epic, but strong. HubSpot reported Q1 ’26 with revenue of $881M, up 23% … as reported. Subscription revenue alone hit $862.3M, putting ARR run-rate around $3.45B. They beat consensus by $18M. Customer count crossed 299,458, up 16% YoY. Non-GAAP operating margin expanded 380 bps...