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北京时间·🕒 发布 04:19:49时区推断·⟳ 抓取 04:19:57·⚡ 决策 08-06 04:24:29 +4m32s·82.5 天前
HubSpot二季度业绩好于预期但三季度收入和EPS指引低于预期
二季度收入9.117亿美元高于8.98亿美元预期，调整后EPS 3.26美元高于3.02美元预期，利润率仍在改善。
📄 原文Wall St Engine@wallstengine↗ 原文
HUBSPOT $HUBS Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $911.7M (Est. $898M) 🟢; +20% YoY 🔹 Adj. EPS: $3.26 (Est. $3.02) 🟢; +…
不做 HubSpot（HUBS.US）
财报为混合信号：Q2 beat 与全年EPS上修抵消Q3指引 miss，方向不够单边，当前不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 社交账号发布HubSpot二季度业绩和三季度、全年指引摘要，抓取时间与发布几乎同步。
- HubSpot IR页面显示Q2 2026财报电话会安排在8月5日16:30 ET，确认事件为预定财报窗口；检索页未直接展示本条摘要中的Q2具体数字。
关键理由
- 二季度收入9.117亿美元高于8.98亿美元预期，调整后EPS 3.26美元高于3.02美元预期，利润率仍在改善。
- 三季度收入指引9.24亿-9.25亿美元低于9.42亿美元预期，调整后EPS 3.25-3.27美元低于3.45美元预期，是短线负面增量。
- 全年收入指引3.68亿-3.69亿美元低于3.71亿美元预期，但全年经营利润和EPS指引仍高于预期，净影响不够单边。
主要风险
- 财报事件本身是日历内明牌，若盘后电话会给出更弱需求解释，负面可能扩大。
- 若市场更重视AI产品与利润率改善而非Q3收入缺口，开空容易被反向挤压。
原文全文
展开原文 · 956 字
HUBSPOT $HUBS Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $911.7M (Est. $898M) 🟢; +20% YoY
🔹 Adj. EPS: $3.26 (Est. $3.02) 🟢; +49% YoY
🔹 Oper Income: $185.3M (Est. $174M) 🟢; +44% YoY
🔹 FCF: $167.9M (Est. $157M)
FY26 Guide:
🔹 Revenue: $3.68B-$3.69B (Est. $3.71B) 🔴
🔹 Operating Income: $762.0M-$766.0M (Est. $745M) 🟢
🔹 Adj. EPS: $13.23-$13.31 (Est. $13.10) 🟢
Q3 Guide:
🔹 Revenue: $924.0M-$925.0M (Est. $942M) 🔴
🔹 Operating Income: $187.0M-$188.0M (Est. $202M) 🔴
🔹 Adj. EPS: $3.25-$3.27 (Est. $3.45) 🔴
Segment Net Revenue:
🔹 Subscription: $894.0M; +20% YoY
🔹 Professional Services & Other: $17.7M; +8% YoY
Other Q2 Metrics:
🔹 Customers: 306,446; +14% YoY
🔹 Calculated Billings: $929.7M; +14% YoY
🔹 Non-GAAP Operating Margin: 20.3%; +330 bps YoY
🔹 Average Subscription Revenue Per Customer: $11,800; +4% YoY
Comments:
🔸 “we are evolving our product, pricing, and go-to-market to meet those needs.”
🔸 “The AI shift unlocks a much larger opportunity for HubSpot”
🔹 Revenue: $911.7M (Est. $898M) 🟢; +20% YoY
🔹 Adj. EPS: $3.26 (Est. $3.02) 🟢; +49% YoY
🔹 Oper Income: $185.3M (Est. $174M) 🟢; +44% YoY
🔹 FCF: $167.9M (Est. $157M)
FY26 Guide:
🔹 Revenue: $3.68B-$3.69B (Est. $3.71B) 🔴
🔹 Operating Income: $762.0M-$766.0M (Est. $745M) 🟢
🔹 Adj. EPS: $13.23-$13.31 (Est. $13.10) 🟢
Q3 Guide:
🔹 Revenue: $924.0M-$925.0M (Est. $942M) 🔴
🔹 Operating Income: $187.0M-$188.0M (Est. $202M) 🔴
🔹 Adj. EPS: $3.25-$3.27 (Est. $3.45) 🔴
Segment Net Revenue:
🔹 Subscription: $894.0M; +20% YoY
🔹 Professional Services & Other: $17.7M; +8% YoY
Other Q2 Metrics:
🔹 Customers: 306,446; +14% YoY
🔹 Calculated Billings: $929.7M; +14% YoY
🔹 Non-GAAP Operating Margin: 20.3%; +330 bps YoY
🔹 Average Subscription Revenue Per Customer: $11,800; +4% YoY
Comments:
🔸 “we are evolving our product, pricing, and go-to-market to meet those needs.”
🔸 “The AI shift unlocks a much larger opportunity for HubSpot”
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