HubSpot (HUBS)

Inbound marketing + sales/CRM platform for SMBs — marketing automation & lead generation

AI exposure 8% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to Q2 2026, reported 2026-08-05

HubSpot CRM platform — Marketing Hub + Sales Hub + Service Hub + Content + Breeze AI (SMB/mid-market) leads 2 businesses in this sub-tier that together are 100% of revenue, so Enterprise & Business Software is effectively the whole company rather than one leg of it.

Reported segments

• Subscription — 98.1% of revenue
• Professional Services & Other — 1.9% of revenue

HubSpot ($911.7M Q2 2026, +20% YoY). Subscription 98.1% ($894.0M, +20%) = primary B5 Enterprise & Business Software — the customer-platform Hubs plus Breeze AI agents; Professional Services 1.9% ($17.7M). Management moved away from AI credit-based pricing during the quarter, folding agent usage into seats.

How the 8% is built

• Subscription — 98.1% of revenue × 8% AI-driven (disclosed). Breeze AI agents are embedded in the CRM workflow; the product is customer-relationship software rather than AI infrastructure
• Professional Services & Other — 1.9% of revenue × 0% AI-driven (disclosed). Onboarding and training

Investment read

Moat. SMB-CRM/marketing platform + inbound-marketing brand + ecosystem; the SMB-focused alternative to Salesforce with a marketing-first wedge.

Bottleneck / pricing power. Pricing power just failed a live test: HubSpot cut agent prices and pushed free trials in Q2 2026, full-year NRR guidance went to roughly flat, and customer dollar retention sits only in the high 80s. The multi-hub flywheel still works on seats and data gravity; the AI layer is arriving as a price cut before it arrives as revenue.

Role in the AI stack. The SMB marketing + CRM platform layer.

Connected companies

• Salesforce (CRM) — HUBS competes with: CRM competitors weighted to different tiers — Salesforce enterprise vs HubSpot SMB/mid-market, overlapping in the mid-market

Others in Enterprise & Business Software

• ServiceNow (NOW)
• Salesforce (CRM)
• SAP SE (SAP)
• Workday (WDAY)
• Oracle (ORCL)
• Intuit (INTU)
• Pegasystems (PEGA)
• Twilio (TWLO)
• UiPath (PATH)
• Veeva Systems (VEEV)
• Adobe (ADBE)
• Accenture (ACN)

All 174 companies · What moved this quarter · How the map is built