# HubSpot Gets Multiple Downgrades After Third-Quarter Results By John Kim Canonical URL: https://www.tokenpost.com/news/business/50397 Published: 2026-11-06T22:37:10.000Z Updated: 2026-11-06T22:37:10.000Z Section: Business > HubSpot maintained its 2026 revenue growth outlook at 16% and forecast 12% growth in the fourth quarter. It expects net-new annual recurring revenue to decline year over year in FY26. HubSpot received multiple analyst downgrades after its third-quarter results and guidance, as it maintained its 2026 growth outlook amid artificial intelligence (AI) headwinds and cautious customer spending. The company kept its full-year revenue growth outlook at 16% and forecast 12% growth in the fourth quarter. Its [fourth-quarter revenue forecast]() was $945 million to $947 million. HubSpot expects net-new annual recurring revenue to decline year over year in FY26. Third-quarter revenue rose 17% year over year on a constant-currency basis. HubSpot CEO Yamini Rangan said AI-related headwinds continued from Q2 and became more pronounced in Q3. Customers have scrutinized budgets more closely, shown greater price sensitivity and demanded more proof of value. Sales cycles have lengthened, while inbound demand remains pressured. Needham expects AI startups to intensify competition in the lower end of the market. It sees a possible recovery in the up-market segment in 2027 but believes consensus estimates for that year need to come down. Barclays had earlier [downgraded HubSpot to Equal-Weight]() on Oct. 12, citing its view that AI benefits for enterprise software companies would take longer to materialize. ## Links in this article - [fourth-quarter revenue forecast](https://www.tokenpost.com/news/business/49904) - [downgraded HubSpot to Equal-Weight](https://www.tokenpost.com/news/investing/30320)