StubHub Holdings, Inc.

StubHub Holdings, Inc. Earnings Recaps

STUB 3 recaps
Next earnings: November 12, 2026 (estimated) · full calendar
Q2 2026 Aug 14, 2026

Shares declined 6.2% as investors reacted negatively to a cautious outlook and increased operational costs tied to customer support and fulfillment investments following the World Cup event.

Key takeaways
  • Gross merchandise sales (GMS) grew 34% year-over-year to $3.1 billion, driven by strong demand for live events and the World Cup.
  • Adjusted EBITDA nearly doubled to approximately $106 million, with margin expansion of about 600 basis points to 18%.
  • The World Cup event showcased StubHub’s global reach, with tickets sold to buyers from over 150 countries and 1 in 7 tickets sold outside North America.
  • Management noted operational challenges and increased fulfillment issues during the event, prompting higher investment in customer support and fulfillment.
  • While the core resale business remains healthy, the company signaled caution on consumer entertainment spending trends post–World Cup and emphasized early but encouraging progress in expanding open distribution and AI-powered tools.
Full recap
Q1 2026 May 14, 2026

StubHub's shares rose modestly by 2.7% following Q1 results that showed steady growth and margin expansion, reflecting investor cautious optimism amid solid execution without meaningful upside surprises.

Key takeaways
  • Gross merchandise sales (GMS) grew 7% year-over-year to $2.2 billion.
  • Adjusted EBITDA margin expanded to 16%, indicating improved profitability.
  • The company generated strong cash flow, enabling further deleveraging of the balance sheet.
  • Management reiterated full-year guidance for both GMS and adjusted EBITDA.
  • Progress made on product-led initiatives including AI-powered Distribution Manager and integration with primary ticketing platforms to broaden marketplace scale.
Full recap
Q3 2025 Nov 17, 2025

StubHub reported strong third-quarter 2025 results, achieving nearly 20% growth in gross merchandise sales (GMS) while solidifying its position as a leading global live event ticketing marketplace.

Key takeaways
  • StubHub's GMS grew nearly 20% over the past 12 months, highlighting robust demand and market share gains in North America.
  • The company is now approximately four times larger than its nearest competitor, showcasing its dominance in the secondary ticketing market.
  • High-margin, asset-light business model ensures exceptional cash conversion and resilience through economic cycles.
Full recap

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