StubHub Holdings, Inc. Q2 2026 Earnings Recap

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.