StubHub Holdings, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Gross Merchandise Sales (GMS) increased 7% year-over-year to $2.62 billion for the quarter ended September 30, 2026, compared to $2.43 billion in the prior-year period.
• Revenue increased 7% year-over-year to $502.0 million for the quarter, representing approximately 19% of GMS, compared to $468.1 million in the prior-year period.
• Net income for the quarter was $33.6 million, a 7% net income margin, compared to a net loss of $1,294.6 million in the prior-year period (which included $1,405.2 million of stock-based compensation expense).
• Adjusted EBITDA increased 84% year-over-year to $124.1 million for the quarter, with an adjusted EBITDA margin of 25%, up 10 percentage points from the prior-year period.
• Cash and cash equivalents stood at $1.2 billion, with payments due to sellers totaling $0.8 billion as of September 30, 2026.
• Net leverage improved to 2.5x trailing 12-month adjusted EBITDA as of September 30, 2026, a reduction of 2.0x from 4.5x as of December 31, 2025.
• For the nine months ended September 30, 2026, revenue was $1,521.1 million and net income was $96.2 million, compared to revenue of $1,296.0 million and a net loss of $1,370.6 million in the prior-year period.

Guidance and Future Outlook:

• StubHub raised its full-year 2026 GMS outlook to a range of $10.175 billion to $10.375 billion.
• The company reiterated its full-year 2026 Adjusted EBITDA outlook of $400 million to $420 million.
• Management indicated that the increased GMS outlook reflects positive third-quarter results and anticipated performance for the remainder of the year.

Business Segments and Product Lines:

• StubHub operates as a leading global ticketing marketplace for live events, servicing customers in over 200 countries and territories through its international brand viagogo.
• The platform supports over 30 languages and accepts payments in over 45 currencies across categories including sports, music, comedy, dance, festivals, and theater.
• Capitalized software development costs were $30.5 million for the nine months ended September 30, 2026, compared to $22.8 million in the prior-year period.

Market and Competitive Landscape:

• Management described StubHub as the global market leader in the ticketing marketplace.
• Consumer demand continues to prioritize live events, with customers valuing the trusted experience provided by the platform.
• The company remains committed to expanding access and choice for fans as a strategic priority.

Risks and Challenges:

• Forward-looking statements are subject to risks including fluctuations in demand for tickets or live events, ability to maintain relationships with buyers, sellers, and content rights holders, and competition in the ticketing industry.
• Risks include potential limitations or discontinuation of support by internet search engines, ability to expand into adjacent market opportunities, and effects of seasonal trends.
• Additional risks involve labor costs, foreign currency exchange rate fluctuations, inflation, compliance with changing laws and regulations, extraordinary events, litigation, cybersecurity risks, and internal control over financial reporting.

Management Commentary and Tone:

• Eric Baker, Founder, Chairman, and CEO, stated that consumers continue to prioritize live events and value the trusted experience provided by StubHub.
• Management expressed confidence in the business, noting the decision to raise the full-year GMS outlook based on third-quarter results.
• The company reaffirmed its commitment to advancing strategic priorities to expand access and choice for fans.

Other Key Points:

• The balance sheet was strengthened by extending term loan maturities by 3.5 years and reducing borrowing rates in October 2026.
• StubHub repaid $100 million in debt in July 2026.
• Long-term debt obligations decreased from $1,506.9 million as of December 31, 2025, to $1,297.6 million as of September 30, 2026.
• Redeemable preferred stock aggregate liquidation preference decreased from $1,027.6 million as of December 31, 2025, to $736.1 million as of September 30, 2026.
• Stock-based compensation expense for the quarter was $42.5 million, a significant decrease from $1,405.2 million in the prior-year period.
• A conference call and live webcast were hosted on November 10, 2026, to discuss the results.