Stubhub Holdings, Inc. · NYSE:STUB
Stubhub — Q1 2026 Earnings Presentation
17 slides from Stubhub's earnings presentation, May 13, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ materially from expectations, and reported results should not
Slide 3: The global destination for consumers to access live entertainment experiences
the global destination for consumers to access live entertainment experiences 3
Slide 4: Q1 2026 at a Glance
Q1 2026 at a Glance Q1 2026 Financials Q1 2026 Highlights $2.2 Billion1 12% GMS 7% YoY Growth Revenue Growth on Higher GMS Conversion Adjusted $72 Million2 400 bps2 EBITDA 50% YoY Growth, 16% Margin Adj. EBITDA Margin Expansion $298 Million2,3 0.5x2 TTM FCF Net Leverage 116% Adj. EBITDA Conversion R
Slide 5: Q1 2026 Highlights
Q1 2026 Highlights 1 Positive top-line performance with 7% YoY GMS1 growth 2 Continued market leadership and increasing scale benefits 3 Enhanced margin profile as a result of greater operating efficiency with 500 bps YoY improvement in adjusted S&M expenses2 as a % of revenue 4 Strong cash flow gen
Slide 6: Our Business Model
Our Business Model Network Effects Strong GMS to Profitable on First Upfront Cash at Asset-Light Create Scale Revenue Conversion Transaction Time of Sale Benefits 6
Slide 7: A Global Leader in Live Events
A Global Leader in Live Events GLOBAL MARKETPLACE FOR FANS BUYERS SELLERS 50M+ 1M+ tickets sold1 unique sellers1 GLOBAL TECH PLATFORM DATA DISTRIBUTION TECHNOLOGY (1) Reflects full year 2025 figures. 7
Slide 8: Strengthened Balance Sheet Supports Growth Investments
Strengthened Balance Sheet Supports Growth Investments Net Leverage1 Cash Debt Service Costs ($ in millions) Continued net leverage improvement post-IPO Continued reduction in debt service costs 6.7x ~$60 $149 Savings 10 $129 5 4.5x 4.0x $90 139 124 90 FY'25 Q1'26 TTM Pro Forma Annualized 2 FY'24 FY
Slide 9: Reiterated FY 2026 Financial Guidance
Reiterated FY 2026 Financial Guidance GMS $9.9B to $10.1B Representing 8% to 10% YoY Growth Adj. EBITDA $400M to $420M1 (1) A reconciliation of Adjusted EBITDA guidance to the corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty of
Slide 10: Why StubHub Wins
Why StubHub Wins 1 Leading Marketplace with Category Defining Brand and Global Scale 2 Proven Network Effects Power Durable Competitive Advantages 3 Capital Light Model Drives Strong Margins with High Cash Conversion 4 Extensive Dataset Across Millions of Global Events 5 Scale-Driven Flywheel Enable
Slide 11: Appendix
Appendix 11
Slide 12: Capital Structure
Capital Structure $ in millions Tranche March 31, 2026 Effective Rate3 Maturity Cash and cash equivalents $1,526 2024 Euro Term Loan ($)2 519 5.23% March 2030 2024 USD Term Loan ($) 1,004 6.01% March 2030 Total Debt $1,523 Series I 16 11.00% Perpetual Series K 576 9.88% Perpetual Series L 115 0.00%
Slide 13: Share Count Summary
Share Count Summary Share Count Detail As of March 31, 2026 Common shares outstanding 373,725,889 Vested RSUs outstanding 1,905,543 Vested Options outstanding (weighted avg. strike price of $5.00 per share) 5,405,141 Diluted Share Count 381,036,573 Unvested non-performance-based RSUs 17,627,278 Full
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 1. During the three months ended March 31, 2026 and 2025, we incurred zero and $0.1 million of transaction and integration costs, respectively. We do not consider these costs to be representative of the ongoing financial performance of our core business, and w
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 1. Reported within payments due to buyers and sellers in notes to the condensed consolidated financial statements. 15
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 16
Slide 17: StubHub
StubHub