Stubhub Holdings, Inc. · NYSE:STUB
Stubhub — Q2 2026 Earnings Presentation
17 slides from Stubhub's earnings presentation, Aug 12, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 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. Our actual results may differ materially from expectations, and reported results should not be conside
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: Q2 2026 at a Glance
Q2 2026 at a Glance Q2 2026 Financials Q2 2026 Highlights GMS $3.1 Billion1 33% 34% YoY Growth Revenue Growth YoY Adjusted $106 Million2 ~600 bps2 EBITDA 94% YoY Growth, 18% Margin Adj. EBITDA Margin Expansion YoY $598 Million2,3 3.0x2 TTM FCF 194% Adj. EBITDA Conversion Net Leverage vs. 4.5x in Q4'
Slide 5: Q2 2026 Highlights
Q2 2026 Highlights 1 Delivered 34% YoY GMS1 growth Enhanced margin profile as a result of greater operating efficiency; 2 ~800 bps YoY improvement in adjusted S&M expenses2 as a % of revenue 3 Strong cash flow generation Fortified balance sheet with net leverage3 improving to 3.0x and total 4 debt r
Slide 6: Our Business Model
Our Business Model Strong GMS to Profitable on First Upfront Cash at Asset-Light Network Effects Revenue Conversion Transaction Time of Sale Create Scale Benefits 6
Slide 7: A Global Leader in Live Events
A Global Leader in Live Events GLOBAL MARKETPLACE FOR FANS BUYERS SELLERS 50M+ 1M+ tickets sold1 unique sellers1 GLOBAL TECH PLATFORM DATA DISTRIBUTION TECHNOLOGY 1. Reflects full year 2025 figures. 7
Slide 8: Strengthened Balance Sheet Supports Growth Investments
Strengthened Balance Sheet Supports Growth Investments Net Leverage1 Cash Debt Service Costs ($ in millions) Continued net leverage improvement post-IPO Continued reduction in debt service costs 6.7x Required Amortization Cash Interest $10 ~$73M 4.5x $139 Savings 3.0x $108 $76 2 FY'24 FY'25 Q2'26 FY
Slide 9: FY 2026 Outlook – Raising GMS and Reiterating Adj. EBITDA
FY 2026 Outlook – Raising GMS and Reiterating Adj. EBITDA GMS $10.1B to $10.3B Representing 10% to 12% 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
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 June 30, 2026 Effective Rate3 Maturity Cash and cash equivalents $1,693 2024 Euro Term Loan ($)2 516 5.23% March 2030 2024 USD Term Loan ($) 904 6.01% March 2030 Total Debt $1,420 Series I 16 11.00% Perpetual Series K 590 9.88% Perpetual Series L 115 0.00% Per
Slide 13: Share Count Summary
Share Count Summary Share Count Detail As of June 30, 2026 Common shares outstanding 380,019,216 Vested RSUs outstanding 2,466,369 Vested Options outstanding (weighted avg. strike price of $5.95 per share) 4,454,558 Diluted Share Count 386,940,143 Unvested non-performance-based RSUs 22,584,893 Fully
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 1. During the three months ended June 30, 2026 and 2025, we incurred zero and $0.1 million of transaction and integration costs, respectively. During the six months ended June 30, 2026 and 2025, we incurred zero and $0.3 million of transaction and integration
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