– Gross Merchandise Sales increased to a record $3.1 billion, up 34% year over year –
– Revenue increased to a record $573.1 million, up 33% year over year –
– Adjusted EBITDA increased 94% to $105.7 million; adjusted EBITDA margin up nearly 600 basis points year over year to 18% –
– Increases full-year GMS outlook to reflect strong second quarter results –
– Strengthened balance sheet with additional debt reduction, including a $100.0 million payment in July –
NEW YORK, August 12, 2026--(BUSINESS WIRE)--StubHub Holdings, Inc. (NYSE: STUB), a leading global ticketing marketplace for live events, today reported financial results for the second quarter ended June 30, 2026.
"The second quarter demonstrated strong demand for live events, highlighted by a record-setting World Cup. Our results reflect StubHub's leadership in the resale market and our ability to deliver these experiences to fans at scale," said Eric Baker, Founder, Chairman and Chief Executive Officer of StubHub. "We remain focused on our vision for long-term growth — enhancing the fan experience, democratizing access to live events, and expanding our addressable market."
Financial Highlights
Gross Merchandise Sales ("GMS")1 of $3.1 billion, a $789.5 million, or 34% increase compared to $2.3 billion in the prior-year period.
Revenue of $573.1 million, or approximately 19% of GMS, a 33% increase compared to $430.3 million in the prior-year period.
Net income of $14.6 million, representing a 3% net income margin, compared to a net loss of $53.8 million in the prior-year period.
Adjusted EBITDA1 of $105.7 million, representing an 18% adjusted EBITDA margin, a 94% increase compared to $54.3 million in the prior-year period.
Net cash provided by operating activities was $321.9 million, inclusive of net inflows of buyer receipts and seller payments, compared to $19.3 million in the prior-year period.
Free cash flow1 was $309.7 million, compared to $9.7 million in the prior-year period.
Cash and cash equivalents of $1.7 billion; payments due to sellers of $1.2 billion.
Further strengthened balance sheet with year-to-date debt reduction of $200.0 million, including a $100.0 million payment in May and a $100.0 million payment in July, with total debt reduction of $1.1 billion in the last 12 months.
Net leverage1 improved to 3.0x trailing 12-month adjusted EBITDA as of June 30, 2026, a 1.5x reduction compared to 4.5x as of December 31, 2025.
Full Year 2026 Financial Outlook
StubHub is increasing its GMS outlook and reiterating its adjusted EBITDA outlook for full year 2026:
GMS of $10.1 billion to $10.3 billion
Adjusted EBITDA2 of $400 million to $420 million
These guidance ranges constitute forward-looking statements and reflect information available to the company as of the date hereof. There can be no assurance that the company's actual results will not differ materially from the estimates set forth, including as a result of factors outside of the company's control. See cautionary note below regarding "Forward-Looking Statements."
For definitions and applicable reconciliations, please refer to "Key Business Metric and Non-GAAP Financial Measures" and the tables under "Reconciliations of GAAP to Non-GAAP Financial Measures" below.
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 expenses that may be incurred in the future, although it is important to note that these factors could be material to results computed in accordance with GAAP. For example, stock-based compensation-related charges are impacted by the timing of employee stock transactions, the future fair market value of Class A common stock, and future hiring and retention needs, all of which are difficult to predict and subject to constant change.
Conference Call and Webcast Information
StubHub will host a conference call and live webcast to discuss its second quarter 2026 results today at 5:00 PM Eastern Time.
The live webcast and replay may be accessed on StubHub's investor relations website, investors.stubhub.com, along with a copy of the earnings presentation and this press release.
About StubHub
StubHub is a leading global ticketing marketplace for live events. Through StubHub and its international brand viagogo, the company services customers in over 200 countries and territories, supporting over 30 languages and accepting payments in over 45 currencies – from sports to music, comedy to dance, festivals to theater. StubHub offers a safe and convenient way to buy or sell tickets to live events across the world for memorable live experiences.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the full year 2026, growth in market position, growth strategies, and ability to deliver sustainable long-term value for our stakeholders. Our actual results may differ materially from expectations, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "hope," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or similar expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, and you should not rely on these as predictions of future events. Factors that may cause differences include, without limitation: the demand for tickets on our platform or for live events in general; our ability to maintain relationships with buyers and sellers, including individual sellers, professional sellers and content rights holders; changes in or any limitation or discontinuation of support by internet search engines and related technologies that impact how consumers find information online; our ability to compete in the ticketing industry against current or future competitors; our ability to continue to improve our platform and maintain and enhance our brands; our ability to expand into adjacent market opportunities across live entertainment and into additional live event and experience categories; our ability to expand the adoption of our platform for open distribution and disrupt the legacy primary ticketing model; the effects of seasonal trends on our results of operations; our ability to attract and retain a qualified management team and other team members while controlling our labor costs; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates and rising inflation rates; our ability to comply with existing laws, rules and regulations as well as the implementation of new or changing laws, rules and regulations and other legal uncertainties; the impact of extraordinary events or adverse economic conditions on discretionary consumer and corporate spending or on the supply and demand of live events; our ability to successfully defend against litigation; our ability to maintain the integrity of our information systems and infrastructure, and to mitigate possible cybersecurity risks; our ability to generate sufficient cash flows or raise additional capital necessary to fund our operations or service our debt, contractual commitments or obligations; our ability to remediate material weaknesses in our internal control over financial reporting; and the increased expenses associated with being a public company. For additional information on other potential risks and uncertainties that could cause actual results to differ from expected results, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. All forward-looking statements are based on information available to us as of the date of this press release and are made only as of such date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as required by law.
STUBHUB HOLDINGS, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenue | $ | 573,068 | $ | 430,295 | $ | 1,019,113 | $ | 827,902 | |||||||
Costs and expenses: | |||||||||||||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | 104,592 | 75,132 | 170,407 | 137,588 | |||||||||||
Operations and support | 18,780 | 13,960 | 33,736 | 26,126 | |||||||||||
Sales and marketing | 274,087 | 235,206 | 499,994 | 454,110 | |||||||||||
General and administrative | 146,338 | 74,529 | 251,983 | 145,428 | |||||||||||
Depreciation and amortization | 9,815 | 6,412 | 17,708 | 12,756 | |||||||||||
Total costs and expenses | 553,612 | 405,239 | 973,828 | 776,008 | |||||||||||
Income from operations | 19,456 | 25,056 | 45,285 | 51,894 | |||||||||||
Interest income | 12,236 | 10,365 | 22,762 | 18,667 | |||||||||||
Interest expense | (22,200 | ) | (43,868 | ) | (39,468 | ) | (86,305 | ) | |||||||
Other expense, net | — | (352 | ) | — | (352 | ) | |||||||||
Foreign currency gains (losses) | 3,864 | (61,125 | ) | 24,454 | (85,170 | ) | |||||||||
Loss on extinguishment of debt | (1,877 | ) | — | (1,877 | ) | — | |||||||||
Gains (losses) on derivatives | 753 | (1,499 | ) | 6,290 | (834 | ) | |||||||||
Total other income (expense), net | (7,224 | ) | (96,479 | ) | 12,161 | (153,994 | ) | ||||||||
Income (loss) before income taxes | 12,232 | (71,423 | ) | 57,446 | (102,100 | ) | |||||||||
Benefit for income taxes | 2,375 | 17,594 | 5,206 | 26,088 | |||||||||||
Net income (loss) | 14,607 | (53,829 | ) | 62,652 | (76,012 | ) | |||||||||
Net income (loss) attributable to common stockholders | $ | (40 | ) | $ | (75,925 | ) | $ | 32,497 | $ | (111,814 | ) | ||||
Net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | $ | (0.00 | ) | $ | (0.25 | ) | $ | 0.09 | $ | (0.37 | ) | ||||
Diluted | $ | (0.00 | ) | $ | (0.25 | ) | $ | 0.06 | $ | (0.37 | ) | ||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | 378,710,978 | 304,729,749 | 369,086,762 | 304,615,069 | |||||||||||
Diluted | 378,710,978 | 304,729,749 | 381,777,937 | 304,615,069 |
STUBHUB HOLDINGS, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands, except share and per share data) | ||||||||
(Unaudited) | ||||||||
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,693,051 | $ | 1,241,587 | ||||
Accounts receivable | 13,946 | 6,909 | ||||||
Inventory | 4,967 | 9,228 | ||||||
Prepaid expenses and other current assets | 73,021 | 37,924 | ||||||
Total current assets | 1,784,985 | 1,295,648 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 122,425 | 73,254 | ||||||
Trademarks and trade names | 864,800 | 864,800 | ||||||
Other intangible assets, net | 26,983 | 38,243 | ||||||
Goodwill | 2,686,701 | 2,686,701 | ||||||
Restricted cash | 25,522 | 17,543 | ||||||
Deferred tax assets | 2,205 | 2,083 | ||||||
Other non-current assets | 44,937 | 75,781 | ||||||
Total assets | $ | 5,558,558 | $ | 5,054,053 | ||||
Liabilities, Redeemable Preferred Stock, and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 52,732 | $ | 71,087 | ||||
Payments due to buyers and sellers | 1,306,617 | 845,892 | ||||||
Accrued expenses and other current liabilities (including zero and $17,894 under the fair value option, respectively) | 349,770 | 334,305 | ||||||
Total current liabilities | 1,709,119 | 1,251,284 | ||||||
Non-current liabilities: | ||||||||
Long-term debt obligations, non-current | 1,396,271 | 1,506,957 | ||||||
Deferred tax liabilities | 100,411 | 93,226 | ||||||
Other non-current liabilities | 274,913 | 260,971 | ||||||
Total liabilities | 3,480,714 | 3,112,438 | ||||||
Commitments and contingencies | ||||||||
Redeemable preferred stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 490,000 and 794,893 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of $721,140 and $1,027,583 as of June 30, 2026 and December 31, 2025, respectively | 454,350 | 758,027 | ||||||
Stockholders' equity: | ||||||||
Class A common stock, $0.001 par value; 3,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 355,269,216 and 321,320,641 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 355 | 321 | ||||||
Class B common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 24,750,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 25 | 25 | ||||||
Additional paid-in capital | 4,931,923 | 4,522,498 | ||||||
Accumulated other comprehensive income | 39,142 | 71,347 | ||||||
Accumulated deficit | (3,347,951 | ) | (3,410,603 | ) | ||||
Total stockholders' equity | 1,623,494 | 1,183,588 | ||||||
... |