StubHub Q2 revenue beats estimates; EPS misses at $0.00
StubHub Holdings posted Q2 revenue of $573.1 million, beating the $521.9 million estimate by 9.8%, while EPS of $0.00 missed the $0.09 consensus. Record GMS of $3.1 billion and improved net leverage of 3.0x highlight operational strength despite the earnings miss.
*this image is generated using AI for illustrative purposes only.
StubHub Holdings, Inc. (NYSE: STUB) reported mixed results for the second quarter ended June 30, 2026, as its revenue beat analyst expectations while earnings per share fell short. The company posted quarterly sales of $573.068 million, surpassing the consensus estimate of $521.908 million by 9.80 percent. Conversely, quarterly earnings per share were $0.00, missing the analyst consensus estimate of $0.09 by 100 percent.
Despite the EPS miss, StubHub swung to profitability on a net income basis, reporting net income of $14.6 million compared to a net loss of $53.8 million in the prior-year period. This represents a significant improvement from losses of $(0.25) per share in the same period last year. Gross Merchandise Sales (GMS) reached an all-time high of $3.1 billion, up 34% year-over-year from $2.3 billion, driven by strong demand for live events including a record-setting World Cup.
Q2 2026 Financial Highlights
The following table summarises key financial metrics for the three months ended June 30, 2026 compared to the prior-year period.
| Metric: | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| GMS: | $3.1 billion | $2.3 billion | +34% |
| Revenue: | $573.1 million | $430.3 million | +33% |
| Net Income (Loss): | $14.6 million | ($53.8 million) | Turned profitable |
| Adjusted EBITDA: | $105.7 million | $54.3 million | +94% |
| Adjusted EBITDA Margin: | 18% | 13% | +~600 bps |
| Net Cash from Operations: | $321.9 million | $19.3 million | — |
| Free Cash Flow: | $309.7 million | $9.7 million | — |
Revenue of $573.1 million represented approximately 19% of GMS. Net income of $14.6 million reflected a 3% net income margin. Adjusted EBITDA margin expanded to 18% from 13% in the prior-year period.
"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.
Six-Month Performance
For the six months ended June 30, 2026, revenue reached $1,019.1 million compared to $827.9 million in the prior-year period. Net income for the six-month period was $62.7 million, compared to a net loss of $76.0 million in the prior-year period. Adjusted EBITDA for the six months ended June 30, 2026 was $177.7 million, representing a 17% adjusted EBITDA margin, compared to $102.3 million and a 12% margin in the prior-year period.
Balance Sheet and Debt Reduction
StubHub further strengthened its balance sheet during the period, with the following key metrics as of June 30, 2026:
| Metric: | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Cash and Cash Equivalents: | $1.7 billion | — |
| Payments Due to Sellers: | $1.2 billion | — |
| Long-term Debt (non-current): | $1,396.3 million | $1,507.0 million |
| Total Assets: | $5,558.6 million | $5,054.1 million |
| Net Leverage: | 3.0x TTM Adjusted EBITDA | 4.5x TTM Adjusted EBITDA |
Year-to-date debt reduction totalled $200.0 million, comprising a $100.0 million payment in May and a $100.0 million payment in July. Total debt reduction over the last 12 months reached $1.1 billion. Net leverage 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 Outlook
StubHub increased its GMS outlook and reiterated its Adjusted EBITDA outlook for full-year 2026:
| Metric: | Full-Year 2026 Guidance |
|---|---|
| GMS: | $10.1 billion to $10.3 billion |
| Adjusted EBITDA: | $400 million to $420 million |
The company noted that these guidance ranges reflect information available as of the date of the announcement and are subject to risks and uncertainties that could cause actual results to differ materially.
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, spanning sports, music, comedy, dance, festivals, and theater.
How sustainable is the 18% Adjusted EBITDA margin given the one-time impact of the World Cup, and what operational efficiencies will StubHub leverage to maintain profitability in Q3 and Q4?
With net leverage dropping to 3.0x, will management accelerate debt repayment plans or pivot toward share buybacks and dividends to return capital to shareholders?
What specific strategies is StubHub employing to mitigate the risk of primary ticketing platforms (like Ticketmaster) expanding their own resale capabilities or implementing stricter transfer restrictions?
18
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
