StubHub Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
StubHub Q3 2026 earnings review
Adjusted EBITDA rose 83.8% to $124.1M, and the company raised its full-year GMS outlook.
StubHub Holdings, Inc. · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · StubHub (STUB) Q3 2026 earnings review
Adjusted EBITDA rose 83.8% to $124.1M, and the company raised its full-year GMS outlook
- 1.Gross merchandise sales were $2.62B, up 7.0% year on year, as stated in the release
- 2.Revenue of $502.0M rose 7.2% and missed the $514.0M Yahoo Finance consensus
- 3.Adjusted EBITDA rose 83.8% to $124.1M, and the margin widened to 24.7%
- 4.Full-year GMS outlook was raised to $10.175B–$10.375B
- 5.Shares were +0.5% in pre-market at $5.68 as of 8:35 AM EST, not a close
Note: The release rounds GMS growth and revenue growth to 7%. Yahoo Finance revenue consensus is the Nov 10 average of 13 analysts. Pre-market is not a close. The prior GMS outlook range is not restated in this release.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 11, 2026 8:35 AM EST
2 · Executive summary
Revenue missed the Yahoo Finance consensus by 2.3%, and GAAP diluted EPS also missed
Q3 2026 results vs. Yahoo Finance consensus (Nov 10, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $502.0M | $514.0M | -$12.1M / -2.3% | Miss |
| Q3 GAAP diluted EPS | $0.05 | $0.14 | -$0.09 / -64.3% | Miss |
Share price, Nov 10 regular close to Nov 11 pre-market last
| StubHub Holdings (NYSE) | Nov 10 close, 4:10 PM EST | Nov 11 pre-market, 8:35 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| STUB | $5.65 | $5.68 | +$0.03 | +0.5% |
Both prices are from the CNBC quote page, fetched at 8:35 AM EST on Nov 11, 2026. The pre-market last is not a close. The Nov 10 regular close was $5.65, down 3.4% from the Nov 9 close of $5.85. CNBC does not state a reason for the move.
Note: The Yahoo Finance EPS estimate of $0.14 (4 analysts) is compared with official GAAP diluted EPS of $0.05. Yahoo year-ago EPS of -$4.04 does not match official GAAP diluted EPS of -$4.27, so the EPS basis may differ. The company does not publish an adjusted EPS figure in Exhibit 99.1.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 11, 2026 8:35 AM EST
3 · Q3 results vs. consensus
The company raised full-year GMS guidance to $10.175B to $10.375B and reiterated adjusted EBITDA guidance
Note: GMS is gross merchandise sales. The release says the company is increasing its GMS outlook and reiterating its adjusted EBITDA outlook. The prior GMS range is not restated in Exhibit 99.1, so the size of the raise cannot be measured from this filing alone. No third-party GMS or adjusted EBITDA consensus was used.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
4 · Guidance
Revenue rose 7.2% to $502.0M, and GAAP operating income turned positive
- Revenue increasedRevenue rose 7.2% to $502.0M from $468.1M.
- Gross profit improvedCost of revenue fell 26.8%, and adjusted gross profit rose to $429.1M.
- Net income turned positiveNet income was $33.6M, compared with a net loss of -$1,294.6M a year earlier, which included $1,405M of stock-based compensation.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $468.1M | $502.0M | 7.2% |
| Income from operations | -$1,368.2M | $42.3M | (103.1%) |
| Adjusted EBITDA | $67.5M | $124.1M | 83.8% |
| GAAP diluted EPS ($) | -$4.27 | $0.05 | (101.2%) |
Note: The release rounds revenue to $502.0 million and $468.1 million. The year-earlier net loss included $1,405.2 million of stock-based compensation, which also depressed GAAP operating income and G&A.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
5 · Q3 key financials
Gross merchandise sales rose 7.0% to $2.62B, and revenue was about 19% of GMS
Gross merchandise sales and take rate
As stated in Exhibit 99.1, except computed take rate
| Metric | Q3 2026 |
|---|---|
| Gross merchandise sales | $2.62B |
| GMS change year on year, as stated | $181.6M |
| Revenue | $502.0M |
| Revenue as a share of GMS, as stated | 19% |
The release defines GMS as the total dollar value paid by buyers for ticket transactions and fulfillment, including fees charged to buyers and sellers and net proceeds remitted to sellers, excluding certain taxes and refunds.“Consumers continue to prioritize live events and value the trusted experience that StubHub provides as the global market leader. We are increasing our full-year GMS outlook to reflect our positive third quarter results and anticipated performance for the remainder of the year.” Eric Baker, Founder, Chairman and CEO
Note: The stated GMS figures of $2.62 billion and $2.43 billion are rounded; the release also states a $181.6 million, or 7%, increase. The release does not publish a GMS split by geography or event category.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
6 · Gross merchandise sales
Revenue rose 7.2%, or $33.8M, year on year
Revenue
$M, Q3 2025 vs Q3 2026
Revenue was about 19% of GMS, as stated in the release
Note: GMS is gross merchandise sales. The company does not publish a current-period revenue split by geography or product in Exhibit 99.1.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
7 · Revenue
Adjusted sales and marketing fell 11.4% to $225.7M
Note: Adjusted sales and marketing, operations and support, and G&A exclude stock-based compensation and, for G&A, litigation reserves, indirect tax contingency costs and other items in the reconciliations.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
8 · Adjusted opex
Adjusted EBITDA rose 83.8% to $124.1M
Adjusted EBITDA
$M, Q3 2025 vs Q3 2026
The release rounds the increase to 84%; the income-statement figures give 83.8%
Note: GAAP operating income of $42.3 million is not used as the bridge start, because the year-earlier period included $1,405.2 million of stock-based compensation.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
9 · Adjusted EBITDA
Adjusted EBITDA margin widened 1,030 basis points to 24.7%
Adjusted EBITDA margin
Q3 2025 vs Q3 2026
The release states a 10 percentage point increase to 25%; the computed margin is 24.7%
Note: Adjusted gross margin was 85% in Q3 2026 and 84% in Q3 2025, as stated in the reconciliation table.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
10 · Margin analysis
Q3 free cash flow was -$410M, mainly because of a large swing in payments due to sellers
- Operating cash flow turned negative in the quarterQ3 cash used in operating activities was -$398.8M, compared with $3.8M a year earlier.
- Nine-month free cash flow remained positiveNine-month free cash flow was $190.1M, and trailing 12-month free cash flow was $192.1M.
- The company repaid debt and extended maturitiesStubHub repaid $100M of debt in July and, in October, extended term-loan maturities by 3.5 years and reduced borrowing rates.
Cash flow
| $M | Q3 2025 | Q3 2026 |
|---|---|---|
| Operating cash flow | $3.8M | -$398.8M |
| Free cash flow | -$4.6M | -$410.1M |
Note: GMS is gross merchandise sales. The release says seasonal trends in GMS and the timing of major events, including the 2026 World Cup, affect quarterly free cash flow through the change in payments due to buyers and sellers. That change was a $446.6 million outflow in Q3 2026.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
11 · Cash flow and financing
Net leverage improved to 2.5x from 4.5x at year-end 2025
- Net debt declinedNet debt was $901.5M at Sep 30, 2026, down from $1,041.0M at Dec 31, 2025.
- Trailing earnings increasedTrailing 12-month adjusted EBITDA was $364.5M.
- Cash remains large versus seller liabilitiesCash and cash equivalents were $1,167.2M, and payments due to buyers and sellers were $860.7M.
Leverage and liquidity
| Metric | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Net debt | $1,041.0M | $901.5M |
| Cash and cash equivalents | $1,241.6M | $1,167.2M |
| Net leverage (times) | 4.5x | 2.5x |
Note: Net debt is the company's defined measure: principal of senior credit facilities, less cash and cash equivalents, plus payments due to sellers. Net leverage is net debt divided by trailing 12-month adjusted EBITDA.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
12 · Capital returns and leverage
Long-term debt fell to $1,297.6M, and redeemable preferred stock declined to $454.4M
- Cash declined modestly from year-endCash and cash equivalents were $1,167.2M, compared with $1,241.6M at Dec 31, 2025.
- Property and equipment increasedProperty and equipment, net, rose to $143.2M from $73.3M.
- Equity increasedTotal stockholders equity rose to $1,682.8M from $1,183.6M.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $1,241.6M | $1,167.2M |
| Long-term debt obligations | $1,507.0M | $1,297.6M |
| Redeemable preferred stock | $758.0M | $454.4M |
| Total stockholders equity | $1,183.6M | $1,682.8M |
Note: Redeemable preferred stock had an aggregate liquidation preference of $736.1 million at Sep 30, 2026. Goodwill was unchanged at $2.69 billion.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
13 · Balance sheet and debt
Seller-payment swings, a still-wide expense base and an unexplained prior GMS range are the main watch items
Indicator
What to watch
Implication
Latest reading
Quarterly free cash flow
Q3 free cash flow was -$410M because of seller-payment timing
A single quarter can look weak even if trailing free cash flow is positive
TTM free cash flow $192.1M
Revenue versus consensus
Q3 revenue missed the Yahoo Finance average
The raised GMS outlook may not restore a revenue beat in the fourth quarter
Revenue $502.0M
Litigation and tax items
G&A still includes litigation reserves and indirect tax contingency costs
Adjusted margins can move if these items persist
Q3 litigation reserves $19.0 million
Prior GMS outlook not restated
The filing does not give the previous GMS range
The size of the raise cannot be measured from this 8-K alone
Range $10.175B to $10.375B
GMS is gross merchandise sales. Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
14 · Key risks to guidance
Appendix: GMS and revenue
| Claim | Evidence | Calculation |
|---|---|---|
| Gross merchandise sales | $2.62B | 7.0% year on year, as stated |
| Prior-year GMS | $2.43B | As stated in the release |
| Revenue | $468.1M to $502.0M | 7.2% year on year |
| Revenue as a share of GMS, as stated | 19% | Exhibit 99.1 highlights |
Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
15 · Appendix: GMS and revenue
Appendix: adjusted profit and costs
| Claim | Evidence | Calculation |
|---|---|---|
| Adjusted EBITDA | $67.5M to $124.1M | 83.8% year on year |
| Adjusted gross profit | $429.1M | Official adjusted gross margin 85% |
| Adjusted sales and marketing | $225.7M | 11.4% year on year |
| Stock-based compensation | $42.5M | Down from $1,405.2 million a year earlier |
Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
16 · Appendix: Profit and costs
Appendix: outlook and leverage
| Claim | Evidence | Calculation |
|---|---|---|
| FY 2026 GMS outlook | $10.175B to $10.375B | Raised; prior range not restated |
| FY 2026 adjusted EBITDA outlook | $400M to $420M | Reiterated |
| Net leverage | 2.5x | Down from 4.5 times at year-end 2025 |
| Net debt | $901.5M | Company-defined measure |
GMS is gross merchandise sales. Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
17 · Appendix: Outlook and leverage
Appendix: cash flow detail
| Claim | Evidence | Calculation |
|---|---|---|
| Q3 operating cash flow | -$398.8M | Cash used in the quarter |
| Q3 free cash flow | -$410.1M | After capitalized software and capex |
| Nine-month free cash flow | $190.1M | Still positive year to date |
| Trailing 12-month free cash flow | $192.1M | As stated in the reconciliation |
Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
18 · Appendix: Cash flow
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $468.1M | $502.0M | 7.2% |
| Cost of revenue | $100.5M | $73.5M | (26.8%) |
| Sales and marketing | $281.1M | $228.2M | (18.8%) |
| General and administrative | $1,425.7M | $134.2M | (90.6%) |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Income from operations | -$1,368.2M | $42.3M | (103.1%) |
| Net income (loss) | -$1,294.6M | $33.6M | (102.6%) |
| Adjusted EBITDA | $67.5M | $124.1M | 83.8% |
| GAAP diluted EPS ($) | -$4.27 | $0.05 | (101.2%) |
Note: The year-earlier G&A and operating-income figures are dominated by $1,405.2 million of stock-based compensation.Source: StubHub Holdings Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Filing: StubHub Holdings Form 8-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1337634/000162828026072769/0001628280-26-072769-index.html
- Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1337634/000162828026072769/q32026stubhubearningsrelea.htm
- Investor relations — https://investors.stubhub.com/
- Consensus: Yahoo Finance, Nov 10, 2026 — https://finance.yahoo.com/quote/STUB/analysis/
- Share price: CNBC STUB quote, Nov 10, 2026 regular close $5.65 at 4:10 PM EST and Nov 11 pre-market last $5.68 at 8:35 AM EST — https://www.cnbc.com/quotes/STUB
- Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company's reconciliation tables. GMS is an operating metric defined in the release.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from StubHub Holdings' Form 8-K of November 10, 2026 (Exhibit 99.1). Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are GAAP unless labelled non-GAAP or identified as GMS, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.
Date of analysis. Share prices are the CNBC regular-session close at 4:10 PM EST on November 10, 2026, and the pre-market last at 8:35 AM EST on November 11, 2026. The pre-market last is not a close.
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21 · Disclosures
Sources
- StubHub Holdings Form 8-K Exhibit 99.1, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1337634/000162828026072769/q32026stubhubearningsrelea.htm Filing
- StubHub Holdings Form 8-K index, filed Nov 10, 2026 (accession 0001628280-26-072769) — https://www.sec.gov/Archives/edgar/data/1337634/000162828026072769/0001628280-26-072769-index.html Filing
- StubHub investor relations — https://investors.stubhub.com/ Filing
- Yahoo Finance STUB analysis, Nov 10, 2026 — https://finance.yahoo.com/quote/STUB/analysis/ Filing
- CNBC STUB quote: Nov 10, 2026 regular close $5.65 at 4:10 PM EST; Nov 11 pre-market last $5.68 at 8:35 AM EST — https://www.cnbc.com/quotes/STUB Filing
Not investment advice; no rating or price target.
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