STUB · StubHub Holdings, Inc.

StubHub Holdings delivered a strong start to 2026 with Q1 results reflecting disciplined execution in a healthy live events market. GMS increased 7% year-over-year to $2.2 billion, driven by robust demand in the resale marketplace, while revenue take rate improved to 20% of GMS, contributing to 12% revenue growth to $446 million. Operating expenses rose but were more than offset by revenue gains, yielding operating income of $25.8 million, slightly below prior year but with significant other income including $20.6 million in foreign currency gains and $10.5 million interest income, leading to net income of $48 million versus a prior-year loss. Adjusted EBITDA margin expanded over 400 basis points to 16%, highlighting improved profitability through scale. CEO Eric Baker emphasized progress on initiatives like open distribution and advertising to enhance fan access and revenue streams globally. Balance sheet strengthened with cash at $1.5 billion, payments due to sellers at $1.0 billion, and a $100 million debt paydown in May reducing long-term debt to $1.5 billion. Operating cash flow surged 88% to $298 million, primarily from higher payments due to buyers and sellers. The company reiterated full-year guidance of $9.9-10.1 billion GMS and $400-420 million Adjusted EBITDA, signaling confidence despite forward-looking risks like event demand and competition.