StubHub (STUB) investor relations material

Executive summary

• Q3 GMS was $2.616B and revenue was $502.0M, each up 7% YoY; adjusted EBITDA increased 84% to $124.1M at a 25% margin.

• Net income was $33.6M versus a $1.295B loss in Q3 2025; the prior-year period included $1.405B of stock-based compensation expense.

Financial highlights

• Q3 operating income was $42.3M versus an operating loss of $1.368B; 9M revenue was $1.521B and net income was $96.2M.

• Adjusted EBITDA margin expanded 10 percentage points YoY to 25%; gross margin was 85%, up 2 percentage points YoY.

• Adjusted sales and marketing expense was $225.7M versus $254.7M, improving 900 bps as a percentage of revenue YoY.

• Q3 revenue growth reflected higher GMS per transaction, partly offset by $8.5M more in promotions and incentives; EBITDA gains reflected GMS growth and marketing efficiency.

Outlook and guidance

• FY 2026 GMS guidance increased to $10.175B–$10.375B, or 11%–13% YoY growth; adjusted EBITDA guidance remained $400M–$420M.

• The outlook incorporates scenarios for 2027 concert on-sales timing; underlying Q4 growth was expected in the high single digits excluding World Cup on-sales and MLB comparison factors.

• Full-year take rate was expected to approach 20%, with World Cup and event mix creating temporary variability.

• No forward GAAP reconciliation for adjusted EBITDA guidance was available without unreasonable effort due to uncertainty around future expenses.