StubHub (STUB) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with GMS of $3.1 billion, up 34% year-over-year, and revenue of $573.1 million, up 33%, driven by strong live event demand, especially the World Cup.

• Adjusted EBITDA nearly doubled to $105.7 million (94% YoY growth), with margin expanding to 18%, up nearly 600 basis points.

• Net income for Q2 2026 was $14.6 million, a turnaround from a net loss of $53.8 million in Q2 2025.

• Free cash flow for Q2 2026 was $309.7 million, with trailing twelve-month free cash flow at $597.6 million and cash and equivalents at $1.7 billion.

• Net leverage improved to 3.0x trailing 12-month adjusted EBITDA, down from 4.5x at year-end 2025, aided by $200 million in debt reduction year-to-date.

Financial highlights

• Revenue for Q2 2026 was $573.1 million, up 33% year-over-year, with GMS to revenue conversion at 19% and gross margin at 82%.

• Adjusted EBITDA for Q2 2026 was $105.7 million (18% margin), up from $54.3 million (13% margin) in Q2 2025.

• Net income margin was 3% in Q2 2026, compared to -13% in Q2 2025.

• Sales and marketing expenses improved by 800 basis points year-over-year as a percentage of revenue.

• Interest expense decreased by $21.7 million year-over-year due to principal repayments.

Outlook and guidance

• Raised full-year 2026 GMS guidance to $10.1–$10.3 billion, representing 10–12% year-over-year growth.

• Maintained full-year adjusted EBITDA guidance of $400–$420 million, expecting margin expansion in H2.

• Guidance reflects strong Q2 performance, ongoing demand for live events, and a disciplined approach post-World Cup.