StubHub Lifts 2026 GMS Outlook After World Cup Quarter

The Tip Desk · November 12, 2026 · 3 min read

The ticketing marketplace raised full-year GMS to $10.175 billion–$10.375 billion after $2.62 billion of third-quarter sales and $124.1 million of adjusted EBITDA.

StubHub Holdings (STUB), a global ticketing marketplace for live events, raised its full-year 2026 gross merchandise sales outlook after a third quarter in which sales and revenue growth cooled from a World Cup-boosted second quarter while profitability widened.

GMS for the three months ended September 30, 2026 was $2.62 billion, up 7% from $2.43 billion a year earlier. That followed a record $3.1 billion in the second quarter, which had risen 34% year over year. Revenue was $502.0 million, or about 19% of GMS, up 7% from $468.1 million a year earlier, after a record $573.1 million in the prior quarter that had increased 33%.

Adjusted EBITDA was $124.1 million, up 84% from $67.5 million a year earlier, and the adjusted EBITDA margin was 25%, up 10 percentage points year over year. The prior quarter’s adjusted EBITDA was $105.7 million, with an 18% margin.

Net income was $33.6 million, a 7% net income margin, compared with a net loss of $1,294.6 million in the year-ago quarter, which included $1,405.2 million of stock-based compensation expense. Stock-based compensation in the latest quarter was $42.5 million. Diluted earnings were $0.05 a share.

Sales and marketing expense was $228.2 million, down from $281.1 million a year earlier. Cost of revenue was $73.5 million. General and administrative expense was $134.2 million, including $19.0 million of litigation reserves and $11.5 million of indirect tax contingency costs. Adjusted general and administrative expense was $64.2 million.

Cash and cash equivalents were $1.2 billion and payments due to sellers were $0.8 billion as of September 30, 2026. Net leverage improved to 2.5 times trailing 12-month adjusted EBITDA, a 2.0 times reduction from 4.5 times as of December 31, 2025. The company repaid $100 million of debt in July and, in October, extended term loan maturities by 3.5 years at lower borrowing rates.

Free cash flow for the three months ended September 30 was negative $410.1 million. The company said seasonal trends in GMS and the timing of major events, including the 2026 World Cup, impact free cash flow in any given quarter. Trailing 12-month free cash flow was $192.1 million.

StubHub is increasing its GMS outlook and reiterating its adjusted EBITDA outlook for full year 2026: GMS of $10.175 billion to $10.375 billion and adjusted EBITDA of $400 million to $420 million. Those GMS ranges constitute forward-looking statements, the company said, and there can be no assurance that actual results will not differ materially.

Founder, Chairman and Chief Executive Officer Eric Baker said consumers continue to prioritize live events and value the trusted experience that StubHub provides as the global market leader. The company said it is increasing its full-year GMS outlook to reflect positive third-quarter results and anticipated performance for the remainder of the year.