The strong Q1 beat and reiterated guidance suggest the FY2026 targets are achievable. Watch for continued margin expansion and debt reduction progress in Q2. The $100M May debt paydown further strengthens the balance sheet. Monitor the open distribution and advertising initiatives for incremental revenue catalysts.
Price Chart
Executive Summary
StubHub reported Q1 2026 results with revenue of $446.0M (+12% YoY) and GAAP net income of $48.0M, a sharp swing from a $22.2M net loss in Q1 2025. Adjusted EBITDA rose 50% to $72.1M with margin expanding 400 bps to 16%. The company reiterated its full-year 2026 guidance for GMS of $9.9B-$10.1B and Adjusted EBITDA of $400M-$420M, signaling confidence in the growth trajectory.
Key Financial Metrics
Key Facts
- Revenue of $446.0M, up 12% YoY from $397.6M
- Net income of $48.0M vs net loss of $22.2M in prior-year period
- Adjusted EBITDA of $72.1M, up 50% YoY; margin expanded to 16% from 12%
- GMS of $2.2B, up 7% YoY
- Operating cash flow of $298.4M, up 88% YoY; Free cash flow of $290.6M, up 92%
- Reiterated FY2026 guidance: GMS $9.9B-$10.1B, Adjusted EBITDA $400M-$420M
- Net leverage improved to 4.0x from 4.5x at year-end 2025
- Additional $100M debt reduction completed in May 2026
Financial Impact
Revenue growth of 12% YoY to $446.0M; net income swing of +$70.2M vs prior-year loss; Adjusted EBITDA growth of 50% to $72.1M
Risk Factors
- Seasonal variability in GMS and event timing could impact quarterly comparisons
- Litigation reserves of $4.5M and indirect tax contingencies of $2.6M remain as ongoing overhangs
- Stock-based compensation of $31.0M continues to weigh on GAAP profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034632 |
| Document: stub-20260513.htm | 0001628280-26-034632 |
| Document: 0001628280-26-034632-index-headers.html | 0001628280-26-034632 |
| Document: 0001628280-26-034632-index.html | 0001628280-26-034632 |
| Document: 0001628280-26-034632.txt | 0001628280-26-034632 |
| 8-K Data (Synthetic) | 0001628280-26-034632 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $5.94 | awaiting T+20 | — | $5.64 (−5.13%) |
Oct 14, 2026 12d ago | 8-K | $5.76 | awaiting T+20 | — | $5.64 (−2.17%) |
Sep 4, 2026 7w ago | Insider Cluster | $6.11 $5.73 | ▼ −6.22% | ▼ −7.93% | $5.64 (−7.77%) |
Aug 28, 2026 8w ago | Insider Cluster | $6.38 $5.31 | ▼ −16.77% | ▼ −16.40% | $5.64 (−11.68%) |
Aug 27, 2026 8w ago | Insider Cluster | $6.55 $5.30 | ▲ +19.08% | ▲ +19.34% | $5.64 (+13.97%) |
Aug 27, 2026 8w ago | Insider Cluster | $6.55 $5.30 | ▲ +19.08% | ▲ +18.60% | $5.64 (+13.97%) |
Aug 25, 2026 8w ago | Insider Cluster | $6.58 $5.39 | ▼ −18.09% | ▼ −18.31% | $5.64 (−14.36%) |
Aug 20, 2026 9w ago | Insider Cluster | $6.68 $5.95 | ▲ +10.93% | ▲ +10.40% | $5.64 (+15.64%) |
Jul 9, 2026 15w ago | Insider Cluster | $11.10 $8.95 | ▼ −19.37% | ▼ −21.79% | $5.64 (−49.23%) |
Jul 6, 2026 16w ago | Insider Cluster | $13.53 $8.98 | ▼ −33.63% | ▼ −34.96% | $5.64 (−58.35%) |
US Market Status
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