StubHub Holdings Earnings Call Transcripts
Fiscal Year 2026
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The company has restored growth and market leadership by focusing on consumer demand for live events, leveraging technology, and expanding internationally. Financial guidance was raised after a strong World Cup, with margin improvements expected. Strategic initiatives in open distribution and advertising are underway, while regulatory risks remain limited.
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Record Q2 results driven by World Cup demand, with GMS up 34% and adjusted EBITDA nearly doubling. Margins expanded, free cash flow was strong, and guidance was raised for the year, though management remains cautious about H2 demand shifts post-World Cup.
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The company leads the global secondary ticketing market, focusing on long-term growth, margin expansion, and product innovation. Open distribution and advertising present major future opportunities, while regulatory and pricing changes are being managed proactively. AI and data-driven strategies are expected to further enhance efficiency and customer experience.
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Q1 2026 saw 7% GMS growth to $2.2B, 12% revenue growth, and adjusted EBITDA margin up to 16%. International outpaced North America, cash flow was strong, and guidance for 2026 was reiterated. Investments in AI, distribution, and advertising continue to drive scale.
Fiscal Year 2025
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Delivered $9.2B GMS in 2025, up 6% year-over-year, with 50% North American market share and strong international growth. 2026 guidance targets 9% GMS growth and $400–$420M adjusted EBITDA, with continued focus on AI-driven product innovation and disciplined capital allocation.
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Q3 2025 saw 11% GMS growth to $2.4B and 8% revenue growth, despite a 10% headwind from U.S. all-in pricing. Strategic investments in market share, technology, and direct issuance drove gains, with new advertising products set to launch in late Q4.