StubHub Q2 GMS $3.1B (+34%), revenue $573.1M (+33%), adjusted EBITDA $105.7M (+94%)

StubHub Holdings, Inc.

GMS $3.1B, up 34% YoY; revenue $573.1M, up 33% YoY; net income $14.6M vs net loss of $53.8M.
Adjusted EBITDA $105.7M, up 94% YoY; margin 18%, up ~600 bps; free cash flow $309.7M vs $9.7M.
Cut debt $200M YTD ($100M May, $100M July); $1.1B reduction over 12 months; net leverage 3.0x vs 4.5x.
Raises FY2026 GMS outlook to $10.1-10.3B; reiterates adjusted EBITDA guidance of $400-420M.
Cash and equivalents $1.7B; payments due to sellers $1.2B; CEO cites record-setting World Cup demand.

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