StubHub Q3 revenue $502M, adjusted EBITDA $124M; raises FY GMS outlook; CFO James to exit

StubHub Holdings, Inc.

Q3 GMS $2.62B, up 7% YoY; revenue $502.0M vs $468.1M; net income $33.6M vs prior-year net loss of $1.2946B, which included $1.4052B stock comp.
Adjusted EBITDA $124.1M, up 84% YoY; margin 25%, up 10 points; cash $1.2B; net leverage 2.5x vs 4.5x at Dec. 31, 2025.
FY2026 outlook: GMS raised to $10.175B-$10.375B; adjusted EBITDA reiterated at $400M-$420M.
Michael Noonan, Tripadvisor CFO, named StubHub CFO effective Jan. 4, 2027, succeeding Connie James; James to consult through June 30, 2027 for $71,506.85.
Noonan package: at least $550K salary, $550K guaranteed bonus, $3M initial RSUs; James separation: $1M cash, $1.25M vested RSUs, 180,000 RSU transition bonus.

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