StubHub falls on earnings miss despite raising GMS outlook

StubHub, the global leader in live event ticket sales, reported a third-quarter earnings miss on Tuesday. Adjusted earnings per share of $0.05 fell short of analysts' consensus estimate of $0.08 by $0.03, while revenue of $502.0 million trailed the $516.2 million expectation. However, the company's full-year Gross Merchandise Sales (GMS) outlook was raised to a range of $10.175 billion to $10.375 billion despite the miss.

CEO Eric Baker attributed the positive trend to the company's trusted reputation in live events, stating that consumers continue to prioritize the platform. StubHub's GMS for the quarter rose 7% year-over-year to $2.62 billion, up from $2.43 billion a year ago. Adjusted EBITDA surged 84% to $124.1 million, delivering a 25% margin versus $67.5 million in the previous year.

Net income improved significantly to $33.6 million, a sharp contrast to a net loss of $1,294.6 million in the same period last year, largely due to a major reduction in stock-based compensation expenses.

The company's CFO transition saw Michael Noonan joining as Chief Financial Officer effective January 4, 2027, replacing Connie James. Noonan, who currently leads finance at Tripadvisor, brings a wealth of experience from his past roles at Noom and Booking Holdings. In October, StubHub managed to extend term loan maturities by 3.5 years with lower borrowing rates, and repaid $100 million in debt in July.

As of September 30, 2026, net leverage improved to 2.5x trailing 12-month adjusted EBITDA, down from 4.5x at year-end 2025.