StubHub Holdings, Inc. reported financial results for the third quarter ended September 30, 2026. The company announced that Gross Merchandise Sales (GMS) increased to $2.62 billion, representing a 7% increase compared to the prior-year period. Revenue for the quarter was reported at $502.0 million, also up 7% year over year.
Adjusted EBITDA for the third quarter of 2026 was $124.1 million, an 84% increase compared to $67.5 million in the prior-year period. This resulted in an adjusted EBITDA margin of 25%, up 10 percentage points from the prior year. Net income for the quarter was $33.6 million, representing a 7% net income margin. This compares to a net loss of $1,294.6 million in the prior-year period, which included $1,405.2 million of stock-based compensation expense.
In terms of balance sheet strength, StubHub reported cash and cash equivalents of $1.2 billion as of September 30, 2026. The company noted that it has further strengthened its balance sheet by extending its term loan maturities by 3.5 years and reducing borrowing rates in October. Additionally, the company repaid $100 million in debt in July. Net leverage, calculated as trailing 12-month adjusted EBITDA, improved to 2.5x as of September 30, 2026, a reduction from 4.5x as of December 31, 2025.
The company has updated its full-year 2026 financial outlook. StubHub is raising its GMS outlook to a range of $10.175 billion to $10.375 billion. The company is also reiterating its adjusted EBITDA outlook for the full year of $400 million to $420 million.
Separately, StubHub announced a change in its Chief Financial Officer leadership. Michael Noonan, age 57, has been appointed to succeed Connie James as CFO, effective January 4, 2027. Mr. Noonan will receive an annual base salary of at least $550,000 and a guaranteed annual bonus of $550,000. He is also eligible for an initial grant of restricted stock units with a grant date fair value of $3,000,000. Ms. James will continue to assist the company as a consultant following the transition date and will receive a cash payment of $1 million paid in installments over 12 months, among other separation benefits.
