StubHub Raises Full-Year Gross Merchandise Sales Guidance Amid Improved Operating Efficiency
StubHub (STUB) reported strong third-quarter 2026 results, highlighted by an increase in full-year gross merchandise sales guidance to a growth range of 11% to 13%. The company demonstrated significant operational improvements, with adjusted EBITDA margins rising 10 percentage points year-over-year to 25%, driven largely by reduced sales and marketing expenses which fell to 45% of revenue. Financially, the company has focused on aggressive deleveraging, reducing net leverage from 4.5x at the end of 2025 to 2.5x by the end of Q3 2026. Since its IPO, StubHub has repaid $1.1 billion in debt and successfully extended term loan maturities to October 2033. Looking forward, management is pivoting toward expanding market reach through open distribution models and new advertising revenue streams like sponsored listings.