Filing Flows › StubHub Holdings (STUB) › Q1 2026 › vs Q1 2025
StubHub Holdings (STUB) Q1 2026 vs Q1 2025 (year over year)
StubHub Holdings's revenue rose $48.4M (+12%) from $398M in Q1 2025 to $446M in Q1 2026. The biggest changes: Transaction fees +$47.0M (+12%); Other revenue +$1.5M (+36%). Operating margin 5.8% against 6.7% (-1.0 pts).
StubHub Holdings, Q1 2026: revenue $446M (+12% year over year), operating margin 5.8%, net earnings $48.0M, operating cash flow $298M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.8% | 6.7% | -1.0 pts |
| Net margin | 10.8% | -5.6% | +16.4 pts |
| Free cash flow margin | 65.1% | 38.0% | +27.1 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Transaction fees | $440M | $393M | $47.0M | +12% |
| Other revenue | $5.7M | $4.2M | $1.5M | +36% |
| Revenue | $446M | $398M | $48.4M | +12% |
| Other income, net | $19.4M | −$57.5M | $76.9M | — |
| Operating profit | $25.8M | $26.8M | −$1.0M | -4% |
| Costs & expenses | $420M | $371M | $49.4M | +13% |
| Pre-tax earnings | $45.2M | −$30.7M | $75.9M | — |
| Cost of revenue | $65.8M | $62.5M | $3.4M | +5% |
| Sales & marketing | $226M | $219M | $7.0M | +3% |
| General & admin | $106M | $70.9M | $34.7M | +49% |
| Other operating costs | $22.8M | $18.5M | $4.3M | +23% |
| Income tax benefit | $2.8M | $8.5M | −$5.7M | -67% |
| Net earnings | $48.0M | −$22.2M | $70.2M | — |
| Depreciation & amortization | $7.9M | $6.3M | $1.5M | +24% |
| Share-based compensation | $31.0M | $5.5M | $25.5M | +464% |
| Working capital & other | $211M | $169M | $42.8M | +25% |
| Operating cash flow | $298M | $158M | $140M | +88% |
| Free cash flow (company-reported) | $291M | $151M | $139M | +92% |
| Capitalized software development costs | $7.6M | $6.2M | $1.4M | +22% |
| Purchases of property and equipment | $169K | $507K | −$338K | -67% |
| Purchases of intangible assets | $44K | $475K | −$431K | -91% |
Questions
How much did StubHub Holdings's revenue grow year over year in Q1 2026?
StubHub Holdings's revenue rose $48.4M (+12%) from $398M in Q1 2025 to $446M in Q1 2026.
What drove StubHub Holdings's revenue change in Q1 2026?
Transaction fees +$47.0M (+12%); Other revenue +$1.5M (+36%).