Filing Flows › StubHub Holdings (STUB) › Q1 2026 › vs Q4 2025
StubHub Holdings (STUB) Q1 2026 vs Q4 2025 (quarter over quarter)
StubHub Holdings's revenue fell $3.1M (-0.7%) from $449M in Q4 2025 to $446M in Q1 2026. The biggest changes: Transaction fees −$8.6M (-2%); Other revenue +$5.4M (24×). Operating margin 5.8% against -6.2% (+12.0 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.8% | -6.2% | +12.0 pts |
| Net margin | 10.8% | -119.2% | +129.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Transaction fees | $440M | $449M | −$8.6M | -2% |
| Other revenue | $5.7M | $238K | $5.4M | 24× |
| Revenue | $446M | $449M | −$3.1M | -0.7% |
| Other income, net | $19.4M | −$14.7M | $34.1M | — |
| Operating profit | $25.8M | −$27.7M | $53.5M | — |
| Costs & expenses | $420M | $477M | −$56.6M | -12% |
| Pre-tax earnings | $45.2M | −$42.4M | $87.6M | — |
| Cost of revenue | $65.8M | $75.9M | −$10.1M | -13% |
| Sales & marketing | $226M | $236M | −$10.6M | -4% |
| General & admin | $106M | $143M | −$37.8M | -26% |
| Other operating costs | $22.8M | $21.0M | $1.8M | +9% |
| Income tax benefit | $2.8M | −$493M | $496M | — |
| Net earnings | $48.0M | −$535M | $583M | — |
| Depreciation & amortization | $7.9M | $6.4M | $1.5M | +23% |
| Share-based compensation | $31.0M | $34.9M | −$3.9M | -11% |
| Working capital & other | $211M | $505M | −$294M | -58% |
| Operating cash flow | $298M | $11.1M | $287M | 27× |
Questions
How much did StubHub Holdings's revenue grow quarter over quarter in Q1 2026?
StubHub Holdings's revenue fell $3.1M (-0.7%) from $449M in Q4 2025 to $446M in Q1 2026.
What drove StubHub Holdings's revenue change in Q1 2026?
Transaction fees −$8.6M (-2%); Other revenue +$5.4M (24×).