Filing Flows › StubHub Holdings (STUB) › Q1 2026
StubHub Holdings (STUB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
StubHub Holdings (STUB) reported revenue of $446M for the first quarter 2026 (Q1 2026), +12% from a year earlier and -0.7% from the quarter before. Operating margin was 5.8%, net earnings $48.0M (10.8% of revenue).
StubHub Holdings, Q1 2026: revenue $446M (+12% year over year), operating margin 5.8%, net earnings $48.0M, operating cash flow $298M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $446M | -0.7% | +12% |
| Operating profit | $25.8M | — | -4% |
| Net earnings | $48.0M | — | — |
| Operating cash flow | $298M | 27× | +88% |
| Free cash flow | $291M | — | +92% |
What changed
Revenue was $446.0M in Q1 2026, up 12% year over year and down 1% from the previous quarter. Transaction fees was the largest line at 99% of revenue. Transaction fees added $47.0M year over year (up 12%), 97% of the total change.
Operating profit was $25.8M, a 5.8% margin (down 1.0 points year over year). Operating profit fell $1.0M even though revenue rose $48.4M versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 12%. The fastest-growing cost line was General & admin (+49%). Net earnings were $48.0M. The effective tax rate was -6.3%. Non-operating items added $19.4M, 43% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $298.4M (up 88% year over year), 621% of net earnings. Non-cash charges added back $7.9M of depreciation and amortization and $31.0M of share-based compensation. Working capital and other items added $211.5M. After capitalized software development costs ($7.6M) and purchases of property and equipment ($169K) and purchases of intangible assets ($44K), free cash flow as the company reports it was $290.6M.
Questions
What was StubHub Holdings' revenue in the first quarter 2026?
StubHub Holdings (STUB) reported revenue of $446M for the first quarter 2026 (Q1 2026), +12% from a year earlier and -0.7% from the quarter before.
Was StubHub Holdings profitable in the first quarter 2026?
Operating profit was $25.8M (5.8% of revenue) and net earnings $48.0M.
Source: StubHub Holdings 10-Q on SEC EDGAR.