StubHub generated approximately $309.7 million of free cash flow in the second quarter as World Cup demand helped push Gross Merchandise Sales to a record $3.1 billion.
Q2 GMS increased 34% from $2.3 billion a year earlier, while revenue increased 33% to a record $573.1 million. Adjusted EBITDA nearly doubled, rising 94% to $105.7 million, and adjusted EBITDA margin expanded by nearly 600 basis points to 18%.
Net cash provided by operating activities reached $321.9 million, compared with $19.3 million in the prior-year period, and free cash flow rose to $309.7 million from $9.7 million. StubHub noted that operating cash flow includes the effects of buyer receipts and seller payments, making quarterly cash generation sensitive to event timing.
The company also continues to deleverage. StubHub has reduced debt by $200 million year-to-date and $1.1 billion over the past 12 months. Net leverage declined to 3.0x trailing-12-month adjusted EBITDA from 4.5x at the end of 2025.
Following the strong quarter, StubHub increased its full-year GMS outlook to $10.1 billion to $10.3 billion while maintaining adjusted EBITDA guidance of $400 million to $420 million.
KEY QUOTES:
“The second quarter demonstrated strong demand for live events, highlighted by a record-setting World Cup. Our results reflect StubHub’s leadership in the resale market and our ability to deliver these experiences to fans at scale.”
Eric Baker, Founder, Chairman and CEO of StubHub
