StubHub Holdings (STUB) Q2'26 Earnings Review Strong Earnings Report Across GMS, Margins and Deleverage Progress

Equity Research 13 August 2026 | 12:04AM EDT

StubHub Holdings (STUB) Q2’26 Earnings Review: Strong Earnings Report Across GMS, Margins and Deleverage Progress; Forward Guide Will Remain Debated

STUB 12m Price Target: $16.00 Price: $8.54 Upside: 87.4% BUY Eric Sheridan In its Q2 2026 earnings report, StubHub (ticker: STUB) mgmt. | Goldman Sachs & Co. LLC framed a few key themes: 1) solid set of results driven by outsized Stephen Laszczyk GMS and revenue beat (relative to our estimates) driven by the | Goldman Sachs & Co. LLC company’s market share position in the secondary landscape as well as both the secular growth theme of live events and the period Antares Tobelem | Goldman Sachs & Co. LLC specific dynamics around the World Cup and concert slate; 2) scaled efficiency across the business on display in margin outperformance & marketing leverage as a particular source of upside in the Key Data _____________________________________ Market cap: $3.5bn reported period; 3) balance sheet leverage (relative to operating Enterprise value: $4.6bn 3m ADTV: $72.8mn results) continues to improve with company achieving 3x net United States leverage ratio and $1.1b of total debt retired in the last 12 months; Americas Internet M&A Rank: 3 & 4) the company continuing to emphasize its asset light approach GS Forecast __________________________________ resulting in high free cash flow conversion (last 12 months FCF equal 12/25 12/26E 12/27E 12/28E

to $598m). In total, we thought that many of the aspects of our Revenue ($ mn) New Revenue ($ mn) Old 1,745.2 1,745.2 2,071.1 2,026.1 2,390.7 2,347.7 2,773.2 2,723.3 constructive stance on STUB were on display this quarter across EBITDA ($ mn) EBIT ($ mn) (1, top-line momentum, margin trajectory, balance sheet improvement, EPS ($) New ( and free cash flow generation. EPS ($) Old ( P/E (X) NM 27.0 12.5 8.2 Dividend yield (%) 0.0 0.0 0.0 0.0 Over the coming quarters, we would expect that the near-term Net debt/EBITDA (X) 4.4 1.6 0.2 (0.7) debates will anchor around the company’s forward commentary 6/26 9/26E 12/26E 3/27E with slight upside change in FY 2026 GMS guide and a relatively EPS ($) ( unchanged Adj EBITDA framework – natural tilt toward the question GS Factor Profile ______________________________ (given the Q2 outperformance) as to how conservative such a Growth

guidance might be and/or whether the level of forward investments Financial Returns in core operations and growth investments could reverse the Multiple progress made in 1H 2026. In addition, while the secular growth themes continue to build in momentum around live events, a debate Integrated

will likely persist on the overall health of the consumer and the end Percentile 20th 40th 60th 80th 100th demand environment. Looking beyond these short-term debates and any short-term stock price reaction to a framing of the guide, STUB relative to Americas Coverage STUB relative to Americas Internet we continue to frame STUB as being positively levered to the large and growing ticketing market opportunity. We reiterate our Buy Source: Company data, Goldman Sachs Research estimates. See disclosures for details. rating on the shares and our 12-month PT of $16 as we take the opportunity to update our forward operating estimates based on

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs StubHub Holdings (STUB)

StubHub Holdings (STUB) Balance Sheet ($ mn) _______________________________________ BUY Rating since Oct 12, 2025 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 1,241.6 1,416.8 2,008.0 2,818.5 Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets…