StubHub 1Q Results Above Expectations and Full Year Guide Reiterated; Remain Neutral & $11 PT

研报英文原文证据摘录

StubHub 1Q Results Above Expectations and Full Year Guide Reiterated; Remain Neutral & $11 PT

J P M O R G A N North America Equity Research

13 May 2026

StubHub Neutral

STUB, STUB US

1Q Results Above Expectations and Full Year Guide Price (13 May 26):$7.52

Reiterated; Remain Neutral & $11 PT ▲Price Target (Dec-26):$11.00 Prior (Dec-26):$10.00

STUB shares traded up +13% post-close on better than expected 1Q results.

STUB believes the live event & secondary ticketing backdrop remain healthy, & Internet - Large Cap / Mid & Small

Cap1Q GMS growth of +7% exceeded our/consensus expectations. At the same time,

STUB is beginning to lap the relative market share investments it made throughout Doug Anmuth AC

2025 (~$80M-$90M), driving improved take-rate & Adj. EBITDA margins. Given (1-212) 622-6571

douglas.anmuth@jpmorgan.com

its market leadership position, STUB believes it can continue to grow the business

while improving customer acquisition efficiency & returning take-rate to more Dae K Lee, CFA

(1-415) 315-8500

normalized levels (~20%). That said, STUB reiterated the full year guide for GMS dae.k.lee@jpmorgan.com

of $9.9B-$10.1B (+8%-10%), with 1H & 2H contribution expected to remain

Neeraj S Kookada, CFA

broadly consistent with 2025, & Adj. EBITDA of $400M-$420M. STUB remains (1-212) 622-8980

optimistic about Open Distribution & is focused on a product-led approach, neeraj.s.kookada@jpmchase.com

recently announcing Distribution Manager & primary ticket platform integrations Margaret Hoffman

to reduce friction & enable broader adoption, while advertising remains in the (1-212) 622-1710

testing phase. While the 2026 event calendar & demand backdrop appear healthy, margaret.hoffman@jpmchase.com

we remain Neutral rated as we look for greater visibility & more consistent J.P.