Reaping the Benefits of Prior Investments, Margin Inflecting in 2026

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Reaping the Benefits of Prior Investments, Margin Inflecting in 2026

May 14, 2026 | 01:47 ET~

StubHub

STUB-NSDQ Rating Price: May-13 Target Total Rtn E-Commerce & Marketplaces

Outperform $7.52 $15.00 99%

Brian J. Pitz Analyst

brian.pitz@bmo.com (212) 671-8052

Stan Velikov, CFA Analyst

Reaping the Benefits of Prior Investments, Margin stan.velikov@bmo.com (415) 216-2047

Charlotte O'Hanlon AssociateInflecting in 2026

charlotte.ohanlon@bmo.com (347) 514-0382

Bottom Line: David Lustberg VP Associate

Solid 1Q26 print with GMS and Revenue 3%/5% above consensus and Adj. EBITDA David.lustberg@bmo.com (332) 274-9716

12% above Street. GMS grew 7% YoY, cementing STUB's leadership position in N.A. Legal Entity: BMO Capital Markets Corp.

resale. Management reiterated 2026E guidance and expects further margin expansion

2YR Price Volume Chart

in 2H26E. 2026E looks like a steady year with a robust events calendar and a notable 25

incremental tier-1 event: the 2026 FIFA World Cup. Maintain Outperform rating and 20

$15 target price.

15 50

Key Points 10 30

Solid Marketplace Growth — STUB delivered solid underlying growth driven by strong 5 0 Nov May

demand in live events and continued market share gains. GMS grew +7% YoY to $2.2B, LHS: Price ($) / RHS: Volume (mm) Source: FactSet

supported by both North America and faster-growing int'l markets (notably LatAm and Company Data in $

APAC). 1Q26 GMS/Revenue came in 3%/5% above Street, with Adj EBITDA 12% ahead.

Dividend $0.00 Shares O/S (mm) 356.7

Healthy Live Events Backdrop — Mgmt emphasized a “robust 2026 event calendar”

Yield 0.0% Market Cap (mm) $2,683

and sustained consumer demand, highlighting the category's structural tailwinds.

Importantly, STUB remains the clear scale leader in resale, benefiting from network AD Vol. (mm) 10.06