Recently, silver nanowires (AgNWs) have received a great interest as a transparent conducting material for various optoelectronic devices. Here, high performance stretchable transparent electrodes based on AgNWs and conductive polymer PEDOT:PSS on an elastomeric polydimethylsiloxane (PDMS) has been investigated. The surface modifier introduced in this study significantly improves the hydrophilicity of the PDMS surface and enhances the bonding between AgNWs and PDMS. The resulting hybrid transparent electrodes show a low sheet resistance of 25 Ω/sq and high transmittance of 82%, which are comparable to the performance of indium tin oxide (ITO) reference electrodes. In addition, the hybrid transparent electrodes show a remarkably small resistance change below 10 % up to the strain of 100 %. Furthermore, the hybrid electrodes are employed into stretchable heater devices.