StubHub Holdings, Inc. (STUB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.9B

Net income, last twelve months

-$1.8B

Earnings per share

-$5.77

Gross margin

82.1%

Operating margin

-69.7%

Net margin

-91.3%

Free cash flow

$634.0M

Return on equity

-108.9%

Market value

$2.1B

Cash

$1.7B

Debt

$1.4B

Debt to equity

0.86

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 12 August 2026.

• Revenue reached a record. Revenue of $573.1 million was up 33% from $430.3 million a year earlier, and the company described it as a record.
• Adjusted EBITDA up 94%. Adjusted EBITDA was $105.7 million, an 18% margin, up from $54.3 million; the margin rose nearly 600 basis points.
• Net income turned positive. Net income was $14.6 million, a 3% net income margin, against a net loss of $53.8 million a year earlier.
• World Cup lifted live-event demand. Management said demand for live events was high, highlighted by a record-setting World Cup.
• Resale leadership cited as driver. Management attributed the results to StubHub's leadership in the resale market and to delivering experiences at scale.
• Customers in over 200 countries. Through StubHub and viagogo, the company serves customers in over 200 countries and territories, in over 30 languages, accepting 45 currencies.
• Long-term vision restated. Management restated a focus on enhancing the fan experience, democratizing access to live events, and expanding the addressable market.
• Stock-based pay rose sharply. Stock-based compensation was $69.0 million in the quarter, against $2.0 million a year earlier; $61.2 million sat in general and administrative expense.
• Adjusted G&A rose to $77.7 million. Adjusted general and administrative expense was $77.7 million, against $51.7 million a year earlier.
• Sales and marketing expense rose. Sales and marketing expense was $274.1 million, up from $235.2 million, including $5.0 million of stock-based compensation.
• Adjusted gross margin was 82%. Adjusted gross margin was 82% of revenue, against 83% a year earlier; the six-month figure was 84%.
• Operating income was $19.5 million. Income from operations was $19.5 million, against $25.1 million a year earlier; interest income was $12.2 million.
• Free cash flow reached $309.7 million. Free cash flow was $309.7 million against $9.7 million a year earlier; six-month free cash flow was $600.2 million.
• Operating cash flow included seller flows. Operating cash flow of $321.9 million included net inflows of buyer receipts and seller payments.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 9 held.

Every filing

The newest filings with the SEC of 77 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

228 funds held it at 30 Jun 2026: 132 added and 33 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Walt Disney Co. (DIS): revenue $98.9B, market value $188.3B
• DraftKings Inc. (DKNG): revenue $6.2B, market value $10.1B
• MSG Knickerbockers Corp. (MSGS): revenue $1.2B, market value $9.4B
• Vail Resorts Inc. (MTN): revenue $2.8B, market value $5.4B
• Rush Street Interactive, Inc. (RSI): revenue $1.4B, market value $1.8B
• Pursuit Attractions & Hospitality, Inc. (PRSU): revenue $483.2M, market value $1.5B
• United Parks & Resorts Inc. (PRKS): revenue $1.6B, market value $1.4B

What the company does

StubHub Holdings runs an online marketplace where people buy and sell tickets to live events. It serves customers in over 200 countries and territories, supports over 30 languages and accepts payments in over 45 currencies. Events on the marketplace range from sports and music to comedy, dance, festivals and theater. As of 31 December 2025 it had approximately 900 full-time employees.

How it makes money

The company earns fees from buyers and sellers for helping them complete ticket transactions. Fees are generally set as a percentage of the value of the transaction. The company says the ratio of average service fees per transaction to Gross Merchandise Sales has been approximately 20% annually over its history. Gross Merchandise Sales is the total amount paid by buyers for ticket transactions and fulfillment, including the fees and the net proceeds sent to sellers.

Buyers pay a transaction fee on top of the ticket price. The filing says this fee covers the cost of maintaining the platform, guaranteeing tickets and providing customer service. Depending on the market or event, sellers may also pay a fee, which is deducted from the payment they receive. The company acts as an agent, so it does not set ticket prices or supply the tickets. Revenue from this service is recorded net of the ticket price. Buyers can also have tickets shipped. The company sets that shipping fee and records it on a gross basis. In limited circumstances it records ticket sale proceeds as revenue on a gross basis. Marketplace terms require a refund of the full purchase if an event is cancelled or tickets are invalid.

Who sells on the marketplace

Tickets come from individual sellers, professional sellers and content rights holders. The company says its large base of individual sellers gives it a breadth and depth of inventory that sets it apart. Its seller products today focus on inventory management and pricing intelligence for the secondary market.

The company describes itself as in the early innings of targeting the original issuance ticketing market. In some agreements, it agreed to list a certain number of original issuance tickets and to remit a minimum amount of proceeds to the content rights holder. In those cases it treats the tickets as inventory and sells them as principal. The company also names digital advertising as a newer initiative.

Brands and territories

The principal trademarks are viagogo, StubHub and FanProtect. Under undertakings given to the Competition and Markets Authority in the United Kingdom, the company exclusively licensed the StubHub trademarks, domain names and certain platform technology rights to the acquirer of the StubHub international business, for ten years. It also agreed not to list a StubHub-branded mobile app on the Apple and Google app stores in the licensed territories.

On 2 May 2025 the company amended this licence. The licence now applies only outside the United States, Canada and a list of other countries that includes Argentina, Brazil, India, Japan, South Africa and South Korea. The Competition and Markets Authority approved the amendment on 5 June 2025.

Demand and competition

The company's business depends on sports leagues, teams, venues, performing artists and other content rights holders staging live events. Large events and tours can lift activity in some periods, and cancelled or reduced events can lower it. Results vary from quarter to quarter with factors such as major sports league seasons, international sporting events and artist tour schedules.

Buyers and sellers each have a range of options. The company says it competes for buyers on inventory, brands, ease of use, and trust and safety. For sellers it competes on the scale of its buyer base, ease of use, its brands, and seller trust and security.

Rules it operates under

The filing lists regulation across privacy, consumer protection, ticketing, payments, anti-money laundering and taxation. Some jurisdictions require registration or a licence for secondary ticketing. Others limit resale or prohibit it above face value through anti-scalping laws. The filing cites the Better Online Ticket Sales Act of 2016 and the Federal Trade Commission rule on all-in pricing, which was implemented in the United States in May 2025. On data, it names the California Consumer Protection Act, the GDPR and the Payment Card Industry Data Security Standard.

Its people

About 250 of the approximately 900 full-time employees work outside the United States, and about 360 provide customer service support. Key hubs are New York, Los Angeles, Atlanta, Ireland and Switzerland. None of the employees are represented by a labor union or covered by a collective bargaining agreement.

*From StubHub's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm)*

From the company's 10-K.