Business
StubHub Announces Full Year and Fourth Quarter 2025 Results
NEW YORK, March 04, 2026--StubHub Holdings, Inc. (NYSE: STUB) ("StubHub" or the "Company"), a leading global ticketing marketplace for live events, today reported financial results for the fourth quarter and full year ended December 31, 2025. The Company also posted a letter to shareholders and an earnings presentation on the Investor Relations section of its website at investors.stubhub.com.
About this update from Stubhub Holdings, Inc.
[{"type":"text","content":"- Full Year GMS exceeds $9 Billion, Demonstrating Platform Scale and Market Leadership -","length":88,"tagName":"p","attribs":{}},{"type":"text","content":"- Transforms Balance Sheet with $900 Million Debt Reduction in 2025 -","length":69,"tagName":"p","attribs":{}},{"type":"text","content":"- Establishes 2026 Guidance Framework Targeting Robust GMS Growth and 80% Adjusted EBITDA Growth -","length":98,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, March 04, 2026--(BUSINESS WIRE)--StubHub Holdings, Inc. (NYSE: STUB) ("StubHub" or the "Company"), a leading global ticketing marketplace for live events, today reported financial results for the fourth quarter and full year ended December 31, 2025. The Company also posted a letter to shareholders and an earnings presentation on the Investor Relations section of its website at investors.stubhub.com.","length":432,"tagName":"p"},{"type":"text","content":"Full Year 2025 Highlights","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Gross Merchandise Sales ("GMS")1 of $9.2 billion, up 6% year-over-year with underlying growth of 18%, excluding the prior-year impact of Taylor Swift’s "Eras" Tour.","length":184,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Revenue of $1.7 billion, equal to 19% of GMS.","length":45,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net loss of $1.9 billion, inclusive of a one-time stock-based compensation charge of $1.4 billion related to the Company’s public listing, non-recurring, non-cash valuation allowance expense of $479 million.","length":207,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA1 of $232 million, representing a 13% margin, while strategically investing in growth initiatives.","length":113,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net cash provided by operating activities was $193 million for the year ended December 31, 2025.","length":96,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Free Cash Flow1 of $158 million, including $140 million of interest expense, representing 68% conversion of Adjusted EBITDA.","length":124,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Strengthened balance sheet with approximately $900 million in debt red...