Stubhub Holdings, Inc. · NYSE:STUB
Stubhub — FY 2025 Earnings Presentation
20 slides from Stubhub's earnings presentation, Mar 4, 2026
Slide 1: FY 2025 Earnings Presentation
FY 2025 Earnings Presentation March 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ materially from expectations, and reported results should not
Slide 3: Why StubHub Wins
Why StubHub Wins 1 Leading Marketplace with Category Defining Brand and Global Scale 2 Proven Network Effects Power Durable Competitive Advantages 3 Capital Light Model Drives Strong Margins with High Cash Conversion 4 Extensive Dataset Across Millions of Global Events 5 Scale-Driven Flywheel Enable
Slide 4: FY 2025 Snapshot
FY 2025 SNAPSHOT GMS1 Adj. EBITDA $9.2bn $232mm 6% YoY growth 13% Margin 18% YoY growth excl. Eras Tour Impact While investing in accelerating market share and TAM expansion opportunities $8.7bn $9.2bn $6.9bn $299mm $7.8bn $232mm ex-Eras $6.0bn Tour ex-Eras Tour FY'23 FY'24 FY'25 FY'24 FY'25 = Eras
Slide 5: A Global Leader in Live Events
A Global Leader in Live Events GLOBAL MARKETPLACE FOR FANS BUYERS SELLERS 50M+ 1M+ tickets sold unique sellers GLOBAL TECH PLATFORM DATA DISTRIBUTION TECHNOLOGY 5
Slide 6: Our Business Model
Our Business Model Consistent ~20% Network Effects Profitable on First Upfront Cash at Service Fee % Per Asset-Light Create Scale Transaction Time of Sale Transaction Benefits 6
Slide 7: $9.2bn GMS: Asset-Light Model Driving Profitable Growth and Scale
Asset-Light Model Driving Profitable Growth and Scale SCALE PROFITABILITY FCF CONVERSION 82% Gross 68% FCF $9.2bn GMS Margin +6% YoY, +18% ex-Eras1 Conversion 13% Adj. EBITDA Margin FY’25 FY’25 FY’25 Expanding Share as Structurally Strong Asset-Light Model Global Category Leader Margin Profile Conve
Slide 8: Highly Liquid Marketplace Drives Diversified Revenue Streams
Highly Liquid Marketplace Drives Diversified Revenue Streams FY 2025 GMS Mix1 Top 10 Content Rights Top 50 Events Holders <12% GMS <5% GMS Other Top 50 Top 10 13% <12% Top-10 CRH Mix: 44% Sports 56% Concerts 44% Sports Concerts 44% 88%+ 95%+ Other Other Our highly liquid global marketplace dissipate
Slide 9: StubHub Has Driven Consistent Annual Growth…
StubHub Has Driven Consistent Annual Growth… Historical Full-Year GMS ($bn) Sales can be seasonal quarter to quarter, but on a full-year basis GMS has grown at a 24% CAGR from FY’22 to FY’25 $9.2bn $8.7bn $6.9bn $7.8bn ex-Eras Tour1 $6.0bn ex-Eras Tour1 $4.8bn FY'22 FY'23 FY'24 FY'25 = Eras Tour Imp
Slide 10: …While Powering an Increasing Share of Global Attendance
…While Powering an Increasing Share of Global Attendance Annual Tickets Sold (mm) 53mm 44mm 34mm 28mm 2022 2023 2024 2025 10
Slide 11: Gaining Market Share and Extending Leadership Position
Gaining Market Share and Extending Leadership Position The charts below illustrate our sales volumes compared to our next largest resale competitor Total GMS ($bn) Relative Size $9.4bn = StubHub GMS / #2 Resale Marketplace GMS $8.7bn 3.0x 2.2x 1.7x $3.9bn 1.5x $3.1bn 2024 Q3’25 TTM1 2024 Q3’25 TTM1
Slide 12: FY 2026 Financial Guidance
FY 2026 Financial Guidance GMS $9.9bn - $10.1bn Representing 9% YoY Growth at the Midpoint Adj. EBITDA $400mm - $420mm Representing 77% YoY Growth at the Midpoint 12
Slide 13: Appendix
Appendix 13
Slide 14: StubHub Has Materially De-Levered
StubHub Has Materially De-Levered Net Debt ($mm) Liquidity ($mm) Cash Debt Service Costs ($mm) Net 1 6.7x Leverage $2,014 $1,059 (371) Expanded liquidity 4.5x through upsized $149 revolver capacity and $1,041 growing net cash 10 ~$60mm balance 565 Savings (494) $90 $496 2,385 125 139 1,535 494 90 37
Slide 15: Capital Structure
Capital Structure $ in millions December 31, Pro Forma Tranche Effective Rate6 Maturity 2025 Post-Lockup5 Cash and cash equivalents $1,242 $1,242 2024 Euro Term Loan ($)4 531 531 5.23% March 2030 2024 USD Term Loan ($) 1,004 1,004 6.01% March 2030 Total Debt $1,535 $1,535 Series I 15 15 11.00% Perpe
Slide 16: Share Count Summary
Share Count Summary Share Count Detail As of December 31, 2025 Common shares outstanding 346,070,641 Vested RSUs outstanding 12,327,317 Vested Options outstanding (weighted avg. strike price of $4.93 per share) 5,496,232 Pro forma converted preferred shares (Series M, N & O)1 15,594,087 Diluted Shar
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 1. During the three months ended December 31, 2025 and 2024, we incurred $3.0 million and zero, respectively, of loss on extinguishment of debt as a result of our early principal payments related to the 2024 USD Term Loan of $150.0 million and during the year
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 1. Reported within payments due to buyers and sellers in notes to the consolidated financial statements. 18
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in thousands 19
Slide 20: StubHub
StubHub