Stubhub Holdings, Inc. · NYSE:STUB
Stubhub — Q3 2025 Earnings Presentation
15 slides from Stubhub's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation NOVEMBER 2025
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: Key Highlights
Key Highlights 1. Successfully completed IPO and paid down $750mm debt, 1 saving ~$75M of cash debt service cost 2. Strategic investments are delivering strong returns through market 2 share growth in core resale market 3. Momentum in market expansion and open distribution adoption 3 continues, high
Slide 4: Q3 2025 Snapshot
Q3 2025 SNAPSHOT GMS Revenue Adj. EBITDA $2.4bn $468mm $67mm 11% YoY growth 8% YoY growth 14% Margin 24% YoY growth excluding Eras Tour Impact 21% YoY growth $468mm $2.4bn $434mm $67mm $2.2bn $56mm Q3’24 Q3'24 Q3’25 Q3'25 Q3’24 Q3'24 Q3’25 Q3'25 Q3’24 Q3'24 Q3’25 Q3'25 4
Slide 5: A Global Leader in Live Events
A Global Leader in Live Events GLOBAL MARKETPLACE FOR FANS BUYERS SELLERS 40M+ 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: Asset-Light Model Driving Profitable Growth and Scale
Asset-Light Model Driving Profitable Growth and Scale SCALE GROWTH PROFITABILITY $9.4B+ 19% 14% GMS YoY Growth Margin TTM Q3’25 TTM Q3’25 Q3’25 Adj. EBITDA Global Category Leader Rapidly Taking Share While Investing in Growth Asset-light business model drives strong cash conversion 7
Slide 8: StubHub Has A Large Opportunity
StubHub Has A Large Opportunity 1 Adjacent Categories $512B $726B FUTURE 2 Digital Advertising $19B Direct Issuance $194B 3 Original Issuance TODAY + Unsold $153B 4 International Secondary Opportunity $23B 5 North America Secondary $18B 1. Includes market data from (i) Euromonitor International Limi
Slide 9: StubHub Has Seen 20%+ Growth Over Time
StubHub Has Seen 20%+ Growth Over Time Trailing 12-Month GMS ($mm) Sales can be seasonal quarter to quarter, but on a TTM basis GMS has grown at a ~25% $9,361 $9,115 CAGR for the past ~3 years. $8,950 $8,680 $7,860 $7,541 $7,233 $6,795 $6,857 $6,170 $5,390 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q
Slide 10: StubHub Has Materially De-Levered
StubHub Has Materially De-Levered Repaid $750mm of debt, reducing net leverage to 3.9x and saving ~$75mm in debt service costs annually Net Debt ($mm) Net Cash Availability ($mm) Cash Debt Service Costs ($mm) Net 7.7x Leverage1 $1,188 $2,009 3.9x Expanded liquidity $174 (426) through upsized revolve
Slide 11: Pro-Forma Capital Structure
Pro-Forma Capital Structure $ in millions Pro Forma Tranche Sept. 2025 Effective Rate6 Maturity Post-Lockup5 Series I 15 15 11.00% No maturity Series K 549 549 9.875% No maturity Series L 115 115 0.00% No maturity Series M 29 – 15.00% Converts at lock-up expiration Series N1 55 – 1.1x MOIC Converts
Slide 12: Appendix
Appendix 12
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands Three Months Ended Nine Months Ended September 30, September 30, Adjusted EBITDA 2025 2024 2025 2024 Net loss $ (1,294,609) $ (33,012) $ (1,370,621) $ (56,990) Add (deduct) Interest income (12,912) (11,045) (31,579) (31,286) Interest expense 35,360 47,548 121,6
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands Three Months Ended September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2024 2024 2024 2024 2023 Net income (loss) $ (1,294,609) $ (53,829) $ (22,183) $ 54,190 $ (33,012) $ (7,920) $ (16,058) $ 339,323 Add (
Slide 15: StubHub
StubHub