STUB
StubHub Holdings, Inc.13.27
-0.79-5.62%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Confirms efficiency gains, modest ad/direct issuance
Q&A reinforced StubHub's guidance with early Q1 momentum showing top-line growth and expanding margins. Management confirmed 2025 marketing investments unlocked efficiency inflections, allowing share gains at lower intensity while take rates normalize to 20%. Advertising adds tens of millions modestly, prioritizing testing; direct issuance emphasizes AI product tools over short-term revenue. Regulatory concerns drew narrow 10% GMS exposure framing, with no dynamic pricing impact noted. Flywheels are now inflecting. Tone stayed confident; investors watch margin leverage and issuance execution.
Key Stats
Market Cap
4.88BP/E (TTM)
-Basic EPS (TTM)
-4.06Dividend Yield
0%Recent Filings
10-K
FY2025 results
StubHub Holdings posted FY2025 revenue of $1.7B, down 1% y/y amid lower average transaction fees, yet GMS rose 6% to $9.2B on higher transaction volume—18% excluding prior-year Taylor Swift tour impact. Q4 drove momentum with accelerated North American secondary market share and direct issuance growth, though inventory costs fell to $35M from $83M y/y while payment processing rose on volume. Net loss swelled to $1.9B from $1.4B IPO-tied stock comp hit; Adjusted EBITDA dipped to $232M (13% margin). Debt fell to $1.5B post-$900M paydown, cash at $1.2B. Live event cancellations threaten quarterly momentum.
8-K
StubHub's Q4 results, lock-up lift
StubHub reported 2025 GMS of $9.2B, up 6% YoY (18% underlying, excluding Eras Tour), with revenue at $1.7B and Adjusted EBITDA of $232M at 13% margin, while slashing $900M in debt. Q4 GMS hit $2.3B but dipped 8% YoY on tough comps. Balance sheet strengthened. IPO lock-up ends March 6. Guides 2026 GMS $9.9B-$10.1B, Adjusted EBITDA $400M-$420M. Debt overhang shrinks fast.
10-Q
Q3 FY2025 results
StubHub's Q3 revenue climbed 7.9% y/y to $468.1M (derived), fueled by 11% GMS growth to $2.4B amid higher transaction volume, though inventory sales dipped. Operating loss swung to $(1.4B) from $12.1M profit, driven by $1.4B stock-based comp from IPO RSU vesting; net loss hit $(1.3B) or $(4.27) diluted EPS versus $(33M) or $(0.15) last year, with EPS confirmed against 313M shares. Cash swelled to $1.4B post-IPO ($758M net proceeds), funding $750M USD term loan paydown; revolver expanded to $565M (undrawn, $77M available). Free cash flow turned negative at $(4.6M) from $10.6M (derived). Intense ticketing competition pressures market share.
8-K
IPO done, debt cut $750M
StubHub completed its IPO in September 2025, raising ~$1B gross proceeds and slashing $750M debt, dropping net leverage to 3.9x TTM Adjusted EBITDA. Q3 GMS hit $2.4B, up 11% YoY (24% ex-Taylor Swift), with revenue at $468M and Adjusted EBITDA $67M, up 21%; net loss stemmed from $1.4B one-time stock comp. Debt cut bolsters flexibility. MLB primary tickets start 2026.
8-K
StubHub IPO closes
StubHub Holdings completed its IPO on September 18, 2025, selling 34,042,553 shares of Class A common stock at $23.50 per share for $800.0 million in gross proceeds before expenses. Amended and restated certificate of incorporation and bylaws took effect concurrently with the IPO closing. Governance updates align with public company status.
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