StubHub Announces Full Year and Fourth Quarter 2025 Results (Form 8-K)

StubHub Announces Full Year and Fourth Quarter 2025 Results

- Full Year GMS exceeds $9 Billion, Demonstrating Platform Scale and Market Leadership -

- Transforms Balance Sheet with $900 Million Debt Reduction in 2025 -

- Establishes 2026 Guidance Framework Targeting Robust GMS Growth and 80% Adjusted EBITDA Growth -

NEW YORK, NY - March 4, 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.

Full Year 2025 Highlights

•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.

•Revenue of $1.7 billion, equal to 19% of GMS.

•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.

•Adjusted EBITDA1 of $232 million, representing a 13% margin, while strategically investing in growth initiatives.

•Net cash provided by operating activities was $193 million for the year ended December 31, 2025.

•Free Cash Flow1 of $158 million, including $140 million of interest expense, representing 68% conversion of Adjusted EBITDA.

•Strengthened balance sheet with approximately $900 million in debt reduction.

Fourth Quarter 2025 Highlights

•Gross Merchandise Sales ("GMS")1 of $2.3 billion, with underlying growth of 6% excluding the prior-year impact of the Taylor Swift's "Eras" Tour.

•Revenue of $449 million equal to 19% of GMS.

•Net loss of $535 million inclusive of $479 million of non-recurring, non-cash valuation allowance expense.

•Adjusted EBITDA1 of $63 million, representing a 14% margin.

•Paid down $150 million of USD term loan principal.

Eric Baker, Founder, Chairman and Chief Executive Officer of StubHub, commented, "In 2025, we achieved several significant milestones: delivering strong marketplace growth, maintaining our best-in-class financial profile with healthy margins and strong cash flow conversion, and significantly strengthening our balance sheet. These achievements position us exceptionally well for the opportunities that lie ahead."

Baker continued, "2025 reinforced that StubHub's mission remains as relevant as ever - democratizing access to live experiences and creating transparency in the ticket marketplace. Our disciplined and strategic approach of investments in both our core resale business and new TAM opportunities positions us to deliver sustainable long-term value for all our stakeholders. We've built meaningful partnerships with premier venues and teams, expanded our global footprint, and continued investing in technology that enhances the fan experience. Our full-year performance validates our long-term strategy and the substantial value we're creating for fans, partners, and shareholders alike."

Full Year 2026 Guidance

The Company is providing full year 2026 guidance. The Company expects 2026 GMS of $9.9 billion to $10.1 billion and 2026 Adjusted EBITDA2 of $400 million to $420 million. These guidance ranges reflect the evolution from building competitive advantages in 2025 to leveraging those advantages as the Company continues to grow share while inflecting margins. Additional assumptions include: 1) North American market growth, 2) international expansion continuing to outpace North America, 3) improved marketing efficiency driving higher returns while maintaining share gains, and 4) consistent take rates and strong gross margins in our core marketplace operations.

1.For definitions, please refer to "Key Business Metric and Non-GAAP Financial Measures" below. Please also refer to the tables under "Reconciliations of GAAP to Non-GAAP Financial Measures" below.

2.A reconciliation of the Company's Adjusted EBITDA guidance to the corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to the Company's results computed in accordance with GAAP. For example, stock-based compensation-related charges are impacted by the timing of employee stock transactions, the future fair market value of the Company's Class A common stock, and the Company's future hiring and retention needs, all of which are difficult to predict and subject to constant change.

Conference Call and Webcast Information

StubHub will host a conference call and audio webcast today, March 4, 2026 at 5:00 PM Eastern Time, during which management will discuss fourth quarter and full year results and provide commentary on business performance.

A live audio webcast of the earnings conference call may be accessed on StubHub's website at investors.stubhub.com, along with a copy of the earnings call presentation and this press release.

The audio webcast will be available on the Company's investor relations website for up to 12 months following the conclusion of the call.

About StubHub

StubHub is a leading global ticketing marketplace for live events. StubHub services customers in over 200 countries and territories, supporting over 30 languages and accepting payments in over 45 currencies - from sports to music, comedy to dance, festivals to theater. StubHub offers a safe and convenient way to buy or sell tickets to live events across the world for memorable live experiences.