STUB

MKT CAP:$2B

StubHub Holdings, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$7.31-$6.98 (-48.85%)

Apr 22, 2026

Company Details

StubHub is a leading global platform for secondary ticket sales for live events, facilitating millions of tickets for sports, concerts, theater, and more across over 200 countries. Founded in 2000, it enables buyers and sellers to connect a...

CEO

Eric H. Baker

IPO Date

Sep 17, 2025

Website

www.stubhub.com

Key Metrics TTM

Revenue

$1.8B

+16.5% YoY

Net Income

-$1.3B

EPS (Diluted)

-$4.03

Free Cash Flow

$164M

Revenue / Share

$5.30

Gross Margin

79.3%

Operating Margin

-65.2%

Net Margin

-72.0%

FCF Margin

9.0%

P/S

1.3x

P/E

—

Earnings Reports

Q3 2025

Sep 29, 2025

$468M+7.9%EPS -$3.87

Q2 2025

Jun 30, 2025

$430M-2.9%EPS -$0.21

Q1 2025

Mar 31, 2025

$398M+10.4%EPS -$0.10

FY 2024

Dec 31, 2024

$1.8B+29.5%EPS -$0.15

Q4 2024

Dec 30, 2024

$533M+60.5%EPS $0.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$185M	$121M	-$44M
Q2 22	$247M	$187M	-$35M
Q3 22	$258M	$184M	-$75M
Q4 22	$346M	$274M	$31M
Q1 23	$298M	$246M	$55M
Q2 23	$359M	$281M	$80M
Q3 23	$378M	$313M	$106M
Q4 23	$332M	$273M	$83M
Q1 24	$360M	$306M	-$883.0K
Q2 24	$443M	$371M	$54M
Q3 24	$434M	$348M	$50M
Q4 24	$533M	$399M	$94M
Q1 25	$398M	$335M	$27M
Q2 25	$430M	$355M	$25M
Q3 25	$468M	$361M	-$1.3B

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	2.3x	—
Q1 23	2.1x	—
Q2 23	1.9x	—
Q3 23	1.7x	241.5x
Q4 23	1.7x	5.8x
Q1 24	1.7x	5.8x
Q2 24	1.6x	6.4x
Q3 24	1.5x	8.4x
Q4 24	1.3x	—
Q1 25	1.3x	—
Q2 25	1.3x	—
Q3 25	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$185M	$184M
Q2 23	-$32M	-$32M
Q4 23	$0	$0
Q1 24	$260M	$259M
Q2 24	$138M	$136M
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$158M	$151M
Q2 25	$19M	$10M
Q3 25	$4M	$3M

Capital Expenditures

Quarter	CapEx
Q1 23	$484.0K
Q2 23	$437.0K
Q4 23	$0
Q1 24	$2M
Q2 24	$2M
Q3 24	$0
Q4 24	$0
Q1 25	$7M
Q2 25	$10M
Q3 25	$372.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+61.3%	+6.5%
Q2 23	+45.2%	-1.2%
Q3 23	+46.2%	-18.4%
Q4 23	-3.9%	-20.9%
Q1 24	+20.7%	+48.2%
Q2 24	+23.4%	+39.3%
Q3 24	+14.9%	+41.1%
Q4 24	+60.5%	+76.5%
Q1 25	+10.4%	+2.7%
Q2 25	-2.9%	+4.1%
Q3 25	+7.9%	+371.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$2M	0.6%
Q2 24	$622.0K	0.1%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$5M	1.4%
Q2 25	$2M	0.5%
Q3 25	$1.4B	300.2%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$165M
Q2 22	—	—	$223M
Q3 22	—	—	$258M
Q4 22	—	—	$243M
Q1 23	—	—	$191M
Q2 23	—	—	$201M
Q3 23	—	—	$208M
Q4 23	—	—	$189M
Q1 24	$120M	$167M	—
Q2 24	$77M	$219M	—
Q3 24	—	—	$298M
Q4 24	—	—	$305M
Q1 25	$71M	$219M	—
Q2 25	$75M	$235M	—
Q3 25	—	—	$1.7B

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	—	-1.6%	—
Q2 22	—	-1.1%	—
Q3 22	—	-8.8%	—
Q4 22	—	-4.4%	—
Q1 23	61.3%	8.8%	70.1
Q2 23	45.2%	21.7%	66.9
Q3 23	46.2%	30.3%	76.5
Q4 23	-3.9%	13.8%	9.9
Q1 24	20.7%	6.0%	26.7
Q2 24	23.4%	18.0%	41.4
Q3 24	14.9%	0.9%	15.8
Q4 24	60.5%	25.5%	86.0
Q1 25	10.4%	4.6%	15.0
Q2 25	-2.9%	-4.9%	-7.8
Q3 25	7.9%	-290.3%	-282.4

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$405M	$0	$405M
Q4 23	$805M	$0	$805M
Q1 24	$1.0B	$0	$1.0B
Q2 24	$1.1B	$0	$1.1B
Q3 24	$1.0B	$0	$1.0B
Q4 24	$1.0B	$0	$1.0B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.2B	$0	$1.2B
Q3 25	$1.4B	$0	$1.4B
Q4 25	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	368M	—	—
Q2 22	368M	0.0%	—
Q3 22	368M	0.0%	—
Q4 22	368M	0.0%	—
Q1 23	368M	0.0%	0.0%
Q2 23	368M	0.0%	0.0%
Q3 23	368M	0.0%	0.0%
Q4 23	368M	0.0%	0.0%
Q1 24	329M	-10.5%	-10.5%
Q2 24	329M	0.0%	-10.5%
Q3 24	368M	+11.8%	0.0%
Q4 24	368M	0.0%	0.0%
Q1 25	368M	-0.0%	+11.8%
Q2 25	368M	0.0%	+11.8%
Q3 25	345M	-6.1%	-6.1%

Shares Outstanding