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olivLaw · US equity research

StubHub Holdings, Inc. STUB

Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)

6.28USD−4.70% · 1 dayClose 05 Nov 2026

StubHub Holdings operates one of the largest global marketplaces for secondary resale of live event tickets, through the StubHub and viagogo brands, connecting fans with sellers. The company listed in September 2025 and reports accelerating transaction volume while expanding into original issuance ticketing, with gross merchandise sales of 9.2 bn USD in fiscal 2025.

At the close of 05 Nov 2026, StubHub Holdings, Inc. (STUB) stock was 6.28 USD (−4.70% on the day), with beta 1.56, 52-week range 5.30–19.44 USD. Latest reported quarter (Q2 2026): revenue of 573.1 m USD (+33.2% YoY), net income of 14.6 m USD, diluted EPS 0.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -5.72 · TTM to 30 Jun 2026
E/P (TTM)
-91.10%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.56
Volatility (1y) 75%
52-week range
5.3019.44

Price history

Loading chart…

Technical reading

RSI (14)
56.9
strong (55–70)
Bollinger (20, 2)
5.42 – 6.40
in the upper half of the band · %B 0.88 · band width 16.5%
SMA 50 / 200
5.91 / 8.32
mixed trend
MACD (12, 26, 9)
0.05 / -0.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+9.6%−1.1%+10.7 pp—
3 months−29.3%−0.5%−28.8 pp—
6 months−18.1%+4.4%−22.5 pp—
Year to date−53.6%+12.3%−65.9 pp—
1 year−65.4%+13.5%−78.9 pp−33.4%
3 yearsunavailable+76.4%unavailable−24.8%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−72.7%
07 Nov 2025 → 28 Sept 2026
Max drawdown (5y)
−75.9%
17 Sept 2025 → 28 Sept 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
573.1 m USD
+33.2% YoY
Net income
14.6 m USD
unavailable YoY
Diluted EPS
0.00
unavailable YoY
net / operating
2.5% / 3.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue433.8 m533.4 m397.6 m430.3 m468.1 m449.2 m446.0 m573.1 m
Cost of revenue79.6 m128.2 m62.5 m75.1 m100.5 m75.9 m65.8 m104.6 m
Operating income12.1 m72.9 m26.8 m25.1 m-1.4 bn-27.7 m25.8 m19.5 m
Depreciation & amortisation6.2 m6.4 m6.3 m6.4 m6.4 m6.4 m7.9 m9.8 m
Interest expense47.5 m45.2 m42.4 m43.9 m35.4 m18.4 m17.3 m22.2 m
Pre-tax income-49.8 m84.7 m-30.7 m-71.4 m-1.4 bn-42.4 m45.2 m12.2 m
Income tax-16.8 m30.5 m-8.5 m-17.6 m-106.2 m492.9 m-2.8 m-2.4 m
Net income-33.0 m54.2 m-22.2 m-53.8 m-1.3 bn-535.3 m48.0 m14.6 m
Diluted EPS-0.150.18 ≈-0.12-0.25-4.27-1.51 ≈0.060.00
Operating cash flow—-149.4 m158.3 m19.3 m ≈3.8 m ≈11.1 m298.4 m321.9 m ≈
Capex—340.0 k507.0 k291.0 k ≈372.0 k ≈223.0 k169.0 k416.0 k ≈
Share repurchases—01.0 m0 ≈0 ≈5.0 k00 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue1.4 bn1.8 bn1.7 bn
Revenue YoYunavailable+29.5%−1.4%
Net income405.2 m-2.8 m-1.9 bn
Net income YoYunavailable−100.7%unavailable
Diluted EPS1.14-0.18-6.27
Diluted EPS YoYunavailable−115.8%unavailable
net %29.6%-0.2%-109.2%
Free cash flow305.7 m259.8 m191.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.2 bn USD
Financial debt
1.5 bn USD
Net debt
265.4 m USD
Equity
1.2 bn USD
Total assets
5.1 bn USD
Debt / equity
1.27x
Current ratio
1.04x
ROE
-184.7%
ROA
-37.6%
FCF margin
11.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.4 bn
2024
1.8 bn
2025
1.7 bn

SEC (XBRL)· 05 Mar 2026verified

Cost of revenue
2023
231.9 m
2024
334.1 m
2025
314.0 m

SEC (XBRL)· 05 Mar 2026verified

Gross profit
2023
1.1 bn ≈
2024
1.4 bn ≈
2025
1.4 bn ≈

SEC (XBRL)· 05 Mar 2026derived

Operating income
2023
253.2 m
2024
138.1 m
2025
-1.3 bn

SEC (XBRL)· 05 Mar 2026verified

Depreciation & amortisation
2023
22.8 m
2024
24.5 m
2025
25.6 m

SEC (XBRL)· 05 Mar 2026verified

EBITDA
2023
276.0 m ≈
2024
162.6 m ≈
2025
-1.3 bn ≈

SEC (XBRL)· 05 Mar 2026derived

Interest expense
2023
155.9 m
2024
179.8 m
2025
140.0 m

SEC (XBRL)· 05 Mar 2026verified

Pre-tax income
2023
85.6 m
2024
37.3 m
2025
-1.5 bn

SEC (XBRL)· 05 Mar 2026verified

Income tax
2023
-319.6 m
2024
40.1 m
2025
360.6 m

SEC (XBRL)· 05 Mar 2026verified

Net income
2023
405.2 m
2024
-2.8 m
2025
-1.9 bn

SEC (XBRL)· 05 Mar 2026verified

Diluted EPS
2023
1.14
2024
-0.18
2025
-6.27

SEC (XBRL)· 05 Mar 2026verified

Weighted average diluted shares
2023
307.8 m
2024
304.4 m
2025
319.2 m

SEC (XBRL)· 05 Mar 2026verified

Balance sheet · USD

Cash
2023
775.7 m
2024
1.0 bn
2025
1.2 bn

SEC (XBRL)· 05 Mar 2026verified

Receivables
2023
—
2024
5.5 m
2025
6.9 m

SEC (XBRL)· 05 Mar 2026verified

Inventories
2023
—
2024
16.1 m
2025
9.2 m

SEC (XBRL)· 05 Mar 2026verified

Current assets
2023
—
2024
1.1 bn
2025
1.3 bn

SEC (XBRL)· 05 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
6.5 m
2025
73.3 m

SEC (XBRL)· 05 Mar 2026verified

Goodwill
2023
—
2024
2.7 bn
2025
2.7 bn

SEC (XBRL)· 05 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
924.7 m
2025
903.0 m

SEC (XBRL)· 05 Mar 2026verified

Total assets
2023
—
2024
5.1 bn
2025
5.1 bn

SEC (XBRL)· 05 Mar 2026verified

Accounts payable
2023
—
2024
112.6 m
2025
71.1 m

SEC (XBRL)· 05 Mar 2026verified

Short-term debt
2023
—
2024
19.5 m
2025
0

SEC (XBRL)· 05 Mar 2026verified

Long-term debt
2023
—
2024
2.3 bn
2025
1.5 bn

SEC (XBRL)· 05 Mar 2026verified

Current liabilities
2023
—
2024
1.1 bn
2025
1.3 bn

SEC (XBRL)· 05 Mar 2026verified

Total liabilities
2023
—
2024
3.7 bn
2025
3.1 bn

SEC (XBRL)· 05 Mar 2026verified

Equity
2023
890.2 m †
2024
880.6 m †
2025
1.2 bn †

SEC (XBRL)· 05 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
307.4 m
2024
261.5 m
2025
192.6 m

SEC (XBRL)· 05 Mar 2026verified

Capex
2023
1.7 m
2024
1.7 m
2025
1.4 m

SEC (XBRL)· 05 Mar 2026verified

Free cash flow
2023
305.7 m ≈
2024
259.8 m ≈
2025
191.2 m ≈

SEC (XBRL)· 05 Mar 2026derived

Investing cash flow
2023
-5.4 m
2024
-6.4 m
2025
-34.4 m

SEC (XBRL)· 05 Mar 2026verified

Financing cash flow
2023
94.1 m
2024
-46.7 m
2025
71.8 m

SEC (XBRL)· 05 Mar 2026verified

Share repurchases
2023
1.1 m
2024
0
2025
1.0 m

SEC (XBRL)· 05 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-1.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-1,073.5%
computed by olivLawFY 2025
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-26.4%
computed by olivLawFY 2025

Profitability

Gross margin
82.1%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-68.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-69.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
-91.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
32.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-145.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-31.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-85.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-35.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-296.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-14.5x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
635.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.2 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
634.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
3 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
5 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
55 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
-48 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
Earnings yield
-91.1%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.28 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-145.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-91.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-1.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 275derived 26

Score by group

27% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-85.5%0 (vs peers)38%
Net margin · Quality-91.3%11 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-14.5x0 (on a fixed band)23%
Current ratio · Balance sheet1.0x20 (on a fixed band)15%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality4/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

STUBHUB HOLDINGS, INC. (STUB). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth -1.4%; net margin -91.3%; ROE -145.8%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -85.5%
  • Net margin: -91.3%
  • Interest coverage: -14.5x
  • Current ratio: 1.0x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies

Multiples and returns vs the median

P/E
—
vertical median 32.1x
EV/EBITDA
—
vertical median 10.4x
P/S
—
vertical median 1.7x
P/B
—
vertical median 1.9x
ROE
-145.8%
vertical median -11.2%
below median
Net margin
-91.3%
vertical median 0.7%
below median (−13,671.9%)
EBIT margin
-69.7%
vertical median 2.3%
below median (−3,076.0%)
Revenue YoY
-1.4%
vertical median 11.0%
below median (−113.0%)
Net debt/EBITDA
—
vertical median 3.5x
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DISWalt Disney Co205.4 bn24.57.8%8.7%+3.4%+14% / +28%
MTNVail Resorts, Inc.5.6 bn38.544.4%5.2%−4.3%+13% / −27%
RSIRush Street Interactive, Inc.2.4 bn39.423.0%2.6%+22.8%−35% / +183%
BRSLBrightstar Lottery PLC1.9 bn13.511.6%5.9%−0.0%−36% / −63%
PRKSUnited Parks & Resorts Inc.1.7 bn14.9—8.1%−3.6%+5% / −23%
PRSUPursuit Attractions and Hospitality, Inc.1.5 bn32.17.7%9.6%+23.4%+57% / +62%
NIPGNIP Group Inc.413.9 m—-15.9%-14.9%+1.9%−92% / unavailable
SEGSeaport Entertainment Group Inc.275.7 m—-22.6%-91.4%+18.3%+0% / unavailable
GENIGenius Sports Limited59.2 m—-17.2%-16.7%+31.0%−41% / +7%
SEATVivid Seats Inc.30.8 m0.02,000.9%278.1%−30.5%−64% / −98%
GRSDGrandstand Limited29.3 m—-28.5%-19.9%+30.1%−85% / −91%
FCHLFitness Champs Holdings Limited11.4 m—-349.1%-32.9%+4.7%−100% / unavailable
FBYDFalcon’s Beyond Global, Inc.68—-100.8%-36.0%+120.8%−67% / −35%
MSGEMadison Square Garden Entertainment Corp.—37.1—8.6%+12.5%+52% / +149%
CDROCodere Online Luxembourg, S.A.——17.3%1.9%+24.2%+19% / +159%
MSGSMsg Knickerbockers Corp.—1,015.6—0.7%+11.0%+43% / +92%
ENHAEnhanced Group Inc.——-1,903.4%—unavailableunavailable / unavailable
DKNGDraftkings Inc.——-21.1%-2.7%+27.0%−29% / −38%
STUBStubhub Holdings, Inc.——-145.8%-91.3%−1.4%−65% / unavailable
XPOFXponential Fitness, Inc.———-401.5%−20.7%−33% / −68%
GDHGGolden Heaven Group Holdings Ltd.——-6.5%-56.2%−31.5%−74% / −100%

1- and 3-year price returns: for STUB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

StubHub Holdings operates one of the largest global marketplaces for secondary resale of live event tickets, through the StubHub and viagogo brands, connecting fans with sellers. The company listed in September 2025 and reports accelerating transaction volume while expanding into original issuance ticketing, with gross merchandise sales of 9.2 bn USD in fiscal 2025 1.

SWOT

Strengths

  • The company describes itself as the largest global secondary ticketing marketplace, with international scale and a diverse inventory 1.
  • Gross margins are high, and operating cash flow improved significantly in the second quarter of 2026 23.
  • The brands are recognised and attract organic traffic, which reduces reliance on advertising spend.

Weaknesses

  • The net result for fiscal 2025 was strongly negative, driven by listing-related costs and stock-based compensation 1.
  • The company reported material weaknesses in internal control over financial reporting that it must remedy 1.
  • Debt remains significant, although it has been reduced in recent months, and advertising costs rise with volume 23.

Opportunities

  • Entry into original issuance could widen the addressable market if rights holders adopt the platform 1.
  • Continued debt reduction could improve financial flexibility if the current pace holds 3.
  • Digital advertising and new event categories could diversify revenue sources 1.

Threats

  • Legal restrictions on resale and price display can limit activity in certain jurisdictions 1.
  • Dependence on a small number of search and app distribution channels exposes the company to unilateral changes 1.
  • A decline in demand for live events, for economic or other reasons, would directly affect transaction volume 1.

Risks

  • Dependence on live eventshigh

    Revenue depends on the number and popularity of events, and leagues or tours can be cancelled or reduced 1.

  • Regulatory exposurehigh

    Legislative changes on resale and pricing could restrict the business model in several countries 1.

  • Dependence on online trafficmedium

    Changes to search algorithms or a shift toward AI assistants could reduce traffic to the site 1.

  • Internal controlmedium

    The material weaknesses reported in financial controls must be remedied, otherwise reporting could be affected 1.

  • Net result and listing costslow

    Costs linked to the listing and stock-based compensation weigh on the net result, and costs are expected to keep rising as a public company 1.

Investment thesis

What would need to be true (bull case)

  • If the growth in transaction volume holds, results could keep improving, particularly if debt keeps falling.
  • Entry into original issuance could open a market larger than the current resale segment.
  • Global scale and recognised brands could help the company hold its position against competitors.

What would break the thesis

  • Revenue fell in fiscal 2025 and profitability was strongly negative, showing that volume growth does not automatically translate into profit.
  • Pricing and resale regulation could limit or slow expansion in some markets.
  • Reliance on search traffic and app distribution channels could expose the company to changes it does not control.

What to watch

  • Delivery of gross merchandise sales guidance of 10.1 to 10.3 bn USD2026
  • Trajectory of adjusted EBITDA against the 400 to 420 mil USD guidance2026
  • Progress in remedying the internal control material weaknessesnext 10-K
  • Development of original issuance volume and digital advertising2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The company runs a digital marketplace for live event tickets where sellers, including individuals, professional sellers and content rights holders, list tickets and buyers purchase them. Revenue comes mainly from fees charged to buyers and sellers as a percentage of transaction value, a ratio the company says has stayed near 20% annually over its history 1. Revenue for fiscal 2025 was 1.7 bn USD, down 1% year over year, while gross merchandise sales grew 6% 1.

The company says its position rests on four capabilities: end-to-end technology, global distribution, data intelligence and trusted brands, without controlling box offices or venue access. The service covers over 200 countries and territories, with payments accepted in over 45 currencies 2. At the end of 2025 it had approximately 900 full-time employees 1.

The second quarter of 2026 showed a clear acceleration: revenue rose 33.2% from the same period a year earlier, and adjusted EBITDA reached 105.7 mil USD, far above the comparable quarter of 2025 3. Guidance for fiscal 2026 calls for gross merchandise sales of 10.1 to 10.3 bn USD and adjusted EBITDA of 400 to 420 mil USD 3.

Segments

StubHub and viagogo secondary marketplace

The main segment is ticket resale through the StubHub and viagogo brands. Gross merchandise sales of 3.1 bn USD in the second quarter of 2026 are the main revenue driver, and revenue was roughly 19% of gross merchandise sales in the same period 3.

Original issuance ticketing

The company says it has only begun addressing the original issuance market, where content rights holders list tickets directly on the platform. The activity is at an early stage and is presented as a future growth direction rather than a significant current contributor 1.

Digital advertising

The company mentions plans to accelerate digital advertising as a newer initiative alongside original issuance. Its contribution to results is not detailed in the available sources 1.

Market context

The live event ticketing market is dominated by primary sales, with resale developing around it. The company describes a global market where competition is for buyers and sellers, and demand for sports, concerts and theater depends on tour popularity and consumer behaviour 1. Management attributed demand in the second quarter of 2026 partly to a record-setting World Cup 3.

The company estimates the addressable market is larger than the current resale segment, because it aims to include original issuance. This is management's assumption rather than an externally verified figure, and the outcome depends on how many rights holders adopt the platform 1.

Trends

  • Rising transaction volumetailwind

    Gross merchandise sales rose 34% in the second quarter of 2026, supported by strong event demand and higher average transaction value. If this pace is sustained, it could support revenue over the medium term 23.

  • Large events drive peaksmixed

    Major tours and international sporting events can create demand peaks but also fluctuations between quarters. The company warns that results are not necessarily comparable from one year to the next 1.

  • Regulation of resale and pricingheadwind

    Several jurisdictions limit ticket resale or require all-in price display, and the US Federal Trade Commission all-in pricing rule took effect in May 2025. Such rules could limit the platform's activity 1.

  • Reliance on search engines and AI toolsheadwind

    Traffic depends heavily on online search results. Changes to search algorithms or a shift of users toward AI-powered tools could reduce traffic without the company controlling those changes 1.

Competitive position

The company operates in a highly competitive environment, both for attracting buyers and for attracting sellers. Its stated advantages include global scale, breadth of inventory, brands, and payment and security functionality 1.

Competition includes primary ticketing sellers and other resale marketplaces, and pressure could rise if new players attract the same sellers or buyers. The sources do not detail its relative position against each competitor 1.

  • Primary ticketing sellers

    Sellers of tickets sold for the first time are the core competition for attracting buyers, according to the company's analysis 1.

  • Other resale marketplaces

    Other resale platforms compete for the same buyers and sellers, and the sources do not name them.

  • Search engines

    Not a direct competitor, but they control access to traffic, and their changes can affect the platform's visibility.

  • App distribution platforms

    App stores are a distribution channel and can influence the visibility of competing applications.

News & filings

In the press

The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / StubHub Holdings, Inc. · 05 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / StubHub Holdings, Inc. · 13 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / StubHub Holdings, Inc. · 12 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.