---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-280227"
form_type: "8-K"
ticker: "STUB"
cik: "0001337634"
company_name: "StubHub Holdings, Inc."
filed_at: "2025-11-13T23:59:59+00:00"
generated_at: "2026-05-16T20:11:44.913145+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# StubHub Q3: GMS $2.4B (+11% YoY), Adj. EBITDA $67M (+21%), net loss $1.3B on IPO charge

## Summary
- GMS $2.4B, up 11% YoY; excluding Taylor Swift Eras Tour, GMS grew 24%.
- Revenue $468M (+8% YoY); net loss $1.3B includes $1.4B one-time stock-based comp from IPO.
- Adjusted EBITDA $67M (+21%), margin 14%.
- IPO in Sept raised ~$1B gross; repaid $750M debt; Net Leverage 3.9x TTM Adj. EBITDA.
- Multi-year partnership with MLB for Direct Issuance ticketing starting 2026.

## SEC filing metadata
- accession: 0001193125-25-280227
- form_type: 8-K
- ticker: STUB
- cik: 0001337634
- company_name: StubHub Holdings, Inc.
- filed_at: 2025-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337634/000119312525280227/0001193125-25-280227-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337634/000119312525280227/d35879d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-280227
- JSON: https://secwatch.observer/filing/0001193125-25-280227.json
- Plain text: https://secwatch.observer/filing/0001193125-25-280227.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.