secwatch.observer — SEC 8-K summary
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Issuer:     StubHub Holdings, Inc. (STUB)
CIK:        0001337634
Form:       8-K
Filed at:   2025-11-13T23:59:59+00:00
Accession:  0001193125-25-280227
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337634/000119312525280227/0001193125-25-280227-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337634/000119312525280227/d35879d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-280227

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer