{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-26-014651","form_type":"8-K","ticker":"STUB","cik":"0001337634","company_name":"StubHub Holdings, Inc.","filed_at":"2026-03-04T23:59:59+00:00","discovered_at":"2026-05-14T18:02:34.880528+00:00","generated_at":"2026-05-15T21:33:45.234293+00:00","sec_items":["2.02","8.01","9.01"],"event_type":"earnings","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"StubHub FY2025 GMS $9.2B (+6%); guides FY2026 GMS $9.9B-$10.1B & Adj. EBITDA $400M-$420M","bullets":["FY2025 GMS $9.2B (+6%; +18% underlying ex-Taylor Swift); revenue $1.7B.","FY2025 net loss $1.9B; includes $1.4B stock-based comp and $479M non-cash valuation allowance.","Q4 2025 GMS $2.3B; revenue $449M; Adj. EBITDA $63M (14% margin); net loss $535M.","FY2026 guidance: GMS $9.9B-$10.1B; Adj. EBITDA $400M-$420M (~72% growth).","Reduced debt ~$900M in 2025; lock-up restrictions expire March 6, 2026."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-26-014651","json":"https://secwatch.observer/filing/0001628280-26-014651.json","markdown":"https://secwatch.observer/filing/0001628280-26-014651.md","text":"https://secwatch.observer/filing/0001628280-26-014651.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/stub-20260304.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T21:33:45.234293+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"6d5be652916963a2c4494c665dcd8126e76e6a28","claim":"StubHub Holdings, Inc. reported Full year ended December 31, 2025 results: revenue $1.7 billion, net income Net loss of $1.9 billion.","evidence_excerpt":"Revenue of $1.7 billion, equal to 19% of GMS.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Full year ended December 31, 2025"},{"label":"Revenue","value":"$1.7 billion"},{"label":"Net income","value":"Net loss of $1.9 billion"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"a74c59e515f5a6858ab670d853eed013cab55e18","claim":"StubHub Holdings, Inc. reported Fourth quarter ended December 31, 2025 results: revenue $449 million, net income Net loss of $535 million.","evidence_excerpt":"• 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.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Fourth quarter ended December 31, 2025"},{"label":"Revenue","value":"$449 million"},{"label":"Net income","value":"Net loss of $535 million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"be8b042babbff5ab9920a31520051e214de63165","claim":"StubHub Holdings, Inc. updated its Full year 2026 guidance (initiated).","evidence_excerpt":"The Company is providing full year 2026 guidance. The Company expects 2026 GMS of $9.9 billion to $10.1 billion and 2026 Adjusted EBITDA 2 of $400 million to $420 million.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Full year 2026"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"e4e035963adc527a5d2d1c332bf760504c3df78b","claim":"StubHub Holdings, Inc. reported quarter and full year ended December 31, 2025 results: revenue $449 million, net income Net loss of $535 million.","evidence_excerpt":"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 EBITDA 1 of $63 million, representing","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"quarter and full year ended December 31, 2025"},{"label":"Revenue","value":"$449 million"},{"label":"Net income","value":"Net loss of $535 million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}