---
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"
generated_at: "2026-05-15T21:33:45.234293+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# StubHub FY2025 GMS $9.2B (+6%); guides FY2026 GMS $9.9B-$10.1B & Adj. EBITDA $400M-$420M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-014651
- JSON: https://secwatch.observer/filing/0001628280-26-014651.json
- Plain text: https://secwatch.observer/filing/0001628280-26-014651.txt

## Key facts
- Earnings Releases
  StubHub Holdings, Inc. reported Full year ended December 31, 2025 results: revenue $1.7 billion, net income Net loss of $1.9 billion.
  - Period: Full year ended December 31, 2025
  - Revenue: $1.7 billion
  - Net income: Net loss of $1.9 billion
  - Result: reported results
  source text: Revenue of $1.7 billion, equal to 19% of GMS.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm
- Earnings Releases
  StubHub Holdings, Inc. reported Fourth quarter ended December 31, 2025 results: revenue $449 million, net income Net loss of $535 million.
  - Period: Fourth quarter ended December 31, 2025
  - Revenue: $449 million
  - Net income: Net loss of $535 million
  - Result: reported results
  source text: • 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_url: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm
- Earnings Releases
  StubHub Holdings, Inc. updated its Full year 2026 guidance (initiated).
  - Period: Full year 2026
  - Guidance: initiated
  - Result: guidance update
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm
- Earnings Releases
  StubHub Holdings, Inc. reported quarter and full year ended December 31, 2025 results: revenue $449 million, net income Net loss of $535 million.
  - Period: quarter and full year ended December 31, 2025
  - Revenue: $449 million
  - Net income: Net loss of $535 million
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014651/0001628280-26-014651-index.htm

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