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StubHub (STUB) investor relations material
StubHub Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Completed IPO in September 2025, raising $758 million in net proceeds and $1 billion in gross proceeds, and repaid $750 million in debt, materially de-levering the balance sheet.
Achieved 11% year-over-year GMS growth to $2.4 billion in Q3 2025, with 24% growth excluding the Taylor Swift "Eras" Tour impact.
Revenue rose 8% to $468 million, with adjusted EBITDA up 21% to $67 million, representing a 14% margin.
Net loss for the quarter was $1.3 billion, primarily due to a one-time $1.4 billion stock-based compensation expense triggered by the IPO.
Strategic investments and partnerships, including a new MLB agreement launching in 2026, are driving market share growth and expansion into new categories.
Financial highlights
Adjusted gross margin improved to 84% from 82% year-over-year, driven by lower ticket substitution and replacement costs.
Free cash flow for the trailing 12 months was $5.6 million, impacted by seller proceed outflows and cash interest costs; excluding these, free cash flow was $279 million, about 100% of adjusted EBITDA.
Net leverage reduced to 3.9x trailing twelve months adjusted EBITDA, down from 7.7x pre-IPO.
Ended Q3 with $1.4 billion in cash and $1.1 billion in net debt.
Annual debt service reduced to $99 million, down 43% from prior year, saving ~$75 million annually.
Outlook and guidance
No specific Q4 or 2026 guidance provided; annual guidance for 2026 will be shared with Q4/full-year 2025 results.
Expect all-in pricing headwind to persist until May 2026, after which year-over-year comparisons will normalize.
Management expressed confidence in long-term strategy, with ongoing investments in technology, products, and partnerships.
Ongoing investments in technology, digital advertising, original issuance, and international markets, targeting a $726 billion future opportunity.
Management expects existing cash and cash equivalents to be sufficient for at least the next 12 months.
Eras Tour GMS impact
MLB Direct Issuance strategy
Core profitability post-IPO charges
What accelerates direct Issuance adoption?
How will all-in pricing impact change post-May 2026?
What drives advertising revenue ramp-up?
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