StubHub (STUB) Q4 2025 earnings summary

Executive summary

• Achieved $9.2 billion in GMS for 2025, up 6% year-over-year, with 18% growth excluding the Eras Tour impact.

• Adjusted EBITDA for 2025 was $232 million (13% margin), reflecting ongoing investments in growth and TAM expansion.

• Gained approximately 50% share of the North American secondary ticketing market, with international growth outpacing North America.

• Sold 53 million tickets in 2025, a 23% CAGR in annual tickets sold since 2022.

• Transitioned to a public company, strengthened balance sheet, and maintained an asset-light, high-margin marketplace model.

Financial highlights

• Q4 2025 GMS was $2.3 billion, with 6% underlying growth excluding the prior-year Taylor Swift impact.

• Q4 2025 revenue was $449 million (19% of GMS), down 16% year-over-year.

• Full-year 2025 revenue was $1.7 billion (19% of GMS), down from $1.8 billion in 2024.

• Adjusted gross margin improved to 83% for both Q4 and full year, up from 76% and 81% respectively.

• Free cash flow conversion was 68% of adjusted EBITDA in 2025.

Outlook and guidance

• 2026 GMS expected between $9.9 billion and $10.1 billion, representing 9% growth at midpoint.

• Adjusted EBITDA guidance for 2026 is $400–$420 million, targeting up to 80% growth.

• Guidance assumes minimal revenue from direct issuance and advertising in 2026.

• North American market expected to grow at low double digits; international GMS to grow at an accelerated rate.