StubHub (STUB) Registration Filing summary

Company overview and business model

• Operates a global online ticketing marketplace for live events, connecting buyers and sellers through StubHub and viagogo brands.

• Business model is transaction-based, generating revenue from fees charged to buyers and sellers for ticket sales and related services.

• Marketplace supports both secondary ticket resale and, increasingly, direct issuance of original tickets from content rights holders.

• Technology platform supports global operations in 33 languages and 48 currencies, with over 40 million tickets sold in 2024.

Financial performance and metrics

• 2024 revenue: $1.77 billion, up 29.5% from 2023; 2023 revenue: $1.37 billion; 2022 revenue: $1.04 billion.

• 2024 net loss: $2.8 million; 2023 net income: $405.2 million; 2022 net loss: $261.0 million.

• Adjusted EBITDA for 2024: $298.7 million; 2023: $353.9 million; 2022: $(57.0) million.

• Gross Merchandise Sales (GMS) in 2024: $8.68 billion, up 27% year-over-year.

• Free cash flow in 2024: $255.1 million; 2023: $302.0 million.

• As of June 30, 2025: $1.24 billion in cash and cash equivalents; $2.43 billion in long-term debt.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used primarily to repay existing term loan credit facilities, with the remainder for general corporate purposes, including working capital, operating expenses, and potential acquisitions or investments.

• No current agreements for material acquisitions or investments.