StubHub (STUB) Registration Filing summary

Company overview and business model

• Operates the largest global secondary ticketing marketplace for live events, connecting buyers and sellers through StubHub (North America) and viagogo (internationally).

• Business model is transaction-based, generating revenue from fees on ticket sales, with a focus on technology, global distribution, and data intelligence.

• Expanded into original issuance ticketing, enabling content rights holders to sell tickets directly on the platform.

• Benefits from network effects and flywheel dynamics, driving growth and liquidity as more buyers and sellers join.

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.

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

• 2024 Gross Merchandise Sales (GMS): $8.68 billion, up 27% year-over-year; over 40 million tickets sold in 2024.

• Free cash flow in 2024: $255.1 million; cash and cash equivalents as of June 30, 2025: $1.24 billion.

Use of proceeds and capital allocation

• IPO expected to raise approximately $735.5 million (or $849.2 million if underwriters exercise their option in full) at a midpoint price of $23.50 per share.

• $550 million of proceeds to repay existing term loan debt; remainder for tax withholding on RSU settlements, general corporate purposes, and potential acquisitions.

• No current agreements for material acquisitions or investments.