**StubHub Holdings, Inc. Reports Fiscal Year 2025 Results**
StubHub Holdings, Inc. (NYSE: STUB) reported its financial results for the fiscal year ended December 31, 2025, showcasing a Gross Merchandise Sales (GMS) of $9.2 billion, a 6% increase compared to the $8.7 billion reported in the previous year. The company's revenue totaled $1.7 billion, a slight decrease of 1.4% from the $1.8 billion reported in 2024. The decrease in revenue was primarily attributed to a lower average transaction fee rate and a decrease in sales of tickets for which the company assumed inventory risk, partially offset by growth in GMS and a decrease in refunded transaction fees.
The company's total costs and expenses increased significantly to $3.1 billion, compared to $1.6 billion in the prior year. This increase was largely driven by a substantial rise in general and administrative expenses, which included $1.4 billion in stock-based compensation expense recognized as a result of the company's IPO. StubHub reported a net loss of $1.9 billion for the year, a stark contrast to the $2.8 million net loss in 2024. Adjusted EBITDA, a non-GAAP measure, was $232.4 million, down from $298.7 million in the previous fiscal year.
Key operational developments included the completion of the company's IPO in September 2025, resulting in net proceeds of approximately $758 million after deducting underwriting discounts and commissions. The company used a portion of these proceeds to make early principal repayments on its 2024 USD Term Loan, totaling $900 million. As of December 31, 2025, StubHub had approximately 900 full-time employees, with approximately 360 dedicated to customer service support.
Looking ahead, StubHub plans to continue investing in technology, products, and services to enhance its marketplace for both buyers and sellers. The company aims to expand its reach into the original issuance ticketing market and explore opportunities in digital advertising. While the company anticipates increased operating expenses associated with being a public entity and pursuing growth initiatives, it believes these investments will contribute to long-term profitability and market leadership. The company's future performance is subject to various risks and uncertainties, including fluctuations in demand for live events, competition in the ticketing industry, and compliance with evolving government regulations.
About StubHub Holdings, Inc.
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