Stubhub Holdings Financials
This page shows Stubhub Holdings (STUB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
StubHub's economics are gross-margin rich, but profitability is being decided below the gross profit line rather than by direct transaction costs.
The key disconnect is that FY2025's income-statement collapse did not produce a cash-flow collapse: net loss was-$1.91B while free cash flow remained$191M . With cash rising to$1.24B as long-term debt fell to$1.51B , the reported loss was not matched by equivalent financing strain.
Across FY2023 through FY2025, gross margin stayed unusually high between
This is also a very low-capex model: capital spending was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Stubhub Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Stubhub Holdings has an operating margin of -77.0%, meaning the company retains $-77 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is down from 7.8% the prior year.
Stubhub Holdings's revenue declined 1.4% year-over-year, from $1.8B to $1.7B. This contraction results in a growth score of 71/100.
Stubhub Holdings has a moderate D/E ratio of 1.27. This balance of debt and equity financing earns a leverage score of 42/100.
Stubhub Holdings's current ratio of 1.04 is below the typical benchmark, resulting in a score of 20/100. However, the company holds substantial cash reserves (99% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Stubhub Holdings converts 10.9% of revenue into free cash flow ($191.2M). This strong cash generation earns a score of 78/100.
Stubhub Holdings generates a -161.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is down from -0.3% the prior year.
Stubhub Holdings scores -0.80, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($3.1B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Stubhub Holdings passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Stubhub Holdings generates $-0.10 in operating cash flow ($192.6M OCF vs -$1.9B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Stubhub Holdings earns $-9.6 in operating income for every $1 of interest expense (-$1.3B vs $140.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Stubhub Holdings generated $1.7B in revenue in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Stubhub Holdings's EBITDA was -$1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 910.9% from the prior year.
Stubhub Holdings reported -$1.9B in net income in fiscal year 2025. This represents a decrease of 67969.1% from the prior year.
Stubhub Holdings earned $-6.27 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3383.3% from the prior year.
Cash & Balance Sheet
Stubhub Holdings generated $191.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 26.4% from the prior year.
Stubhub Holdings held $1.2B in cash against $1.5B in long-term debt as of fiscal year 2025.
Margins & Returns
Stubhub Holdings's gross margin was 82.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Stubhub Holdings's operating margin was -77.0% in fiscal year 2025, reflecting core business profitability. This is down 84.8 percentage points from the prior year.
Stubhub Holdings's net profit margin was -109.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 109.0 percentage points from the prior year.
Stubhub Holdings's ROE was -161.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 160.7 percentage points from the prior year.
Capital Allocation
Stubhub Holdings spent $1.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Stubhub Holdings invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.4% from the prior year.
STUB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $446.0M | N/A | $468.1M | N/A | $397.6M | N/A | $433.8M | N/A |
| Cost of Revenue | $65.8M | N/A | $100.5M | N/A | $62.5M | N/A | $79.6M | N/A |
| Gross Profit | $380.2M | N/A | $367.6M | N/A | $335.2M | N/A | $354.2M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $105.6M | N/A | $1.4B | N/A | $70.9M | N/A | $99.4M | N/A |
| Operating Income | $25.8M | N/A | -$1.4B | N/A | $26.8M | N/A | $12.1M | N/A |
| Interest Expense | $17.3M | N/A | $35.4M | N/A | $42.4M | N/A | $47.5M | N/A |
| Income Tax | -$2.8M | N/A | -$106.2M | N/A | -$8.5M | N/A | -$16.8M | N/A |
| Net Income | $48.0M | N/A | -$1.3B-2305.0% | -$53.8M-142.7% | -$22.2M | N/A | -$33.0M-316.8% | -$7.9M |
| EPS (Diluted) | $0.06 | N/A | $-4.27 | N/A | $-0.12 | N/A | $-0.15 | N/A |
STUB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B+5.9% | $5.1B-9.8% | $5.6B | N/A | N/A | $5.1B | N/A | N/A |
| Current Assets | $1.6B+25.2% | $1.3B-10.0% | $1.4B | N/A | N/A | $1.1B | N/A | N/A |
| Cash & Equivalents | $1.5B+22.9% | $1.2B-10.8% | $1.4B | N/A | $1.2B+14.9% | $1.0B-12.4% | $1.1B | N/A |
| Inventory | $8.8M-4.4% | $9.2M+360.5% | $2.0M | N/A | N/A | $16.1M | N/A | N/A |
| Accounts Receivable | $9.6M+39.2% | $6.9M+11.3% | $6.2M | N/A | N/A | $5.5M | N/A | N/A |
| Goodwill | $2.7B0.0% | $2.7B0.0% | $2.7B | N/A | N/A | $2.7B | N/A | N/A |
| Total Liabilities | $3.3B+7.2% | $3.1B-1.2% | $3.1B | N/A | N/A | $3.7B | N/A | N/A |
| Current Liabilities | $1.5B+17.7% | $1.3B-1.2% | $1.3B | N/A | N/A | $1.1B | N/A | N/A |
| Long-Term Debt | $1.5B-0.7% | $1.5B-8.8% | $1.7B | N/A | N/A | $2.3B | N/A | N/A |
| Total Equity | $1.6B+32.1% | $1.2B-30.1% | $1.7B+111.6% | $800.1M-7.3% | $863.2M-2.0% | $880.6M+7.9% | $815.9M-8.3% | $889.4M |
| Retained Earnings | -$3.4B+1.4% | -$3.4B-18.6% | -$2.9B | N/A | N/A | -$1.5B | N/A | N/A |
STUB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $298.4M+2580.5% | $11.1M | N/A | N/A | $158.3M+205.9% | -$149.4M | N/A | N/A |
| Capital Expenditures | $169K-24.2% | $223K | N/A | N/A | $507K+49.1% | $340K | N/A | N/A |
| Free Cash Flow | $298.2M+2633.7% | $10.9M | N/A | N/A | $157.8M+205.4% | -$149.8M | N/A | N/A |
| Investing Cash Flow | -$7.8M+14.5% | -$9.2M | N/A | N/A | -$7.2M-512.7% | -$1.2M | N/A | N/A |
| Financing Cash Flow | -$4.6M+97.0% | -$152.8M | N/A | N/A | -$5.8M+28.8% | -$8.2M | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $5K | N/A | N/A | $1.0M | $0 | N/A | N/A |
STUB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.2% | N/A | 78.5% | N/A | 84.3% | N/A | 81.7% | N/A |
| Operating Margin | 5.8% | N/A | -292.3% | N/A | 6.8% | N/A | 2.8% | N/A |
| Net Margin | 10.8% | N/A | -276.6% | N/A | -5.6% | N/A | -7.6% | N/A |
| Return on Equity | 3.1% | N/A | -76.5%-69.7pp | -6.7%-4.2pp | -2.6% | N/A | -4.0%-3.2pp | -0.9% |
| Return on Assets | 0.9% | N/A | -23.1% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 1.10+0.1 | 1.04-0.1 | 1.14 | N/A | N/A | 0.95 | N/A | N/A |
| Debt-to-Equity | 0.96-0.3 | 1.27+0.3 | 0.98 | N/A | N/A | 2.63 | N/A | N/A |
| FCF Margin | 66.9% | N/A | N/A | N/A | 39.7% | N/A | N/A | N/A |
Frequently Asked Questions
What is Stubhub Holdings's annual revenue?
Stubhub Holdings (STUB) reported $1.7B in total revenue for fiscal year 2025. This represents a -1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Stubhub Holdings's revenue growing?
Stubhub Holdings (STUB) revenue declined by 1.4% year-over-year, from $1.8B to $1.7B in fiscal year 2025.
Is Stubhub Holdings profitable?
No, Stubhub Holdings (STUB) reported a net income of -$1.9B in fiscal year 2025, with a net profit margin of -109.2%.
What is Stubhub Holdings's EBITDA?
Stubhub Holdings (STUB) had EBITDA of -$1.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Stubhub Holdings have?
As of fiscal year 2025, Stubhub Holdings (STUB) had $1.2B in cash and equivalents against $1.5B in long-term debt.
What is Stubhub Holdings's gross margin?
Stubhub Holdings (STUB) had a gross margin of 82.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Stubhub Holdings's operating margin?
Stubhub Holdings (STUB) had an operating margin of -77.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Stubhub Holdings's net profit margin?
Stubhub Holdings (STUB) had a net profit margin of -109.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Stubhub Holdings's return on equity (ROE)?
Stubhub Holdings (STUB) has a return on equity of -161.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Stubhub Holdings's free cash flow?
Stubhub Holdings (STUB) generated $191.2M in free cash flow during fiscal year 2025. This represents a -26.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Stubhub Holdings's operating cash flow?
Stubhub Holdings (STUB) generated $192.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Stubhub Holdings's total assets?
Stubhub Holdings (STUB) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Stubhub Holdings's capital expenditures?
Stubhub Holdings (STUB) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Stubhub Holdings's current ratio?
Stubhub Holdings (STUB) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Stubhub Holdings's debt-to-equity ratio?
Stubhub Holdings (STUB) had a debt-to-equity ratio of 1.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Stubhub Holdings's return on assets (ROA)?
Stubhub Holdings (STUB) had a return on assets of -37.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Stubhub Holdings's Altman Z-Score?
Stubhub Holdings (STUB) has an Altman Z-Score of -0.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Stubhub Holdings's Piotroski F-Score?
Stubhub Holdings (STUB) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Stubhub Holdings's earnings high quality?
Stubhub Holdings (STUB) has an earnings quality ratio of -0.10x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Stubhub Holdings cover its interest payments?
Stubhub Holdings (STUB) has an interest coverage ratio of -9.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Stubhub Holdings?
Stubhub Holdings (STUB) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.