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StubHub Holdings, Inc. describes itself as operating the largest global secondary ticketing marketplace, connecting fans and sellers through the StubHub and viagogo brands. The company is pushing into original issuance ticketing and adjacent live-event categories while relying heavily on technology, data and global distribution.
The filing highlights significant risks: strong competition from primary and secondary ticketing providers, heavy dependence on the volume and popularity of live events, and pronounced seasonality tied to major sports and concert tours. StubHub also flags extensive regulatory exposure across privacy, data, consumer protection and ticketing laws worldwide, as well as evolving AI and cybersecurity requirements.
Financially, StubHub reports recent net losses and a large accumulated deficit, substantial goodwill on its balance sheet and sensitivity to foreign-exchange swings. Governance risks include identified material weaknesses in internal control over financial reporting and control of the company by founder and CEO Eric H. Baker through a controlled-company structure.
StubHub Holdings reported 2025 results showing solid marketplace scale but GAAP losses driven by one-time items. Gross merchandise sales reached $9.2 billion, up 6% year over year, or 18% excluding the prior-year impact of Taylor Swift’s Eras Tour, with revenue of $1.7 billion (19% of GMS).
The company posted a net loss of $1.9 billion, mainly from a $1.4 billion IPO-related stock-based compensation charge and a $479 million non‑recurring, non‑cash valuation allowance. Adjusted EBITDA was $232 million, a 13% margin, and free cash flow was $158 million. StubHub reduced debt by about $900 million, bringing net leverage to 4.5x from 6.7x.
For 2026, StubHub guides to GMS of $9.9–$10.1 billion and Adjusted EBITDA of $400–$420 million, targeting strong profit growth from its core resale marketplace. The company also disclosed that IPO lock-up and market stand-off restrictions will end at the close of business on March 6, 2026, allowing insiders and other holders to sell shares.
StubHub Holdings, Inc. Principal Accounting Officer Scott Michael Fitzgerald reported a tax-related share disposition. On 02/10/2026, the company withheld 1,898 shares of Class A Common Stock at $10.42 per share to cover his tax withholding obligations, which the filing notes was not a market sale. After this transaction, he directly beneficially owned 108,248 shares of Class A Common Stock.
StubHub Holdings director and executive vice chairman & chief legal officer Mark Streams reported a tax-related share disposition. On February 10, 2026, the company withheld 2,331 shares of Class A Common Stock at $10.42 per share to cover his tax obligations, which the filing states was not a market sale.
After this tax-withholding transaction, Streams directly beneficially owned 1,348,899 shares of StubHub Holdings Class A Common Stock. The filing reflects an administrative adjustment to satisfy taxes rather than an open-market trade.
StubHub Holdings, Inc. officer Nayaab Islam reported an automatic share withholding to cover taxes. On February 10, 2026, the company withheld 22,297 shares of Class A common stock at $10.42 per share to satisfy tax obligations, which was explicitly described as not a market sale. Following this tax-withholding disposition, Islam directly holds 8,126,769 shares of StubHub Class A common stock.
StubHub Holdings, Inc. insider activity: Founder, Chairman and Chief Executive Officer Eric H. Baker reported a tax-related share withholding on Class A common stock. On 02/10/2026, 18,128 shares were disposed of at an implied price of $10.42 per share to satisfy tax withholding obligations, which the company notes was not a market sale. Following this transaction, Baker beneficially owned 12,237,385 Class A shares directly, plus 34,370 additional Class A shares held indirectly by the Eric H. Baker Family Foundation.
WestCap-affiliated entities reported their ownership in StubHub Holdings, Inc. on a Form 3 dated January 16, 2026. WestCap Stub Holdco 2024, LLC holds 31,734,690 shares of Class A Common Stock indirectly for the reporting group. WestCap StubHub Opportunity Fund Preferred, LLC holds 133,670 shares of Series O Preferred Stock, which will automatically convert into 6,256,893 shares of Class A Common Stock on March 17, 2026 at a conversion price of $23.50 per share. WestCap Management, LLC is the managing member of both entities, and Laurence A. Tosi may be deemed to have voting and investment control, while each reporting person disclaims beneficial ownership beyond any pecuniary interest.
StubHub Holdings, Inc. has a significant shareholder group led by WestCap Management, LLC and its affiliates, together with Laurence A. Tosi, reporting beneficial ownership of 37,991,583 shares of Class A common stock, representing 11.62% of the class. This total includes 6,256,893 shares that would be issued upon the mandatory conversion of the company’s Series O Preferred Stock in accordance with its terms.
The shares are held through WestCap Stub Holdco 2024, LLC and WestCap StubHub Opportunity Fund Preferred, LLC, with all voting and dispositive powers reported on a shared basis. The reporting group certifies that the securities are not held for the purpose of changing or influencing control of StubHub and are not part of any control-related transaction.
StubHub Holdings, Inc. insider tax withholding reported. Director and executive officer Mark Streams had 2,331 shares of StubHub Class A common stock withheld by the company on January 13, 2026 at $13.58 per share to satisfy his tax withholding obligations, which the disclosure notes was not a market sale. After this withholding, he directly beneficially owned 1,351,230 Class A shares.
StubHub Holdings, Inc. insider filing shows a routine tax-related share withholding. On January 13, 2026, Eric H. Baker, the founder, chairman, chief executive officer, director and 10% owner of StubHub Holdings, Inc. (Class A Common Stock), had 18,130 shares withheld by the company at $13.58 per share to satisfy his tax withholding obligations. The footnote clarifies this was not a market sale but a withholding connected to equity compensation.
After this transaction, Baker beneficially owned 12,255,513 Class A shares directly. In addition, 34,370 Class A shares were held indirectly through the Eric H. Baker Family Foundation.