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Dec 31, 2025
StubHub Holdings, Inc Q4 3035 Earnings Report
StubHub reported lower Q4 revenue and a large GAAP loss driven primarily by a non-cash valuation allowance expense while maintaining positive adjusted EBITDA.
Key Takeaways
StubHub generated $449173000 in Q4 2025 revenue with Gross Merchandise Sales of $2300000000. The company reported a GAAP net loss of $535313000, largely driven by a $479000000 non-recurring non-cash valuation allowance expense, while adjusted EBITDA remained positive at $62655000.
Revenue totaled $449173000 in Q4 2025 compared with $533415000 in the prior year quarter.
Net loss was $535313000 primarily due to a $479000000 non-cash valuation allowance expense.
Gross Merchandise Sales reached $2300000000 during the quarter.
Adjusted EBITDA was $62655000 representing a 14% margin.
Forward Guidance
StubHub expects continued marketplace growth in 2026 with strong Gross Merchandise Sales expansion and significant improvement in adjusted EBITDA as the company leverages scale and improves marketing efficiency.
Positive Outlook
- 2026 GMS guidance between $9900000000 and $10100000000.
- Adjusted EBITDA expected between $400000000 and $420000000 for 2026.
- International expansion expected to outpace North America.
- Improved marketing efficiency expected to increase returns.
- Strong gross margins expected in core marketplace operations.
Challenges Ahead
- Marketplace revenue remains dependent on live event demand.
- Seasonality in live entertainment can impact quarterly performance.
- Foreign exchange fluctuations may impact results.
- Competition in the ticketing marketplace remains intense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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