Stubhub Holdings, Inc

stubhub.com

What Do They Do?

Runs a marketplace where fans buy live-event tickets from individual and professional sellers and event rights holders.

How Do They Make Money?

Buyers pay a transaction fee when a ticket sale is completed; depending on the market, sellers may also pay a fee deducted from their payout. Buyers may pay shipping fees when a shipping label is provided, and in limited cases StubHub also sells tickets directly.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Transaction fees Usage-based	98%		Usage-based
Other revenue Sold outright	1.8%		Sold outright

Who Are Their Customers?

Fans buy tickets through the marketplace, while individual and professional sellers and content rights holders list tickets there.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.9B in FY2025, but brought in more cash than it spent: $191.2M of free cash flow.

Operating income, FY2025

−77% of revenue

▼ Now a loss vs FY2024 ($138.1M, 8%)

Net income, FY2025

−109% of revenue

▲ +67969% (Loss) vs FY2024 (−$2.8M, 0%)

Free cash flow, FY2025

11% of revenue

▼ −26% vs FY2024 ($259.8M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +33%; vs $430.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$53.8M in Q2 FY2025

Transaction fees share of revenue vs 97.2% in Q2 FY2025

Aug 12, 2026 Raises its full-year gross merchandise sales outlook It set its 2026 gross merchandise sales outlook at $10.1 billion to $10.3 billion.

Revenue over time

Transaction fees Other revenue

$2B$1B$0

FY2023 FY2024 FY2025

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