StubHub Holdings, Inc (STUB) is a ticket marketplace company that operates an online platform connecting buyers and sellers of tickets to live events. Revenue is generated through transaction fees collected on ticket sales facilitated across the StubHub and viagogo marketplace brands. The company operates globally, with sellers ranging from individual fans to professional sellers and content rights holders. As of December 31, 2025, StubHub Holdings held $1.2 billion in cash and cash equivalents, generated $158.2 million in free cash flow for FY2025, compared to $255.1 million in FY2024, and carried material interest expense of $140.0 million in FY2025. The company is expanding into original issuance ticketing, where content rights holders list tickets directly on the marketplace, though less than 10% of direct issuance gross merchandise sales in FY2025 came from minimum-proceeds guarantee arrangements. Eric H. Baker, the founder, serves as Chairman and Chief Executive Officer as of the 10-K filing dated March 4, 2026.

Revenue model

Transaction-based marketplace fees collected on ticket sales processed through the StubHub and viagogo platforms, paid by buyers and sellers. The company is also pursuing direct issuance arrangements with content rights holders, in some cases taking inventory risk under minimum-proceeds guarantees, though less than 10% of direct issuance GMS in FY2025 derived from such arrangements.

Products and services

StubHub-branded ticket resale marketplace; viagogo-branded ticket resale marketplace; direct issuance ticketing for content rights holders listing original inventory on the platform.

Customers and end markets

Individual ticket buyers attending live events; individual ticket sellers; professional ticket sellers; content rights holders (venues, promoters, sports teams, artists) selling original issuance inventory. End markets include live sports, concerts, and other live events.

Value-chain role

Two-sided marketplace intermediary sitting between ticket sellers (individual, professional, and content rights holders) and ticket buyers, handling transaction processing, inventory matching, and buyer guarantee programs.

Geographic exposure

Global operations spanning multiple jurisdictions, including the United States, the European Union, and the United Kingdom, as indicated by regulatory disclosures in the FY2025 10-K filed March 5, 2026. Specific revenue breakdown by geography is not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2026-03-05

Industry: Services-Miscellaneous Amusement & Recreation