Recent free cash flow generation of $321.4M in 2026Q2, representing a 56.1% margin, appears heavily distorted by a $243.2M positive working capital swing, suggesting the underlying business is not yet generating sustainable operational cash flow.
StubHub Holdings, Inc. (STUB) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 635.2M | 192.57M | 261.49M | 307.39M | -47.52M | -136.09M | -252.41M | -144.01M |
| Operating CF Margin % | - | 11.03% | 14.77% | 22.47% | -4.58% | -20.23% | -708.21% | -68.05% |
| Operating CF Growth % | 1654.42% | -26.36% | -14.93% | 746.85% | 65.08% | 46.09% | -75.28% | - |
| Net Income | -1.77B | -1.99B | -2.8M | 405.2M | -260.99M | -629.95M | -910.71M | -61.83M |
| Depreciation & Amortization | 31.96M | 25.6M | 24.53M | 22.75M | 85.05M | 223.09M | 192.82M | 363K |
| Stock-Based Compensation | 1.41B | 0 | 7.74M | 34.9M | 21.37M | 112.98M | 0 | 0 |
| Deferred Taxes | 383.58M | 356.82M | 57.71M | -326.01M | 12.44M | 17.88M | 25.1M | 2.35M |
| Other Non-Cash Items | 131.08M | 1.66B | -2.01M | 53.68M | -74.89M | 101.41M | 172.38M | 14.05M |
| Working Capital Changes | 480.06M | 146.98M | 176.32M | 116.87M | 169.5M | 38.51M | 267.99M | -98.94M |
| Change in Receivables | -5.72M | -1.15M | 6.92M | -7.57M | 3.24M | -5.31M | 14.19M | 1.4M |
| Change in Inventory | -2.56M | -6.08M | -19.84M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -32.86M | -44.31M | 73.46M | -25.68M | 19.44M | 1.06M | 9.21M | 10.15M |
| Cash from Investing | -37.61M | -34.38M | -6.38M | -5.44M | -710K | -49M | -4.06B | -1.24M |
| Capital Expenditures | -25.82M | -34.38M | -1.67M | -1.72M | -1.65M | -3.56M | -1.05M | -1.24M |
| CapEx % of Revenue | 1.33% | 1.97% | 0.09% | 0.13% | 0.16% | 0.53% | 2.96% | 0.59% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -45.45M | -4.06B | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -11.79M | 0 | -4.71M | -3.71M | 938K | 0 | 0 | 0 |
| Cash from Financing | -134.64M | 71.79M | -46.71M | 94.13M | -134.15M | 126.13M | 4.71B | 12.91M |
| Debt Issued (Net) | -900M | -909.76M | -63.13M | -20.28M | -20.28M | -19M | 2.39B | 0 |
| Equity Issued (Net) | 936.72M | 1.05B | 25.15M | 113.91M | -113.91M | 164.63M | 2.32B | 101K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -133K | -5.19M |
| Share Repurchases | -33.65M | -1M | 0 | -1.09M | -4.97M | -1.76M | -700K | 0 |
| Other Financing | -171.36M | -68.51M | -8.73M | 504K | 37K | -19.5M | 0 | 18M |
| Net Change in Cash | 458.88M | 240.31M | 194.86M | 401.95M | -197.66M | -68.21M | 402.58M | 270.51M |
| Free Cash Flow | 634.02M | 191.18M | 255.11M | 301.95M | -49.83M | -139.64M | -253.47M | -145.25M |
| FCF Margin % | 32.74% | 10.95% | 14.41% | 22.08% | -4.81% | -20.76% | -711.17% | -68.63% |
| FCF Growth % | 294.23% | -25.06% | -15.51% | 706% | 64.32% | 44.91% | -74.51% | - |
| FCF per Share | 1.67 | 0.55 | 0.78 | 0.92 | -0.15 | -0.42 | -0.69 | -0.39 |
| FCF Conversion (FCF/Net Income) | -0.36x | -0.10x | -93.39x | 0.76x | 0.18x | 0.22x | 0.28x | 2.33x |
| Interest Paid | 0 | 0 | 234.22M | 206.76M | 125.32M | 126.39M | 0 | 0 |
| Taxes Paid | 0 | 0 | 5.33M | 9.05M | 13.59M | 7.32M | 0 | 0 |
Quick answers to the most common questions about buying STUB stock.
StubHub Holdings, Inc. (STUB) generated $192.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
StubHub Holdings, Inc. (STUB) generated $191.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
StubHub Holdings, Inc. (STUB) spent $34.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, StubHub Holdings, Inc. (STUB) spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating losses and negative growth
Earnings Quality Masked by Working Capital Swings
StubHub's operating cash flow has recently surged to $321.9M in 2026Q2, representing a 22x multiple of net income, a dramatic reversal from prior quarters where operating cash flow was a fraction of losses, suggesting a significant, non-recurring working capital benefit is distorting the cash conversion picture.
The massive gap between net income and operating cash flow in recent quarters is almost entirely driven by large positive changes in working capital, not core operational profitability. This pattern suggests the company may be aggressively collecting receivables or delaying payables, which provides a temporary cash boost but is not sustainable. Investors should monitor whether this working capital benefit normalizes, as it could mask the underlying cash burn from operations.
FCF Surge Driven by Non-Operational Factors
Free cash flow has swung to a 56.1% margin in 2026Q2, yet this appears to be a direct result of the working capital inflow rather than operational improvement, as the underlying business continues to generate net losses and minimal organic cash flow.
The FCF trajectory is highly volatile and unreliable as a measure of core business health. The recent quarters with high FCF margins (e.g., 66.9% in 2026Q1) are bookended by quarters with near-zero or negative FCF, indicating the cash generation is episodic and tied to balance sheet movements. This inconsistency makes it difficult to assess the company's true ability to self-fund its operations or investments.
Working Capital as Primary Cash Flow Driver
Positive working capital changes of $243.2M and $247.9M in the last two quarters have been the dominant source of operating cash flow, suggesting the company's cash position is highly sensitive to the timing of collections and payments rather than underlying profitability.
The magnitude of these working capital swings is unusual for a marketplace business and warrants close scrutiny. It could indicate a shift in payment terms with sellers or buyers, or potentially the timing of large event settlements. This reliance on working capital management for cash flow is a significant risk, as any reversal or normalization could quickly erode the company's liquidity.
Cash Flow Obscures Structural Profitability Gap
The cash flow statement obscures the core issue: StubHub's business model, despite high gross margins, is not yet generating sufficient operating cash flow to cover its fixed costs and investments without relying on working capital management or external financing.
The reported operating cash flow in recent quarters is not representative of the company's recurring earnings power. The underlying business continues to post net losses, and the cash flow benefit from working capital is a one-time or cyclical event. Furthermore, the complete absence of SBC in recent quarters, after significant charges in 2025, suggests a potential change in compensation structure that may not be reflected in the cash flow statement's operating activities.