Revenue growth remains highly inconsistent, oscillating between a 60.5% surge in 2024Q4 and a 15.8% contraction in 2025Q4, while operating margins frequently dip into negative territory.
| Sales/Revenue | 1.79B | 1.75B | 1.77B | 1.37B | 1.04B | 672.79M | 35.64M | 211.63M |
| Revenue Growth % | -0.8% | -1.44% | 29.46% | 31.93% | 54.09% | 1787.68% | -83.16% | - |
| Cost of Goods Sold | 338.08M | 339.59M | 334.1M | 231.87M | 185.62M | 89.02M | 227.03M | 47.66M |
| COGS % of Revenue | - | 19.46% | 18.87% | 16.95% | 17.9% | 13.23% | 636.98% | 22.52% |
| Gross Profit | 1.46B | 1.41B | 1.44B | 1.14B | 851.1M | 583.77M | -191.38M | 163.98M |
| Gross Margin % | 81.15% | 80.54% | 81.13% | 83.05% | 82.1% | 86.77% | -536.98% | 77.48% |
| Gross Profit Growth % | - | -2.15% | 26.47% | 33.46% | 45.79% | 405.02% | -216.71% | - |
| Operating Expenses | 2.74B | 2.69B | 1.3B | 882.62M | 1.07B | 967.71M | 337.41M | 186.09M |
| OpEx % of Revenue | - | 153.93% | 73.33% | 64.53% | 103.07% | 143.84% | 946.7% | 87.93% |
| Selling, General & Admin | 2.72B | 2.69B | 1.21B | 793.25M | 910.54M | 698.32M | 337.41M | 186.09M |
| SG&A % of Revenue | - | 153.93% | 68.59% | 58% | 87.83% | 103.79% | 946.7% | 87.93% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 83.98M | 89.36M | 157.98M | 269.39M | 0 | 0 |
| Operating Income | -1.29B | -1.28B | 138.06M | 253.23M | -217.42M | -383.94M | -528.8M | -22.12M |
| Operating Margin % | -71.69% | -73.39% | 7.8% | 18.52% | -20.97% | -57.07% | -1483.67% | -10.45% |
| Operating Income Growth % | - | -1027.69% | -45.48% | 216.47% | 43.37% | 27.39% | -2290.79% | - |
| EBITDA | -1.26B | -1.26B | 162.59M | 275.99M | -132.37M | -160.85M | -335.97M | -21.75M |
| EBITDA Margin % | -70.18% | -71.92% | 9.18% | 20.18% | -12.77% | -23.91% | -942.65% | -10.28% |
| EBITDA Growth % | -603.98% | -871.97% | -41.09% | 308.49% | 17.7% | 52.12% | -1444.34% | - |
| D&A (Non-Cash Add-back) | 27.15M | 25.6M | 24.53M | 22.75M | 85.05M | 223.09M | 192.82M | 363K |
| EBIT | -1.37B | -1.28B | 217.04M | 241.54M | -128.76M | -474.9M | -810.39M | -48.89M |
| Net Interest Income | -70.23M | -97.62M | -138.66M | -133.43M | -116.9M | -135.21M | -74.75M | 678K |
| Interest Income | 44.64M | 42.41M | 41.12M | 22.51M | 2.81M | 165K | 1.15M | 4.42M |
| Interest Expense | 114.87M | 140.03M | 179.78M | 155.94M | 119.71M | 135.37M | 75.91M | 3.74M |
| Other Income/Expense | -183.53M | -264.6M | -100.8M | -167.64M | -31.05M | -226.33M | -357.5M | -30.52M |
| Pretax Income | -1.47B | -1.55B | 37.26M | 85.6M | -248.47M | -610.27M | -886.29M | -52.63M |
| Pretax Margin % | -81.93% | -88.55% | 2.1% | 6.26% | -23.97% | -90.71% | -2486.72% | -24.87% |
| Income Tax | 366.26M | 360.59M | 40.06M | -319.61M | 12.51M | 19.68M | 24.42M | 9.19M |
| Effective Tax Rate % | -24.92% | -23.33% | 107.51% | -373.39% | -5.04% | -3.22% | -2.76% | -17.47% |
| Net Income | -1.84B | -1.91B | -2.8M | 405.2M | -260.99M | -629.95M | -910.71M | -61.83M |
| Net Margin % | -102.35% | -109.21% | -0.16% | 29.63% | -25.17% | -93.63% | -2555.23% | -29.21% |
| Net Income Growth % | -20468.13% | -67969.07% | -100.69% | 255.26% | 58.57% | 30.83% | -1373.02% | - |
| Net Income (Continuing) | -1.84B | -1.91B | -2.8M | 405.2M | -260.99M | -629.95M | -910.71M | -61.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.85 | -5.76 | -0.15 | 1.07 | -0.97 | -2.17 | -2.61 | -0.17 |
| EPS Growth % | -5505.32% | -3740% | -114.02% | 210.31% | 55.3% | 16.86% | -1435.29% | - |
| EPS (Basic) | - | -5.76 | -0.15 | 1.07 | -0.97 | -2.17 | -2.61 | -0.17 |
| Diluted Shares Outstanding | 378.31M | 346.07M | 325.64M | 329.06M | 329.06M | 329.06M | 367.81M | 367.81M |
| Basic Shares Outstanding | 359.36M | 346.07M | 325.64M | 329.06M | 329.06M | 329.06M | 367.81M | 367.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Regulatory and platform liquidity
As indicated by the provided financial data, StubHub's revenue trajectory remains highly volatile, with quarterly growth rates fluctuating between a 15.8% contraction in 2025Q4 and a 60.5% surge in 2024Q4, suggesting that the platform's top-line performance is heavily tethered to unpredictable event cycles and seasonal demand.
The lack of consistent year-over-year growth suggests that the company may be struggling to expand its user base beyond its core secondary market audience. Investors should monitor whether this volatility reflects a structural saturation in the North American market or merely the inherent lumpiness of high-value concert and sporting event schedules.
According to the reported income statements, StubHub maintains robust gross margins consistently above 80%, yet this structural advantage is frequently undermined by erratic operating performance, as evidenced by the 2025Q3 period where operating margins plummeted to negative levels due to massive, non-recurring SG&A expenses.
The persistent gap between high gross profitability and volatile operating margins suggests that the company's cost structure is not yet optimized for scale. This discrepancy implies that the platform's reliance on aggressive marketing and customer acquisition spending may be preventing it from achieving sustainable, long-term operating leverage.
Based on the historical income statement data, the company's net income is frequently obscured by significant non-operating charges, most notably the $1.4 billion in stock-based compensation recorded in 2025Q3, which caused net margins to swing wildly and complicates the assessment of core operational profitability.
The extreme variance in net income, ranging from significant profits in 2023Q4 to massive losses in 2025Q3, suggests that investors should focus on normalized operating metrics rather than bottom-line results. Such large, irregular charges warrant further investigation into the company's long-term incentive structures and their impact on shareholder dilution.
As reported in the financial filings, StubHub's SG&A expenses exhibit extreme variability, peaking at $1.7 billion in 2025Q3, which indicates a lack of disciplined expense management and suggests that the company may be prioritizing market share acquisition over the stabilization of its core cost structure.
The inability to maintain a predictable SG&A run rate suggests that the company's operating model is highly sensitive to external competitive pressures, likely forcing management to increase spending to defend its market position. This trend implies that until marketing and administrative costs are rationalized, the company may continue to face significant challenges in reaching consistent profitability.
While the company's marketplace model appears resilient, the negative operating margins observed in several recent quarters suggest that the business may be vulnerable to margin compression if regulatory bodies enforce stricter 'all-in' pricing transparency, potentially limiting the platform's ability to extract fees from both buyers and sellers.
Short-sellers may focus on the company's inability to convert its high gross margins into sustained operating income, viewing the current cost structure as unsustainable. Investors should consider whether the platform's reliance on professional resellers creates a hidden dependency that could be disrupted by future changes in ticket transferability laws.
Quick answers to the most common questions about buying STUB stock.
For fiscal year 2025, StubHub Holdings, Inc. (STUB) reported total revenue of $1.75B. This represents a 724.6% increase compared to $211.6M in 2019.
StubHub Holdings, Inc. (STUB) reported a net loss of $1.91B for the fiscal year ending 2025.
StubHub Holdings, Inc. (STUB) reported an operating income of $-1280.7M, resulting in an operating profit margin of -73.4%. This margin reflects the operational efficiency of the business before interest and taxes.
StubHub Holdings, Inc. (STUB) generated $1.41B in gross profit for the year, representing a gross profit margin of 80.5%. This demonstrates the company's core pricing power and production efficiency.