Filing Flows › StubHub Holdings (STUB) › Q3 2025
StubHub Holdings (STUB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
StubHub Holdings (STUB) reported revenue of $468M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +9% from the quarter before. Operating margin was -292.3%, net loss $1.3B (276.6% of revenue).
StubHub Holdings, Q3 2025: revenue $468M (+8% year over year), operating margin -292.3%, net loss $1.3B, operating cash flow $3.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $468M | +9% | +8% |
| Operating profit | −$1.4B | — | — |
| Net earnings | −$1.3B | — | — |
| Operating cash flow | $3.8M | -80% | — |
| Free cash flow | $3.4M | -82% | — |
What changed
Revenue was $468.1M in Q3 2025, up 8% year over year and up 9% from the previous quarter. Transaction fees was the largest line at 97% of revenue. Transaction fees added $36.1M year over year (up 9%), 105% of the total change. Other revenue declined 11%.
Operating costs exceeded revenue by $1,368.2M, an operating margin of -292.3%. Total costs grew 336% against revenue growth of 8%. The fastest-growing cost line was General & admin (+1335%). The quarter ended with a net loss of $1,294.6M, wider than the previous quarter's $53.8M loss.
Operating cash flow was $3.8M. Non-cash charges added back $6.4M of depreciation and amortization and $1,405.2M of share-based compensation. Working capital and other items used $113.3M. Capital expenditures of $372K left free cash flow of $3.4M.
Questions
What was StubHub Holdings' revenue in the third quarter 2025?
StubHub Holdings (STUB) reported revenue of $468M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +9% from the quarter before.
Was StubHub Holdings profitable in the third quarter 2025?
Operating loss was $1.4B (-292.3% of revenue) and net loss $1.3B.
Source: StubHub Holdings 10-Q on SEC EDGAR.