Filing Flows › StubHub Holdings (STUB) › Q4 2025
StubHub Holdings (STUB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
StubHub Holdings (STUB) reported revenue of $449M for the fourth quarter 2025 (Q4 2025), -16% from a year earlier and -4% from the quarter before. Operating margin was -6.2%, net loss $535M (119.2% of revenue).
StubHub Holdings, Q4 2025: revenue $449M (-16% year over year), operating margin -6.2%, net loss $535M, operating cash flow $11.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $449M | -4% | -16% |
| Operating profit | −$27.7M | — | — |
| Net earnings | −$535M | — | — |
| Operating cash flow | $11.1M | +193% | — |
| Free cash flow | $2.0M | — | — |
What changed
Revenue was $449.2M in Q4 2025, down 16% year over year and down 4% from the previous quarter. Transaction fees was the largest line at 100% of revenue.
Operating costs exceeded revenue by $27.7M, an operating margin of -6.2%. Total costs grew 4% against a revenue fall of 16%. The fastest-growing cost line was General & admin (+60%). The quarter ended with a net loss of $535.3M, narrower than the previous quarter's $1,294.6M loss.
Operating cash flow was $11.1M. Non-cash charges added back $6.4M of depreciation and amortization and $34.9M of share-based compensation. Working capital and other items added $505.1M. After capitalized software development costs ($8.7M) and purchases of intangible assets ($257K) and purchases of property and equipment ($223K), free cash flow as the company reports it was $2.0M.
Questions
What was StubHub Holdings' revenue in the fourth quarter 2025?
StubHub Holdings (STUB) reported revenue of $449M for the fourth quarter 2025 (Q4 2025), -16% from a year earlier and -4% from the quarter before.
Was StubHub Holdings profitable in the fourth quarter 2025?
Operating loss was $27.7M (-6.2% of revenue) and net loss $535M.
Source: StubHub Holdings 10-K on SEC EDGAR.