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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
StubHub reported revenue of $1.7B in the fiscal year ended Dec 2025, down 1.4% from the year before. Operating income was −$1.3B, an operating margin of −77.0%, and net income was −$1.9B. Operating cash flow of $193M less capital expenditure of $1M left free cash flow of $191M. Net debt was $265M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,368 | 1,771 | 1,745 |
| Cost of revenue | 232 | 334 | 314 |
| Gross profit | 1,136 | 1,437 | 1,431 |
| Selling, general & admin | 793 | 1,215 | 2,686 |
| Operating income | 253 | 138 | −1,344 |
| Interest expense | 156 | 180 | 140 |
| Pre-tax income | 85.6 | 37.3 | −1,545 |
| Income tax | −320 | 40.1 | 361 |
| Net income | 405 | −2.8 | −1,906 |
| Diluted EPS | 1.14 | −0.18 | −6.27 |
| Diluted shares | 308 | 304 | 319 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 776 | 1,001 | 1,242 |
| Receivables | – | 5.5 | 6.9 |
| Inventory | – | 16.1 | 9.2 |
| Current assets | – | 1,051 | 1,296 |
| Net PP&E | – | 6.5 | 73.3 |
| Goodwill | – | 2,687 | 2,687 |
| Total assets | – | 5,094 | 5,054 |
| Payables | – | 113 | 71.1 |
| Deferred revenue | – | 707 | 846 |
| Current liabilities | – | 1,108 | 1,251 |
| Short-term debt | – | 19.5 | 0.0 |
| Long-term debt | – | 2,312 | 1,507 |
| Total liabilities | – | 3,716 | 3,112 |
| Shareholders' equity | 890 | 881 | 1,184 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 307 | 261 | 193 |
| Capital expenditure | 1.7 | 1.7 | 1.4 |
| Free cash flow | 306 | 260 | 191 |
| Depreciation & amortisation | 22.8 | 24.5 | 25.6 |
| Stock-based compensation | 34.9 | 7.7 | 1,448 |
| Share buybacks | 1.1 | 0.0 | 1.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 29.5% | −1.4% |
| Operating income growth (YoY) | – | −45.5% | −1073.5% |
| EPS growth (YoY) | – | −115.8% | – |
| Gross margin | 83.0% | 81.1% | 82.0% |
| Operating margin | 18.5% | 7.8% | −77.0% |
| Net margin | 29.6% | −0.2% | −109.2% |
| Return on equityBlank when equity is negative | 45.5% | −0.3% | −161.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 3.5% | −35.3% |
| Free cash flow margin | 22.3% | 14.7% | 11.0% |
| Cash conversion (CFO ÷ net income) | 0.76x | −93.4x | −0.10x |
| Receivable days | – | 1 | 1 |
| Inventory days | – | 18 | 11 |
| Payable days | – | 123 | 83 |
| Interest cover | 1.62x | 0.77x | −9.60x |
| Debt ÷ equity | – | 2.65x | 1.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,331 | 265 |
| Current ratio | – | 0.95x | 1.04x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.