$STUB

StubHub Holdings, Inc.

CIK:0001337634|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 573,068	$ 430,295	$ 1,019,113	$ 827,902
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)	104,592	75,132	170,407	137,588
Operations and support	18,780	13,960	33,736	26,126
Sales and marketing	274,087	235,206	499,994	454,110
General and administrative	146,338	74,529	251,983	145,428
Depreciation and amortization	9,815	6,412	17,708	12,756
Total costs and expenses	553,612	405,239	973,828	776,008
Income from operations	19,456	25,056	45,285	51,894
Interest income	12,236	10,365	22,762	18,667
Interest expense	(22,200)	(43,868)	(39,468)	(86,305)
Other expense, net	0	(352)	0	(352)
Foreign currency gains (losses)	3,864	(61,125)	24,454	(85,170)
Loss on extinguishment of debt	(1,877)	0	(1,877)	0
Gains (losses) on derivatives	753	(1,499)	6,290	(834)
Total other income (expense), net	(7,224)	(96,479)	12,161	(153,994)
Income (loss) before income taxes	12,232	(71,423)	57,446	(102,100)
Benefit for income taxes	2,375	17,594	5,206	26,088
Net income (loss)	14,607	(53,829)	62,652	(76,012)
Net income (loss) attributable to common stockholders	(40)	(75,925)	32,497	(111,814)
Net income (loss) attributable to common stockholders	$ (40)	$ (75,925)	$ 32,497	$ (111,814)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.00	$ (0.25)	$ 0.09	$ (0.37)
Diluted (in dollars per share)	$ 0.00	$ (0.25)	$ 0.06	$ (0.37)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic (in shares)	378,710,978	304,729,749	369,086,762	304,615,069
Diluted ( in shares)	378,710,978	304,729,749	381,777,937	304,615,069

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 14,607	$ 48,045	$ (53,829)	$ (22,183)	$ 62,652	$ (76,012)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	4,200		600		6,403	1,235
Amortization of intangible assets	5,600		5,800		11,305	11,521
Stock-based compensation					100,014	7,531
Amortization of debt issuance costs					2,403	4,255
Losses on derivatives					12,059	6,689
Amortization of unrealized losses on cash flow hedge					(16,219)	(3,659)
Unrealized foreign exchange (gains) losses					(26,625)	86,898
Loss on extinguishment of debt	1,877		0		1,877	0
Deferred income taxes					(7,926)	(30,670)
Fair value change for preferred stocks and preferred stock bifurcated derivatives					(8,031)	4,375
Other					2,155	7,466
Changes in operating assets and liabilities:
Accounts receivable					(7,142)	(2,573)
Inventory					4,261	743
Prepaid expenses and other current assets					(30,709)	(9,329)
Other non-current assets					16,493	(8,252)
Operating lease right-of-use assets					2,241	2,181
Accounts payable					(15,328)	(15,892)
Payments due to buyers and sellers					472,491	160,720
Accrued expenses and other current liabilities					23,954	(10,735)
Other non-current liabilities					16,607	42,701
Operating lease liabilities					(2,660)	(1,552)
Net cash provided by operating activities					620,275	177,641
Cash flows from investing activities:
Capitalized software development costs					(19,414)	(15,075)
Purchases of property and equipment					(585)	(798)
Purchases of intangible assets					(44)	(942)
Net cash used in investing activities					(20,043)	(16,815)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock upon exercise of stock options and warrants					142	53
Repurchase and retirement of Class A common stock					0	(1,000)
Repayment of long-term debt obligations					(100,000)	(9,763)
Payments of tax withholding obligations on vested equity awards					(36,251)	0
Payments of deferred offering costs					(2,407)	(1,845)
Net cash (used in) provided by financing activities					(138,516)	67,920
Effect of exchange rate changes on cash, cash equivalents, and restricted cash					(2,273)	14,288
Net increase in cash, cash equivalents, and restricted cash					459,443	243,034
Cash, cash equivalents, and restricted cash at beginning of period		$ 1,259,130		$ 1,015,911	1,259,130	1,015,911	$ 1,015,911
Cash, cash equivalents, and restricted cash at end of period	1,718,573		1,258,945		1,718,573	1,258,945	1,259,130
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	1,693,051		1,242,010		1,693,051	1,242,010	1,241,587
Restricted cash in prepaid expenses and other current assets	0		352		0	352
Restricted cash	25,522		16,583		25,522	16,583	17,543
Total cash, cash equivalents, and restricted cash	$ 1,718,573		$ 1,258,945		1,718,573	1,258,945	$ 1,259,130
Cash paid for:
Interest					60,872	106,059
Non-cash investing and financing activities:
Stock-based compensation capitalized in development of capitalized software					34,451	183
Deferred offering costs accrued, unpaid					0	7,149
Series N redeemable preferred stock
Cash flows from financing activities:
Proceeds from issuance of redeemable preferred stock					0	50,000
Series O redeemable preferred stock
Cash flows from financing activities:
Proceeds from issuance of redeemable preferred stock					$ 0	$ 30,475

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,693,051	$ 1,241,587
Accounts receivable	13,946	6,909
Inventory	4,967	9,228
Prepaid expenses and other current assets	73,021	37,924
Total current assets	1,784,985	1,295,648
Non-current assets:
Property and equipment, net	122,425	73,254
Trademarks and trade names	864,800	864,800
Other intangible assets, net	26,983	38,243
Goodwill	2,686,701	2,686,701
Restricted cash	25,522	17,543
Deferred tax assets	2,205	2,083
Other non-current assets	44,937	75,781
Total assets	5,558,558	5,054,053
Current liabilities:
Accounts payable	52,732	71,087
Payments due to buyers and sellers	1,306,617	845,892
Accrued expenses and other current liabilities (including zero and $17,894 under the fair value option, respectively)	349,770	334,305
Total current liabilities	1,709,119	1,251,284
Non-current liabilities:
Long-term debt obligations, non-current	1,396,271	1,506,957
Deferred tax liabilities	100,411	93,226
Other non-current liabilities	274,913	260,971
Total liabilities	3,480,714	3,112,438
Commitments and contingencies
Redeemable preferred stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 490,000 and 794,893 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of $721,140 and $1,027,583 as of June 30, 2026 and December 31, 2025, respectively	454,350	758,027
Stockholders’ equity:
Additional paid-in capital	4,931,923	4,522,498
Accumulated other comprehensive income	39,142	71,347
Accumulated deficit	(3,347,951)	(3,410,603)
Total stockholders’ equity	1,623,494	1,183,588
Total liabilities, redeemable preferred stock, and stockholders’ equity	5,558,558	5,054,053
Class A common stock
Stockholders’ equity:
Common stock	355	321
Class B common stock
Stockholders’ equity:
Common stock	$ 25	$ 25