StubHub Holdings, Inc. (STUB) Stock Price & How to Invest

StubHub Holdings runs a two-sided marketplace where fans buy and resell tickets to concerts, sports, and other live events, operating under the StubHub brand in North America and the viagogo brand internationally. The company makes money primarily by charging fees to both buyers and sellers on each transaction, so its revenue tracks the total dollar value of tickets sold across its platform (gross merchandise sales) rather than the face value of the tickets themselves.

The investment picture is that of a dominant but cyclical marketplace. StubHub processed roughly $9.2 billion of gross merchandise sales in 2025 on about $1.75 billion of revenue, and it returned to net profitability in the first quarter of 2026 after a large one-time stock-based compensation charge tied to its IPO produced a huge reported loss in 2025. The stock has fallen well below its September 2025 IPO price, which compressed the valuation, but the company still carries a leveraged balance sheet and faces intense competition and regulatory scrutiny of ticketing fees.

StubHub operates in an intensely competitive market against Vivid Seats, SeatGeek, TickPick, and the far larger Ticketmaster, which pressures both volume and the fees it can charge. Regulatory moves toward all-in pricing and potential restrictions on secondary ticketing could compress take rates. The balance sheet is highly leveraged, with net leverage around 4x even after debt paydowns, which magnifies the impact of any demand slowdown. Results are seasonal and event-driven, so a weak tour and sports calendar or a consumer pullback on discretionary spending would hit revenue quickly. Post-IPO lock-up expirations and ongoing share dilution add supply pressure on the stock.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see StubHub Holdings, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$1.8 billion
• Gross merchandise sales (2025): ~$9.2 billion
• Adjusted EBITDA (2025): ~$232 million (13% margin)
• Q1 2026 revenue: ~$446 million (up ~12% YoY)
• Q1 2026 net income: ~$48 million
• Market cap: ~$3.2 billion

StubHub priced its IPO at $23.50 in September 2025 for a market cap near $8.6 billion, and the stock has since fallen to roughly a $3.2 billion valuation. The reported 2025 net loss of about $1.9 billion was dominated by a one-time, non-cash IPO stock-compensation charge and a valuation-allowance expense, not operating losses. On an adjusted-EBITDA and free-cash-flow basis the underlying business is profitable, so headline GAAP figures for 2025 can be misleading.

There are three common ways to get STUB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so STUB sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where STUB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

StubHub is the largest ticket resale marketplace, now profitable again but carrying meaningful leverage, so the story hinges on take-rate resilience and event-cycle demand rather than on a turnaround.

Whether STUB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is STUB a buy?, and where the stock could go from here in the STUB stock forecast.

For income investors, whether STUB pays a dividend and how the payout looks is covered in does STUB pay a dividend?