StubHub Holdings, Inc.

What does StubHub own?
StubHub Holdings operates two ticketing marketplace brands: StubHub, serving the North American secondary ticketing market, and Viagogo, serving international markets. The company does not own event venues, sports teams, or primary ticketing platforms at scale. Its direct issuance and advertising businesses are in development.

Is StubHub publicly traded?
Yes, StubHub Holdings, Inc. is publicly traded on the New York Stock Exchange under the ticker STUB. The company priced its IPO at $23.50 per share in September 2025, raising $800 million at an $8.6 billion valuation. The IPO had been delayed twice previously due to market conditions.

Who founded StubHub?
StubHub was founded in 2000 by Eric Baker and Jeff Fluhr in San Francisco, California. Baker left the company in 2006 to found Viagogo, a European ticketing marketplace. He returned as CEO when Viagogo acquired StubHub in 2021. Fluhr remained with StubHub through the eBay acquisition in 2007.

Where is StubHub headquartered?
StubHub Holdings is headquartered in New York, New York, USA. The company also maintains offices in Los Angeles and London. The New York headquarters was established in connection with the IPO and reflects the company's status as a public corporation.

How many brands does StubHub own?
StubHub Holdings owns two brands: StubHub and Viagogo. Both are secondary ticketing marketplaces. StubHub operates primarily in North America, while Viagogo serves international markets. The company previously operated StubHub International before divesting it to satisfy regulatory requirements.

Who owns StubHub?
StubHub Holdings is publicly traded, with shares held by institutional investors, retail shareholders, and company insiders. Prior to the IPO, major stakeholders included Madrone Capital Partners, WestCap, Bessemer Venture Partners, and CEO Eric Baker. These stakes were diluted following the IPO. The company has no controlling shareholder or dual-class share structure.

Has StubHub made major acquisitions recently?
The most significant transaction in StubHub's history was Viagogo's acquisition of StubHub from eBay for $4.05 billion, announced in November 2019 and completed in September 2021. Since then, the company has focused on debt reduction and its IPO rather than further acquisitions.

What is StubHub's revenue?
StubHub reported revenue of $1.75 billion for fiscal year 2025, with $9.2 billion in gross merchandise sales and $232 million in adjusted EBITDA. The company reported a net loss of $1.9 billion, driven by a one-time $1.4 billion stock-based compensation charge related to its IPO. For Q1 2026, revenue was $446 million, up 12% year over year.

StubHub was founded in 2000 in San Francisco by Eric Baker and Jeff Fluhr. The two entrepreneurs saw an opportunity to bring transparency and trust to the secondary ticket market, which at the time was dominated by informal channels and scalpers. The platform launched with a fan-to-fan marketplace model, charging fees to both buyers and sellers.

The company grew quickly. By 2006, StubHub had established itself as the largest secondary ticketing marketplace in the United States. Baker left the company that year to found Viagogo, a European ticketing marketplace, while Fluhr remained to lead StubHub.

In 2007, eBay acquired StubHub for $310 million in cash. Under eBay ownership, StubHub continued to grow its market share and expanded its partnerships with sports teams, venues, and leagues. The platform became the official resale partner for many major sports organizations.

Baker's Viagogo built a parallel business in Europe, focusing on the same secondary ticketing model. By the late 2010s, Viagogo had established itself as the largest secondary ticketing platform outside North America.

In November 2019, Viagogo announced it would acquire StubHub from eBay for $4.05 billion. The deal brought Baker back to the company he had founded 19 years earlier. The acquisition closed in September 2021 after regulatory review. As a condition of approval, StubHub was required to divest its operations outside North America. StubHub International was sold to Digital Fuel Capital.

The timing of the acquisition was catastrophic. The COVID-19 pandemic hit months after the deal was announced, causing live events to shut down globally. StubHub lost approximately 90% of its revenue during 2020. Forbes described the transaction as "one of the worst deals in history." The company faced a cash refund crisis when thousands of events were canceled, leading to lawsuits and regulatory action.

StubHub restructured its operations in 2021 and 2022, closing offices in Hong Kong and San Francisco. The company renegotiated debt and focused on its core North American marketplace. As live events returned in 2022 and 2023, revenue recovered rapidly.

The company attempted to go public multiple times. It filed for an IPO in 2022 but delayed due to market conditions. It filed again in early 2024 but postponed once more. In August 2025, StubHub filed an updated prospectus and priced its IPO at $23.50 per share, raising $800 million. The stock began trading on the NYSE under the ticker STUB on September 17, 2025. The IPO valued the company at approximately $8.6 billion, below the $16.5 billion valuation StubHub had originally sought.

In FY2025, the company reduced its debt by approximately $900 million. It reported a net loss of $1.9 billion, driven primarily by a one-time $1.4 billion stock-based compensation charge related to the IPO and a $479 million non-cash valuation allowance. On an adjusted basis, the company generated $232 million in adjusted EBITDA.

In Q1 2026, StubHub reported revenue of $446 million, up 12% year over year, and net income of $48 million. The company reiterated its full-year 2026 guidance of $9.9 to $10.1 billion in GMS and $400 to $420 million in adjusted EBITDA.

StubHub has faced several regulatory and legal challenges related to its pricing practices and refund policies.

In 2024, the Attorney General for the District of Columbia filed a lawsuit alleging that StubHub used drip pricing, displaying lower initial prices and adding fees later in the checkout process, along with countdown clocks to create false urgency. StubHub maintained that its practices comply with law and are consistent with competitor practices. The case is ongoing.

During the COVID-19 pandemic in 2020, StubHub faced widespread criticism and multiple lawsuits when it initially refused to issue cash refunds for canceled events, offering credits instead. The company later reversed this policy under legal and regulatory pressure.

The Viagogo acquisition itself faced regulatory scrutiny. The UK Competition and Markets Authority required StubHub to divest its international operations as a condition of approval, leading to the sale of StubHub International to Digital Fuel Capital.

The broader ticketing industry has faced increasing regulatory pressure in the United States. The BOTS Act, the FTC's ticketing rule revisions, and state-level all-in pricing laws have created a more regulated environment. StubHub's transition to all-in pricing in 2025 was partly a response to these regulatory developments.