StubHub Q4 GMS Falls 8%, Margin Jumps to 83% as Debt Cuts to $1.5B
StubHub reported Q4 revenue of $449M (19% of GMS) and GMS of $2.3B, down 16% and 8% year-over-year, while adjusted gross margin rose to 83% with adjusted EBITDA of $63M (14% margin). The company cut debt by 35% to $1.5B and forecasts 2026 GMS of $9.9–10.1B, adjusted EBITDA of $400–420M.
1. Q4 Performance and Margins
StubHub’s fourth-quarter revenue totaled $449 million, representing 19% of $2.3 billion GMS, down 16% and 8% year-over-year. Adjusted gross margin increased to 83%, driving adjusted EBITDA of $63 million, a 14% margin, despite increased sales and marketing investments.
2. Full-Year Results and Balance Sheet
For full-year 2025, gross merchandise sales reached $9.2 billion, up 6% year-over-year, or 18% excluding The Eras Tour. Adjusted EBITDA was $232 million (13% margin), while the company reduced total debt by about 35% to $1.5 billion and held $1.2 billion in cash.
3. 2026 Outlook and Growth Drivers
StubHub plans 2026 GMS of $9.9–10.1 billion (9% growth at midpoint) and adjusted EBITDA of $400–420 million. Management cites North American market share gains, faster international expansion, and disciplined operating expense management as growth drivers.