Revenue and Debt Up Ahead of IPO

StubHub reported income rose 3% to $828 million for the primary six months of this yr in comparison with the primary half of 2024, however that was offset by a web lack of $76 million in that interval, in keeping with up to date financials the ticket resale platform filed with the US Securities and Alternate Fee.

The corporate’s “gross merchandise gross sales” — the entire value clients pay for a ticket transaction and achievement — of $4.4 billion have been up 11% in comparison with the primary six months of 2024. Nevertheless, StubHub’s web loss within the first half, which was primarily as a result of curiosity funds on its $2.38 billion in long-term debt and international foreign money fluctuations, is greater than 3 times the loss it recorded within the first half of final yr.

StubHub’s second half of 2024 was higher than its first, and the corporate finally reported a web lack of simply $2.8 million for the total yr 2024. Losses like these might current obstacles to StubHub’s objective of being valued at greater than $16 billion when it goes public on the New York Inventory Alternate (NYSE) later this yr.

The online loss attributable to frequent shareholders for the primary half of 2025 was almost $112 million, or $1.84 per share.

StubHub’s CEO and co-founder Eric Baker controls greater than 90% of the voting rights within the firm, based mostly on his holdings of 5% of Class A shares and 100% of Class B shares. Different main traders embrace Madrone Companions, WestCap Administration, Bessemer Enterprise Companions, PointState Capital and Declaration Companions.

When the corporate IPOs, it would checklist class A shares, though how a lot and at what value has not but been disclosed.

It the up to date prospectus filed on Aug. 26, the corporate reported adjusted earnings earlier than revenue tax, depreciation and belongings (EBITDA) of $102 million, $1.24 billion in money and money equivalents and a destructive working capital of $1.2 billion as of June 30. The corporate’s whole accrued deficit stands at $1.58 billion and its whole capitalization is the same as $3.84 billion.

In a March submitting, StubHub stated it’s 2024 gross merchandise gross sales rose 27% to $8.7 billion in 2024 in comparison with 2023. The main ticket resale platform bought greater than 40 million tickets and had greater than 1 million sellers in 200 international locations and territories final yr. Its income for 2024 was $1.77 billion, up 29.4% from 2023.

The corporate says it would use proceeds from the IPO to pay down debt and fund working capital. It goals is to develop its world base of patrons, sellers and construct model consciousness outdoors of North America to get extra secondary and first ticketing alternatives globally. The corporate’s burgeoning main ticketing enterprise generated $100 million in gross merchandise gross sales in 2024, in keeping with the March submitting.

“We anticipate our price of income to proceed to extend in absolute {dollars} as we proceed to put money into our enterprise to assist income progress,” the corporate acknowledged within the submitting.