StubHub Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
STUB$5.65-3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(1,370,621) | $(56,990) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,829 | 1,657 |
| Amortization of intangible assets | 17,338 | 16,482 |
| Stock-based compensation | 1,412,779 | 4,356 |
| Amortization of debt issuance costs | 6,535 | 7,245 |
| Losses on derivatives | 7,602 | 11,196 |
| Amortization of unrealized losses on cash flow hedge | (23,924) | (5,539) |
| Unrealized foreign exchange losses | 87,647 | 9,279 |
| Loss on extinguishment of debt | 15,454 | 8,216 |
| Deferred income taxes | (135,458) | 15,933 |
| Fair value change for preferred stocks and preferred stock bifurcated derivatives | 15,825 | 6,549 |
| Other | 6,840 | 4,553 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (491) | 5,183 |
| Inventory | 7,302 | (23,508) |
| Prepaid expenses and other current assets | (8,125) | (551) |
| Other non-current assets | (1,667) | (20,976) |
| Operating lease right-of-use assets | 3,359 | 3,818 |
| Accounts payable | (49,937) | (23,104) |
| Payments due to buyers and sellers | 131,165 | 281,572 |
| Accrued expenses and other current liabilities | 26,600 | 127,941 |
| Other non-current liabilities | 33,839 | 41,610 |
| Operating lease liabilities | (2,455) | (3,987) |
| Net cash provided by operating activities | 181,436 | 410,935 |
| Cash flows from investing activities: | ||
| Capitalized software development costs | (22,842) | (2,104) |
| Purchases of property and equipment | (1,170) | (1,326) |
| Purchases of intangible assets | (1,198) | (1,770) |
| Net cash used in investing activities | (25,210) | (5,200) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 758,000 | — |
| Proceeds from issuance of Series M redeemable preferred stock | — | 24,025 |
| Proceeds from issuance of Series N redeemable preferred stock | 50,000 | — |
| Proceeds from issuance of Series O redeemable preferred stock | 254,893 | — |
| Proceeds from issuance of Class A common stock upon exercise of stock options and warrants | 59 | 1,123 |
| Proceeds from issuance of debt | — | 443,465 |
| Proceeds from partial interest rate swap termination | 14,010 | — |
| Repurchase and retirement of Class A and Class C common stock | (1,000) | — |
| Repayment of long-term debt obligations | (759,763) | (501,709) |
| Payment of tax withholding obligations on vested equity awards | (81,607) | — |
| Payments of deferred offering costs | (10,050) | (2,630) |
| Payment of debt issuance costs | — | (2,770) |
| Net cash provided by (used in) financing activities | 224,542 | (38,496) |
STUBHUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(In thousands)
(Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 12,723 | (1,942) |
| Net increase in cash, cash equivalents, and restricted cash | 393,491 | 365,297 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,015,912 | 821,053 |
| Cash, cash equivalents, and restricted cash at end of period | $1,409,403 | $1,186,350 |
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $1,392,458 | $1,142,357 |
| Restricted cash in prepaid expenses and other current assets | 352 | 28,309 |
| Restricted cash | 16,593 | 15,684 |
| Total cash, cash equivalents, and restricted cash | $1,409,403 | $1,186,350 |
| Supplemental cash flow information | ||
| Cash paid for: | ||
| Interest | $159,442 | $177,723 |
| Non-cash investing and financing activities: | ||
| Stock-based compensation capitalized in development of capitalized software | $28,342 | $— |
| Deferred offering costs accrued, unpaid | $4,335 | $4,942 |
| Debt issuance costs, unpaid | $190 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.