StubHub Holdings Inc-A 2025年季度报告

FORM10-Q (Mark One) xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____ to _____ Commission file number001-42846——————— STUBHUB HOLDINGS, INC. (Exact Name of Registrant as Specified in its Charter)——————— Delaware 20-2082924 (State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.) 175 Greenwich Street, 59th FloorNew York,New York10007(Address of Principal Executive Offices) (Zip Code)(888)977-5364(Registrant's Telephone Number, including Area Code)——————— Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);and (2) has been subject to such filing requirements for the past 90 days.Yeso No x Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yesx Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated fileroAccelerated fileroNon-accelerated filerxSmaller reporting companyoEmerging growth companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes oNox As of November 11, 2025, the registrant had320,789,975shares of Class A common stock, $0.001 par value per share, and24,750,000shares of Class B common stock, $0.001 par value per share, outstanding. STUBHUB HOLDINGS, INC.Form 10-Q TABLE OF CONTENTS Special Note Regarding Forward-Looking Statements 1 PART IFINANCIAL INFORMATION Item 1.Financial Statements (unaudited)Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations4Condensed Consolidated Statements of Comprehensive Income (loss)5Condensed Consolidated Statements of Redeemable Preferred Stock, Redeemable Common Stock andStockholders’ Equity6Condensed Consolidated Statements of Cash Flows9Notes to Condensed Consolidated Financial Statements11Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations42Item 3.Quantitative and Qualitative Disclosures About Market Risk59Item 4.Controls and Procedures61 PART IIOTHER INFORMATION Item 1.Legal Proceedings63Item 1A.Risk Factors63Item 2.Unregistered Sales of Equity Securities and Use of Proceeds100Item 3.Defaults Upon Senior Securities101Item 4.Mine Safety Disclosures101Item 5.Other Information101Item 6.Exhibits101Signatures104 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements about StubHub Holdings,Inc. (the "Company," "we," "our" or "us") and our industry that involve substantial risks and uncertainties. These forward-lookingstatements reflect our current views with respect to, among other things, future events and our future business, financial condition andresults of operations. These statements are often, but not always, made through the use of words or phrases such as “aim,” “anticipate,”“believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,”“should,” “will” and “would” or the negative version of those words or phrases or other comparable words or phrases of a future orforward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations,estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, areinherently uncertain and beyond our control. The following important factors, in addition to those discussed under the heading "RiskFactors" in Part II, Item 1A of this Quarterly Report and other unforeseen events or circumstances, could affect our future results andcould cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking stat