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Standing Risk Factors

  • Material Weakness (unchanged) — Management concluded disclosure controls ineffective due to multiple material weaknesses: insufficient accounting personnel, inadequate risk-response controls, deficient accounting policies/procedures, revenue/tax control gaps, and IT general controls deficiencies across program change management, user access, computer operations, and software development testing.
  • Restatement (unchanged) — Material weaknesses caused restatement of 2022 and 2021 consolidated financial statements and required audit adjustments to revenue, reserves, tax contingencies, and financial statement classifications for fiscal years 2024, 2023, and 2022.
NYSE: STUB StubHub Holdings, Inc. 10-Q

StubHub raises $758M in IPO, reports $1.3B net loss on $1.4B stock comp charge

Filed November 14, 2025 · Period ending September 30, 2025 · ~2 min read

Key Changes

  • high

    Company disclosed material weaknesses in internal controls over financial reporting, including insufficient accounting personnel, inadequate IT general controls, and deficient revenue/tax accounting procedures. These weaknesses caused restatements of 2022 and 2021 financials and audit adjustments for 2024, 2023, and 2022.

    Controls & Procedures verify on EDGAR →
  • high

    Founder and CEO Eric Baker controls >50% of voting power through Class B shares. Company is electing controlled-company exemptions from NYSE governance requirements, including no requirement for majority-independent board or fully-independent compensation/nominating committees.

    Risk Factors: Governance verify on EDGAR →
  • high

    IPO triggered $1.4B one-time stock-based compensation expense as performance conditions on equity awards were satisfied, driving Q3 2025 net loss of $1.3B. Excluding this charge, the company would have been profitable on an operating basis.

    MD&A: IPO Stock Comp verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 15, 2026 · How we verify