CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) ("Vivid Seats" or "we"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the fourth quarter and full year ended December 31, 2025 along with guidance for the first quarter ending March 31, 2026 and full year ending December 31, 2026.
"The trends we are seeing in the first quarter confirm that our strategy and execution are delivering measurable results," said Lawrence Fey, Chief Executive Officer of Vivid Seats. "We are enhancing our foundational strengths that include our leading technology, unique data assets, relentless focus on efficiency, and differentiated customer value proposition. We are particularly encouraged by the positive impact and momentum we are seeing from the impact of our enhanced App value proposition coupled with our cost reduction program."
Fourth Quarter 2025 Key Operational and Financial Metrics
-- Marketplace GOV of $580.6 million -- down 42% from $994.4 million in Q4
2024
-- Revenues of $126.8 million -- down 37% from $199.8 million in Q4 2024
-- Net loss of $428.7 million -- down $424.2 million from a net loss of $4.4
million in Q4 2024
-- Adjusted EBITDA of $0.8 million -- down $33.4 million from $34.2 million
in Q4 2024
Full Year 2025 Key Operational and Financial Metrics
-- Marketplace GOV of $2,704.6 million -- down 31% from $3,892.6 million in
2024
-- Revenues of $570.8 million -- down 26% from $775.6 million in 2024
-- Net loss of $721.5 million -- down $735.8 million from net income of
$14.3 million in 2024
-- Adjusted EBITDA of $41.8 million -- down $109.6 million from $151.4
million in 2024
Key Business Metrics and Non-U.S. GAAP Financial Measure
We use the following metrics to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. We believe these metrics provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as management.
The following table summarizes our key business metrics and non-U.S. GAAP financial measure for the three months and years ended December 31, 2025 and 2024 (in thousands):
Three Months Ended Years Ended December
December 31, 31,
------------------- ----------------------
2025 2024 2025 2024
-------- --------- ---------- ----------
Marketplace
GOV(1) $580,587 $ 994,377 $2,704,573 $3,892,645
Marketplace
orders(2) 1,766 2,613 8,336 11,556
Resale
orders(3) 111 115 428 431
Adjusted
EBITDA(4) $ 840 $ 34,243 $ 41,822 $ 151,419
(1) Marketplace Gross Order Value ("Marketplace GOV")
represents the total transactional amount of Marketplace
orders processed on our online platform during a period,
inclusive of fees, exclusive of taxes, and net of
event cancellations. During the three months and year
ended December 31, 2025, event cancellations negatively
impacted Marketplace GOV by $13.5 million and $60.7
million, respectively, compared to $21.1 million and
$95.9 million during the three months and year ended
December 31, 2024, respectively.
(2) Marketplace orders represent the total volume of Marketplace
segment transactions processed on our online platform
during a period, net of event cancellations. During
the three months and year ended December 31, 2025,
our Marketplace segment experienced 34,307 and 163,919
event cancellations, respectively, compared to 43,019
and 222,472 event cancellations during the three months
and year ended December 31, 2024, respectively.
(3) Resale orders represent the total volume of Resale
segment transactions processed on a given platform
(including our own) during a period, net of event
cancellations. During the three months and year ended
December 31, 2025, our Resale segment experienced
943 and 4,702 event cancellations, respectively, compared
to 792 and 5,286 event cancellations during the three
months and year ended December 31, 2024, respectively.
(4) Adjusted EBITDA is a financial measure not defined
under accounting principles generally accepted in
the United States of America ("U.S. GAAP"). We believe
adjusted EBITDA provides useful information to investors
and others in understanding and evaluating our results
of operations and serves as a useful measure for making
period-to-period comparisons of our business performance.
See "Adjusted EBITDA" below for more information,
including a reconciliation of adjusted EBITDA to net
income (loss), the most directly comparable U.S. GAAP
financial measure.
Financial Outlook for Full Year 2026
For the year ending December 31, 2026, Vivid Seats anticipates:
-- Marketplace GOV in the range of $2.2 billion to $2.6 billion -- Adjusted EBITDA in the range of $30.0 million to $40.0 million*
Financial Outlook for Q1 2026
For the quarter ending March 31, 2026, Vivid Seats anticipates:
-- Marketplace GOV in the range of $570.0 million to $620.0 million -- Adjusted EBITDA in the range of $8.0 million to $10.0 million* -- Cash balance of $125.0 million to $135.0 million
* We calculate forward-looking adjusted EBITDA based on internal forecasts that omit certain information that would be included in forward-looking net income (loss), the most directly comparable U.S. GAAP financial measure. We do not attempt to provide a reconciliation of forward-looking adjusted EBITDA to forward-looking net income (loss) because the timing and/or probable significance of certain excluded items that have not yet occurred and are outside of our control is inherently uncertain and unavailable without unreasonable efforts. Such items could have a significant and unpredictable impact on our future U.S. GAAP financial results.
Webcast Details
Vivid Seats will host a webcast at 8:30 a.m. Eastern Time today to discuss the fourth quarter and full year 2025 financial results, business updates, and financial outlook. Participants may access the live webcast and supplemental earnings presentation on the events page of the Vivid Seats Investor Relations website at investors.vividseats.com/events-and-presentations.
About Vivid Seats
Founded in 2001, Vivid Seats is a leading online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Based on the belief that everyone should "Experience It Live," the Chicago-based company provides exceptional value by providing one of the widest selections of events and tickets in North America and an industry leading Vivid Seats Rewards program where all fans earn on every purchase. Through its proprietary software and unique technology, Vivid Seats drives the consumer and business ecosystem for live event ticketing and enables the power of shared experiences to unite people. Vivid Seats has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing. Fans who want to have the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling 866-848-8499.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "can," "continue," "could," "design," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "may," "plan," "project," "propose, " "seek," "should," "target," "will," and "would," as well as similar expressions that predict or indicate future events or do not relate to historical matters, are intended to identify such forward-looking statements. The forward-looking statements contained in this press release relate to, without limitation: our future operating results and financial performance, including our expectations with respect to our return to growth, our fiscal year 2026 Marketplace GOV and adjusted EBITDA, and our first quarter 2026 Marketplace GOV, adjusted EBITDA, and cash balance; our expectations with respect to live event industry growth, concert supply, and our competitive positioning; our business strategy and objectives; and the expected benefits, including future savings, of our cost reduction program and the transactions consummated pursuant to our corporate simplification agreement, dated October 31, 2025 (collectively, the "Corporate Simplification"). Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks, uncertainties, and assumptions that can be difficult to predict and/or are outside of our control. Therefore, actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to: the supply of and demand for live events; the impact of adverse economic conditions and other factors affecting discretionary consumer and corporate spending; our ability to develop and maintain relationships with ticket buyers, sellers, and partners; the impact of changes to internet search engine algorithms and mobile app marketplace rules; the impact of artificial intelligence on how consumers search for live event tickets; our ability to attract ticket sellers and buyers to our platform in the increasingly competitive ticketing industry; our
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