Vivid Seats Inc Financials
This page shows Vivid Seats Inc (SEAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Vivid Seats Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Vivid Seats Inc generates $-0.11 in operating cash flow (-$91.6M OCF vs $806.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Vivid Seats Inc generated $450.5M in revenue in fiscal year 2025. This represents a decrease of 30.5% from the prior year.
Vivid Seats Inc reported $806.1M in net income in fiscal year 2025. This represents an increase of 5903.2% from the prior year.
Cash & Balance Sheet
Vivid Seats Inc generated -$93.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 288.7% from the prior year.
Vivid Seats Inc held $102.7M in cash against $383.4M in long-term debt as of fiscal year 2025.
Margins & Returns
Vivid Seats Inc's net profit margin was 178.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 176.8 percentage points from the prior year.
Capital Allocation
Vivid Seats Inc spent $18.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 20.4% from the prior year.
Vivid Seats Inc invested $2.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 48.8% from the prior year.
SEAT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $97.5M-7.0% | $104.8M-8.4% | $114.5M-14.4% | $133.7M-19.0% | $165.2M+8.2% | $152.7M-10.2% | $170.0M+6.3% | $160.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $1.2B+4009.7% | -$30.2M+91.0% | -$335.4M-3078.3% | -$10.6M-9.5% | -$9.6M-190.6% | $10.6M+2532.5% | -$437K-103.4% | $12.9M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SEAT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $636.9M-42.5% | $1.1B-3.7% | $1.1B-28.4% | $1.6B-1.9% | $1.6B+1.6% | $1.6B-2.7% | $1.7B+4.1% | $1.6B |
| Current Assets | $178.5M-23.7% | $233.9M-11.7% | $264.9M-17.2% | $319.8M-7.4% | $345.2M+5.9% | $325.9M-12.1% | $370.8M+24.9% | $296.9M |
| Cash & Equivalents | $102.7M-29.2% | $145.1M-5.2% | $153.0M-23.3% | $199.5M-18.1% | $243.5M+20.4% | $202.3M-13.7% | $234.3M+52.1% | $154.0M |
| Inventory | $18.2M-22.9% | $23.6M-27.7% | $32.6M+18.0% | $27.7M+41.1% | $19.6M-11.9% | $22.3M-26.4% | $30.2M+2.5% | $29.5M |
| Accounts Receivable | $43.5M-15.1% | $51.2M-17.3% | $62.0M-10.4% | $69.2M+14.8% | $60.3M | N/A | N/A | N/A |
| Goodwill | $283.9M-56.2% | $648.6M-0.1% | $649.4M-31.3% | $945.3M+0.2% | $943.1M-0.4% | $946.9M+0.6% | $941.5M-0.3% | $944.1M |
| Total Liabilities | $722.0M-6.4% | $771.6M-3.9% | $803.1M-19.6% | $999.2M-27.3% | $1.4B+7.3% | $1.3B-14.5% | $1.5B+3.4% | $1.4B |
| Current Liabilities | $303.3M-12.9% | $348.2M-5.1% | $367.1M-11.8% | $416.3M-2.2% | $425.8M+3.2% | $412.7M-12.1% | $469.6M-10.6% | $525.2M |
| Long-Term Debt | $383.4M-0.2% | $384.2M-0.2% | $385.0M-0.2% | $385.8M+0.2% | $385.0M-0.2% | $385.7M-0.2% | $386.5M+46.4% | $264.0M |
| Total Equity | -$85.1M-131.3% | $272.2M+25.2% | $217.3M-42.9% | $380.7M+45.8% | $261.1M-20.7% | $329.4M+111.4% | $155.8M+11.7% | $139.6M |
| Retained Earnings | -$1.4B-25.4% | -$1.1B-0.8% | -$1.1B-14.9% | -$936.1M-0.6% | -$930.2M-0.1% | -$929.3M+0.6% | -$934.6M-0.1% | -$933.5M |
SEAT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$38.2M-7561.5% | $512K+101.8% | -$28.6M-13.2% | -$25.3M-152.9% | $47.8M+348.6% | -$19.2M-39.2% | -$13.8M-135.3% | $39.2M |
| Capital Expenditures | $111K+1010.0% | $10K-95.2% | $207K-88.7% | $1.8M-46.9% | $3.5M+789.5% | $389K+36.0% | $286K+210.9% | $92K |
| Free Cash Flow | -$38.3M-7732.3% | $502K+101.7% | -$28.8M-6.3% | -$27.1M-161.2% | $44.3M+326.0% | -$19.6M-39.2% | -$14.1M-136.1% | $39.1M |
| Investing Cash Flow | -$3.9M+14.9% | -$4.6M-12.3% | -$4.1M+45.9% | -$7.6M+15.0% | -$8.9M-22.1% | -$7.3M-38.6% | -$5.3M+0.5% | -$5.3M |
| Financing Cash Flow | $96K+102.4% | -$4.0M+71.0% | -$13.9M-19.9% | -$11.6M-542.1% | -$1.8M+73.6% | -$6.8M-106.9% | $99.3M+2253.2% | -$4.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $3K-99.9% | $2.4M-75.4% | $9.9M+64.7% | $6.0M+37550.0% | -$16K-100.5% | $2.9M-82.7% | $17.0M+446.3% | $3.1M |
SEAT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 1212.8%+1241.6pp | -28.8%+264.1pp | -293.0%-285.1pp | -7.9%-2.1pp | -5.8%-12.8pp | 7.0%+7.2pp | -0.3%-8.3pp | 8.0% |
| Return on Equity | N/A | -11.1%+143.2pp | -154.3%-151.6pp | -2.8%+0.9pp | -3.7%-6.9pp | 3.2%+3.5pp | -0.3%-9.5pp | 9.2% |
| Return on Assets | 185.6%+188.4pp | -2.7%+26.5pp | -29.2%-28.5pp | -0.7%-0.1pp | -0.6%-1.3pp | 0.7%+0.7pp | -0.0%-0.8pp | 0.8% |
| Current Ratio | 0.59-0.1 | 0.67-0.1 | 0.72-0.0 | 0.77-0.0 | 0.81+0.0 | 0.790.0 | 0.79+0.2 | 0.57 |
| Debt-to-Equity | -4.50-5.9 | 1.41-0.4 | 1.77+0.8 | 1.01-0.5 | 1.47+0.3 | 1.17-1.3 | 2.48+0.6 | 1.89 |
| FCF Margin | -39.3%-39.8pp | 0.5%+25.7pp | -25.2%-4.9pp | -20.3%-47.1pp | 26.8%+39.7pp | -12.8%-4.6pp | -8.3%-32.7pp | 24.4% |
Note: Shareholder equity is negative (-$85.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Vivid Seats Inc's annual revenue?
Vivid Seats Inc (SEAT) reported $450.5M in total revenue for fiscal year 2025. This represents a -30.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vivid Seats Inc's revenue growing?
Vivid Seats Inc (SEAT) revenue declined by 30.5% year-over-year, from $647.9M to $450.5M in fiscal year 2025.
Is Vivid Seats Inc profitable?
Yes, Vivid Seats Inc (SEAT) reported a net income of $806.1M in fiscal year 2025, with a net profit margin of 178.9%.
How much debt does Vivid Seats Inc have?
As of fiscal year 2025, Vivid Seats Inc (SEAT) had $102.7M in cash and equivalents against $383.4M in long-term debt.
What is Vivid Seats Inc's net profit margin?
Vivid Seats Inc (SEAT) had a net profit margin of 178.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Vivid Seats Inc's free cash flow?
Vivid Seats Inc (SEAT) generated -$93.8M in free cash flow during fiscal year 2025. This represents a -288.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vivid Seats Inc's operating cash flow?
Vivid Seats Inc (SEAT) generated -$91.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vivid Seats Inc's total assets?
Vivid Seats Inc (SEAT) had $636.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vivid Seats Inc's capital expenditures?
Vivid Seats Inc (SEAT) invested $2.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Vivid Seats Inc's current ratio?
Vivid Seats Inc (SEAT) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Vivid Seats Inc's debt-to-equity ratio?
Vivid Seats Inc (SEAT) had a debt-to-equity ratio of -4.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vivid Seats Inc's return on assets (ROA)?
Vivid Seats Inc (SEAT) had a return on assets of 126.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vivid Seats Inc's cash runway?
Based on fiscal year 2025 data, Vivid Seats Inc (SEAT) had $102.7M in cash against an annual operating cash burn of $91.6M. This gives an estimated cash runway of approximately 13 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Vivid Seats Inc's debt-to-equity ratio negative or unusual?
Vivid Seats Inc (SEAT) has negative shareholder equity of -$85.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Vivid Seats Inc's Piotroski F-Score?
Vivid Seats Inc (SEAT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vivid Seats Inc's earnings high quality?
Vivid Seats Inc (SEAT) has an earnings quality ratio of -0.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.