Vivid Seats Reports First Quarter 2026 Results
Rhea-AI Summary
Vivid Seats (NASDAQ: SEAT) reported Q1 2026 results for the quarter ended March 31, 2026. Key metrics: Marketplace GOV $612.4M, Revenues $125.8M, Net loss $14.6M, and Adjusted EBITDA $9.5M. Management said results were at or above the high end of guidance and highlighted sequential GOV and Adjusted EBITDA growth plus strong cash generation. The company provided 2026 outlook of Marketplace GOV $2.2B–$2.6B and Adjusted EBITDA $30M–$40M. Event cancellations reduced Q1 GOV by $9.0M.
Positive
- Provided full-year 2026 guidance: Marketplace GOV $2.2B–$2.6B
- Provided full-year 2026 guidance: Adjusted EBITDA $30M–$40M
- Company reported sequential growth in GOV and Adjusted EBITDA in Q1
Negative
- Marketplace GOV fell to $612.4M from $820.4M in Q1 2025 (≈25% decline)
- Adjusted EBITDA declined to $9.5M from $21.7M in Q1 2025 (≈56% decline)
- Net loss of $14.6M for Q1 2026
News Market Reaction – SEAT
On the day this news was published, SEAT gained 11.35%, reflecting a significant positive market reaction. Argus tracked a trough of -12.3% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $8M to the company's valuation, bringing the market cap to $78.67M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SEAT fell 5.16% while peers were mixed: ASST -1.24%, TRVG -1.06%, DOYU +0.41%, AREN +7.95%. This points to stock-specific dynamics around the earnings release.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Q4 2025 earnings | Negative | -7.4% | Weak Q4 and 2025 results with large net loss and lower GOV, revenue. |
| Nov 06 | Q3 2025 earnings | Negative | -11.3% | Q3 2025 declines, CEO transition, expanded cost-savings and 2026 outlook. |
| Aug 05 | Q2 2025 earnings | Negative | -22.4% | Challenging Q2 with sharp GOV, revenue drops and large net loss. |
| May 06 | Q1 2025 earnings | Negative | -37.8% | Q1 2025 declines across GOV, revenue and profitability; guidance suspended. |
| Mar 12 | FY 2024 earnings | Negative | -3.1% | Mixed 2024 with revenue growth but steep net income decline and losses. |
Earnings releases have consistently triggered negative price reactions, averaging -16.41% over the last five reported periods.
Over the past year, Vivid Seats’ earnings reports have highlighted pressure on Marketplace GOV, revenues, and profitability, including large net losses and impairment charges in 2025. Management responded with cost-reduction programs, corporate simplification, and a reset 2026 outlook of GOV $2.2–$2.6B and Adjusted EBITDA $30–$40M. Today’s Q1 2026 results show GOV of $612.4M and Adjusted EBITDA of $9.5M, described as at or above the high end of guidance, representing execution against that reset baseline.
Historical Comparison
Past earnings headlines for SEAT averaged a -16.41% move. Today’s -5.16% reaction to Q1 2026 results is negative but less severe than prior earnings selloffs.
Earnings releases show a shift from mixed 2024 results into a difficult 2025 with declining GOV and large losses, followed by 2026 guidance resets and cost controls. Q1 2026 results now track that revised 2026 GOV and Adjusted EBITDA outlook.
Market Pulse Summary
The stock surged +11.3% in the session following this news. A strong positive reaction aligns with Q1 2026 results coming in at or above the high end of guidance, including Marketplace GOV of $612.4M and Adjusted EBITDA of $9.5M. Historically, SEAT’s earnings events averaged a -16.41% move, so a sharp gain would mark a break from prior selling pressure. Investors may still weigh the company’s recent large net losses and the gap to its $2.2–$2.6B GOV and $30–$40M Adjusted EBITDA full-year targets when assessing durability.
Key Terms
marketplace gross order value financial
adjusted ebitda financial
non-u.s. gaap financial
AI-generated analysis. Not financial advice.
CHICAGO, May 05, 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 first quarter ended March 31, 2026.
“Our first quarter performance reflects strong execution and meaningful progress against our Fiscal 2026 priorities with results at or above the high end of our guidance,” said Lawrence Fey, Chief Executive Officer of Vivid Seats. “We delivered sequential growth in GOV and Adjusted EBITDA along with substantial cash generation in the quarter. The improvements we are seeing are important steps as we pursue a return to growth over the course of 2026 and beyond.”
First Quarter 2026 Key Financial Highlights
- Marketplace GOV of
$612.4 million
- Revenues of
$125.8 million
- Net loss of
$14.6 million
- Adjusted EBITDA of
$9.5 million
Key Business Metrics & Non-U.S. GAAP Financial Measure
We use the following key business metrics and non-U.S. GAAP financial measure to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. We believe this information is useful 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 ended March 31, 2026 and 2025 (in thousands):
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Marketplace GOV(1) | $ | 612,366 | $ | 820,359 | |||
| Marketplace orders(2) | 1,716 | 2,296 | |||||
| Resale orders(3) | 82 | 105 | |||||
| Adjusted EBITDA(4) | $ | 9,486 | $ | 21,721 | |||
| (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 ended March 31, 2026 and 2025, event cancellations negatively impacted Marketplace GOV by | ||||||
| (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 ended March 31, 2026 and 2025, our Marketplace segment experienced 29,434 and 42,353 event cancellations, 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 ended March 31, 2026 and 2025, our Resale segment experienced 467 and 885 event cancellations, 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 loss, the most directly comparable U.S. GAAP financial measure. | ||||||
2026 Financial Outlook
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 *
* We calculate forward-looking adjusted EBITDA based on internal forecasts that omit certain information that would be included in forward-looking net 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 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 first quarter 2026 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 (NASDAQ: SEAT) is a leading online ticket marketplace connecting fans to the live events, artists, and teams they love. Vivid Seats is committed to delivering the most rewarding ticket-buying experience for fans through competitive everyday pricing backed by its Lowest Price Guarantee, an industry-leading rewards program, and award-winning customer service. The Chicago-based company offers one of the widest selections of live events across North America, powered by proprietary technology that makes discovering and buying tickets simple, affordable, and reliable. Learn more by downloading the Vivid Seats app or visiting vividseats.com.
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 and trends 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 and our fiscal year 2026 Marketplace GOV and adjusted EBITDA; our expectations with respect to live event industry growth, the supply of and demand for live events, and our competitive positioning; and our business strategy and objectives. 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 ability to continue to maintain and improve our platform; the impact of extraordinary events, including disease epidemics; our ability to identify suitable acquisition targets and to complete and realize the expected benefits of acquisitions and other strategic investments; our ability to attract, hire, motivate, and retain our senior management team and other highly skilled personnel; our ability to comply with applicable laws and regulations; the ability of ticket holders to sell their tickets on the secondary market unencumbered; the impact of unfavorable outcomes in legislation and legal proceedings; our ability to maintain the integrity of our information systems and infrastructure, and to identify, assess, and manage relevant cybersecurity risks; our ability to generate sufficient cash flows and/or obtain additional financing when necessary or desirable; and other factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in our press releases and other filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise.
Contact:
Investors
investors@vividseats.com
Media
press@vividseats.com
| VIVID SEATS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 143,555 | $ | 102,702 | ||||
| Restricted cash | 604 | 604 | ||||||
| Accounts receivable – net | 36,421 | 30,664 | ||||||
| Inventory – net | 28,878 | 18,166 | ||||||
| Prepaid expenses and other current assets | 33,809 | 26,336 | ||||||
| Total current assets | 243,267 | 178,472 | ||||||
| Property and equipment – net | 11,824 | 12,373 | ||||||
| Right-of-use assets – net | 10,145 | 10,515 | ||||||
| Intangible assets – net | 132,371 | 141,528 | ||||||
| Goodwill – net | 283,674 | 283,915 | ||||||
| Deferred tax assets – net | 1,238 | 1,123 | ||||||
| Investments | 5,383 | 5,365 | ||||||
| Other assets | 3,833 | 3,575 | ||||||
| Total assets | $ | 691,735 | $ | 636,866 | ||||
| Liabilities and shareholders' deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 224,771 | $ | 153,418 | ||||
| Accrued expenses and other current liabilities | 123,253 | 125,957 | ||||||
| Deferred revenue | 19,145 | 19,973 | ||||||
| Current maturities of long-term debt | 3,930 | 3,930 | ||||||
| Total current liabilities | 371,099 | 303,278 | ||||||
| Long-term debt – net | 382,631 | 383,431 | ||||||
| Long-term lease liabilities | 15,860 | 16,452 | ||||||
| Other liabilities | 17,537 | 18,834 | ||||||
| Total liabilities | 787,127 | 721,995 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders' deficit: | ||||||||
| Class A common stock, outstanding at March 31, 2026 and December 31, 2025, respectively | 23 | 23 | ||||||
| Additional paid-in capital | 1,372,262 | 1,368,067 | ||||||
| Treasury stock, at cost, 949,665 shares at March 31, 2026 and December 31, 2025 | (93,920 | ) | (93,920 | ) | ||||
| Accumulated deficit | (1,374,103 | ) | (1,359,472 | ) | ||||
| Accumulated other comprehensive income | 346 | 173 | ||||||
| Total shareholders' deficit | (95,392 | ) | (85,129 | ) | ||||
| Total liabilities and shareholders' deficit | $ | 691,735 | $ | 636,866 | ||||
| VIVID SEATS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | 125,783 | $ | 164,023 | ||||
| Costs and expenses: | ||||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 39,195 | 44,525 | ||||||
| Marketing and selling | 49,951 | 64,112 | ||||||
| General and administrative | 33,117 | 48,082 | ||||||
| Depreciation and amortization | 12,308 | 11,625 | ||||||
| Total costs and expenses | 134,571 | 168,344 | ||||||
| Loss from operations | (8,788 | ) | (4,321 | ) | ||||
| Interest expense – net | 5,931 | 5,665 | ||||||
| Other expense (income) – net | 1,070 | (4,154 | ) | |||||
| Loss on extinguishment of debt | — | 801 | ||||||
| Loss before income taxes | (15,789 | ) | (6,633 | ) | ||||
| Income tax expense (benefit) | (1,158 | ) | 3,155 | |||||
| Net loss | (14,631 | ) | (9,788 | ) | ||||
| Net loss attributable to redeemable noncontrolling interests | — | (3,846 | ) | |||||
| Net loss attributable to Class A common stockholders | $ | (14,631 | ) | $ | (5,942 | ) | ||
| VIVID SEATS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (14,631 | ) | $ | (9,788 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 12,308 | 11,625 | ||||||
| Amortization of leases | 356 | 324 | ||||||
| Amortization of deferred financing costs | 235 | 241 | ||||||
| Equity-based compensation | 4,414 | 10,751 | ||||||
| Loss on asset disposals | 59 | 47 | ||||||
| Change in fair value of derivative asset | 196 | 350 | ||||||
| Deferred income tax benefit | (1,206 | ) | (1,464 | ) | ||||
| Non-cash interest expense – net | 142 | 173 | ||||||
| Foreign currency loss (gain) – net | 806 | (2,041 | ) | |||||
| Change in fair value of Intermediate Warrants | — | (3,115 | ) | |||||
| Loss on extinguishment of debt | — | 801 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable – net | (5,833 | ) | (8,367 | ) | ||||
| Inventory – net | (10,713 | ) | (8,049 | ) | ||||
| Prepaid expenses and other current assets | (7,558 | ) | (1,964 | ) | ||||
| Accounts payable | 71,479 | (6,943 | ) | |||||
| Accrued expenses and other current liabilities | (2,680 | ) | (6,748 | ) | ||||
| Deferred revenue | (828 | ) | (691 | ) | ||||
| Long-term lease liabilities | (586 | ) | (560 | ) | ||||
| Other assets and liabilities – net | 47 | 130 | ||||||
| Net cash provided by (used in) operating activities | 46,007 | (25,288 | ) | |||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (23 | ) | (1,836 | ) | ||||
| Purchases of personal seat licenses | (384 | ) | (563 | ) | ||||
| Investments in developed technology | (2,677 | ) | (4,526 | ) | ||||
| Purchases of seat images | (20 | ) | (146 | ) | ||||
| Payments toward Acquired Domain Name Obligation | — | (500 | ) | |||||
| Net cash used in investing activities | (3,104 | ) | (7,571 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments of taxes related to net settlement of equity incentive awards | (338 | ) | (1,411 | ) | ||||
| Payment of 2025 First Lien Loan | (983 | ) | — | |||||
| Payments toward Acquired Domain Name Obligation | (500 | ) | — | |||||
| Repurchases of Class A common stock | — | (5,992 | ) | |||||
| Payment of liabilities under TRA | — | (4,005 | ) | |||||
| Payments of 2024 First Lien Loan | — | (76,986 | ) | |||||
| Proceeds from 2025 First Lien Loan | — | 76,986 | ||||||
| Payment of deferred financing costs and other debt-related expenses | — | (162 | ) | |||||
| Net cash used in financing activities | (1,821 | ) | (11,570 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (229 | ) | 474 | |||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 40,853 | (43,955 | ) | |||||
| Cash, cash equivalents, and restricted cash – beginning of period | 103,306 | 244,648 | ||||||
| Cash, cash equivalents, and restricted cash – end of period | $ | 144,159 | $ | 200,693 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid for interest | $ | 6,153 | $ | 7,749 | ||||
| Cash paid for income taxes | $ | 55 | $ | 1,286 | ||||
Adjusted EBITDA
We present adjusted EBITDA, which is a non-U.S. GAAP financial measure, because it is a key measure used by analysts, investors, and others to evaluate companies in our industry. Adjusted EBITDA is also used by management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting.
We believe adjusted EBITDA is useful for understanding, evaluating, and highlighting trends in our operating results and for making period-to-period comparisons of our business performance because it excludes the impact of items that are outside of our control and/or not reflective of ongoing performance related directly to the operation of our business.
Adjusted EBITDA is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Adjusted EBITDA does not reflect all amounts associated with our operating results as determined in accordance with U.S. GAAP and specifically excludes certain recurring costs such as: income tax expense (benefit); interest expense – net; depreciation and amortization; sales tax liabilities; transaction costs; equity-based compensation; litigation, settlements, and related costs; loss on asset disposals; change in fair value of derivative asset; foreign currency loss (gain) – net; severance compensation; change in fair value of the Intermediate Warrants (as defined below); and loss on extinguishment of debt. In addition, other companies may calculate adjusted EBITDA differently than we do, thereby limiting its usefulness as a comparative tool. We compensate for these limitations by providing specific information regarding the U.S. GAAP amounts that are excluded from our presentation of adjusted EBITDA.
The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable U.S. GAAP financial measure, for the three months ended March 31, 2026 and 2025 (in thousands):
| Three Months Ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Net loss | $ | (14,631 | ) | $ | (9,788 | ) | |||
| Adjustments to reconcile net loss to adjusted EBITDA: | |||||||||
| Income tax expense (benefit) | (1,158 | ) | 3,155 | ||||||
| Interest expense – net | 5,931 | 5,665 | |||||||
| Depreciation and amortization | 12,308 | 11,625 | |||||||
| Sales tax liability(1) | 237 | (1,791 | ) | ||||||
| Transaction costs(2) | 792 | 5,709 | |||||||
| Equity-based compensation(3) | 4,414 | 10,751 | |||||||
| Litigation, settlements, and related costs(4) | 149 | 353 | |||||||
| Loss on asset disposals(5) | 59 | 47 | |||||||
| Change in fair value of derivative asset(6) | 196 | 350 | |||||||
| Foreign currency loss (gain) – net(7) | 956 | (2,041 | ) | ||||||
| Severance compensation(8) | 233 | — | |||||||
| Change in fair value of Intermediate Warrants(9) | — | (3,115 | ) | ||||||
| Loss on extinguishment of debt(10) | — | 801 | |||||||
| Adjusted EBITDA | $ | 9,486 | $ | 21,721 | |||||
| (1) | During the three months ended March 31, 2026 and 2025, we accrued for additional uncollected indirect tax liabilities in jurisdictions where we believed it was probable we should remit payment to U.S. and foreign governmental tax authorities before all required amounts are collected from the customer. We also received abatements and recognized other reductions to the balance of the liability related to uncollected indirect taxes (including sales taxes). | ||||||||
| (2) | Consists of legal, accounting, tax, and other professional fees, integration costs, and other transaction-related expenses, none of which are considered indicative of our core operating performance. Costs in the three months ended March 31, 2026 primarily related to various strategic transactions and investments. Costs in three months ended March 31, 2025 primarily related to potential strategic transactions that were explored during the period, the February 2025 refinancing of our first lien term loan, repurchases of Class A common stock, and various strategic transactions and investments. | ||||||||
| (3) | Relates to equity granted by us pursuant to our 2021 Incentive Award Plan, as amended, which is not considered indicative of our core operating performance. | ||||||||
| (4) | Relates to external legal costs, settlement costs, and insurance recoveries, none of which are considered indicative of our core operating performance. | ||||||||
| (5) | Relates to disposals of fixed assets, which are not considered indicative of our core operating performance. | ||||||||
| (6) | Relates to the revaluation of derivatives recorded at fair value, which revaluations are not considered indicative of our core operating performance. | ||||||||
| (7) | Relates to net realized and unrealized losses (gains) resulting from the impact of exchange rate changes on transactions denominated in non-functional currencies, which are not considered indicative of our core operating performance. | ||||||||
| (8) | Relates to severance-related payments made to terminated employees as a result of a reduction in employee headcount and the departure of certain members of our leadership team, which are not considered indicative of our core operating performance. | ||||||||
| (9) | Relates to the revaluation of warrants (the “Intermediate Warrants”), issued in connection with the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into us, which entitled Hoya Topco, LLC to purchase common units of Hoya Intermediate, LLC, which revaluations are not considered indicative of our core operating performance. | ||||||||
| (10) | Relates to losses incurred in connection with the extinguishment of our former first lien term loan, which are not considered indicative of our core operating performance. | ||||||||
