SEAT
Vivid Seats Inc.6.81
+0.27+4.13%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A flags competition ease, app gains
Q&A spotlighted moderating StubHub intensity while rivals chase volume over profits; Vivid Seats doubles down on app-driven unit economics. AI traffic hovers at 1% but converts higher, with personalization poised to boost loyalty. World Cup may lift GOV by 200-300bps; private label ops get refined for Q3 rebound. App repeats climbed double digits for new and existing users. Cash flow turns modestly generative in 2026. Execution unlocks guidance upside. Investors watch app compounding, industry supply.
Key Stats
Market Cap
98.99MP/E (TTM)
-Basic EPS (TTM)
-28.60Dividend Yield
0%Recent Filings
8-K
Q4 GOV plunges 42%
Vivid Seats reported Q4 2025 Marketplace GOV down 42% to $580.6M and full-year down 31% to $2.7B, with revenues off 37% and 26%, respectively; net loss exploded to $721.5M from $723M impairments. Adjusted EBITDA fell sharply to $0.8M and $41.8M. Yet guidance eyes 2026 GOV at $2.2B-$2.6B. Nasdaq compliance restored March 6.
10-K
FY2025 results
Vivid Seats' FY2025 revenues fell 26% y/y to $570.8M amid a 31% drop in Marketplace GOV to $2.7B, driven by 28% fewer Marketplace orders from economic pressures and a key Private Label partner loss; Resale held steady with minor declines. Q4 saw sequential improvements in order volumes yet persistent weakness, with $723M non-cash goodwill and trademark impairments overshadowing $41.8M adjusted EBITDA (down from $151.4M). Net loss hit $721.5M versus $14.3M profit, fueled by impairments and TRA adjustments; $102.7M cash supports $390M debt at year-end, with $59M buyback capacity unused in Q4. Corporate simplification eliminated noncontrolling interests. Decreases in live event supply/demand risk quarterly momentum.
8-K
CFO appointment announced
Vivid Seats appointed Joseph Thomas as permanent CFO effective January 14, 2026, with employment starting January 19; he succeeds interim CFO Edward Pickus, who stays on as Chief Accounting Officer. Thomas, 41, brings CFO experience at Reliable Parts and private equity roots. New hire gets $350,000 base, 50% target bonus, and 152,905 RSUs vesting by December 2027. Leadership stabilized.
8-K
Director resigns; Nasdaq noncompliance.
Vivid Seats director Martin Taylor resigned effective December 19, 2025, with no disagreements on operations or policies. This left the board short of a majority independent directors under Nasdaq Rule 5605(b)(1). Company notified Nasdaq on December 22 and expects compliance cure soon. Board now unbalanced.
10-Q
Q3 FY2025 results
Vivid Seats revenue fell 27% y/y to $136.4M in Q3 ended September 30, 2025, driven by 29% drop in Marketplace orders amid economic uncertainty and competition, yet costs fell faster with marketing down 17% and G&A off 2%. Operating loss of $22.8M swung from prior profit, mainly from higher D&A; net loss widened to $19.7M versus $9.2M profit, with QTD operating and net losses aligned. Cash dipped to $145.1M after $53.4M operating outflow (9M), no FCF as capex provided; $391M debt at 6.8% effective rate, revolver available. Corporate Simplification closed October 31 eliminated TRA liability. Competition crimps volumes.
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