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Vivid Seats NASDAQ: SEAT reported sequential growth in gross order value, revenue and adjusted EBITDA for the second quarter of 2026, aided by demand related to the FIFA World Cup. Management said the event generated an unusually large concentration of marketplace activity, while the company continued to invest in its buyer experience, seller tools and private-label business.

Chief Executive Officer Larry Fey said World Cup activity exceeded the company’s expectations. Vivid Seats had previously anticipated that the tournament could create demand comparable with a major concert tour, but Fey said the volume of activity ultimately resembled that of the entire Eras Tour, concentrated largely in a single quarter rather than spread over two years.

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“Q2 benefited from extraordinary demand surrounding the FIFA World Cup, with consumer engagement and transaction activity well above typical seasonal levels,” Fey said.

Second-Quarter Results and Updated Outlook Chief Financial Officer Joseph Thomas said marketplace gross order value, or GOV, was $659 million in the second quarter, up 8% from $612 million in the first quarter. Consolidated revenue rose 3% sequentially to $130 million from $126 million.

Marketplace GOV: $659 million, up $47 million sequentially. Consolidated revenue: $130 million, up $4 million sequentially. Private-label revenue: Up 16% sequentially. Marketplace take rate: 15.8%, compared with 15.9% in the first quarter. Adjusted EBITDA: $12.6 million, up 33% from $9.5 million in the first quarter. Cash balance at quarter-end: $137 million. Thomas said the improvement in adjusted EBITDA reflected operating leverage from higher GOV and revenue, with World Cup performance contributing to the results. The company estimated that the tournament accounted for a mid-teens percentage of second-quarter GOV.

Vivid Seats renewed its revolving credit facility during the quarter, extending its maturity to August 2029. Thomas said the agreement enhances the company’s liquidity and financial flexibility as it seeks growth in 2027 and beyond.

For fiscal 2026, the company now expects marketplace GOV of $2.3 billion to $2.6 billion and adjusted EBITDA of $34 million to $40 million. Thomas said the outlook reflects the company’s operational plan, financial strategy and its current view of industry demand trends.

World Cup Execution and Take Rates Fey said Vivid Seats maintained a successful fulfillment rate above 99.7% for World Cup orders sold through its marketplace, despite the complexity introduced by the event organizer’s ticketing system. He attributed the result to the company’s operations and customer-service teams, noting that purchases on the platform are backed by its buyer guarantee.

Management said Vivid Seats’ share of World Cup activity outpaced its broader market position, indicating that its customer proposition and app offering resonated with consumers. Fey said performance metrics for the tournament exceeded those for the average event despite the high prices, complexity and customer stress associated with a once-in-a-lifetime event.

The company also acknowledged that take rates on high-priced marquee events can be lower than its broader average. Fey said events such as the Super Bowl, World Series and World Cup can settle at lower percentage take rates while generating healthy absolute-dollar fees. World Cup take rates were below the company’s average as it competed on value, he said.

Thomas said Vivid Seats expects consolidated take rates to remain around 16% for the rest of fiscal 2026.

Product, App and Seller Initiatives Vivid Seats continued deploying enhancements to its website and app during the quarter, with an emphasis on reducing friction in the transaction process, improving event discovery and increasing conversion. Fey said the company is working on personalization, seat selection and transaction efficiency, and expects its product roadmap to support a return to year-over-year growth in the second half of 2026.

On the app side, the company is seeking to make users more aware that it generally offers lower prices in the app than on its website, according to Fey. It is also improving the onboarding process and using the app as a source of ticket-delivery and event-logistics information. Fey said app volume growth has continued to outpace the broader market since the company began the initiative in the third quarter of last year.

For professional sellers, Vivid Seats recently launched a SkyBox broker-to-broker marketplace. Fey said the offering is designed to help sellers optimize inventory across the SkyBox network with limited friction and expense, and has received a positive initial reception because of its integration with the SkyBox enterprise resource planning platform.

The company also said a newer private-label partner continued to exceed its initial expectations during the second quarter. Fey described the relationship as a competitive win in which Vivid Seats has driven a material lift from the partner’s prior volume baseline. He added that private label has moved beyond the impact of a large customer loss at the end of July 2025 and is positioned to become a growth driver.

Demand Trends, Competition and International Opportunity During the question-and-answer session, Fey said competitive intensity remains elevated, although activity from Vivid Seats’ largest competitor has moderated from peak levels. He said other companies have sought to fill gaps in performance-marketing channels, with the industry still emphasizing volume, scale and share.

Outside the World Cup, Fey said industry volumes were softer in the second quarter. He said it remains unclear whether that reflects broader softness or spending being redirected toward the tournament. Theater performance also faced increased competitive intensity and weaker leisure travel in Las Vegas, where Vivid Seats’ theater category has meaningful exposure.

Fey said average order values could remain elevated year over year in the third quarter because the World Cup extended into July. However, he said fourth-quarter order values are difficult to predict because they depend on concert on-sales and factors such as World Series matchups.

On international expansion, Fey said the company has built GOV and reached contribution-margin profitability ahead of schedule, but had paused some investment to prioritize improvements to its core North American transaction funnel. He said Vivid Seats expects to return to targeted international product upgrades by the end of 2026 and sees international markets as a larger opportunity heading into 2027.

Management also addressed recent regulatory discussion in jurisdictions including Maine, Vermont and Washington, D.C. Fey said the company does not currently expect meaningful near-term effects, citing the smaller size of the jurisdictions, delayed implementation timelines and aspects of the regulatory frameworks. He argued that transparent, legitimate resale markets remain important when demand for an event exceeds available seating.

About Vivid Seats (NASDAQ:SEAT)Vivid Seats, traded on NASDAQ under the ticker SEAT, operates an online ticket marketplace that connects buyers and sellers of live event tickets. The company specializes in facilitating purchases for sports games, concerts, theater productions and other entertainment experiences. Through its digital platform and mobile application, Vivid Seats offers real-time access to available tickets, transparent pricing and a 100% Buyer Guarantee, which ensures ticket authenticity and timely delivery.

Founded in 2001 and headquartered in Chicago, Illinois, Vivid Seats has grown from a regional reseller into one of North America's leading ticket marketplaces.

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CHICAGO, Aug. 04, 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 second quarter ended June 30, 2026.

“We are encouraged by the progress we’ve made through the first half of the year. Our second quarter results exceeded expectations as we delivered sequential growth driven by the extraordinary demand created by the FIFA World Cup,” said Lawrence Fey, Chief Executive Officer of Vivid Seats. “We continue to successfully execute against our strategic objectives. With leading technology, a compelling value proposition, differentiated data, and a relentless focus on operational excellence, we remain confident in our ability to drive long-term shareholder value.”

Second Quarter 2026 Key Financial Highlights

Marketplace GOV of $659.4 millionRevenues of $129.9 millionNet loss of $14.3 millionAdjusted EBITDA of $12.6 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 and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Marketplace GOV(1) $659,359  $685,488  $1,271,725  $1,505,847 Marketplace orders(2)  1,825   2,173   3,541   4,469 Resale orders(3)  84   97   166   202 Adjusted EBITDA(4) $12,592  $14,356  $22,078  $36,077  (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 and six months ended June 30, 2026, event cancellations negatively impacted Marketplace GOV by $16.4 million and $25.4 million, respectively, compared to $20.3 million and $35.8 million during the three and six months ended June 30, 2025, 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 and six months ended June 30, 2026, our Marketplace segment experienced 30,767 and 60,201 event cancellations, respectively, compared to 47,845 and 90,198 event cancellations during the three and six months ended June 30, 2025, 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 and six months ended June 30, 2026, our Resale segment experienced 605 and 1,072 event cancellations, respectively, compared to 1,276 and 2,161 event cancellations during the three and six months ended June 30, 2025, respectively.(4) Adjusted EBITDA is a financial measure not defined under accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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, we now anticipate:

Marketplace GOV in the range of $2.3 billion to $2.6 billion (previously $2.2 billion to $2.6 billion)Adjusted EBITDA in the range of $34.0 million to $40.0 million (previously $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 second quarter 2026 financial results, business updates, and financial outlook. Participants may access the webcast and supplemental earnings presentation by visting 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 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. Such forward-looking statements may relate to, without limitation: our business strategy and objectives; our future operating results and financial performance, including our expectations with respect to our fiscal year 2026 Marketplace GOV and adjusted EBITDA; and our expectations with respect to live event industry growth, the supply of and demand for live events, and our competitive positioning. Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks and uncertainties that can be difficult to predict and/or outside of our control. Therefore, actual results may differ materially from those contemplated by any such forward-looking statements. Such risks and uncertainties 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. Except as required by applicable law, we undertake no obligation to update or revise any such forward-looking statements, which speak only as of the date of this press release.

Contact:

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Media
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VIVID SEATS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (Unaudited)
   June 30,  December 31,   2026  2025 Assets      Current assets:      Cash and cash equivalents $136,676  $102,702 Restricted cash  904   604 Accounts receivable – net  45,036   30,664 Inventory – net  26,925   18,166 Prepaid expenses and other current assets  39,191   26,336 Total current assets  248,732   178,472 Property and equipment – net  11,268   12,373 Right-of-use assets – net  9,769   10,515 Intangible assets – net  124,168   141,528 Goodwill – net  283,468   283,915 Deferred tax assets – net  1,296   1,123 Investments  5,465   5,365 Other assets  4,639   3,575 Total assets $688,805  $636,866 Liabilities and shareholders' deficit      Current liabilities:      Accounts payable $230,849  $153,418 Accrued expenses and other current liabilities  126,476   125,957 Deferred revenue  17,331   19,973 Current maturities of long-term debt  3,930   3,930 Total current liabilities  378,586   303,278 Long-term debt – net  381,836   383,431 Long-term lease liabilities  15,260   16,452 Other liabilities  18,202   18,834 Total liabilities  793,884   721,995 Commitments and contingencies      Shareholders' deficit:      Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 12,190,860 and 11,712,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  23   23 Additional paid-in capital  1,376,687   1,368,067 Treasury stock, at cost, 949,665 shares at June 30, 2026 and December 31, 2025  (93,920)  (93,920)Accumulated deficit  (1,388,424)  (1,359,472)Accumulated other comprehensive income  555   173 Total shareholders' deficit  (105,079)  (85,129)Total liabilities and shareholders' deficit $688,805  $636,866  VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
   Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Revenues $129,861  $143,566  $255,644  $307,589 Costs and expenses:            Cost of revenues (exclusive of depreciation and amortization shown separately below)  38,642   42,429   77,837   86,954 Marketing and selling  52,753   53,800   102,704   117,912 General and administrative  32,589   46,272   65,706   94,354 Depreciation and amortization  12,318   12,341   24,626   23,966 Impairment charges  —   320,449   —   320,449 Total costs and expenses  136,302   475,291   270,873   643,635 Loss from operations  (6,441)  (331,725)  (15,229)  (336,046)Interest expense – net  6,055   5,634   11,986   11,299 Other expense (income) – net  945   (150,197)  2,015   (154,351)Loss on extinguishment of debt  —   —   —   801 Loss before income taxes  (13,441)  (187,162)  (29,230)  (193,795)Income tax expense (benefit)  880   76,165   (278)  79,320 Net loss  (14,321)  (263,327)  (28,952)  (273,115)Net loss attributable to redeemable noncontrolling interests  —   (123,652)  —   (127,498)Net loss attributable to Class A common stockholders $(14,321) $(139,675) $(28,952) $(145,617) VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (Unaudited)
   Six Months Ended June 30,   2026  2025 Cash flows from operating activities      Net loss $(28,952) $(273,115)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      Depreciation and amortization  24,626   23,966 Amortization of leases  721   720 Amortization of deferred financing costs  474   485 Equity-based compensation  9,085   22,403 Loss on asset disposals  86   196 Change in fair value of derivative asset  338   573 Deferred income tax expense (benefit)  (403)  76,707 Non-cash interest expense – net  269   334 Foreign currency loss (gain) – net  1,469   (3,574)Change in fair value of Intermediate Warrants  —   (4,849)Loss on extinguishment of debt  —   801 Adjustment of liabilities under TRA  —   (149,172)Impairment charges  —   320,449 Write-off of Sponsorship Loan  —   2,024 Changes in operating assets and liabilities:      Accounts receivable – net  (14,520)  (906)Inventory – net  (8,764)  (13,018)Prepaid expenses and other current assets  (12,869)  3,613 Accounts payable  77,670   (29,394)Accrued expenses and other current liabilities  (243)  (28,104)Deferred revenue  (2,643)  (3,826)Long-term lease liabilities  (1,183)  (1,085)Other assets and liabilities – net  47   864 Net cash provided by (used in) operating activities  45,208   (53,908)Cash flows from investing activities      Purchases of property and equipment  (23)  (2,043)Purchases of personal seat licenses  (625)  (960)Investments in developed technology  (5,993)  (8,341)Purchases of seat images  (287)  (321)Net cash used in investing activities  (6,928)  (11,665)Cash flows from financing activities      Payments of taxes related to net settlement of equity incentive awards  (686)  (1,742)Payments of 2025 First Lien Loan  (1,965)  (983)Payments toward Acquired Domain Name Obligation  (1,000)  (1,000)Payment of deferred financing costs and other debt-related expenses  —   (162)Tax distributions to redeemable noncontrolling interests  —   (1,689)Repurchases of Class A common stock  —   (15,862)Payment of liabilities under TRA  —   (4,005)Payments of 2024 First Lien Loan  —   (76,986)Proceeds from 2025 First Lien Loan  —   76,986 Net cash used in financing activities  (3,651)  (25,443)Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (355)  354 Net increase (decrease) in cash, cash equivalents, and restricted cash  34,274   (90,662)Cash, cash equivalents, and restricted cash – beginning of period  103,306   244,648 Cash, cash equivalents, and restricted cash – end of period $137,580  $153,986        Supplemental disclosures of cash flow information      Cash paid for interest $12,086  $14,883 Cash paid for income taxes, net of income tax refunds received $268  $1,953           Adjusted EBITDA

Adjusted EBITDA is a non-U.S. GAAP financial measure that is used by 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 warrants; loss on extinguishment of debt; adjustment of liabilities under our former Tax Receivable Agreement (“TRA”) entered into with the existing unitholders of Hoya Intermediate, LLC; and impairment charges. 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 and six months ended June 30, 2026 and 2025 (in thousands):

  Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Net loss $(14,321) $(263,327) $(28,952) $(273,115)Adjustments to reconcile net loss to adjusted EBITDA:            Income tax expense (benefit)  880   76,165   (278)  79,320 Interest expense – net  6,055   5,634   11,986   11,299 Depreciation and amortization  12,318   12,341   24,626   23,966 Sales tax liability(1)  204   431   441   (1,360)Transaction costs(2)  138   2,172   930   7,881 Equity-based compensation(3)  4,671   11,652   9,085   22,403 Litigation, settlements, and related costs(4)  1,687   352   1,836   705 Loss on asset disposals(5)  27   149   86   196 Change in fair value of derivative asset(6)  142   223   338   573 Foreign currency loss (gain) – net(7)  779   (1,533)  1,735   (3,574)Severance compensation(8)  12   554   245   554 Change in fair value of Intermediate Warrants(9)  —   (1,734)  —   (4,849)Loss on extinguishment of debt(10)  —   —   —   801 Adjustment of liabilities under TRA(11)  —   (149,172)  —   (149,172)Impairment charges(12)  —   320,449   —   320,449 Adjusted EBITDA $12,592  $14,356  $22,078  $36,077                   (1) During the three and six months ended June 30, 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 and six months ended June 30, 2026 primarily related to various strategic transactions and investments. Costs in three and six months ended June 30, 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 incentive awards granted to our employees, directors, and consultants pursuant to our 2021 Incentive Award Plan and shares of Class A common stock purchased by our employees pursuant to our 2021 Employee Stock Purchase Plan, neither of which are considered indicative of our core operating performance.(4) Relates to external legal costs, settlement costs, and insurance recoveries related to certain non-ordinary course legal and regulatory matters that are not 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 issued in connection with the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into us that 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.(11) Relates to the remeasurement and settlement of the TRA liability, which remeasurements and settlements are not considered indicative of our core operating performance.(12) Relates to non-cash impairment charges related to our goodwill and certain indefinite-lived intangible assets triggered by the effects of recent declines in our financial performance, near-term outlook, and Class A common stock price, among other factors.