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CHICAGO, July 21, 2026 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) (“Vivid Seats”), 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, will report financial results for the second quarter 2026 on Tuesday, August 4, 2026, before the U.S. stock market opens. Management will discuss the results on a webcast at 8:30 a.m. ET.

Provides Q1 Guidance and Reaffirms 2026 Outlook Driven by Leading Value Proposition and Efficiency Initiatives March 12, 2026 06:30 ET  | Source: Vivid Seats LLC

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 2024Revenues of $126.8 million – down 37% from $199.8 million in Q4 2024Net loss of $428.7 million – down $424.2 million from a net loss of $4.4 million in Q4 2024Adjusted 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 2024Revenues of $570.8 million – down 26% from $775.6 million in 2024Net loss of $721.5 million – down $735.8 million from net income of $14.3 million in 2024Adjusted 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 December 31,  Years Ended December 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 billionAdjusted 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 millionAdjusted 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 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; our ability to realize the expected benefits, including future savings, of our cost reduction program and/or the Corporate Simplification (including due to changes in applicable laws or fluctuations in our taxable income); 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
[email protected]

Media
[email protected]

VIVID SEATS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
       December 31,  December 31,  2025  2024 Assets     Current assets:     Cash and cash equivalents$102,702  $243,482 Restricted cash 604   1,166 Accounts receivable – net 30,664   48,315 Inventory – net 18,166   19,601 Prepaid expenses and other current assets 26,336   32,607 Total current assets 178,472   345,171 Property and equipment – net 12,373   12,567 Right-of-use assets – net 10,515   12,008 Intangible assets – net 141,528   233,116 Goodwill – net 283,915   943,119 Deferred tax assets – net 1,123   77,967 Investments 5,365   6,929 Other assets 3,575   5,219 Total assets$636,866  $1,636,096 Liabilities, redeemable noncontrolling interests, and shareholders' equity (deficit)     Current liabilities:     Accounts payable$153,418  $232,984 Accrued expenses and other current liabilities 125,957   165,047 Deferred revenue 19,973   23,804 Current maturities of long-term debt 3,930   3,950 Total current liabilities 303,278   425,785 Long-term debt – net 383,431   384,960 Long-term lease liabilities 16,452   18,731 TRA liability —   155,720 Other liabilities 18,834   36,865 Total liabilities 721,995   1,022,061 Commitments and contingencies     Redeemable noncontrolling interests —   352,922 Shareholders' equity (deficit):     Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 11,712,157 and 7,190,975 shares issued and outstanding at December 31, 2025 and 2024, respectively 23   14 Class B common stock, $0.0001 par value; 250,000,000 shares authorized, zero and 3,811,250 shares issued and outstanding at December 31, 2025 and 2024, respectively —   8 Additional paid-in capital 1,368,067   1,267,710 Treasury stock, at cost, 949,665 and 571,687 shares at December 31, 2025 and 2024, respectively (93,920)  (75,568)Accumulated deficit (1,359,472)  (930,171)Accumulated other comprehensive income (loss) 173   (880)Total shareholders' equity (deficit) (85,129)  261,113 Total liabilities, redeemable noncontrolling interests, and shareholders' equity (deficit)$636,866  $1,636,096  VIVID SEATS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
       Three Months Ended December 31,  Years Ended December 31,  2025  2024  2025  2024 Revenues$126,814  $199,813  $570,776  $775,586 Costs and expenses:           Cost of revenues (exclusive of depreciation and amortization shown separately below) 42,144   52,477   173,438   201,854 Marketing and selling 56,677   79,452   230,562   285,146 General and administrative 34,343   52,398   173,880   202,123 Depreciation and amortization 11,703   12,584   49,392   44,238 Impairment charges 402,574   —   723,023   — Total costs and expenses 547,441   196,911   1,350,295   733,361 Income (loss) from operations (420,627)  2,902   (779,519)  42,225 Interest expense – net 6,331   6,466   23,741   23,172 Other expense (income) – net 2,408   (430)  (151,956)  (3,666)Loss on extinguishment of debt —   —   801   — Income (loss) before income taxes (429,366)  (3,134)  (652,105)  22,719 Income tax expense (benefit) (704)  1,281   69,385   8,417 Net income (loss) (428,662)  (4,415)  (721,490)  14,302 Net income (loss) attributable to redeemable noncontrolling interests (153,504)  (3,528)  (292,189)  4,877 Net income (loss) attributable to Class A common stockholders$(275,158) $(887) $(429,301) $9,425  VIVID SEATS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
    Years Ended December 31,  2025  2024 Cash flows from operating activities     Net income (loss)$(721,490) $14,302 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:     Depreciation and amortization 49,392   44,238 Amortization of leases 1,514   1,697 Amortization of deferred financing costs 970   988 Equity-based compensation 36,734   50,429 Change in fair value of Intermediate Warrants (5,924)  (4,044)Loss on asset disposals 555   277 Change in fair value of derivative asset 2,201   800 Deferred income tax expense 74,746   1,246 Non-cash interest expense (income) – net 651   (890)Foreign currency loss (gain) – net (126)  4,056 Adjustment of liabilities under TRA (150,719)  (6,166)Loss on extinguishment of debt 801   — Impairment charges 723,023   — Write-off of Sponsorship Loan 2,024   — Changes in operating assets and liabilities:     Accounts receivable – net 17,545   9,776 Inventory – net 1,434   1,413 Prepaid expenses and other current assets 5,820   1,161 Accounts payable (79,463)  (23,691)Accrued expenses and other current liabilities (35,787)  (30,164)Deferred revenue (3,831)  (10,870)Long-term lease liabilities (2,302)  (994)Other assets and liabilities – net (9,367)  358 Net cash provided by (used in) operating activities (91,599)  53,922 Cash flows from investing activities     Purchases of property and equipment (2,164)  (4,227)Purchases of personal seat licenses (983)  (737)Investments in developed technology (16,108)  (19,014)Purchases of seat images (919)  (347)Disbursement of Sponsorship Loan —   (2,000)Payments toward Acquired Domain Name Obligation —   (417)Net cash used in investing activities (20,174)  (26,742)Cash flows from financing activities     Payments of 2022 First Lien Loan —   (689)Payments of Shoko Chukin Bank Loan —   (2,655)Proceeds from 2024 First Lien Loan —   125,500 Repurchases of Class A common stock (18,295)  (22,982)Tax distributions to redeemable noncontrolling interests (1,689)  (10,014)Payments of taxes related to net settlement of equity incentive awards (1,886)  (714)Payment of deferred financing costs and other debt-related expenses (162)  (315)Payment of liabilities under TRA (4,005)  (77)Payments of 2024 First Lien Loan (76,986)  (1,975)Proceeds from 2025 First Lien Loan 76,986   — Payments of 2025 First Lien Loan (2,948)  — Payments toward Acquired Domain Name Obligation (2,000)  — Mergers and exchange of Class B common stock for Class A common stock in connection with Corporate Simplification 1,621   — Repurchase and retirement of fractional shares resulting from Reverse Stock Split (5)  — Net cash provided by (used in) financing activities (29,369)  86,079 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (200)  (1,045)Net increase (decrease) in cash, cash equivalents, and restricted cash (141,342)  112,214 Cash, cash equivalents, and restricted cash – beginning of period 244,648   132,434 Cash, cash equivalents, and restricted cash – end of period$103,306  $244,648       Supplemental disclosures of cash flow information     Cash paid for interest$27,681  $19,498 Cash paid for income taxes$6,369  $5,469  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, change in fair value of the Intermediate Warrants (as defined below), loss on asset disposals, change in fair value of derivative asset, foreign currency loss (gain) – net, adjustment of liabilities under our former Tax Receivable Agreement (the “TRA”) entered into with the existing unitholders of Hoya Intermediate, LLC, loss on extinguishment of debt, impairment charges, and severance compensation. 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 income (loss), the most directly comparable U.S. GAAP financial measure, for the three months and years ended December 31, 2025 and 2024 (in thousands):

 Three Months Ended December 31,  Years Ended December 31,  2025  2024  2025  2024 Net income (loss)$(428,662) $(4,415) $(721,490) $14,302 Adjustments to reconcile net income (loss) to adjusted EBITDA:           Income tax expense (benefit) (704)  1,281   69,385   8,417 Interest expense – net 6,331   6,466   23,741   23,172 Depreciation and amortization 11,703   12,584   49,392   44,238 Sales tax liability(1) 18   3,147   (842)  5,760 Transaction costs(2) 1,936   2,877   10,752   9,528 Equity-based compensation(3) 2,848   12,144   36,734   50,429 Litigation, settlements, and related costs(4) 11   486   944   650 Change in fair value of Intermediate Warrants(5) (211)  1,669   (5,924)  (4,044)Loss on asset disposals(6) 175   117   555   277 Change in fair value of derivative asset(7) 1,360   263   2,201   800 Foreign currency loss (gain) – net(8) 2,237   3,790   (126)  4,056 Adjustment of liabilities under TRA(9) (932)  (6,166)  (150,719)  (6,166)Loss on extinguishment of debt(10) —   —   801   — Impairment charges(11) 402,574   —   723,023   — Severance compensation(12) 2,156   —   3,395   — Adjusted EBITDA$840  $34,243  $41,822  $151,419  (1) During the periods presented, 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 (i) legal, accounting, tax, and other professional fees, (ii) personnel costs related to retention bonuses, (iii) integration costs, and (iv) other transaction-related expenses, none of which are considered indicative of our core operating performance. Costs in the three months and year ended December 31, 2025 primarily related to the February 2025 refinancing of our first lien term loan, repurchases of Class A common stock, a reverse split of our common stock, the Corporate Simplification, and various strategic transactions and investments. Costs in the three months and year ended December 31, 2024 primarily related to the June 2024 refinancing of our first lien term loan, repurchases of Class A common stock, and various strategic transactions and investments.   (3) Costs in the three months and year ended December 31, 2025 primarily related to equity granted by us pursuant to our 2021 Incentive Award Plan (as amended, the “Incentive Award Plan”), which is not considered indicative of our core operating performance. Costs in the three months and year ended December 31, 2024 primarily related to equity granted by us pursuant to the Incentive Award Plan, as well as profits interests issued by Hoya Topco, LLC prior to the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into us (the “Merger Transaction”), neither of which are 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 the revaluation of warrants issued in connection with the Merger Transaction (the “Intermediate Warrants”) that entitled Hoya Topco, LLC to purchase common units of Hoya Intermediate, LLC, which revaluations are not considered indicative of our core operating performance.   (6) Relates to disposals of fixed assets, which are not considered indicative of our core operating performance.   (7) Relates to the revaluation of derivatives recorded at fair value, which revaluations are not considered indicative of our core operating performance.   (8) Relates to net 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.   (9) Relates to the remeasurement and settlement of the TRA liability, which 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 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.   (12) 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.

Vivid Seats (NASDAQ: SEAT) used its fourth quarter 2025 earnings call to outline a "refresh course" for 2026 and beyond, highlighting leadership changes, a completed cost-reduction push, and a renewed focus on its app-led value proposition as the company works through a challenging industry and competitive backdrop. Leadership changes and strategic reset CEO Larry Fey opened

Vivid Seats (NASDAQ:SEAT) has had a brutal stretch.

The market expects Vivid Seats Inc. (SEAT - Free Report) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.99 per share in its upcoming report, which represents a year-over-year change of +1%.

Revenues are expected to be $124.63 million, down 24% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Vivid Seats?For Vivid Seats, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -15.87%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Vivid Seats will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Vivid Seats would post a loss of$1.81 per share when it actually produced a loss of -$10.39, delivering a surprise of -474.03%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Vivid Seats doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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 $9.0 million and $15.5 million, 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 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.

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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, $0.0001 par value; 500,000,000 shares authorized, 11,937,076 and 11,712,157 shares issued and
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.

Vivid Seats Inc. (SEAT) Q1 2026 Earnings Call Transcript