Vivid Seats Inc.

What they do

Vivid Seats runs a technology platform connecting ticket buyers with ticket sellers for concerts, sports, and theater events. In its Marketplace segment it acts as an intermediary, earning service and delivery fees from buyers without holding ticket inventory, across owned properties (Vivid Seats app and website, Vegas.com, Wavedash) and a private-label distribution partner network. It also sells Skybox, an ERP tool for ticket sellers, and its Resale segment acquires tickets to resell on secondary marketplaces, including its own. Vivid Picks, a real-money daily fantasy sports app, ceased operations on July 18, 2025.

Revenue drivers

• Marketplace segment — Primarily service and delivery fees charged to buyers, plus referral fees from third-party event insurance providers; the segment reported $570.8M of revenue in 2025 and $129.9M in Q2 2026.
• Resale segment — Acquires tickets to resell on secondary marketplaces, including its own platform, and provides internal R&D support for Skybox; it is the smaller of the two reported segments.
• Skybox seller software — Enterprise resource planning tool for ticket sellers covering inventory management, pricing, and order fulfillment across marketplaces; part of the seller-facing offering in the Resale segment and supporting the platform.
• Private Label and Owned Properties — Marketplace orders flow through the Vivid Seats app and website, Vegas.com (acquired November 2023), Wavedash (acquired September 2023), and numerous private-label distribution partners.

Recent performance

For Q2 2026, Vivid Seats reported Marketplace GOV of $659.4 million, revenues of $129.9 million, a net loss of $14.3 million, and Adjusted EBITDA of $12.6 million, versus Q2 2025 Marketplace GOV of $685.5 million, revenues of $143.6 million, a net loss of $263.3 million, and Adjusted EBITDA of $14.4 million. First-half 2026 revenues were $255.6 million versus $307.6 million in first-half 2025, with a net loss of $29.0 million versus $273.1 million, and Adjusted EBITDA of $22.1 million versus $36.1 million. Marketplace orders were 1,825 thousand in Q2 2026 versus 2,173 thousand a year earlier, and Resale orders were 84 thousand versus 97 thousand. Management said Q2 results exceeded expectations with sequential growth driven by demand created by the FIFA World Cup. Cash and equivalents stood at $136.7 million at June 30, 2026, against total liabilities of $793.9 million and shareholder equity of negative $105.1 million.

Strategy

Management's stated priorities are executing strategic objectives around leading technology, a compelling value proposition, differentiated data, and operational excellence, with confidence in long-term shareholder value. Growth efforts center on awareness of the differentiated value proposition, including the Lowest Price Guarantee, 100% Buyer Guarantee, Vivid Seats Rewards loyalty program, and in-app Game Center. The company continues to invest in its seller tools, notably Skybox, and operates owned properties Vivid Seats, Vegas.com, and Wavedash acquired in 2023. Vivid Picks ceased operations on July 18, 2025, and Q2 2026 revenue growth was attributed to FIFA World Cup demand.

Risks

• Live-event supply and demand — Revenue depends on artists and sports teams performing and on consumer attendance, so fewer or smaller events, league lockouts, or reduced discretionary spending can lower ticket sales.
• Consumer discretionary spending — Demand for live events is affected by economic conditions such as unemployment, interest rates, inflation, and public safety concerns, which could reduce attendance and revenue.
• Dependence on third parties — The Marketplace segment relies on ticket sellers, distribution partners, media partners, leagues, teams, and venues, and does not hold ticket inventory itself.
• Historical event disruptions — The COVID-19 pandemic materially and adversely impacted the business through event restrictions and cancellations, and the 10-K states future slowdowns or uncertainty could do the same.

Outlook

For the year ending December 31, 2026, management now anticipates Marketplace GOV of $2.3 billion to $2.6 billion, raised from a prior $2.2 billion to $2.6 billion. It also now anticipates Adjusted EBITDA of $34.0 million to $40.0 million, narrowed from a prior $30.0 million to $40.0 million. Forward-looking Adjusted EBITDA is based on internal forecasts that omit certain information included in forward-looking net loss, the most directly comparable U.S. GAAP measure.