SEAT — Vivid Seats Inc.

Summary of Vivid Seats Q2 2026 Earnings Call

1. Key Financial Results and Metrics

• Gross Order Value (GOV): $659 million, up 8% from $612 million in Q1 2026.
• Consolidated Revenue: $130 million, a 3% increase from $126 million in Q1 2026.
• Private Label Revenue: Grew 16% quarter-over-quarter.
• Marketplace Take Rate: 15.8%, relatively stable compared to 15.9% in Q1 2026.
• Adjusted EBITDA: $12.6 million, up 33% from $9.5 million in Q1 2026.
• Cash Position: Ended Q2 with $137 million in cash; revolving credit facility renewed through August 2029.

2. Strategic Updates and Business Highlights

• The company capitalized on extraordinary demand from the FIFA World Cup, which significantly boosted transaction activity.
• Achieved a fulfillment rate of over 99.7% for World Cup orders, reflecting strong operational execution.
• Continued focus on enhancing the customer experience through app and web improvements aimed at reducing friction in the transaction process.
• Launched a new broker-to-broker marketplace within the SkyBox ERP to optimize seller inventory.
• Emphasis on long-term strategy to return to sustainable growth, with plans for the 2028 Olympics and other major events.

3. Forward Guidance and Outlook

• For fiscal year 2026, Vivid Seats expects:
  • Marketplace GOV between $2.3 billion and $2.6 billion.
  • Adjusted EBITDA in the range of $34 million to $40 million.
• Anticipates returning to year-over-year growth in the second half of 2026, driven by ongoing operational execution and upcoming events.

4. Bad News, Challenges, or Points of Concern

• The competitive landscape remains intense, with pressure on take rates during high-profile events.
• Other verticals (concerts and theater) showed softer performance, potentially impacted by the World Cup drawing consumer attention away.
• Regulatory concerns are emerging, particularly with potential state-by-state regulations that could affect operations.
• The company acknowledged that while they performed well during the World Cup, the nature of event cycles means not every quarter will see similar demand.

5. Notable Q&A Insights

• Management noted that while they gained market share during the World Cup, the challenge remains to convert one-time customers into repeat buyers.
• Discussions highlighted the competitive pressures in the theater category, particularly in markets like Las Vegas, where leisure travel has softened.
• The company is optimistic about its international expansion efforts, expecting to resume targeted upgrades by the end of the year.
• AOV (Average Order Value) is difficult to predict, but management expects a positive effect from the World Cup in Q3, with potential variability in Q4 based on upcoming events and matchups.

Overall, Vivid Seats demonstrated strong performance in Q2 2026, driven by the World Cup, while also laying out a strategic roadmap for future growth amidst competitive and regulatory challenges.