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Vivid Seats Inc.

SEAT

Vivid Seats Inc. • NASDAQ
$7.71 ▲ 6.05% (+0.44)
Market Cap $50.61 M
52w High $100.00
52w Low $7.04
Dividend Yield 0%
P/E -0.27
Volume 53.63K
Outstanding Shares 6.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $136.373M ▼ $114.879M ▼ $-8.526M ▲ -6.252% ▲ $-3.04 ▲ $-9.11M ▲
Q2-2025 $143.566M ▼ $432.862M ▲ $-139.675M ▼ -97.29% ▼ $-21.4 ▼ $-169.187M ▼
Q1-2025 $164.023M ▼ $123.819M ▼ $-5.942M ▼ -3.623% ▼ $-0.8 ▼ $10.657M ▼
Q4-2024 $199.813M ▲ $144.433M ▲ $-886K ▼ -0.443% ▼ $-0.134 ▼ $17.614M ▼
Q3-2024 $186.605M $124.81M $5.296M 2.838% $0.806 $30.455M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $145.108M ▼ $1.107B ▼ $771.583M ▼ $272.155M ▲
Q2-2025 $153.007M ▼ $1.149B ▼ $803.109M ▼ $217.337M ▼
Q1-2025 $199.471M ▼ $1.606B ▼ $999.197M ▼ $380.714M ▲
Q4-2024 $243.482M ▲ $1.636B ▲ $1.022B ▲ $261.113M ▼
Q3-2024 $202.274M $1.611B $999.116M $329.442M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.713M ▲ $512K ▲ $-4.597M ▼ $-4.022M ▲ $-8.273M ▲ $-4.085M ▲
Q2-2025 $-263.327M ▼ $-28.62M ▼ $-4.094M ▲ $-13.873M ▼ $-46.707M ▼ $-32.86M ▼
Q1-2025 $-9.788M ▼ $-25.288M ▼ $-7.571M ▲ $-11.57M ▼ $-43.955M ▼ $-32.713M ▼
Q4-2024 $-4.414M ▼ $47.787M ▲ $-8.904M ▼ $-1.802M ▲ $36.187M ▲ $39.23M ▲
Q3-2024 $9.198M $-19.224M $-7.29M $-6.835M $-31.964M $-18.876M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Concerts
Concerts
 $150.00M ▲$60.00M ▼$50.00M ▼$40.00M ▼
Other
Other
 $10.00M ▲$10.00M ▲$0 ▼$10.00M ▲
Owned Properties
Owned Properties
 $280.00M ▲$110.00M ▼$100.00M ▼$100.00M ▲
Private Label
Private Label
 $60.00M ▲$20.00M ▼$20.00M ▲$10.00M ▼
Sports
Sports
 $100.00M ▲$40.00M ▼$40.00M ▲$30.00M ▼
Theater
Theater
 $70.00M ▲$30.00M ▼$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years as live events recovered, and gross profitability looks healthy for a marketplace business. Operating profit is consistently positive but fairly thin, which means the business is profitable but does not yet have a wide earnings cushion. Net income has only recently turned reliably positive and has been quite volatile around the SPAC period, so the economic trend is improving but the track record is still relatively short and noisy.

Balance Sheet

Balance Sheet The balance sheet has improved meaningfully from the early years: equity has moved from negative into positive territory and total assets have grown. Debt has come down from earlier elevated levels, though borrowings are still meaningful enough to matter if conditions weaken. Cash on hand is adequate but not abundant, so financial flexibility is better than it was but not especially conservative, and the company still needs to manage risk carefully.

Cash Flow

Cash Flow The business generally converts its activity into positive operating cash flow, with free cash flow positive in most recent years. Investment needs are modest because the model is asset‑light, which supports cash generation. That said, cash inflows are not very large relative to the scale of the business, and there have been years of weaker cash performance, so while the cash profile is constructive, it is not yet deeply resilient through a severe downturn.

Competitive Edge

Competitive Edge Vivid Seats operates in a tough arena dominated by major players like Ticketmaster and StubHub, but it has carved out a credible niche. Its loyalty program is a clear differentiator that encourages repeat use, and the Skybox seller platform helps lock in professional sellers and secure inventory. High‑profile partnerships with sports, media, and travel brands broaden distribution and brand awareness. Still, the market is highly competitive and price‑sensitive, and the company ultimately depends on the health of the live events ecosystem and on maintaining strong relationships with partners and sellers.

Innovation and R&D

Innovation and R&D The company leans heavily on product and technology innovation rather than large formal R&D budgets. Notable efforts include its seller platform (Skybox), AI‑driven personalization, the ChatGPT plugin for event discovery, and engagement tools like Game Center and Vivid Picks. It is also using acquisitions and international expansion (such as Japan and Las Vegas‑focused assets) as strategic “innovation by M&A.” These initiatives can deepen user engagement and diversify revenue, but they also introduce execution and integration risk, especially across different markets and product lines.

Summary

Overall, Vivid Seats has transitioned from a pandemic‑disrupted, heavily leveraged position to a more stable, modestly profitable, cash‑generative online marketplace with improving equity. Its strengths lie in differentiated customer loyalty features, a seller‑focused technology stack, and strategic partnerships that support traffic and inventory. Key risks include intense competition, sensitivity to live event demand, relatively thin operating margins, a limited cash cushion, and the challenge of integrating acquisitions and scaling internationally. The company’s future trajectory will largely depend on sustaining revenue growth, protecting margins in a competitive market, and continuing to turn innovation and partnerships into durable, repeatable customer demand.

NEWS

November 18, 2025 · 8:30 AM UTC

Buy Event Tickets, Earn United Miles: Vivid Seats and United Airlines Team Up

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November 6, 2025 · 6:30 AM UTC

Vivid Seats Reports Third Quarter 2025 Results; Announces CEO Transition

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October 28, 2025 · 4:05 PM UTC

Vivid Seats to Report Third Quarter 2025 Financial Results

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October 23, 2025 · 7:45 AM UTC

Vivid Seats Launches Lowest Price Guarantee

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