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SEATW

Vivid Seats Inc.

SEATW

Vivid Seats Inc. • NASDAQ
$0.04 ▼ -26.78% (-0.01)
Market Cap $263896
52w High $0.44
52w Low $0.04
Dividend Yield 0%
P/E 0
Volume 139
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 Q2-2024Q3-2024Q4-2024Q2-2025
Concerts
Concerts
 $80.00M ▲$70.00M ▼$150.00M ▲$50.00M ▼
Other
Other
 $10.00M ▲$10.00M ▲$10.00M ▲$0 ▼
Owned Properties
Owned Properties
 $140.00M ▲$130.00M ▼$280.00M ▲$100.00M ▼
Private Label
Private Label
 $30.00M ▲$20.00M ▼$60.00M ▲$20.00M ▼
Sports
Sports
 $50.00M ▲$50.00M ▲$100.00M ▲$40.00M ▼
Theater
Theater
 $30.00M ▲$30.00M ▲$70.00M ▲$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Vivid Seats has grown its sales steadily since the pandemic, showing that demand for live event tickets has come back strongly. The business earns healthy mark‑ups on each ticket, which supports good gross profitability. However, after covering marketing, technology, and overhead, operating profit is only modest and has not grown much in recent years. Net results swung from deep losses during the pandemic and SPAC merger period to small profits, but the latest year shows softer bottom‑line performance versus the prior two years. Overall, this is a business with solid revenue growth and strong unit economics, but still working to translate that into consistently stronger earnings after all costs and one‑offs.

Balance Sheet

Balance Sheet The balance sheet has improved meaningfully over the past few years. The company has grown its asset base while gradually repairing what used to be a negative equity position, which is now positive and increasing. Debt levels have come down from earlier highs, though borrowing remains an important part of the capital structure and ticked up recently. Cash on hand is decent but lower than at its post‑SPAC peak, so there is some cushion, but not an overly large one. In plain terms, the financial foundation is much stronger than a few years ago, yet still requires ongoing discipline around leverage and liquidity.

Cash Flow

Cash Flow Cash generation has generally tracked the recovery in live events. Operating cash flow moved from negative during the shutdown period to clearly positive, with only a soft patch in the middle of the recovery. Free cash flow has been positive in most recent years, helped by the company’s light spending needs on physical assets. Capital spending requirements are low, which suits a digital marketplace model. The pattern suggests a business that can generate cash under normal conditions, but with some sensitivity to swings in event attendance, fee structures, and working capital movements.

Competitive Edge

Competitive Edge Vivid Seats operates in a very crowded and visible space, going up against well‑known rivals and powerful primary ticketing players. Its main strengths are a large marketplace, strong brand recognition among frequent event‑goers, and deep relationships with professional ticket sellers via its Skybox platform. The loyalty program and official partnerships with major media and sports brands add further stickiness and help with customer trust. The network effect is real: more sellers attract more buyers, and vice versa. The flip side is that competitive pressure on fees, marketing spend, and user experience is intense, and customer loyalty can be fragile if rivals offer cheaper or simpler alternatives.

Innovation and R&D

Innovation and R&D Innovation at Vivid Seats is focused on software, data, and user engagement rather than traditional lab‑style R&D. The company has modernized its apps, uses data and personalization to recommend events, and relies on Skybox as a sophisticated tool that locks in professional sellers. It is experimenting with fantasy sports, gaming, and features like Game Center to keep sports fans engaged between purchases. Management is also leaning into artificial intelligence for smarter recommendations, pricing, and fraud detection, and is testing new growth avenues such as international expansion, primary ticketing, and new ways to monetize Skybox. The opportunity is to deepen the ecosystem around fans and sellers, but the payoffs and risks of these newer initiatives are still evolving.

Summary

Vivid Seats has transitioned from a pandemic‑driven crisis and complex SPAC merger period into a more stable, modestly profitable online marketplace with steadily rising revenue and repaired equity. Its asset‑light model supports positive free cash flow and decent financial flexibility, though reliance on debt and a not‑too‑large cash cushion remain watch points. Competitively, it benefits from marketplace scale, a differentiated loyalty program, and strong seller tools, but faces tough, well‑funded rivals and an often‑scrutinized fee structure. Ongoing investments in technology, data, gaming, and international expansion could deepen its moat if executed well, yet they also introduce execution risk and dependence on sustained consumer demand for live events. Overall, the story is one of a healthier, growing platform still working to convert its strategic advantages into more durable and expanding profitability.