CHICAGO, Aug. 04, 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 second quarter ended June 30, 2026.
“We are encouraged by the progress we’ve made through the first half of the year. Our second quarter results exceeded expectations as we delivered sequential growth driven by the extraordinary demand created by the FIFA World Cup,” said Lawrence Fey, Chief Executive Officer of Vivid Seats. “We continue to successfully execute against our strategic objectives. With leading technology, a compelling value proposition, differentiated data, and a relentless focus on operational excellence, we remain confident in our ability to drive long-term shareholder value.”
Second Quarter 2026 Key Financial Highlights
- Marketplace GOV of $659.4 million
- Revenues of $129.9 million
- Net loss of $14.3 million
- Adjusted EBITDA of $12.6 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 and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Marketplace GOV(1) $659,359 $685,488 $1,271,725 $1,505,847 Marketplace orders(2) 1,825 2,173 3,541 4,469 Resale orders(3) 84 97 166 202 Adjusted EBITDA(4) $12,592 $14,356 $22,078 $36,077(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 and six months ended June 30, 2026, our Marketplace segment experienced 30,767 and 60,201 event cancellations, respectively, compared to 47,845 and 90,198 event cancellations during the three and six months ended June 30, 2025, 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 and six months ended June 30, 2026, our Resale segment experienced 605 and 1,072 event cancellations, respectively, compared to 1,276 and 2,161 event cancellations during the three and six months ended June 30, 2025, respectively.
(4) Adjusted EBITDA is a financial measure not defined under accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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, we now anticipate:
- Marketplace GOV in the range of $2.3 billion to $2.6 billion (previously $2.2 billion to $2.6 billion)
- Adjusted EBITDA in the range of $34.0 million to $40.0 million (previously $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 second quarter 2026 financial results, business updates, and financial outlook. Participants may access the webcast and supplemental earnings presentation by visting 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 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. Such forward-looking statements may relate to, without limitation: our business strategy and objectives; our future operating results and financial performance, including our expectations with respect to our fiscal year 2026 Marketplace GOV and adjusted EBITDA; and our expectations with respect to live event industry growth, the supply of and demand for live events, and our competitive positioning. Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks and uncertainties that can be difficult to predict and/or outside of our control. Therefore, actual results may differ materially from those contemplated by any such forward-looking statements. Such risks and uncertainties 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. Except as required by applicable law, we undertake no obligation to update or revise any such forward-looking statements, which speak only as of the date of this press release.
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CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (Unaudited)
June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $136,676 $102,702 Restricted cash 904 604 Accounts receivable – net 45,036 30,664 Inventory – net 26,925 18,166 Prepaid expenses and other current assets 39,191 26,336 Total current assets 248,732 178,472 Property and equipment – net 11,268 12,373 Right-of-use assets – net 9,769 10,515 Intangible assets – net 124,168 141,528 Goodwill – net 283,468 283,915 Deferred tax assets – net 1,296 1,123 Investments 5,465 5,365 Other assets 4,639 3,575 Total assets $688,805 $636,866 Liabilities and shareholders' deficit Current liabilities: Accounts payable $230,849 $153,418 Accrued expenses and other current liabilities 126,476 125,957 Deferred revenue 17,331 19,973 Current maturities of long-term debt 3,930 3,930 Total current liabilities 378,586 303,278 Long-term debt – net 381,836 383,431 Long-term lease liabilities 15,260 16,452 Other liabilities 18,202 18,834 Total liabilities 793,884 721,995 Commitments and contingencies Shareholders' deficit: Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 12,190,860 and 11,712,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 23 23 Additional paid-in capital 1,376,687 1,368,067 Treasury stock, at cost, 949,665 shares at June 30, 2026 and December 31, 2025 (93,920) (93,920)Accumulated deficit (1,388,424) (1,359,472)Accumulated other comprehensive income 555 173 Total shareholders' deficit (105,079) (85,129)Total liabilities and shareholders' deficit $688,805 $636,866
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $129,861 $143,566 $255,644 $307,589 Costs and expenses: Cost of revenues (exclusive of depreciation and amortization shown separately below) 38,642 42,429 77,837 86,954 Marketing and selling 52,753 53,800 102,704 117,912 General and administrative 32,589 46,272 65,706 94,354 Depreciation and amortization 12,318 12,341 24,626 23,966 Impairment charges — 320,449 — 320,449 Total costs and expenses 136,302 475,291 270,873 643,635 Loss from operations (6,441) (331,725) (15,229) (336,046)Interest expense – net 6,055 5,634 11,986 11,299 Other expense (income) – net 945 (150,197) 2,015 (154,351)Loss on extinguishment of debt — — — 801 Loss before income taxes (13,441) (187,162) (29,230) (193,795)Income tax expense (benefit) 880 76,165 (278) 79,320 Net loss (14,321) (263,327) (28,952) (273,115)Net loss attributable to redeemable noncontrolling interests — (123,652) — (127,498)Net loss attributable to Class A common stockholders $(14,321) $(139,675) $(28,952) $(145,617)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (Unaudited)
Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net loss $(28,952) $(273,115)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 24,626 23,966 Amortization of leases 721 720 Amortization of deferred financing costs 474 485 Equity-based compensation 9,085 22,403 Loss on asset disposals 86 196 Change in fair value of derivative asset 338 573 Deferred income tax expense (benefit) (403) 76,707 Non-cash interest expense – net 269 334 Foreign currency loss (gain) – net 1,469 (3,574)Change in fair value of Intermediate Warrants — (4,849)Loss on extinguishment of debt — 801 Adjustment of liabilities under TRA — (149,172)Impairment charges — 320,449 Write-off of Sponsorship Loan — 2,024 Changes in operating assets and liabilities: Accounts receivable – net (14,520) (906)Inventory – net (8,764) (13,018)Prepaid expenses and other current assets (12,869) 3,613 Accounts payable 77,670 (29,394)Accrued expenses and other current liabilities (243) (28,104)Deferred revenue (2,643) (3,826)Long-term lease liabilities (1,183) (1,085)Other assets and liabilities – net 47 864 Net cash provided by (used in) operating activities 45,208 (53,908)Cash flows from investing activities Purchases of property and equipment (23) (2,043)Purchases of personal seat licenses (625) (960)Investments in developed technology (5,993) (8,341)Purchases of seat images (287) (321)Net cash used in investing activities (6,928) (11,665)Cash flows from financing activities Payments of taxes related to net settlement of equity incentive awards (686) (1,742)Payments of 2025 First Lien Loan (1,965) (983)Payments toward Acquired Domain Name Obligation (1,000) (1,000)Payment of deferred financing costs and other debt-related expenses — (162)Tax distributions to redeemable noncontrolling interests — (1,689)Repurchases of Class A common stock — (15,862)Payment of liabilities under TRA — (4,005)Payments of 2024 First Lien Loan — (76,986)Proceeds from 2025 First Lien Loan — 76,986 Net cash used in financing activities (3,651) (25,443)Effect of exchange rate changes on cash, cash equivalents, and restricted cash (355) 354 Net increase (decrease) in cash, cash equivalents, and restricted cash 34,274 (90,662)Cash, cash equivalents, and restricted cash – beginning of period 103,306 244,648 Cash, cash equivalents, and restricted cash – end of period $137,580 $153,986 Supplemental disclosures of cash flow information Cash paid for interest $12,086 $14,883 Cash paid for income taxes, net of income tax refunds received $268 $1,953
Adjusted EBITDA
Adjusted EBITDA is a non-U.S. GAAP financial measure that is used by 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 warrants; loss on extinguishment of debt; adjustment of liabilities under our former Tax Receivable Agreement (“TRA”) entered into with the existing unitholders of Hoya Intermediate, LLC; and impairment charges. 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 and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $(14,321) $(263,327) $(28,952) $(273,115)Adjustments to reconcile net loss to adjusted EBITDA: Income tax expense (benefit) 880 76,165 (278) 79,320 Interest expense – net 6,055 5,634 11,986 11,299 Depreciation and amortization 12,318 12,341 24,626 23,966 Sales tax liability(1) 204 431 441 (1,360)Transaction costs(2) 138 2,172 930 7,881 Equity-based compensation(3) 4,671 11,652 9,085 22,403 Litigation, settlements, and related costs(4) 1,687 352 1,836 705 Loss on asset disposals(5) 27 149 86 196 Change in fair value of derivative asset(6) 142 223 338 573 Foreign currency loss (gain) – net(7) 779 (1,533) 1,735 (3,574)Severance compensation(8) 12 554 245 554 Change in fair value of Intermediate Warrants(9) — (1,734) — (4,849)Loss on extinguishment of debt(10) — — — 801 Adjustment of liabilities under TRA(11) — (149,172) — (149,172)Impairment charges(12) — 320,449 — 320,449 Adjusted EBITDA $12,592 $14,356 $22,078 $36,077(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 and six months ended June 30, 2026 primarily related to various strategic transactions and investments. Costs in three and six months ended June 30, 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 incentive awards granted to our employees, directors, and consultants pursuant to our 2021 Incentive Award Plan and shares of Class A common stock purchased by our employees pursuant to our 2021 Employee Stock Purchase Plan, neither of which are considered indicative of our core operating performance.
(4) Relates to external legal costs, settlement costs, and insurance recoveries related to certain non-ordinary course legal and regulatory matters that are not 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 issued in connection with the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into us that 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.
(11) Relates to the remeasurement and settlement of the TRA liability, which remeasurements and settlements are not considered indicative of our core operating performance.
(12) 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.