Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q3 2025 Earnings Presentation
17 slides from Vivid Seats's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results November 6, 2025 (Nasdaq: SEAT)
Slide 2: Important Disclaimers
Important Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “can,” “continue,” “could,” “design,” “esti
Slide 3: Agenda
Agenda 01 Leadership Transition, Strategic Update & Outlook 02 Q3 2025 Financial Results
Slide 4: Leadership Transition, Strategic Update & Outlook
Leadership Transition, Strategic Update & Outlook
Slide 5: Driving Growth Through Leading Value Proposition
Driving Growth Through Leading Value Proposition Leading Value Proposition Tech t M B es o st Lowest Eff Price Guarantee icie nt Leading Value Prop Bes e tD a lu V a at g Loyalty Leadin rop P Vivid Seats• • 5
Slide 6: Clear Focus on Foundational Advantages
Clear Focus on Foundational Advantages Most Efficient Platform Tech t M B es o • $60M Annualized Fixed Cost Reduction Initiative st - Savings reflected in 2026 guidance Eff - Includes SBC reductions icie • Corporate Simplification Executed 10/31/25 nt - $180M lifetime potential tax savings - $1M ann
Slide 7: Q3 2025 Financial Results
Q3 2025 Financial Results vividseats
Slide 8: Financial Overview & Business Updates
Financial Overview & Business Updates Marketplace GOV1 Revenues Adjusted EBITDA2 $618M $136M $5M • Announcing leadership transition; CFO Lawrence Fey assuming CEO position • Sequential GOV stabilization for Vivid Seats & Vegas.com properties; Private Label volumes drove Marketplace GOV decline • Inv
Slide 9: Marketplace GOV & Revenues
Marketplace GOV & Revenues (in thousands) Marketplace GOV1 Revenues $994,377 $199,813 $186,605 $871,726 $820,359 $164,023 $685,488 $143,566 $136,373 $618,139 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Marketplace Gross Order Value ("Marketplace GOV") represen
Slide 10: Net Income (Loss) & Adjusted EBITDA
Net Income (Loss) & Adjusted EBITDA (in thousands) Net Income (Loss)1 Adjusted EBITDA2 $10,000 $9,196 100000 $40,000 $5,000 50000 $35,000 $34,077 $34,243 $30,000 $0 0 $25,000 ($5,000) -50000 ($4,415) $21,721 $20,000 ($1 0,000) -100000 ($9,788) ($1 5,000) -150000 $15,000 $14,356 $10,000 ($20,000) -20
Slide 11: 2026 Initial Outlook
2026 Initial Outlook $60M Annualized Metric Outlook Commentary Cost Savings Initiative Stabilization with midpoint Non-Cash Marketplace GOV $2.2B to $2.6B (Stock-Based Comp) near Q3 run rate Cash Reinvesting cost savings into enhanced (Fixed G&A/ Adjusted EBITDA1 $30M to $40M Marketing) customer val
Slide 12: Appendix
Appendix
Slide 13: Capital Structure
Capital Structure At 9/30/25 – Dual Class with ~10.3M Shares (A+B) At 11/1/25 – Single Class with ~10.7M Class A Shares Outstanding Outstanding1 TRA Class A1 Class B Corporate Simplification2 Class A1 ~6.5M ~3.8M ~10.7M (1) Net of treasury stock. (2) Pursuant to a corporate simplification agreement
Slide 14: Supplementary Financial Data
Supplementary Financial Data Historical Average Order Size1 ($) 380 374 358 357 331 322 315 294 294 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (1) Average Order Size (“AOS”) is calculated by dividing Marketplace GOV by Total Marketplace orders. Vivid Seats •
Slide 15: Supplementary Financial Data
Supplementary Financial Data (in thousands, except share and per share data) Marketplace Revenues by Event Category Earnings Per Share Three Months Ended September 30, Three Months Ended September 30, 2025 2024 % Change Numerator—basic: 2025 2024 Revenues: Net income (loss) ($19,713) $9,196 Concerts
Slide 16: Non-U.S. GAAP Reconciliations
Non-U.S. GAAP Reconciliations (in thousands, except percentages) 2024 2025 2024 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income (loss) / Net income (loss) margin $10,742 -$1,221 $9,196 -$4,415 -$9,788 -$263,327 -$19,713
Slide 17: Thank You
Thank You investors@vividseats.com