Vivid Seats Inc. · NASDAQ:SEAT
Vivid Seats — Q4 2025 Earnings Presentation
15 slides from Vivid Seats's earnings presentation, Mar 12, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results March 12, 2026 (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: Q4 2025 Financial Overview & Business Updates
Q4 2025 Financial Overview & Business Updates Marketplace GOV1 Revenues Adjusted EBITDA2 $581M $127M $1M • Private Label responsible for majority of Marketplace GOV decline • Vivid Seats Q4 App orders as % of GOV at highest level in company history • Joseph Thomas joined leadership team as CFO in Ja
Slide 4: 2025 Financial Overview & Business Updates
2025 Financial Overview & Business Updates Marketplace GOV1 Revenues Adjusted EBITDA2 $2.7B $571M $42M • Cost reduction program to generate $60 million+ in annualized savings • Completed corporate simplification reducing complexity, improving transparency and providing financial benefits • Investing
Slide 5: Continued Growth In Repeat Buyer Mix
Continued Growth In Repeat Buyer Mix Order Mix from Repeat Buyers1,2 63% 61% 60% 57% 52% 51% 48% FY2018 FY2019 FY2021 FY2022 FY2023 FY2024 FY2025 (1) Represents the total volume of transactions placed on the Vivid Seats App and website from repeat buyers vs. from both repeat and new buyers. (2) 2020
Slide 6: Accelerating App Mix
Accelerating App Mix App % of GOV1 Launch of 'Lowest Price Guarantee' on the Vivid Seats App 37% 32% 31% 27% FY2022 FY2023 FY2024 FY2025 (1) Represents the total transactional amount of Marketplace orders placed on our platform (inclusive of fees and exclusive of taxes) for orders placed on the Vivi
Slide 7: Marketplace GOV & Revenues
Marketplace GOV & Revenues (in thousands) Marketplace GOV1 Revenues $994,377 $199,813 $820,359 $164,023 $685,488 $143,566 $136,373 $618,139 $126,814 $580,587 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Represents the total transactional amount of Marketplace o
Slide 8: Net Income (Loss) & Adjusted EBITDA
Net Income (Loss) & Adjusted EBITDA (in thousands) Net Income (Loss)1 Adjusted EBITDA2 $40,000 $10,000 $5,000 100000 $35,000 $34,243 $30,000 $0 0 $25,000 ($5,000) ($4,415) -100000 $21,721 $20,000 ($1 0,000) ($9,788) -200000 ($1 5,000) $15,000 $14,356 ($263,327) -300000 $10,000 ($20,000) ($19,713) -4
Slide 9: Reaffirming Full Year 2026 Outlook
Reaffirming Full Year 2026 Outlook $60M+ Annualized Metric Outlook Commentary Cost Savings Initiative Non-Cash Marketplace GOV $2.2B to $2.6B Quarterly GOV stabilized (Stock-Based Comp) Cash Investing in enhanced customer value (Fixed G&A/ Adjusted EBITDA1 $30M to $40M Marketing) proposition (1) Adj
Slide 10: Q1 2026 Outlook
Q1 2026 Outlook Metric Outlook Commentary Marketplace GOV $570M to $620M Consistent with Q4 2025 GOV Improved profitability from strategic Adjusted EBITDA1 $8M to $10M initiatives and cost reductions Cash Balance $125M to $135M $20M-$30M increase from Q4 2025 (1) Adjusted EBITDA is a non-U.S. GAAP f
Slide 11: Appendix
Appendix
Slide 12: Supplementary Financial Data
Supplementary Financial Data Historical Average Order Size1 ($) 380 374 358 357 329 322 315 294 294 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1) Represents Marketplace GOV divided by Total Marketplace orders. Vivid Seats •
Slide 13: Supplementary Financial Data
Supplementary Financial Data (in thousands, except share and per share data) Marketplace Revenues by Event Category Earnings Per Share Twelve Months Ended December Twelve Months Ended December 31 31 2025 2024 % Change Numerator—basic: 2025 2024 Revenues: Net income (loss) ($721,490) $14,302 Concerts
Slide 14: 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 Q4 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income (loss) / Net income (loss) margin $10,742 -$1,221 $9,196 -$4,415 -$9,788 -$2
Slide 15: Thank You
Thank You investors@vividseats.com