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Vivid Seats (SEAT) investor relations material
Vivid Seats Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Leadership transition announced: Lawrence Fey appointed CEO, with a focus on platform efficiency, cost reduction, and value proposition enhancements.
Strategic focus on app-based customer engagement, enhanced value proposition, and cost reduction to counter competitive pressures.
Corporate simplification executed, moving to a single class share structure and eliminating the Tax Receivable Agreement.
Significant cost reduction program implemented, with the target increased from $25 million to $60 million.
Renewed ESPN partnership, national marketing campaign, and launch of Lowest Price Guarantee to boost app awareness and user growth.
Financial highlights
Q3 2025 Marketplace GOV was $618.1 million, down 29% year-over-year; revenues were $136.4 million, down 27% year-over-year.
Q3 2025 net loss was $19.7 million, compared to net income of $9.2 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $4.9 million, down from $34.1 million in Q3 2024.
Average order size in Q3 2025 was $294, down from $380 in Q3 2024.
Ended Q3 2025 with $145.1 million in cash and equivalents and $393 million in first lien loan debt.
Outlook and guidance
2026 Marketplace GOV expected between $2.2 billion and $2.6 billion, with stabilization near Q3 run rate.
2026 Adjusted EBITDA guidance is $30 million to $40 million, reflecting reinvestment of cost savings.
Cost reduction program target increased to $60 million annually, with savings reflected in 2026 guidance.
Guidance assumes competitive intensity similar to recent months and does not factor in significant World Cup impact.
Management expects continued pressure on order volumes due to economic uncertainty and competitive marketing.
Detail the immediate strategic shifts under new CEO
Quantify net financial impact of value prop & cost cuts
How will AI and competitive shifts affect app growth?
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Next Vivid Seats earnings date
Q4 202511 Mar, 2026
Next Vivid Seats earnings date
Q4 202511 Mar, 2026
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Vivid Seats Inc operates an online ticket marketplace for live events, including sports, concerts, and theater performances. The company provides a digital platform that connects ticket buyers with sellers, along with mobile ticketing and loyalty programs. It serves customers across the United States. The company is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.
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