Vivid Seats (SEAT) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered sequential growth in Marketplace GOV, revenue, and adjusted EBITDA, exceeding expectations due to extraordinary FIFA World Cup demand and operational excellence.

• Net loss improved to $14.3 million from $263.3 million in Q2 2025, reflecting the absence of impairment charges and cost reductions.

• Strategic focus remains on optimizing the transaction funnel, enhancing app and web experiences, and supporting sellers through technology upgrades.

• Private label and international segments showed positive momentum, with private label revenue growing and international business contribution margin positive.

• Operational excellence highlighted by a 99.7% fulfillment rate for World Cup orders.

Financial highlights

• Q2 2026 Marketplace GOV reached $659.4 million, up from $612 million in Q1 2026 but down from $685.5 million in Q2 2025.

• Revenues for Q2 2026 were $129.9 million, up from $126.8 million in Q1 2026 but down from $143.6 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $12.6 million, up from $0.8 million in Q1 2026 but down from $14.4 million in Q2 2025.

• Cash and cash equivalents at June 30, 2026 were $136.7 million, up from $102.7 million at year-end 2025.

• Net cash provided by operating activities was $45.2 million for the first half of 2026, compared to net cash used of $53.9 million in the prior year period.

Outlook and guidance

• FY 2026 Marketplace GOV expected in the range of $2.3 billion–$2.6 billion; adjusted EBITDA guidance is $34 million–$40 million, both raised from prior guidance.

• Management anticipates a return to year-over-year growth in H2 2026, with continued investment in product and international markets.

• Take rates expected to remain around 16% for the remainder of 2026.

• Management expects continued near-term pressure on order volumes due to economic uncertainty and competitive intensity.

• Unique World Cup demand is not expected to recur in future periods.