Vivid Seats (SEAT) Q3 2026 earnings summary

Executive summary

• Q3 Marketplace GOV was $623.988M, up 1% YoY, and Adjusted EBITDA was $8.865M vs. $4.905M; revenue was $126.889M and net loss was $17.384M.

• An agreement in principle with a substantial majority of term lenders contemplates $60M of new capital, debt conversion to equity, $200M less funded debt and extended maturities.

Financial highlights

• Q3 revenue declined to $126.889M from $136.373M; net loss narrowed to $17.384M from $19.713M.

• Q3 operating loss was $11.3M vs. $22.8M; Adjusted EBITDA rose to $8.865M from $4.905M.

• 9M revenue fell 14% to $382.5M; net loss narrowed to $46.3M from $292.8M, which included $320.4M of impairment charges.

• 9M Adjusted EBITDA was $30.9M vs. $41.0M; Q3 marketing and selling, G&A, and cost of revenues declined 11%, 24%, and 7% YoY, respectively.

Outlook and guidance

• FY 2026 Marketplace GOV guidance remained $2.3B–$2.6B and Adjusted EBITDA guidance remained $34M–$40M.

• FY 2027 industry base case is mid-single-digit growth excluding the World Cup; with the event, industry activity is expected near flat or slightly down.

• Q4 GOV depends heavily on an uncertain on-sale calendar over the next six to seven weeks; a full MLB season cancellation could create a 5%–6% GOV headwind.

• A refreshed app loyalty framework and an end-to-end product rebuild are targeted to reach deployment milestones in Q1.