Vivid Seats Reports Sharp Q4 Drop, Reaffirms 2026 Guidance

Overview

• Q4 2025 marketplace GOV fell to $581 million from $994 million, orders declined 32% year over year, revenue was $127 million, and adjusted EBITDA was $1 million with net debt around $287 million.
• Management said it achieved roughly $60 million in annualized cost savings and completed corporate simplification by terminating its Tax Receivable Agreement and collapsing the dual-class share structure.
• Early 2026 app performance shows GOV up more than 20% year over year and app share higher by over 500 basis points following an enhanced value proposition.
• The company reaffirmed full-year 2026 guidance of $2.2–$2.6 billion in marketplace GOV and $30–$40 million in adjusted EBITDA, and guided Q1 GOV to $570–$620 million with adjusted EBITDA of $8–$10 million.
• Leaders pointed to a softer industry backdrop, the loss of a large private‑label customer in 2025, and expect volumetric growth to resume in the second half of 2026 with the World Cup projected to add about 200 basis points to GOV.