| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 104.81 | 8.4% | 31.3% |
| Total Income | 104.81 | 8.4% | 31.3% |
| Expenditure | 135.05 | 70.0% | 4.9% |
| PBT | — | ||
| Net Profit | -30.24 | 91.0% | 384.5% |
| OPM | — | ||
| NPM | -28.85% | 35.82pp | |
| EPS | — |
Vivid Seats Reports Q3 2025 Results; Announces CEO Transition
04 May 2026 · 4 May, 7:52 am
Summary
Vivid Seats reported a decrease in financial performance for the third quarter of 2025. Marketplace GOV decreased by 29% to $618.1 million, and revenues decreased by 27% to $136.4 million. The company experienced a net loss of $19.7 million, a significant drop from the net income of $9.2 million in Q3 2024. Lawrence Fey has been appointed as the new CEO, and the company is focused on operating efficiency and cost reduction, targeting $60 million in annualized cost savings. The initial outlook for 2026 anticipates Marketplace GOV between $2.2 billion and $2.6 billion and Adjusted EBITDA between $30.0 million and $40.0 million.
Key Highlights
- 1
Vivid Seats' Marketplace GOV reached $618.1 million, a decrease of 29% compared to $871.7 million in Q3 2024.
- 2
Revenues totaled $136.4 million, down 27% from $186.6 million in the third quarter of 2024.
- 3
The company reported a net loss of $19.7 million, a decrease of $28.9 million from a net income of $9.2 million in Q3 2024.
- 4
Adjusted EBITDA was $4.9 million, down $29.2 million from $34.1 million in Q3 2024.
- 5
Lawrence Fey has been appointed as the new Chief Executive Officer, succeeding Stan Chia.
- 6
The company is more than doubling its annualized cost savings target to $60 million.
- 7
Vivid Seats anticipates Marketplace GOV in the range of $2.2 billion to $2.6 billion and Adjusted EBITDA in the range of $30.0 million to $40.0 million for the year ending December 31, 2026.
Management Comments
David Donnini
"We believe Larry is uniquely qualified to guide Vivid Seats through this evolving industry environment and into the next chapter," said Board Chair David Donnini. “With extensive history with the company dating back to 2017, including most recently as CFO, he brings a wealth of knowledge about the company and its potential. The Board has confidence in him as a results-driven leader with a clear vision and plan to return to profitable growth.” Mr. Donnini continued, “The Board is deeply appreciative of Stan’s leadership and dedicated service to Vivid Seats over the past seven years. We thank him for his many contributions during his tenure, including leading the company through COVID and launching and growing Vivid Seats Rewards, which is a foundational element of the Vivid Seats value proposition.”
Lawrence Fey
Regarding strategic priorities and outlook, Lawrence Fey said, “Our priorities are clear – we are focused on operating the most efficient platform powered by the best technology and data. Our platform efficiency will allow us to sustainably deliver a unique value proposition to fans through the combined impact of our Lowest Price Guarantee, which we launched late in the third quarter, and Vivid Seats Rewards.” Commenting on third quarter results and the 2026 initial outlook, Lawrence Fey said, “We are more than doubling our annualized cost savings target to $60 million and have simplified our corporate structure as a central part of our commitment to maximize our operating efficiency. These cost reductions enable reinvestment in our value proposition and we are seeing encouraging early signs including Owned Properties delivering sequential GOV growth and the Vivid Seats app delivering year-over-year GOV growth. At the same time, Private Label performance weighed negatively on year-over-year and sequential trends and negatively impacted consolidated results. Our progress to date executing our cost reduction program underpins our 2026 Initial Outlook and gives us confidence that we are building a more efficient, resilient, and profitable business for the long term.”
Informational and educational content only. Not investment advice.