Revenue growth has deteriorated significantly, with a 23.3% year-over-year decline in 2026Q1 and gross margins compressing to 68.8% from a 2024Q2 peak of 75.4%.
| Sales/Revenue | 532.54M | 570.78M | 775.59M | 712.88M | 600.27M | 443.04M | 35.08M | 468.93M |
| Revenue Growth % | -28.88% | -26.41% | 8.8% | 18.76% | 35.49% | 1163.04% | -92.52% | - |
| Cost of Goods Sold | 168.11M | 222.83M | 201.85M | 182.18M | 140.51M | 90.62M | 24.69M | 106M |
| COGS % of Revenue | - | 39.04% | 26.03% | 25.56% | 23.41% | 20.45% | 70.39% | 22.61% |
| Gross Profit | 364.43M | 347.95M | 573.73M | 530.7M | 459.77M | 352.42M | 10.39M | 362.92M |
| Gross Margin % | 68.43% | 60.96% | 73.97% | 74.44% | 76.59% | 79.55% | 29.61% | 77.39% |
| Gross Profit Growth % | - | -39.35% | 8.11% | 15.43% | 30.46% | 3292.9% | -97.14% | - |
| Operating Expenses | 745.84M | 389.74M | 531.51M | 449.36M | 381.66M | 275.85M | 726.4M | 372.86M |
| OpEx % of Revenue | - | 68.28% | 68.53% | 63.03% | 63.58% | 62.26% | 2070.89% | 79.51% |
| Selling, General & Admin | 373.37M | 404.44M | 479.83M | 427.21M | 375.99M | 273.53M | 104.32M | 279.78M |
| SG&A % of Revenue | - | 70.86% | 61.87% | 59.93% | 62.64% | 61.74% | 297.4% | 59.66% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | -14.7M | 51.68M | 22.14M | 5.67M | 2.32M | 622.09M | 93.08M |
| Operating Income | -380.33M | -41.79M | 42.23M | 81.34M | 78.11M | 76.57M | -716.02M | -9.94M |
| Operating Margin % | -71.42% | -7.32% | 5.44% | 11.41% | 13.01% | 17.28% | -2041.27% | -2.12% |
| Operating Income Growth % | - | -198.98% | -48.09% | 4.14% | 2% | 110.69% | -7105.58% | - |
| EBITDA | -328.74M | 9.11M | 88.16M | 99.33M | 88.01M | 78.89M | -667.77M | 83.14M |
| EBITDA Margin % | -61.73% | 1.6% | 11.37% | 13.93% | 14.66% | 17.81% | -1903.73% | 17.73% |
| EBITDA Growth % | -611.2% | -89.66% | -11.25% | 12.87% | 11.55% | 111.81% | -903.18% | - |
| D&A (Non-Cash Add-back) | 51.59M | 50.91M | 45.94M | 18M | 9.9M | 2.32M | 48.25M | 93.08M |
| EBIT | -635.1M | -41.79M | 45.89M | 84.45M | 82.05M | 39.35M | -716.7M | -12.35M |
| Net Interest Income | -24.01M | -23.74M | -23.17M | -13.51M | -12.86M | -58.18M | -57.48M | -41.5M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.01M | 23.74M | 23.17M | 13.51M | 12.86M | 58.18M | 57.48M | 41.5M |
| Other Income/Expense | -280.93M | -610.31M | -19.51M | -10.4M | -8.92M | -95.4M | -58.17M | -43.91M |
| Pretax Income | -661.26M | -652.11M | 22.72M | 70.94M | 69.19M | -18.82M | -774.18M | -53.85M |
| Pretax Margin % | -124.17% | -114.25% | 2.93% | 9.95% | 11.53% | -4.25% | -2207.1% | -11.48% |
| Income Tax | 65.07M | 69.39M | 8.42M | -42.2M | -1.59M | 304K | 0 | 0 |
| Effective Tax Rate % | -9.84% | -10.64% | 37.05% | -59.48% | -2.3% | -1.61% | 0% | 0% |
| Net Income | -437.99M | -429.3M | 9.43M | 74.54M | 28.66M | -16.12M | -774.18M | -53.85M |
| Net Margin % | -82.25% | -75.21% | 1.22% | 10.46% | 4.77% | -3.64% | -2207.1% | -11.48% |
| Net Income Growth % | -16791.25% | -4654.92% | -87.36% | 160.05% | 277.81% | 97.92% | -1337.72% | - |
| Net Income (Continuing) | -726.33M | -721.49M | 14.3M | 113.14M | 70.78M | -19.13M | -774.18M | -53.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 352.92M | 481.74M | 862.86M | 1.29B | 0 | 0 |
| EPS (Diluted) | -40.50 | -69.20 | 1.12 | 5.20 | 7.20 | -0.85 | -244.60 | -24.80 |
| EPS Growth % | -9930.26% | -6278.57% | -78.46% | -27.78% | 947.06% | 99.65% | -886.29% | - |
| EPS (Basic) | - | -59.20 | 1.42 | 11.00 | 17.60 | -0.85 | -244.60 | -24.80 |
| Diluted Shares Outstanding | 10.82M | 10.43M | 10.46M | 9.94M | 9.94M | 3.87M | 3.4M | 3.85M |
| Basic Shares Outstanding | 10.82M | 7.25M | 6.62M | 4.63M | 4.01M | 3.87M | 3.4M | 3.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Revenue contraction and margin erosion
According to the most recent quarterly filings, Vivid Seats experienced a 23.3% year-over-year revenue decline in 2026Q1, marking a sustained period of top-line erosion that suggests the company is struggling to maintain its competitive positioning within the highly volatile secondary ticketing marketplace environment.
The consistent negative growth rates observed over the last several quarters indicate that the company's transactional volume is failing to keep pace with historical benchmarks. This trend suggests that either market demand for secondary tickets is cooling or that the company is losing significant market share to more integrated competitors.
As reported in financial statements, the company's gross margin has compressed from a peak of 75.4% in 2024Q2 to 68.8% in 2026Q1, reflecting the increasing difficulty of maintaining pricing power amidst a challenging environment for discretionary consumer spending on live event experiences.
The erosion of gross margins suggests that the company may be forced to offer more aggressive incentives or absorb higher costs to facilitate transactions. Investors should monitor whether this margin degradation is a permanent shift in the business model or a temporary reaction to competitive pricing pressures.
Based on the provided income statement data, the company's operating margin has deteriorated into negative territory, reaching -6.1% in 2026Q1, which indicates that fixed corporate overhead and technology costs are not scaling efficiently against the current, diminished revenue base of $125.8 million.
The inability to achieve positive operating income suggests that the current cost structure is misaligned with the company's transaction volume. This lack of operating leverage implies that significant cost-cutting measures may be required to reach a sustainable path toward profitability in the near term.
Analysis of the reported figures reveals that net income remains highly erratic, with a net margin of -11.6% in 2026Q1, further complicated by significant stock-based compensation expenses that continue to dilute shareholder value despite the company's ongoing struggle to generate consistent positive bottom-line results.
The wide discrepancy between operating performance and net income suggests that non-operating items, including interest and potential one-time charges, are heavily impacting the bottom line. The persistent use of stock-based compensation warrants further investigation into management's long-term incentive alignment during this period of operational contraction.
While the company highlights its Skybox ERP as a competitive moat, the financial data suggests that this technological advantage has yet to translate into sustainable profitability, as evidenced by the -75.21% net margin reported in the trailing twelve-month period, raising concerns regarding long-term viability.
Short-sellers may focus on the company's inability to convert its B2B software utility into a self-sustaining marketplace engine. The reliance on high marketing spend to drive traffic, coupled with declining revenue, suggests that the current business model may be fundamentally unsustainable without a significant pivot in strategy.
Quick answers to the most common questions about buying SEAT stock.
For fiscal year 2025, Vivid Seats Inc. (SEAT) reported total revenue of $570.8M. This represents a 21.7% increase compared to $468.9M in 2019.
Vivid Seats Inc. (SEAT) reported a net loss of $429.3M for the fiscal year ending 2025.
Vivid Seats Inc. (SEAT) reported an operating income of $-41.8M, resulting in an operating profit margin of -7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Vivid Seats Inc. (SEAT) generated $347.9M in gross profit for the year, representing a gross profit margin of 61.0%. This demonstrates the company's core pricing power and production efficiency.