What is Vivid Seats' operating income?

Vivid Seats' total operating income in 2024 was $42.23 million, based on the following breakdown: Total Gross Profit: $573.73 million Total Operating Expenses: $531.51 million

Vivid Seats (SEAT) Financials

$7.01 +0.41 (+6.21%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$6.80 -0.22 (-3.07%)

As of 07/24/2026 05:39 PM Eastern

Compare

Annual Income Statements for Vivid Seats

This table shows Vivid Seats' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-95	0.00	-5.02	71	69	13
Consolidated Net Income / (Loss)	-54	-774	-19	71	113	14
Net Income / (Loss) Continuing Operations	-95	-774	-19	71	113	14
Total Pre-Tax Income	-54	-774	-19	69	71	23
Total Operating Income	0.00	-716	77	78	81	42
Total Gross Profit	0.00	10	352	460	531	574
Total Revenue	0.00	35	443	600	713	776
Operating Revenue	-	35	443	600	713	776
Total Cost of Revenue	0.00	25	91	141	182	202
Operating Cost of Revenue	0.00	25	91	141	182	202
Total Operating Expenses	93	726	276	382	449	532
Selling, General & Admin Expense	0.00	66	92	128	159	202
Marketing Expense	-	38	181	248	274	285
Depreciation Expense	93	48	2.32	7.73	17	44
Other Operating Expenses / (Income)	-	0.00	0.00	-2.07	-1.00	0.00
Total Other Income / (Expense), net	-2.41	-58	-95	-8.92	-10	-20
Interest Expense	2.41	58	94	17	14	23
Other Income / (Expense), net	-	0.00	-1.39	8.23	3.11	3.67
Income Tax Expense	0.00	0.00	0.30	-1.59	-42	8.42
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-3.01	29	75	9.43
Basic Earnings per Share	$0.00	$0.00	($0.04)	$0.36	$0.80	$0.07
Weighted Average Basic Shares Outstanding	0.00	0.00	77.50M	80.26M	92.68M	132.33M
Diluted Earnings per Share	$0.00	$0.00	($0.04)	$0.36	$0.26	$0.06
Weighted Average Diluted Shares Outstanding	0.00	0.00	77.50M	198.74M	198.88M	209.14M
Weighted Average Basic & Diluted Shares Outstanding	-	-	197.37M	195.38M	210.18M	208.92M

This table shows Vivid Seats' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	31	6.68	20	13	-0.44	11	3.12	-5.94	-335	-30	-15
Consolidated Net Income / (Loss)	14	18	52	11	-1.22	9.20	-8.76	-9.79	-263	-20	-15
Net Income / (Loss) Continuing Operations	38	16	29	11	-1.22	9.20	-4.42	-9.79	-263	-20	-15
Total Pre-Tax Income	14	19	7.93	13	-0.64	13	-3.13	-6.63	-187	-29	-16
Total Operating Income	18	20	10	21	7.88	11	2.90	-4.32	-332	-23	-8.79
Total Gross Profit	123	138	147	141	150	136	147	119	101	92	87
Total Revenue	165	188	198	191	198	187	200	164	144	136	126
Operating Revenue	165	188	198	191	198	187	200	164	144	136	126
Total Cost of Revenue	43	50	51	50	49	51	52	45	42	44	39
Operating Cost of Revenue	43	50	51	50	49	51	52	45	42	44	39
Total Operating Expenses	105	118	137	121	142	125	144	124	433	115	95
Selling, General & Admin Expense	38	37	51	42	61	46	52	48	46	45	33
Marketing Expense	65	77	77	68	70	68	79	64	54	56	50
Depreciation Expense	2.70	3.30	8.58	10	11	11	13	12	12	14	12
Total Other Income / (Expense), net	-3.77	-1.51	-2.17	-7.66	-8.53	2.72	-6.04	-2.31	145	-6.10	-7.00
Interest Expense	2.77	2.54	4.91	5.08	5.32	6.30	6.47	6.47	5.63	6.11	5.93
Other Income / (Expense), net	-1.00	1.04	2.74	-2.58	-3.20	9.02	0.43	4.15	150	0.01	-1.07
Income Tax Expense	-24	2.60	-21	2.27	0.58	4.29	1.28	3.16	76	-9.23	-1.16
Net Income / (Loss) Attributable to Noncontrolling Interest	31	6.68	19	4.67	-0.16	3.90	0.53	-5.94	-140	-8.53	-15
Basic Earnings per Share	$0.36	$0.07	$0.21	$0.05	($0.01)	$0.81	($0.01)	($0.89)	($1.07)	($1.31)	($1.35)
Weighted Average Basic Shares Outstanding	85.27M	96.41M	92.68M	134.07M	131.80M	6.58M	132.33M	6.65M	130.54M	6.49M	10.82M
Diluted Earnings per Share	$0.20	$0.07	($0.16)	$0.04	($0.01)	($0.80)	($0.01)	($0.94)	($1.27)	$1.91	($1.35)
Weighted Average Diluted Shares Outstanding	196.38M	96.86M	198.88M	210.91M	208.03M	6.60M	209.14M	10.46M	206.96M	10.30M	10.82M
Weighted Average Basic & Diluted Shares Outstanding	196.18M	196.41M	210.18M	207.65M	208.08M	207.75M	208.92M	206.07M	205.65M	10.73M	10.99M

This table details how cash moves in and out of Vivid Seats' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-19	204	293	-238	-120	112
Net Cash From Operating Activities	76	-34	176	14	147	54
Net Cash From Continuing Operating Activities	76	-34	264	13	147	54
Net Income / (Loss) Continuing Operations	-54	-774	-19	71	113	14
Consolidated Net Income / (Loss)	-54	-774	-19	71	113	14
Depreciation Expense	93	48	2.32	7.73	17	44
Amortization Expense	2.86	3.86	4.47	1.05	0.92	0.99
Non-Cash Adjustments To Reconcile Net Income	8.55	595	113	18	25	52
Changes in Operating Assets and Liabilities, net	26	94	164	-85	-9.10	-58
Net Cash From Investing Activities	-40	-7.61	-9.35	-15	-226	-27
Net Cash From Continuing Investing Activities	-40	-7.61	-9.35	-15	-226	-27
Purchase of Property, Plant & Equipment	-1.26	-0.34	-1.13	-3.56	-0.90	-4.23
Acquisitions	-31	0.00	0.30	-0.01	-207	-0.35
Other Investing Activities, net	-7.78	-7.26	-8.51	-12	-18	-22
Net Cash From Financing Activities	-55	246	38	-236	-43	86
Net Cash From Continuing Financing Activities	-55	246	38	-236	-43	86
Repayment of Debt	-7.37	-64	-181	-4.86	-0.28	-2.97
Repurchase of Common Equity	-	0.00	0.00	-32	-20	-23
Payment of Dividends	-8.10	-0.12	-278	-5.25	-14	-10
Issuance of Debt	0.00	310	0.00	275	0.00	0.00
Other Financing Activities, net	-40	0.00	733	-469	-8.76	122
Effect of Exchange Rate Changes	-	-	-	0.00	1.90	-1.05
Cash Interest Paid	39	35	73	15	19	19
Cash Income Taxes Paid	-	-	0.00	0.00	4.02	5.47

This table details how cash moves in and out of Vivid Seats' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	2.88	-61	-114	28	81	-32	32	-44	-46	-8.46	41
Net Cash From Operating Activities	18	32	33	39	-14	-19	48	-25	-29	0.51	46
Net Cash From Continuing Operating Activities	-1.18	28	56	39	-13	-18	43	-25	-30	1.79	46
Net Income / (Loss) Continuing Operations	14	18	51	11	-0.44	11	-8.76	-9.79	-263	-20	-15
Consolidated Net Income / (Loss)	14	18	51	11	-0.44	11	-8.76	-9.79	-263	-20	-15
Depreciation Expense	8.01	-2.00	8.58	10	11	11	13	12	12	14	12
Amortization Expense	0.23	0.24	0.24	0.24	0.22	0.27	0.27	0.24	0.24	0.25	0.24
Non-Cash Adjustments To Reconcile Net Income	-16	31	4.66	12	21	2.08	18	7.29	329	15	5.97
Changes in Operating Assets and Liabilities, net	-7.10	-20	-9.06	6.26	-44	-41	21	-35	-109	-7.73	42
Net Cash From Investing Activities	-2.98	-65	-155	-5.29	-5.26	-7.29	-8.90	-7.57	-4.09	-4.60	-3.10
Net Cash From Continuing Investing Activities	2.00	-70	-155	-5.29	-5.26	-7.29	-8.90	-7.57	-5.09	-3.60	-3.60
Purchase of Property, Plant & Equipment	-0.39	-0.18	-0.11	-0.09	-0.29	-0.39	-3.46	-1.84	-0.21	-0.01	-0.02
Acquisitions	-	-	-151	0.00	-	-	-0.35	-0.15	-0.18	-0.37	-0.02
Other Investing Activities, net	-	-	-3.57	-5.20	-4.98	-6.90	-5.10	-5.59	-4.71	-3.22	-3.56
Net Cash From Financing Activities	-12	-4.19	-17	-4.61	99	-6.84	-1.80	-12	-14	-4.02	-1.82
Net Cash From Continuing Financing Activities	1.81	-18	-17	-4.61	99	-6.84	-1.80	-12	-11	-6.71	-1.32
Repayment of Debt	-	-	-0.28	-0.28	-2.69	-	-	-0.16	-	-	0.00
Repurchase of Common Equity	-	-	-12	-3.11	-17	-2.93	0.02	-5.99	-9.87	-2.43	0.00
Other Financing Activities, net	1.81	-6.69	-0.69	-1.23	-0.10	-1.07	124	-82	-1.31	74	-1.32
Cash Interest Paid	5.32	5.99	6.08	6.07	10	0.62	2.77	7.75	7.13	6.10	6.15
Cash Income Taxes Paid	0.40	-	3.62	0.62	2.66	1.86	0.33	1.29	0.67	3.31	0.06

This table presents Vivid Seats' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,159	1,409	1,151	1,550	1,636	637
Total Current Assets	408	610	332	246	345	178
Cash & Equivalents	285	490	252	125	243	103
Restricted Cash	-	0.28	0.75	6.95	1.17	0.60
Accounts Receivable	35	36	37	58	48	31
Inventories, net	7.46	12	13	21	20	18
Prepaid Expenses	80	73	30	34	33	26
Plant, Property, & Equipment, net	0.00	1.08	10	10	13	12
Total Noncurrent Assets	751	798	809	1,294	1,278	446
Goodwill	683	718	715	947	943	284
Intangible Assets	67	79	82	241	233	142
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	86	78	1.12
Other Noncurrent Operating Assets	0.66	0.79	12	20	24	19
Total Liabilities & Shareholders' Equity	1,159	1,409	1,151	1,550	1,636	637
Total Liabilities	2,067	983	671	963	1,022	722
Total Current Liabilities	331	497	378	488	426	303
Short-Term Debt	-	0.00	2.75	3.93	3.95	3.93
Accounts Payable	63	191	161	258	233	153
Accrued Expenses	256	281	182	192	165	126
Current Deferred Revenue	5.96	25	32	35	24	20
Total Noncurrent Liabilities	1,742	486	293	476	596	419
Long-Term Debt	1,742	460	280	281	404	400
Other Noncurrent Operating Liabilities	0.51	26	13	29	37	19
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-53	-861	-383	105	261	-85
Total Preferred & Common Equity	-272	-861	-383	105	261	-85
Total Common Equity	-272	-861	-383	105	261	-85
Common Stock	756	182	664	1,096	1,268	1,368
Retained Earnings	-1,027	-1,043	-1,014	-940	-930	-1,359
Treasury Stock	-	0.00	-32	-53	-76	-94
Accumulated Other Comprehensive Income / (Loss)	-0.82	-	0.00	0.75	-0.88	0.17

This table presents Vivid Seats' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,181	1,228	1,325	1,385	1,589	1,655	1,611	1,606	1,149	1,107	692
Total Current Assets	364	408	428	406	297	371	326	320	265	234	243
Cash & Equivalents	274	303	306	269	154	234	202	199	153	145	144
Restricted Cash	0.51	0.68	0.67	1.06	6.85	6.14	6.19	1.22	0.98	0.61	0.60
Accounts Receivable	40	47	46	65	70	69	65	57	50	38	36
Inventories, net	14	24	28	22	30	30	22	28	33	24	29
Prepaid Expenses	35	33	47	49	37	32	30	35	29	26	34
Plant, Property, & Equipment, net	8.84	10	10	10	9.83	9.66	9.59	14	13	13	12
Total Noncurrent Assets	808	809	887	969	1,283	1,274	1,275	1,272	871	860	437
Goodwill	715	715	715	760	944	942	947	945	649	649	284
Intangible Assets	82	82	82	114	234	227	225	228	198	189	132
Noncurrent Deferred & Refundable Income Taxes	-	-	79	77	85	85	81	74	1.26	1.18	1.24
Other Noncurrent Operating Assets	11	12	9.97	18	20	21	22	24	22	21	19
Total Liabilities & Shareholders' Equity	1,181	1,228	1,325	1,385	1,589	1,655	1,611	1,606	1,149	1,107	692
Total Liabilities	701	723	828	865	993	1,061	999	999	803	772	787
Total Current Liabilities	405	431	429	454	525	470	413	416	367	348	371
Short-Term Debt	2.75	2.75	2.75	3.31	3.58	3.95	3.95	3.95	3.95	3.95	3.93
Accounts Payable	165	218	204	219	307	267	224	226	204	199	225
Accrued Expenses	204	184	192	197	181	169	160	163	139	127	123
Current Deferred Revenue	34	26	30	34	33	30	25	23	20	18	19
Total Noncurrent Liabilities	295	292	399	411	468	591	586	583	436	423	416
Long-Term Debt	279	279	279	282	280	403	402	404	403	401	398
Other Noncurrent Operating Liabilities	16	13	21	30	28	26	23	29	33	22	18
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-425	-397	-293	-120	140	156	329	381	217	272	-95
Total Preferred & Common Equity	-425	-397	-293	-120	140	156	329	381	217	272	-95
Total Common Equity	-425	-397	-293	-120	140	156	329	381	217	272	-95
Common Stock	602	645	718	885	1,130	1,164	1,334	1,399	1,384	1,450	1,372
Retained Earnings	-1,024	-1,002	-971	-965	-934	-935	-929	-936	-1,076	-1,084	-1,374
Treasury Stock	-3.05	-40	-40	-40	-57	-73	-76	-82	-92	-94	-94
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-0.17	-0.38	-1.22	0.77	-0.13	0.41	0.24	0.35

This table displays calculated financial ratios and metrics derived from Vivid Seats' official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	1,163.04%	35.49%	18.76%	8.80%
EBITDA Growth	0.00%	-792.02%	112.35%	16.03%	7.81%	-11.15%
EBIT Growth	0.00%	0.00%	110.50%	14.83%	-2.18%	-45.66%
NOPAT Growth	0.00%	0.00%	110.69%	49.07%	62.35%	-79.51%
Net Income Growth	0.00%	-1,337.72%	97.53%	470.01%	59.85%	-87.36%
EPS Growth	0.00%	0.00%	0.00%	1,000.00%	-27.78%	-76.92%
Operating Cash Flow Growth	0.00%	-144.32%	618.68%	-91.82%	924.83%	-63.40%
Free Cash Flow Firm Growth	0.00%	0.00%	119.66%	-116.90%	-183.73%	88.54%
Invested Capital Growth	0.00%	0.00%	-27.86%	29.01%	44.80%	5.13%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	21.88%	-12.03%	0.20%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-10.40%	-5.03%	-5.66%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-12.70%	-12.03%	-17.16%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-18.31%	8.41%	-61.54%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	52.93%	30.94%	-80.83%
EPS Q/Q Growth	0.00%	0.00%	0.00%	89.47%	-52.73%	166.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-17.22%	137.75%	15.66%	38.02%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-238.80%	94.43%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	4.72%	37.94%	-3.89%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	0.00%	29.61%	79.55%	76.59%	74.44%	73.97%
EBITDA Margin	0.00%	-1,892.72%	18.50%	15.85%	14.39%	11.75%
Operating Margin	0.00%	-2,041.27%	17.28%	13.01%	11.41%	5.44%
EBIT Margin	0.00%	-2,041.27%	16.97%	14.38%	11.85%	5.92%
Profit (Net Income) Margin	0.00%	-2,207.10%	-4.32%	11.79%	15.87%	1.84%
Tax Burden Percent	100.00%	100.00%	101.61%	102.30%	159.48%	62.95%
Interest Burden Percent	0.00%	108.12%	-25.04%	80.14%	84.01%	49.51%
Effective Tax Rate	0.00%	0.00%	0.00%	-2.30%	-59.48%	37.05%
Return on Invested Capital (ROIC)	0.00%	-182.78%	11.35%	17.64%	20.76%	3.51%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-328.88%	-30.93%	-3,068.96%	2.60%	-4.28%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-703.35%	-17.73%	-2.00%	0.45%	-1.12%
Return on Equity (ROE)	0.00%	-886.13%	-6.38%	15.63%	21.21%	2.38%
Cash Return on Invested Capital (CROIC)	0.00%	-382.78%	43.72%	-7.70%	-15.84%	-1.50%
Operating Return on Assets (OROA)	0.00%	-61.77%	5.86%	6.74%	6.25%	2.88%
Return on Assets (ROA)	0.00%	-66.79%	-1.49%	5.53%	8.38%	0.90%
Return on Common Equity (ROCE)	0.00%	1,378.28%	12.03%	-21.47%	-5.52%	0.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	284.86%	2.22%	-18.49%	107.74%	5.48%
Net Operating Profit after Tax (NOPAT)	0.00	-501	54	80	130	27
NOPAT Margin	0.00%	-1,428.89%	12.10%	13.31%	18.20%	3.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	146.10%	42.28%	3,086.60%	18.16%	7.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-79.79%	33.28%	3.97%
Cost of Revenue to Revenue	0.00%	70.39%	20.45%	23.41%	25.56%	26.03%
SG&A Expenses to Revenue	0.00%	188.72%	20.80%	21.26%	22.32%	26.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	2,070.89%	62.26%	63.58%	63.03%	68.53%
Earnings before Interest and Taxes (EBIT)	0.00	-716	75	86	84	46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	96	-664	82	95	103	91
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	11.82	3.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	4.79	2.43	1.74	1.24
Price to Earnings (P/E)	0.00	0.00	0.00	20.57	17.88	71.64
Dividend Yield	0.00%	0.00%	2.11%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	4.86%	5.59%	1.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	8.54	4.60	2.54	1.90
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	7.63	3.91	2.63	1.91
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	41.23	24.70	18.29	16.22
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	44.95	27.21	22.21	32.20
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	63.05	29.41	14.46	55.59
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	19.22	163.44	12.73	27.41
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	16.38	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	9.97	1.08	0.59	0.49	0.66
Long-Term Debt to Equity	0.00	9.97	1.08	0.58	0.48	0.66
Financial Leverage	0.00	2.14	0.57	0.00	0.17	0.26
Leverage Ratio	0.00	6.63	4.28	2.83	2.53	2.65
Compound Leverage Factor	0.00	7.17	-1.07	2.27	2.13	1.31
Debt to Total Capital	0.00%	90.88%	51.97%	37.05%	32.68%	39.90%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.36%	0.45%	0.39%
Long-Term Debt to Total Capital	0.00%	90.88%	51.97%	36.69%	32.22%	39.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	11.91%	145.24%	113.13%	55.27%	34.54%
Common Equity to Total Capital	0.00%	-14.18%	-97.20%	-50.18%	12.05%	25.56%
Debt to EBITDA	0.00	-2.62	5.61	2.97	2.78	4.47
Net Debt to EBITDA	0.00	-2.19	-0.36	0.32	1.49	1.79
Long-Term Debt to EBITDA	0.00	-2.62	5.61	2.94	2.74	4.43
Debt to NOPAT	0.00	-3.48	8.58	3.54	2.20	15.34
Net Debt to NOPAT	0.00	-2.91	-0.55	0.38	1.17	6.13
Long-Term Debt to NOPAT	0.00	-3.48	8.58	3.50	2.17	15.19
Altman Z-Score	0.00	0.00	0.85	0.79	0.38	0.28
Noncontrolling Interest Sharing Ratio	0.00%	255.54%	288.72%	237.32%	126.03%	69.51%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.23	1.23	0.88	0.50	0.81
Quick Ratio	0.00	0.97	1.06	0.76	0.38	0.69
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,050	206	-35	-99	-11
Operating Cash Flow to CapEx	6,079.33%	-9,939.00%	15,529.15%	404.02%	16,460.34%	1,275.66%
Free Cash Flow to Firm to Interest Expense	0.00	-18.05	2.20	-2.03	-7.33	-0.49
Operating Cash Flow to Interest Expense	31.68	-0.58	1.87	0.84	10.91	2.33
Operating Cash Flow Less CapEx to Interest Expense	31.16	-0.59	1.86	0.63	10.84	2.14
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.03	0.35	0.47	0.53	0.49
Accounts Receivable Turnover	0.00	1.00	12.41	16.52	15.01	14.52
Inventory Turnover	0.00	3.31	9.42	11.44	10.78	9.94
Fixed Asset Turnover	0.00	0.00	0.00	104.28	69.26	68.26
Accounts Payable Turnover	0.00	0.39	0.71	0.80	0.87	0.82
Days Sales Outstanding (DSO)	0.00	366.80	29.40	22.09	24.32	25.13
Days Inventory Outstanding (DIO)	0.00	110.31	38.74	31.89	33.86	36.72
Days Payable Outstanding (DPO)	0.00	927.93	511.49	457.86	419.55	443.47
Cash Conversion Cycle (CCC)	0.00	-450.82	-443.35	-403.88	-361.37	-381.61
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	548	396	510	739	777
Invested Capital Turnover	0.00	0.13	0.94	1.33	1.14	1.02
Increase / (Decrease) in Invested Capital	0.00	548	-153	115	229	38
Enterprise Value (EV)	0.00	0.00	3,380	2,349	1,875	1,478
Market Capitalization	0.00	0.00	2,123	1,456	1,241	962
Book Value per Share	$0.00	$0.00	($4.41)	($1.92)	$0.53	$1.26
Tangible Book Value per Share	$0.00	$0.00	($8.49)	($5.91)	($5.52)	($4.41)
Total Capital	0.00	1,917	885	763	872	1,022
Total Debt	0.00	1,742	460	283	285	408
Total Long-Term Debt	0.00	1,742	460	280	281	404
Net Debt	0.00	1,456	-30	30	152	163
Capital Expenditures (CapEx)	1.26	0.34	1.13	3.56	0.90	4.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-208	-377	-296	-370	-321
Debt-free Net Working Capital (DFNWC)	0.00	77	113	-44	-238	-77
Net Working Capital (NWC)	0.00	77	113	-46	-242	-81
Net Nonoperating Expense (NNE)	54	273	73	9.12	17	12
Net Nonoperating Obligations (NNO)	0.00	374	-30	30	152	163
Total Depreciation and Amortization (D&A)	96	52	6.79	8.78	18	45
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-594.39%	-85.12%	-49.32%	-51.94%	-41.43%
Debt-free Net Working Capital to Revenue	0.00%	219.07%	25.44%	-7.29%	-33.36%	-9.88%
Net Working Capital to Revenue	0.00%	219.07%	25.44%	-7.75%	-33.91%	-10.39%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.04)	$0.36	$0.80	$0.07
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	77.50M	80.26M	92.68M	132.33M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.04)	$0.36	$0.26	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	77.50M	198.74M	198.88M	209.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	197.37M	195.38M	210.18M	208.92M
Normalized Net Operating Profit after Tax (NOPAT)	0.00	-100	54	55	57	27
Normalized NOPAT Margin	0.00%	-283.74%	12.10%	9.11%	7.99%	3.43%
Pre Tax Income Margin	0.00%	-2,207.10%	-4.25%	11.53%	9.95%	2.93%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-12.31	0.80	5.04	6.25	1.98
NOPAT to Interest Expense	0.00	-8.62	0.57	4.66	9.61	1.15
EBIT Less CapEx to Interest Expense	-0.52	-12.32	0.79	4.83	6.19	1.80
NOPAT Less CapEx to Interest Expense	-0.52	-8.62	0.56	4.45	9.54	0.96
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	-15.03%	-0.02%	-1,451.71%	7.41%	12.64%	70.02%
Augmented Payout Ratio	-15.03%	-0.02%	-1,451.71%	53.32%	30.40%	230.71%

This table displays calculated financial ratios and metrics derived from Vivid Seats' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	208,922,220.00	206,072,569.00	205,645,198.00	10,725,316.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	10,446,111.00	10,303,628.00	10,282,260.00	10,725,316.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.57	-32.55	-2.94	-1.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.97%	19.97%	-32.95%	18.50%	19.92%	-0.81%	0.76%	-14.06%	-27.61%	-26.92%	-23.31%
EBITDA Growth	-13.52%	-19.77%	-21.13%	-21.41%	-38.02%	58.42%	-25.24%	-59.40%	-1,197.10%	-128.84%	-77.05%
EBIT Growth	-37.92%	-2.80%	-48.14%	-46.53%	-71.83%	-6.48%	-74.05%	-100.92%	-3,978.80%	-215.40%	-5,802.99%
NOPAT Growth	172.05%	-19.71%	39.15%	-48.58%	-88.69%	-57.60%	-94.41%	-117.72%	-4,308.64%	-317.84%	-103.38%
Net Income Growth	-43.28%	-5.80%	107.70%	-57.49%	-103.20%	-39.85%	-116.99%	-191.12%	-21,466.50%	-314.36%	-49.48%
EPS Growth	66.67%	-22.22%	-223.08%	-73.33%	-105.00%	-42.86%	93.75%	-191.12%	-12,600.00%	338.75%	-43.62%
Operating Cash Flow Growth	179.35%	186,664.71%	153.61%	-39.85%	-178.63%	-160.61%	45.10%	-164.57%	-107.30%	102.66%	281.93%
Free Cash Flow Firm Growth	105.70%	-158.02%	-116.92%	-304.40%	-1,256.82%	-754.61%	81.34%	55.16%	75.00%	174.42%	756.87%
Invested Capital Growth	5.43%	9.92%	44.80%	48.89%	61.19%	50.89%	5.13%	13.24%	-21.24%	-26.40%	-79.98%
Revenue Q/Q Growth	2.68%	13.76%	5.41%	-3.76%	3.91%	-5.91%	7.08%	-17.91%	-12.47%	-5.01%	0.00%
EBITDA Q/Q Growth	-32.23%	-21.96%	11.65%	33.07%	-46.55%	99.49%	-47.31%	-27.72%	-1,544.08%	94.76%	0.00%
EBIT Q/Q Growth	-50.90%	27.35%	-39.31%	40.91%	-74.13%	322.78%	-83.16%	-105.01%	-108,599.40%	87.42%	0.00%
NOPAT Q/Q Growth	46.91%	-64.50%	109.72%	-52.99%	-67.68%	33.06%	-72.33%	-248.90%	-7,577.04%	93.11%	0.00%
Net Income Q/Q Growth	-54.92%	29.50%	191.71%	-75.03%	-103.40%	2,532.49%	-182.42%	-11.72%	-2,590.30%	92.51%	0.00%
EPS Q/Q Growth	33.33%	-65.00%	-328.57%	144.44%	-125.00%	500.00%	-125.00%	-11.72%	-2,440.00%	250.39%	0.00%
Operating Cash Flow Q/Q Growth	-73.03%	80.63%	3.84%	18.92%	-135.25%	-39.24%	348.58%	-152.92%	-13.18%	101.79%	0.00%
Free Cash Flow Firm Q/Q Growth	145.22%	-226.88%	-519.54%	-13.77%	-29.35%	6.26%	86.47%	-173.41%	27.89%	379.08%	0.00%
Invested Capital Q/Q Growth	-2.27%	13.61%	37.94%	-2.79%	5.81%	6.35%	-3.89%	4.71%	-26.40%	-0.63%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.23%	73.18%	74.11%	74.02%	75.41%	72.65%	73.74%	72.85%	70.45%	67.49%	68.84%
EBITDA Margin	15.02%	10.31%	10.92%	15.10%	7.76%	16.46%	8.10%	7.13%	-117.68%	-6.50%	2.13%
Operating Margin	10.65%	10.69%	5.09%	10.83%	3.97%	5.77%	1.45%	-2.63%	-231.06%	-16.75%	-6.99%
EBIT Margin	10.05%	11.25%	6.47%	9.48%	2.36%	10.60%	1.67%	-0.10%	-126.44%	-16.74%	-7.84%
Profit (Net Income) Margin	8.25%	9.39%	26.00%	6.74%	-0.22%	5.70%	-4.38%	-5.97%	-183.42%	-14.46%	-11.63%
Tax Burden Percent	98.59%	94.94%	649.99%	98.92%	67.86%	78.82%	279.55%	147.57%	140.69%	68.11%	92.67%
Interest Burden Percent	83.31%	87.98%	61.77%	71.91%	-13.76%	68.16%	-94.06%	3,971.86%	103.10%	126.76%	160.16%
Effective Tax Rate	-176.90%	13.94%	-259.66%	17.44%	0.00%	31.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	50.00%	14.58%	20.89%	11.06%	3.50%	4.53%	1.04%	-1.80%	-165.19%	-10.76%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	248.25%	17.71%	37.58%	2.69%	-4.96%	7.63%	-5.80%	-5.91%	-180.05%	-12.39%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-9.22%	0.40%	6.43%	0.25%	-0.64%	1.43%	-1.52%	-1.62%	-80.19%	-5.97%	0.00%
Return on Equity (ROE)	40.78%	14.98%	27.33%	11.31%	2.86%	5.96%	-0.48%	-3.42%	-245.38%	-16.73%	0.00%
Cash Return on Invested Capital (CROIC)	21.72%	13.93%	-15.84%	-19.29%	-33.60%	-30.29%	-1.50%	-16.97%	-9.45%	-5.09%	133.28%
Operating Return on Assets (OROA)	6.14%	7.10%	3.42%	5.00%	1.23%	5.48%	0.81%	-0.05%	-62.59%	-7.93%	0.00%
Return on Assets (ROA)	5.05%	5.93%	13.72%	3.56%	-0.11%	2.94%	-2.13%	-2.80%	-90.80%	-6.85%	0.00%
Return on Common Equity (ROCE)	-30.72%	-8.17%	-7.11%	-2.65%	-0.36%	1.10%	-0.15%	-1.48%	-97.38%	-10.63%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-29.83%	-71.84%	0.00%	68.61%	52.41%	22.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	49	17	36	17	5.52	7.34	2.03	-3.02	-232	-16	-6.15
NOPAT Margin	29.49%	9.20%	18.31%	8.94%	2.78%	3.93%	1.02%	-1.84%	-161.74%	-11.73%	-4.89%
Net Nonoperating Expense Percent (NNEP)	-198.25%	-3.13%	-16.69%	8.37%	8.46%	-3.10%	6.85%	4.10%	14.86%	1.63%	3.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	9.32%	-	-	-	0.30%	-0.38%	-37.22%	-2.36%	-2.00%
Cost of Revenue to Revenue	25.77%	26.82%	25.89%	25.98%	24.59%	27.35%	26.26%	27.15%	29.55%	32.51%	31.16%
SG&A Expenses to Revenue	23.16%	19.79%	25.80%	22.20%	30.79%	24.82%	26.22%	29.31%	32.23%	33.13%	26.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	63.58%	62.48%	69.02%	63.19%	71.44%	66.88%	72.28%	75.49%	301.51%	84.24%	75.83%
Earnings before Interest and Taxes (EBIT)	17	21	13	18	4.68	20	3.33	-0.17	-182	-23	-9.86
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	19	22	29	15	31	16	12	-169	-8.86	2.69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	11.82	9.02	7.66	2.34	3.68	1.62	1.60	0.63	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.99	1.55	1.74	1.70	1.54	0.99	1.24	0.83	0.50	0.27	0.00
Price to Earnings (P/E)	14.19	11.62	17.88	19.88	37.85	25.53	71.64	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.05%	8.60%	5.59%	5.03%	2.64%	3.92%	1.40%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.91	3.58	2.54	2.56	2.37	1.54	1.90	1.29	1.22	0.83	1.97
Enterprise Value to Revenue (EV/Rev)	2.97	2.36	2.63	2.47	2.32	1.61	1.91	1.40	1.05	0.77	0.00
Enterprise Value to EBITDA (EV/EBITDA)	20.37	17.74	18.29	19.41	21.10	12.93	16.22	14.21	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	23.74	19.95	22.21	26.75	31.68	22.54	32.20	38.05	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	18.66	16.01	14.46	15.30	22.02	18.07	55.59	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	24.22	15.04	12.73	15.14	19.98	31.97	27.41	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	23.21	26.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.55	0.49	0.48	0.68	0.66	0.66	0.67	1.17	1.21	-4.22
Long-Term Debt to Equity	0.56	0.54	0.48	0.47	0.68	0.66	0.66	0.67	1.16	1.20	-4.18
Financial Leverage	-0.04	0.02	0.17	0.09	0.13	0.19	0.26	0.27	0.45	0.48	0.91
Leverage Ratio	2.67	2.56	2.53	2.56	2.73	2.65	2.65	2.66	2.98	2.87	4.50
Compound Leverage Factor	2.22	2.26	1.56	1.84	-0.38	1.80	-2.50	105.53	3.07	3.64	7.20
Debt to Total Capital	36.15%	35.39%	32.68%	32.21%	40.63%	39.87%	39.90%	40.22%	54.02%	54.71%	131.07%
Short-Term Debt to Total Capital	0.35%	0.41%	0.45%	0.41%	0.39%	0.39%	0.39%	0.39%	0.52%	0.53%	1.28%
Long-Term Debt to Total Capital	35.80%	34.98%	32.22%	31.80%	40.23%	39.48%	39.51%	39.83%	53.49%	54.17%	129.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	101.53%	79.54%	55.27%	51.92%	43.80%	27.73%	34.54%	22.24%	17.11%	8.55%	0.00%
Common Equity to Total Capital	-37.68%	-14.93%	12.05%	15.87%	15.57%	32.39%	25.56%	37.53%	28.87%	36.74%	-31.07%
Debt to EBITDA	2.47	2.64	2.78	2.99	4.77	4.20	4.47	5.51	-3.69	-2.70	0.00
Net Debt to EBITDA	-0.22	0.14	1.49	1.29	1.95	2.04	1.79	2.80	-2.29	-1.73	0.00
Long-Term Debt to EBITDA	2.45	2.61	2.74	2.95	4.72	4.16	4.43	5.46	-3.65	-2.68	0.00
Debt to NOPAT	2.27	2.38	2.20	2.36	4.98	5.87	15.34	-11.69	-1.80	-1.63	0.00
Net Debt to NOPAT	-0.21	0.13	1.17	1.02	2.03	2.85	6.13	-5.94	-1.12	-1.04	0.00
Long-Term Debt to NOPAT	2.25	2.36	2.17	2.33	4.93	5.81	15.19	-11.58	-1.78	-1.61	0.00
Altman Z-Score	0.73	0.49	0.22	0.27	0.29	0.11	0.19	-0.05	-1.07	-0.85	-3.00
Noncontrolling Interest Sharing Ratio	175.33%	154.55%	126.03%	123.41%	112.60%	81.52%	69.51%	56.73%	60.31%	36.47%	44.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.00	0.89	0.50	0.57	0.79	0.79	0.81	0.77	0.72	0.67	0.66
Quick Ratio	0.82	0.73	0.38	0.43	0.65	0.65	0.69	0.62	0.55	0.53	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	-31	-192	-219	-283	-265	-36	-98	-71	197	645
Operating Cash Flow to CapEx	4,490.79%	17,718.44%	29,940.00%	42,570.65%	-4,827.27%	-4,941.90%	1,381.13%	-1,377.34%	-13,826.09%	5,120.00%	200,030.43%
Free Cash Flow to Firm to Interest Expense	8.83	-12.20	-39.19	-43.06	-53.17	-42.12	-5.55	-15.18	-12.56	32.32	108.68
Operating Cash Flow to Interest Expense	6.33	12.47	6.71	7.71	-2.59	-3.05	7.39	-3.91	-5.08	0.08	7.76
Operating Cash Flow Less CapEx to Interest Expense	6.19	12.40	6.69	7.69	-2.65	-3.11	6.86	-4.19	-5.12	0.08	7.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.63	0.53	0.53	0.52	0.52	0.49	0.47	0.50	0.47	0.00
Accounts Receivable Turnover	17.18	15.39	15.01	12.78	13.50	11.90	14.52	11.84	11.75	12.41	0.00
Inventory Turnover	7.66	11.29	10.78	7.23	6.87	9.17	9.94	6.89	6.06	8.02	0.00
Fixed Asset Turnover	114.15	84.93	69.26	73.75	77.49	78.08	68.26	63.33	60.18	57.47	0.00
Accounts Payable Turnover	0.95	1.05	0.87	0.74	0.85	0.91	0.82	0.74	0.81	0.87	0.00
Days Sales Outstanding (DSO)	21.24	23.72	24.32	28.55	27.04	30.68	25.13	30.84	31.07	29.42	0.00
Days Inventory Outstanding (DIO)	47.66	32.32	33.86	50.48	53.12	39.81	36.72	53.01	60.24	45.51	0.00
Days Payable Outstanding (DPO)	383.15	348.55	419.55	494.37	429.20	403.19	443.47	495.04	451.07	420.56	0.00
Cash Conversion Cycle (CCC)	-314.26	-292.51	-361.37	-415.34	-349.03	-332.69	-381.61	-411.20	-359.76	-345.63	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	472	536	739	718	760	808	777	814	599	595	163
Invested Capital Turnover	1.70	1.58	1.14	1.24	1.26	1.15	1.02	0.98	1.02	0.92	0.00
Increase / (Decrease) in Invested Capital	24	48	229	236	289	273	38	95	-161	-213	-651
Enterprise Value (EV)	2,316	1,916	1,875	1,838	1,798	1,249	1,478	1,051	730	494	322
Market Capitalization	1,551	1,260	1,241	1,259	1,194	770	962	618	348	171	63
Book Value per Share	($1.50)	($0.61)	$0.53	$0.66	$0.75	$1.58	$1.26	$1.82	$1.05	$1.32	($8.82)
Tangible Book Value per Share	($5.57)	($5.07)	($5.52)	($4.94)	($4.88)	($4.05)	($4.41)	($3.79)	($3.06)	($2.75)	($47.29)
Total Capital	779	806	872	879	1,001	1,017	1,022	1,014	753	741	307
Total Debt	281	285	285	283	407	405	408	408	407	405	402
Total Long-Term Debt	279	282	281	280	403	402	404	404	403	401	398
Net Debt	-25	15	152	122	166	197	163	207	253	260	258
Capital Expenditures (CapEx)	0.39	0.18	0.11	0.09	0.29	0.39	3.46	1.84	0.21	0.01	0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-305	-315	-370	-386	-335	-291	-321	-293	-252	-256	-268
Debt-free Net Working Capital (DFNWC)	1.47	-45	-238	-225	-95	-83	-77	-93	-98	-110	-124
Net Working Capital (NWC)	-1.28	-49	-242	-228	-99	-87	-81	-96	-102	-114	-128
Net Nonoperating Expense (NNE)	35	-0.36	-15	4.20	5.95	-3.29	11	6.76	31	3.72	8.48
Net Nonoperating Obligations (NNO)	-25	15	152	122	166	197	163	207	253	260	258
Total Depreciation and Amortization (D&A)	8.23	-1.77	8.81	11	11	11	13	12	13	14	13
Debt-free, Cash-free Net Working Capital to Revenue	-39.20%	-38.88%	-51.94%	-51.92%	-43.23%	-37.63%	-41.43%	-39.16%	-36.34%	-39.78%	0.00%
Debt-free Net Working Capital to Revenue	0.19%	-5.59%	-33.36%	-30.26%	-12.23%	-10.70%	-9.88%	-12.36%	-14.15%	-17.14%	0.00%
Net Working Capital to Revenue	-0.16%	-6.00%	-33.91%	-30.74%	-12.74%	-11.21%	-10.39%	-12.89%	-14.72%	-17.76%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$0.00	$0.21	$0.05	($0.01)	$0.04	($0.01)	($0.80)	($1.07)	($1.31)	($1.35)
Adjusted Weighted Average Basic Shares Outstanding	85.27M	96.41M	92.68M	134.07M	131.80M	131.52M	132.33M	6.65M	130.54M	6.49M	10.82M
Adjusted Diluted Earnings per Share	$0.20	$0.00	($0.16)	$0.04	($0.01)	$0.04	($0.01)	($1.00)	($1.27)	$1.91	($1.35)
Adjusted Weighted Average Diluted Shares Outstanding	196.38M	0.00	198.88M	210.91M	208.03M	131.95M	209.14M	10.46M	206.96M	10.30M	10.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	196.18M	196.41M	210.18M	207.65M	208.08M	207.75M	208.92M	10.30M	205.65M	10.73M	10.99M
Normalized Net Operating Profit after Tax (NOPAT)	12	17	7.07	17	5.52	7.34	2.03	-3.02	-7.89	-16	-6.15
Normalized NOPAT Margin	7.46%	9.20%	3.56%	8.94%	2.78%	3.93%	1.02%	-1.84%	-5.50%	-11.73%	-4.89%
Pre Tax Income Margin	8.37%	9.89%	4.00%	6.82%	-0.32%	7.23%	-1.57%	-4.04%	-130.37%	-21.22%	-12.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.99	8.32	2.62	3.56	0.88	3.14	0.52	-0.03	-32.22	-3.74	-1.66
NOPAT to Interest Expense	17.59	6.81	7.40	3.36	1.04	1.17	0.31	-0.47	-41.22	-2.62	-1.04
EBIT Less CapEx to Interest Expense	5.85	8.25	2.59	3.54	0.83	3.08	-0.02	-0.31	-32.26	-3.74	-1.67
NOPAT Less CapEx to Interest Expense	17.45	6.74	7.37	3.34	0.98	1.10	-0.22	-0.75	-41.25	-2.62	-1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	11.54%	12.64%	0.00%	0.00%	16.81%	70.02%	0.00%	0.00%	-0.82%	0.00%
Augmented Payout Ratio	45.84%	54.42%	30.40%	16.28%	39.86%	64.36%	230.71%	-415.37%	-7.00%	-6.97%	0.00%

Financials Breakdown Chart

Key Financial Trends

Vivid Seats (NASDAQ: SEAT) showed a meaningful turnaround in Q1 2026, but the balance sheet still reflects a highly leveraged and equity-deficit structure. Revenue improved sequentially from Q3 2025 and losses narrowed versus the prior quarter, while operating cash flow remained solid. That said, the company still carries substantial debt, negative common equity, and a heavy goodwill/intangible asset base tied to prior acquisitions.

Operating cash flow was strong in Q1 2026. Vivid Seats generated $46.0 million of cash from operations, a strong result relative to quarterly revenue of $125.8 million.
Quarterly cash generation improved sharply from the prior quarter. Operating cash flow rose from just $0.5 million in Q3 2025 to $46.0 million in Q1 2026.
Net loss narrowed sequentially. The company reported a $14.6 million net loss in Q1 2026 versus a $30.2 million common-shareholder loss in Q3 2025.
Cash and equivalents increased during the quarter. Cash and equivalents rose to $143.6 million at March 31, 2026 from $145.1 million at the end of Q3 2025, supported by positive operating cash flow despite investing outflows.
Revenue held above $125 million. Q1 2026 revenue was $125.8 million, indicating the business is still producing meaningful top-line scale.
Quarterly comparisons are complicated by major balance sheet restructuring and restated prior periods. Several 2025 and 2024 figures show unusually large swings in equity and noncontrolling interest balances, which makes trend interpretation less clean than usual.
Goodwill and intangible assets remain very large. As of Q1 2026, goodwill was $283.7 million and intangible assets were $132.4 million, so a large portion of assets is not hard-cash or tangible.
Debt remains substantial. The company ended Q1 2026 with $3.9 million of short-term debt and $398.5 million of long-term debt.
Balance sheet equity is still negative. Total common equity was $(95.4) million in Q1 2026, underscoring ongoing solvency leverage risk from an accounting perspective.
Interest expense continues to pressure earnings. Q1 2026 interest expense was $5.9 million, a meaningful burden against quarterly operating income of $(8.8) million.
Operating profit was still negative. Despite the better cash flow, operating income came in at a loss of $8.8 million, so the core business has not yet reached consistent operating profitability.
Marketing and SG&A remain elevated relative to revenue. In Q1 2026, marketing expense was $50.0 million and SG&A was $33.1 million, leaving limited room for operating leverage if revenue softens.

Looking at the multi-year trend, the biggest takeaway is volatility. Vivid Seats moved from periods of profitability in 2023 to a difficult 2024 and early 2025, including a major impairment charge in Q2 2025 and heavy net losses. More recently, cash flow has stabilized and Q1 2026 was better than the prior quarter, but the company still needs to prove it can convert that into consistent earnings and a cleaner capital structure.

For retail investors, the story is mixed: the business is still generating cash and operating at meaningful scale, but the debt load, negative equity, and earnings volatility make this a higher-risk turnaround situation rather than a fully de-risked recovery.

07/25/26 03:47 PM ETAI Generated. May Contain Errors.

Vivid Seats Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vivid Seats' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Vivid Seats' net income appears to be on a downward trend, with a most recent value of $14.30 million in 2024, falling from -$53.85 million in 2019. The previous period was $113.14 million in 2023. See Vivid Seats' forecast for analyst expectations on what's next for the company.

Vivid Seats' total operating income in 2024 was $42.23 million, based on the following breakdown:

Total Gross Profit: $573.73 million
Total Operating Expenses: $531.51 million

Over the last 5 years, Vivid Seats' total revenue changed from $0.00 in 2019 to $775.59 million in 2024, a change of 77,558,600,000.0%.

Vivid Seats' total liabilities were at $722.00 million at the end of 2025, a 29.4% decrease from 2024, and a 65.1% decrease since 2020.

In the past 5 years, Vivid Seats' cash and equivalents has ranged from $102.70 million in 2025 to $489.53 million in 2021, and is currently $102.70 million as of their latest financial filing in 2025.

Over the last 5 years, Vivid Seats' book value per share changed from 0.00 in 2019 to 1.26 in 2024, a change of 125.7%.

Related Companies

Financial statements for NASDAQ:SEAT last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Vivid Seats (SEAT) Financials

Financials Breakdown Chart

Key Financial Trends

Vivid Seats Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Vivid Seats (SEAT) Financials

Annual Income Statements for Vivid Seats

Quarterly Income Statements for Vivid Seats

Annual Cash Flow Statements for Vivid Seats

Quarterly Cash Flow Statements for Vivid Seats

Annual Balance Sheets for Vivid Seats

Quarterly Balance Sheets for Vivid Seats

Annual Metrics And Ratios for Vivid Seats

Quarterly Metrics And Ratios for Vivid Seats

Financials Breakdown Chart

Key Financial Trends

Vivid Seats Financials - Frequently Asked Questions

When does Vivid Seats' fiscal year end?

How has Vivid Seats' net income changed over the last 5 years?

What is Vivid Seats' operating income?

How has Vivid Seats' revenue changed over the last 5 years?

How much debt does Vivid Seats have?

How much cash does Vivid Seats have?

How has Vivid Seats' book value per share changed over the last 5 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools