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Vivid Seats (SEATW) Financials

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$0.03 0.00 (0.00%)
As of 07/24/2026
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Annual Income Statements for Vivid Seats

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

Quarterly Income Statements for Vivid Seats

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

Annual Cash Flow Statements for Vivid Seats

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

Quarterly Cash Flow Statements for Vivid Seats

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

Annual Balance Sheets for Vivid Seats

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

Quarterly Balance Sheets for Vivid Seats

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

Annual Metrics And Ratios for Vivid Seats

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%

Quarterly Metrics And Ratios for Vivid Seats

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 04:10 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.

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%.


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