Vivid Seats Q4 GOV Drops 42% to $580.6M with $428.7M Net Loss
Vivid Seats reported Q4 marketplace gross order value of $580.6 million, down 42% year-over-year, and revenues of $126.8 million, down 37% with a net loss of $428.7 million. For 2026, the company forecasts marketplace GOV of $2.2–2.6 billion and adjusted EBITDA of $30–40 million.
1. Fourth Quarter 2025 Results
Vivid Seats posted marketplace gross order value of $580.6 million in Q4, a 42% decline from $994.4 million a year earlier. Revenues fell 37% to $126.8 million, net loss widened to $428.7 million from $4.4 million, and adjusted EBITDA plunged to $0.8 million from $34.2 million.
2. Full Year 2025 Performance
For the full year, marketplace GOV totaled $2.7046 billion, down 31% from $3.8926 billion in 2024, while revenues dropped 26% to $570.8 million. The company swung to a $721.5 million net loss versus $14.3 million net income in 2024, and adjusted EBITDA fell to $41.8 million from $151.4 million.
3. 2026 Outlook
Vivid Seats anticipates full-year 2026 marketplace GOV between $2.2 billion and $2.6 billion with adjusted EBITDA of $30 million to $40 million. For Q1 2026, guidance calls for GOV of $570 million to $620 million, adjusted EBITDA of $8 million to $10 million, and a cash balance of $125 million to $135 million.