# SEAT earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/SEAT) · [Earnings tab](https://www.lopjlb.com/stock/SEAT?tab=earnings)

Updated: 2026-11-09T05:35:22

Quarters analyzed: 8

## Cross-quarter narrative

Across eight earnings calls, Vivid Seats moved from modest growth in late 2024 to a steep revenue and volume contraction through early 2025, driven by heightened competitive pressure, macro‑driven consumer softness, and a disruptive change in performance‑marketing efficiency. The Q4‑24 call highlighted a slight revenue uptick and expanding take‑rate, but warned of intense marketing competition and demand uncertainty. By Q1‑25, revenue fell 14%, marketplace gross‑order‑value (GOV) slipped 20% YoY and guidance was withdrawn, with management emphasizing app upgrades, international growth and a United Airlines partnership. Q2‑25 showed further deterioration – revenue down 28% and GOV down 31% – prompting a $25 M cost‑reduction program, the shutdown of Vivid Picks, and continued all‑in pricing rollout. The next two quarters (Q3‑25, Q4‑26) contain no substantive updates, suggesting a pause in commentary. A leadership transition in early 2026 coincided with a $60 M cost‑savings achievement, strong app GOV growth (+20% YoY) and AI initiatives, and a reaffirmation of FY26 targets. By Q1‑26 and Q2‑26 the company reported sequential GOV and EBITDA growth, buoyed by World Cup demand and private‑label partner performance, indicating a tentative recovery after the 2025 slump.

## Latest CallCard · Q2

Vivid Seats Q2 beat on World Cup demand (mid-teens % of GOV), 99.7% fulfillment; FY26 GOV $2.3-2.6B, EBITDA $34-40M; app growth outpacing market; private label partner outperforming.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlighted sequential growth across GOV, revenue, EBITDA, stron

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q2:** Vivid Seats Q2 beat on World Cup demand (mid-teens % of GOV), 99.7% fulfillment; FY26 GOV $2.3-2.6B, EBITDA $34-40M; app growth outpacing market; private label partner outperforming.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlighted sequential growth across GOV, revenue, EBITDA, stron
- **2026 Q1:** Vivid Seats Q1 2026 results at high end of guidance with sequential GOV and EBITDA growth; app GOV up 20% YoY, app share >40%; private label sequential growth; reaffirmed FY26 GOV $2.2-2.6B, EBITDA $30-40M; confident in H2 growth return.','tone':{'mgmt':0.5,'mgmt_rationale':'Management highlighted m
- **2025 Q4:** Vivid Seats reaffirms 2026 guidance ($2.2-2.6B GOV, $30-40M EBITDA) amid leadership transition, $60M cost savings achieved, app GOV +20% YoY, AI bets, and Q1 momentum.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights new leadership, achieved $60M cost savings, app GOV growth >20% YoY,
- **2025 Q3:** —
- **2025 Q2:** Vivid Seats Q2 2025: GOV down 31% YoY to $685M, revenue down 28% to $144M, EBITDA $14M; launching $25M cost reduction program, shutting Vivid Picks, international expansion exceeding expectations. Elevated volatility and competitive intensity persist. Reverse stock split executed. No explicit guidan
- **2025 Q1:** Vivid Seats Q1 2025 revenue fell 14% and marketplace GOV 20% YoY, adjusted EBITDA dropped to $22 M, and guidance was suspended as competitive pressure, performance‑marketing channel changes and macro volatility bite, while the firm pushes app upgrades, international growth and a United Airlines part
- **2024 Q4:** Vivid Seats Q4 revenue $200M (+1% YoY), adj EBITDA $33M (-5%); FY24 revenue $776M (+9%), adj EBITDA $151M (+7%). 2025 guidance: GOV $3.7-4.1B, revenue $730-810M, adj EBITDA $110-150M. Expect H2 growth inflection after lapping tough comps; competitive intensity high, prioritizing profitability. Inter
- **2024 Q3:** —

## Theme arcs

- **Revenue and volume trajectory** (deteriorating): Revenue fell from modest growth in Q4‑24 to double‑digit declines through Q2‑25 before modest recovery signs in 2026.
- **Competitive intensity** (deteriorating): Consistently cited as a pressure on margins and volume across all calls.
- **Cost reduction initiatives** (improving): $25 M program launched Q2‑25, reverse split executed, and $60 M savings realized by 2026.
- **International expansion** (improving): Europe launch announced Q4‑24 and remained on‑track through Q2‑25.
- **App and technology investment** (improving): App GOV grew >20% YoY in 2026; AI bets introduced.
- **Performance‑marketing efficiency** (deteriorating): Google reporting change in Q1‑25 reduced efficiency and increased costs.
- **Shareholder actions** (stable): Buybacks continued; reverse split completed Q2‑25.

## Fear persistence

- **Competitive intensity** [recurring]: Cited in Q4‑24, Q1‑25 and Q2‑25.
- **Macro volatility** [new]: First appeared in Q1‑25.
- **Performance‑marketing disruption** [new]: Highlighted in Q1‑25.
- **Consumer softness/demand uncertainty** [recurring]: Mentioned Q4‑24, Q1‑25 and Q2‑25.
- **Share pressure** [new]: Raised in Q1‑25 only.
- **Take rate pressure** [new]: Noted in Q4‑24.
- **All‑in pricing impact** [new]: Introduced in Q2‑25.
- **Monthly volatility** [new]: Observed in Q2‑25.
- **Private label concentration** [new]: Flagged in Q2‑25.

## Guidance path

2024 Q3:vague → 2024 Q4:vague → 2025 Q1:withdrawn → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague → 2026 Q2:vague

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Research context only. Not personalized investment advice.

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