Vivid Seats Q4 net loss $428.7M; revenue down 37% YoY; weak 2026 outlook

Vivid Seats Inc.

Q4 Marketplace GOV $580.6M (-42% YoY), revenue $126.8M (-37% YoY), net loss $428.7M vs loss $4.4M.
Full year 2025: GOV $2.7B (-31%), revenue $570.8M (-26%), net loss $721.5M vs income $14.3M.
Q4 Adjusted EBITDA $0.8M (down from $34.2M); full year $41.8M (down from $151.4M).
FY 2026 guidance: GOV $2.2-2.6B, Adj EBITDA $30-40M; Q1 GOV $570-620M, Adj EBITDA $8-10M.
Regained Nasdaq compliance as of March 6, 2026 with majority independent directors.

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