Vivid Seats (SEAT) Q1 2026 earnings summary

Executive summary

• Q1 2026 results were at or above the high end of guidance, with sequential growth in Marketplace Gross Order Value (GOV), adjusted EBITDA, and cash balance compared to Q4 2025, but year-over-year declines in revenue and order volumes.

• App GOV grew 20% year-over-year, with app share of GOV exceeding 40%, reflecting strong customer engagement and conversion improvements.

• Private label revenue grew 20% sequentially, aided by a new partner launch and an extended agreement with a major customer.

• Net loss for Q1 2026 was $14.6 million, compared to a net loss of $9.8 million or $5.9 million in Q1 2025.

• Continued execution on long-term strategy focused on product innovation, operational excellence, and returning to growth in the second half of 2026.

Financial highlights

• Q1 2026 Marketplace GOV was $612.4 million, down from $820.4 million in Q1 2025 but up sequentially from Q4 2025.

• Revenues were $125.8 million, down 23% year-over-year, but essentially flat sequentially.

• Adjusted EBITDA reached $9.5 million, up from $1 million in Q4 2025 but down from $21.7 million in Q1 2025.

• Cash and cash equivalents increased to $143.6 million as of March 31, 2026, up from $102.7 million at year-end 2025.

• Net loss per share was $(1.35), compared to $(0.89) or $(0.94) in Q1 2025.

Outlook and guidance

• Full-year 2026 Marketplace GOV is expected to be between $2.2 billion and $2.6 billion, with adjusted EBITDA guidance of $30 million to $40 million.

• Management anticipates a return to year-over-year growth in the second half of 2026, supported by new private label partnerships and product enhancements.

• Ongoing cost reduction initiatives and a $60 million+ annualized cost savings program are in place.