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Vivid Seats Inc. operates as an online ticket marketplace in the United States, Canada, and Japan. It operates in two segments, Marketplace and Resale. The Marketplace segment acts as an intermediary between event ticket buyers and sellers through its website and mobile applications, including Vivid Seats; Vegas.com, an online ticket marketplace for shows, attractions, tours, flights, and hotels in Las Vegas; Wavedash, an online ticket marketplace in Tokyo, Japan; and Vivid Picks, a real-money daily fantasy sports mobile application with social and gamification features. This segment also offers Skybox, a proprietary enterprise resource planning tool that helps ticket sellers manage ticket inventories, adjust pricing, and fulfill orders across multiple ticket resale marketplaces; and sells tickets for sports, concerts, theater events, and other live events. The Resale segment acquires tickets to resell on secondary ticket marketplaces; and provides internal research and development support for Skybox and to deliver seller software and tools. The company was founded in 2001 and is headquartered in Chicago, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $571M | $-577M | $-429M | $-111M | 504.3% | -26.4% | -4654.9% |
| 2024 | $776M | $92M | $9M | $30M | 1.5% | 8.8% | -87.4% |
| 2023 | $713M | $102M | $75M | $135M | 12.7% | 18.8% | 160.1% |
| 2022 | $600M | $92M | $29M | $-1M | 6.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 600.27 | 712.88 | 775.59 | 570.78 |
| Cost Of Revenue | 140.51 | 182.18 | 201.85 | 173.44 |
| Gross Profit | 459.77 | 530.70 | 573.73 | 397.34 |
| Operating Expense | 383.73 | 450.36 | 531.51 | 453.83 |
| Operating Income | 76.04 | 80.34 | 42.23 | -56.50 |
| EBITDA | 91.95 | 102.44 | 91.83 | -577.46 |
| EBIT | 82.05 | 84.45 | 45.89 | -628.36 |
| Pretax Income | 69.19 | 70.94 | 22.72 | -652.11 |
| Tax Provision | -1.59 | -42.20 | 8.42 | 69.39 |
| Net Income | 28.66 | 74.54 | 9.43 | -429.30 |
| Net Income Common Stockholders | 28.66 | 74.54 | 9.43 | -429.30 |
| Total Expenses | 524.23 | 632.54 | 733.36 | 627.27 |
| Interest Expense | 12.86 | 13.51 | 23.17 | 23.74 |
| Selling General And Administration | 375.99 | 433.18 | 479.83 | 403.93 |
| Normalized EBITDA | 94.17 | 101.44 | 91.83 | 146.37 |
| Normalized Income | 30.42 | 73.75 | 9.43 | 142.52 |
| Basic EPS | 7.34 | 10.22 | 1.42 | 0 |
| Diluted EPS | 7.34 | 10.22 | 1.42 | 0 |
| Tax Effect Of Unusual Items | -0.47 | 0.21 | 0 | -152 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.37 | 0.21 |
| Total Unusual Items | -2.22 | 1 | 0 | -723.82 |
| Total Unusual Items Excluding Goodwill | -2.22 | 1 | 0 | -723.82 |
| Net Income From Continuing Operation Net Minority Interest | 28.66 | 74.54 | 9.43 | -429.30 |
| Reconciled Depreciation | 9.90 | 18 | 45.94 | 50.91 |
| Reconciled Cost Of Revenue | 138.34 | 181.37 | 200.16 | 171.92 |
| Net Interest Income | -12.86 | -13.51 | -23.17 | -23.74 |
| Net Income From Continuing And Discontinued Operation | 28.66 | 74.54 | 9.43 | -429.30 |
| Total Operating Income As Reported | 78.11 | 81.34 | 42.23 | -779.52 |
| Diluted Average Shares | 3.90 | 6.69 | 6.62 | 0 |
| Basic Average Shares | 3.90 | 6.69 | 6.62 | 0 |
| Diluted NI Availto Com Stockholders | 70.78 | 51.21 | 11.74 | -721.49 |
| Average Dilution Earnings | 42.12 | -23.32 | 2.32 | -292.19 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | -42.12 | -38.60 | -4.88 | 292.19 |
| Net Income Including Noncontrolling Interests | 70.78 | 113.14 | 14.30 | -721.49 |
| Net Income Continuous Operations | 70.78 | 113.14 | 14.30 | -721.49 |
| Other Income Expense | 6.01 | 4.11 | 3.67 | -571.87 |
| Other Non Operating Income Expenses | 8.23 | 3.11 | 3.67 | 151.96 |
| Special Income Charges | -2.22 | 1 | 0 | -723.82 |
| Other Special Charges | 4.29 | 0 | 0 | 0.80 |
| Write Off | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 723.02 |
| Restructuring And Mergern Acquisition | -2.06 | -1 | 0 | 0 |
| Net Non Operating Interest Income Expense | -12.86 | -13.51 | -23.17 | -23.74 |
| Interest Expense Non Operating | 12.86 | 13.51 | 23.17 | 23.74 |
| Other Taxes | 4.38 | 5.96 | 7.44 | 0.51 |
| Depreciation Amortization Depletion Income Statement | 7.73 | 17.18 | 44.24 | 49.39 |
| Depreciation And Amortization In Income Statement | 7.73 | 17.18 | 44.24 | 49.39 |
| Selling And Marketing Expense | 248.38 | 274.10 | 285.15 | 230.56 |
| General And Administrative Expense | 127.62 | 159.08 | 194.68 | 173.37 |
| Other Gand A | 127.62 | 159.08 | 52.49 | 52.34 |
| Salaries And Wages | 88.04 | 110.31 | 142.19 | 121.03 |
| Operating Revenue | 600.27 | 712.88 | 775.59 | 570.78 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vivid Seats Inc.this co. | SEAT | $69M | - | -0.79 | 504.3% | -52.17 |
| Angi Inc. | ANGI | $289M | 7.60 | 0.31 | 4.7% | 4.13 |
| ZipRecruiter, Inc. | ZIP | $233M | - | -3.13 | 42.7% | -26.72 |
| Crexendo, Inc. | CXDO | $209M | 41.00 | 3.19 | 7.9% | 23.83 |
| CuriosityStream Inc. | CURI | $183M | - | 4.38 |
| -15.5% |
| 21.55 |
| The Arena Group Holdings, Inc. | AREN | $109M | 3.83 | -22.77 | -2587.7% | 4.50 |
| Travelzoo | TZOO | $106M | 25.63 | -14.16 | -194.0% | 15.89 |
| Gaia, Inc. | GAIA | $75M | - | 0.85 | -4.4% | 30.55 |
| PLAYSTUDIOS, Inc. | MYPS | $53M | - | 0.23 | -12.6% | -2.44 |
| Peer Median | - | 16.61 | 0.27 | -8.5% | 10.20 | |