Filing Flows › Vivid Seats (SEAT) › Q1 2025
Vivid Seats (SEAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Vivid Seats (SEAT) reported revenue of $134M for the first quarter 2025 (Q1 2025), -16% from a year earlier and -19% from the quarter before. Operating margin was -7.3%, net loss $9.8M (7.3% of revenue).
Vivid Seats, Q1 2025: revenue $134M (-16% year over year), operating margin -7.3%, net loss $9.8M, operating cash flow −$25.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $134M | -19% | -16% |
| Operating profit | −$9.8M | — | — |
| Net earnings | −$9.8M | — | — |
| Operating cash flow | −$25.3M | -153% | — |
What changed
Revenue was $133.7M in Q1 2025, down 16% year over year and down 19% from the previous quarter. Concerts was the largest line at 43% of revenue. Concerts lost $9.9M year over year (down 15%), 38% of the total change.
Operating costs exceeded revenue by $9.8M, an operating margin of -7.3%. Total costs fell 4% while revenue fell 16%. The quarter ended with a net loss of $9.8M, wider than the previous quarter's $8.8M loss.
Operating cash flow was −$25.3M. Non-cash charges added back $11.6M of depreciation and amortization and $10.8M of share-based compensation. Working capital and other items used $37.9M. Capital expenditures of $1.8M exceeded it, leaving free cash flow of −$27.1M.
Questions
What was Vivid Seats' revenue in the first quarter 2025?
Vivid Seats (SEAT) reported revenue of $134M for the first quarter 2025 (Q1 2025), -16% from a year earlier and -19% from the quarter before.
Was Vivid Seats profitable in the first quarter 2025?
Operating loss was $9.8M (-7.3% of revenue) and net loss $9.8M.
Source: Vivid Seats 10-Q on SEC EDGAR.