Filing Flows › Vivid Seats (SEAT) › Q1 2026 › vs Q1 2025
Vivid Seats (SEAT) Q1 2026 vs Q1 2025 (year over year)
Vivid Seats's revenue fell $36.2M (-27%) from $134M in Q1 2025 to $97.5M in Q1 2026. The biggest changes: Concerts −$14.6M (-25%); Theater −$11.4M (-36%); Sports −$9.1M (-23%).
Vivid Seats, Q1 2026: revenue $97.5M (-27% year over year), operating margin -15.0%, net loss $14.6M, operating cash flow $46.0M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 47.2% | -20.3% | +67.4 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Concerts | $43.6M | $58.2M | −$14.6M | -25% |
| Sports | $29.5M | $38.6M | −$9.1M | -23% |
| Theater | $20.1M | $31.5M | −$11.4M | -36% |
| Other | $4.3M | $5.5M | −$1.1M | -21% |
| Revenue | $97.5M | $134M | −$36.2M | -27% |
| Net loss | $14.6M | $9.8M | $4.8M | +49% |
| Costs & expenses | $112M | $144M | −$31.4M | -22% |
| Operating costs | $112M | $144M | −$31.4M | -22% |
| Operating cash sources | $60.6M | −$15.5M | $76.1M | — |
| Depreciation & amortization | $12.3M | $11.6M | $683K | +6% |
| Share-based compensation | $4.4M | $10.8M | −$6.3M | -59% |
| Working capital & other | $43.9M | −$37.9M | $81.8M | — |
| Net loss absorbed | $14.6M | $9.8M | $4.8M | +49% |
| Operating cash flow | $46.0M | −$25.3M | $71.3M | — |
| Free cash flow (OCF − capex) | $46.0M | −$27.1M | $73.1M | — |
| Capital expenditures | $23K | $1.8M | −$1.8M | -99% |
Questions
How much did Vivid Seats's revenue grow year over year in Q1 2026?
Vivid Seats's revenue fell $36.2M (-27%) from $134M in Q1 2025 to $97.5M in Q1 2026.
What drove Vivid Seats's revenue change in Q1 2026?
Concerts −$14.6M (-25%); Theater −$11.4M (-36%); Sports −$9.1M (-23%).