Filing Flows › Vivid Seats (SEAT) › Q2 2025
Vivid Seats (SEAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Vivid Seats (SEAT) reported revenue of $114M for the second quarter 2025 (Q2 2025), -33% from a year earlier and -14% from the quarter before. Operating margin was -230.0%, net loss $263M (230.0% of revenue).
Vivid Seats, Q2 2025: revenue $114M (-33% year over year), operating margin -230.0%, net loss $263M, operating cash flow −$28.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $114M | -14% | -33% |
| Operating profit | −$263M | — | — |
| Net earnings | −$263M | — | — |
| Operating cash flow | −$28.6M | — | — |
What changed
Revenue was $114.5M in Q2 2025, down 33% year over year and down 14% from the previous quarter. Concerts was the largest line at 44% of revenue. Concerts lost $30.2M year over year (down 37%), 54% of the total change.
Operating costs exceeded revenue by $263.3M, an operating margin of -230.0%. Total costs grew 122% against a revenue fall of 33%. The quarter ended with a net loss of $263.3M, wider than the previous quarter's $9.8M loss.
Operating cash flow was −$28.6M. Non-cash charges added back $12.3M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $210.7M. Capital expenditures of $207K exceeded it, leaving free cash flow of −$28.8M.
Questions
What was Vivid Seats' revenue in the second quarter 2025?
Vivid Seats (SEAT) reported revenue of $114M for the second quarter 2025 (Q2 2025), -33% from a year earlier and -14% from the quarter before.
Was Vivid Seats profitable in the second quarter 2025?
Operating loss was $263M (-230.0% of revenue) and net loss $263M.
Source: Vivid Seats 10-Q on SEC EDGAR.