Filing Flows › Vivid Seats (SEAT) › Q3 2025
Vivid Seats (SEAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Vivid Seats (SEAT) reported revenue of $105M for the third quarter 2025 (Q3 2025), -31% from a year earlier and -8% from the quarter before. Operating margin was -18.8%, net loss $19.7M (18.8% of revenue).
Vivid Seats, Q3 2025: revenue $105M (-31% year over year), operating margin -18.8%, net loss $19.7M, operating cash flow $512K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $105M | -8% | -31% |
| Operating profit | −$19.7M | — | — |
| Net earnings | −$19.7M | — | — |
| Operating cash flow | $512K | — | — |
| Free cash flow | $502K | — | — |
What changed
Revenue was $104.8M in Q3 2025, down 31% year over year and down 8% from the previous quarter. Concerts was the largest line at 41% of revenue. Concerts lost $24.6M year over year (down 36%), 51% of the total change.
Operating costs exceeded revenue by $19.7M, an operating margin of -18.8%. Total costs fell 12% while revenue fell 31%. The quarter ended with a net loss of $19.7M, narrower than the previous quarter's $263.3M loss.
Operating cash flow was $512K. Non-cash charges added back $13.7M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items used $5.0M. Capital expenditures of $10K left free cash flow of $502K.
Questions
What was Vivid Seats' revenue in the third quarter 2025?
Vivid Seats (SEAT) reported revenue of $105M for the third quarter 2025 (Q3 2025), -31% from a year earlier and -8% from the quarter before.
Was Vivid Seats profitable in the third quarter 2025?
Operating loss was $19.7M (-18.8% of revenue) and net loss $19.7M.
Source: Vivid Seats 10-Q on SEC EDGAR.