Filing Flows › Vivid Seats (SEAT) › Q4 2025
Vivid Seats (SEAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Vivid Seats (SEAT) reported revenue of $97.5M for the fourth quarter 2025 (Q4 2025), -41% from a year earlier and -7% from the quarter before. Operating margin was -439.7%, net loss $429M (439.7% of revenue).
Vivid Seats, Q4 2025: revenue $97.5M (-41% year over year), operating margin -439.7%, net loss $429M, operating cash flow −$38.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $97.5M | -7% | -41% |
| Operating profit | −$429M | — | — |
| Net earnings | −$429M | — | — |
| Operating cash flow | −$38.2M | -7562% | -180% |
What changed
Revenue was $97.5M in Q4 2025, down 41% year over year and down 7% from the previous quarter. Concerts was the largest line at 35% of revenue.
Operating costs exceeded revenue by $428.7M, an operating margin of -439.7%. Total costs grew 210% against a revenue fall of 41%. The quarter ended with a net loss of $428.7M, wider than the previous quarter's $19.7M loss. Minority interests bore $1,610.9M of it: to shareholders the quarter was a profit of $1,182.3M.
Operating cash flow was −$38.2M. Non-cash charges added back $11.7M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $375.9M. Capital expenditures of $111K exceeded it, leaving free cash flow of −$38.3M.
Questions
What was Vivid Seats' revenue in the fourth quarter 2025?
Vivid Seats (SEAT) reported revenue of $97.5M for the fourth quarter 2025 (Q4 2025), -41% from a year earlier and -7% from the quarter before.
Was Vivid Seats profitable in the fourth quarter 2025?
Operating loss was $429M (-439.7% of revenue) and net loss $429M.
Source: Vivid Seats 10-K on SEC EDGAR.