The raised guidance floor on GOV and EBITDA provides a near-term floor, but the persistent YoY revenue decline, shrinking order volumes, and negative equity position suggest structural headwinds. Monitor Q3 2026 for sustained GOV growth from FIFA World Cup demand; if GOV fails to accelerate above $700M, the stock faces further downside risk.
Price Chart
Executive Summary
Vivid Seats reported Q2 2026 revenue of $129.9M, beating the $122.1M consensus, but EPS of -$1.30 missed the -$1.19 estimate. Revenue declined 9.5% YoY from $143.6M, and net loss widened to -$14.3M from -$9.8M in Q2 2025. The company raised its full-year Marketplace GOV guidance floor to $2.3B (from $2.2B) and Adjusted EBITDA floor to $34M (from $30M), citing FIFA World Cup demand. Despite the guidance raise, the persistent YoY revenue decline and GAAP losses keep the outlook bearish for a $85M market cap company with negative equity.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $129.9M vs consensus $122.1M (beat), but down 9.5% YoY from $143.6M
- GAAP EPS -$1.30 vs consensus -$1.19 (miss), vs -$1.35 in Q1 2026
- Net loss -$14.3M vs -$9.8M in Q2 2025; operating loss -$6.4M vs -$4.3M in Q1 2026
- Marketplace GOV $659.4M, down 3.8% YoY from $685.5M; Marketplace orders 1,825, down 16% YoY
- FY2026 guidance raised: Marketplace GOV $2.3B-$2.6B (prev $2.2B-$2.6B), Adj. EBITDA $34M-$40M (prev $30M-$40M)
- Adjusted EBITDA $12.6M vs $14.4M in Q2 2025, down 12.3% YoY
- Shareholders' deficit -$105.1M, worsening from -$85.1M at Dec 2025; total liabilities $793.9M exceed assets $688.8M
- Operating cash flow $45.2M YTD vs -$53.9M in H1 2025, driven by working capital swings
Financial Impact
Revenue miss on EPS (-8.9%) and YoY revenue decline (-9.5%) with widening net losses; guidance raise partially offsets but does not reverse the fundamental deterioration
Risk Factors
- Continued YoY revenue decline without stabilization
- Negative shareholders' equity and high debt ($385.8M net long-term debt) limit financial flexibility
- Dependence on FIFA World Cup for sequential growth—event-driven demand may not be repeatable
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-331453 |
| Document: seat-20260804.htm | 0001193125-26-331453 |
| Document: 0001193125-26-331453-index-headers.html | 0001193125-26-331453 |
| Document: 0001193125-26-331453-index.html | 0001193125-26-331453 |
| Document: 0001193125-26-331453.txt | 0001193125-26-331453 |
| 8-K Data (Synthetic) | 0001193125-26-331453 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $9.54 $6.04 | ▲ +36.69% | ▲ +35.45% | $3.83 (+59.85%) |
May 5, 2026 21w ago | Press Release | $7.16 $9.41 | ▼ −31.42% | ▼ −26.47% | $3.83 (+46.51%) |
Apr 22, 2026 23w ago | Press Release | $7.24 $8.16 | ▲ +12.71% | ▲ +9.54% | $3.83 (−47.10%) |
Mar 12, 2026 29w ago | 8-K | $5.65 $6.06 | ▼ −7.26% | ▼ −5.28% | $3.83 (+32.21%) |
Mar 12, 2026 29w ago | Press Release | $5.65 $6.06 | ▼ −7.26% | ▼ −5.28% | $3.83 (+32.21%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access