The massive EPS miss and 25% GOV decline signal severe demand weakness in the secondary ticketing market. With FY2026 guidance implying continued pressure, watch for further downward revisions or liquidity concerns given the $787M in total liabilities against a $71M market cap. The stock may face additional selling pressure as analysts adjust models.
Price Chart
Executive Summary
Vivid Seats reported Q1 2026 revenue of $125.8M (vs $124.5M consensus) but a GAAP net loss of $14.6M, with EPS of -$40.95 massively missing the -$1.15 consensus due to a large share count adjustment. Marketplace GOV fell 25% YoY to $612.4M, and Adjusted EBITDA dropped 56% to $9.5M. The company guided FY2026 GOV of $2.2B-$2.6B and Adjusted EBITDA of $30M-$40M, implying continued operational pressure.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $125.8M, down 23% YoY from $164.0M
- GAAP net loss $14.6M vs $9.8M loss in Q1 2025
- EPS -$40.95 vs consensus -$1.15 (miss of 3,466%)
- Marketplace GOV $612.4M, down 25% YoY from $820.4M
- Adjusted EBITDA $9.5M, down 56% YoY from $21.7M
- FY2026 guidance: GOV $2.2B-$2.6B, Adj. EBITDA $30M-$40M
- Operating cash flow improved to $46.0M from -$25.3M YoY
- Cash and equivalents $143.6M, up from $102.7M at year-end 2025
Financial Impact
Revenue decline of $38.2M (23% YoY); EPS miss of $39.80 vs consensus; Adjusted EBITDA decline of $12.2M (56%)
Risk Factors
- Sustained decline in live event ticket demand or supply
- High debt load ($386.6M net debt) relative to market cap
- Potential going concern risk if losses persist and cash burn accelerates
- Further dilution risk given negative equity position (-$95.4M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287457 |
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
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