Vivid Seats Inc.
SEAT Nasdaq Services-Miscellaneous Amusement & Recreation Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$451M
30.5%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$806M
5,903.2%
Free cash flow
Cash from operations minus capital spending.
−$93.8M
288.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Vivid Seats Inc. does
No business description yet.
- Legal name
- Vivid Seats Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001193125-26-103023
0001856031
Revenue and margins
Vivid Seats Inc. had $451M of revenue in fiscal 2025, down 30.5% on the year before.
FY19
Revenue $404M
FY20
Revenue $23.3M
FY21
Revenue $390M
FY22
Revenue $511M
FY23
Revenue $597M
FY24
Revenue $648M
FY25
Revenue $451M
Q3 '23
Revenue $154M
Q4 '23
Revenue $167M
Q1 '24
Revenue $160M
Q2 '24
Revenue $170M
Q3 '24
Revenue $153M
Q4 '24
Revenue $165M
Q1 '25
Revenue $134M
Q2 '25
Revenue $114M
Q3 '25
Revenue $105M
Q4 '25
Revenue $97.5M
Q1 '26
Revenue $97.5M
Q2 '26
Revenue $104M
FY19
Gross —
Operating —
Net −13.3%
FCF 18.6%
FY20
Gross —
Operating —
Net −3,325.4%
FCF −147.0%
FY21
Gross —
Operating —
Net −1.3%
FCF 44.8%
FY22
Gross —
Operating —
Net 13.9%
FCF 2.1%
FY23
Gross —
Operating —
Net 11.6%
FCF 24.5%
FY24
Gross —
Operating —
Net 2.1%
FCF 7.7%
FY25
Gross —
Operating —
Net 178.9%
FCF −20.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 4.3%
FCF 20.4%
Q4 '23
Gross —
Operating —
Net 4.6%
FCF 19.6%
Q1 '24
Gross —
Operating —
Net 8.0%
FCF 24.4%
Q2 '24
Gross —
Operating —
Net −0.3%
FCF −8.3%
Q3 '24
Gross —
Operating —
Net 7.0%
FCF −12.8%
Q4 '24
Gross —
Operating —
Net −5.8%
FCF 26.8%
Q1 '25
Gross —
Operating —
Net −7.9%
FCF −20.3%
Q2 '25
Gross —
Operating —
Net −293.0%
FCF −25.2%
Q3 '25
Gross —
Operating —
Net −28.9%
FCF 0.5%
Q4 '25
Gross —
Operating —
Net 1,212.8%
FCF −39.3%
Q1 '26
Gross —
Operating —
Net −15.0%
FCF 47.2%
Q2 '26
Gross —
Operating —
Net −13.8%
FCF −0.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$53.8M
FY20
Net income −$774M
FY21
Net income −$5.0M
FY22
Net income $70.8M
FY23
Net income $69.4M
FY24
Net income $13.4M
FY25
Net income $806M
Q3 '23
Net income $6.7M
Q4 '23
Net income $7.7M
Q1 '24
Net income $12.9M
Q2 '24
Net income −$0.4M
Q3 '24
Net income $10.6M
Q4 '24
Net income −$9.6M
Q1 '25
Net income −$10.6M
Q2 '25
Net income −$335M
Q3 '25
Net income −$30.2M
Q4 '25
Net income $1.2B
Q1 '26
Net income −$14.6M
Q2 '26
Net income −$14.3M
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS $5.15
FY24
Diluted EPS $1.12
FY25
Diluted EPS —
Q3 '23
Diluted EPS —
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$0.94
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS −$1.35
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −10.4%
Return on assets —
FY20
Return on capital —
Return on equity −628.2%
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets −0.4%
FY22
Return on capital —
Return on equity —
Return on assets 5.5%
FY23
Return on capital —
Return on equity —
Return on assets 5.1%
FY24
Return on capital —
Return on equity 7.3%
Return on assets 0.8%
FY25
Return on capital —
Return on equity 916.1%
Return on assets 70.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$93.8M in fiscal 2025, −20.8% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $75.2M
FY20
Free cash flow −$34.2M
FY21
Free cash flow $175M
FY22
Free cash flow $10.8M
FY23
Free cash flow $146M
FY24
Free cash flow $49.7M
FY25
Free cash flow −$93.8M
Q3 '23
Free cash flow $31.5M
Q4 '23
Free cash flow $32.8M
Q1 '24
Free cash flow $39.1M
Q2 '24
Free cash flow −$14.1M
Q3 '24
Free cash flow −$19.6M
Q4 '24
Free cash flow $44.3M
Q1 '25
Free cash flow −$27.1M
Q2 '25
Free cash flow −$28.8M
Q3 '25
Free cash flow $0.5M
Q4 '25
Free cash flow −$38.3M
Q1 '26
Free cash flow $46.0M
Q2 '26
Free cash flow −$0.8M
FY19
Cash from operations $76.5M
Capital spending $1.3M
FY20
Cash from operations −$33.9M
Capital spending $0.3M
FY21
Cash from operations $176M
Capital spending $1.1M
FY22
Cash from operations $14.4M
Capital spending $3.6M
FY23
Cash from operations $147M
Capital spending $0.9M
FY24
Cash from operations $53.9M
Capital spending $4.2M
FY25
Cash from operations −$91.6M
Capital spending $2.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations $31.7M
Capital spending $0.2M
Q4 '23
Cash from operations $32.9M
Capital spending $0.1M
Q1 '24
Cash from operations $39.2M
Capital spending $0.1M
Q2 '24
Cash from operations −$13.8M
Capital spending $0.3M
Q3 '24
Cash from operations −$19.2M
Capital spending $0.4M
Q4 '24
Cash from operations $47.8M
Capital spending $3.5M
Q1 '25
Cash from operations −$25.3M
Capital spending $1.8M
Q2 '25
Cash from operations −$28.6M
Capital spending $0.2M
Q3 '25
Cash from operations $0.5M
Capital spending $0.0M
Q4 '25
Cash from operations −$38.2M
Capital spending $0.1M
Q1 '26
Cash from operations $46.0M
Capital spending $0.0M
Q2 '26
Cash from operations −$0.8M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Vivid Seats Inc. returned $18.3M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $32.5M
FY23
Dividends —
Buybacks $20.1M
FY24
Dividends —
Buybacks $23.0M
FY25
Dividends —
Buybacks $18.3M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $12.5M
Q1 '24
Dividends —
Buybacks $3.1M
Q2 '24
Dividends —
Buybacks $17.0M
Q3 '24
Dividends —
Buybacks $2.9M
Q4 '24
Dividends —
Buybacks −$0.0M
Q1 '25
Dividends —
Buybacks $6.0M
Q2 '25
Dividends —
Buybacks $9.9M
Q3 '25
Dividends —
Buybacks $2.4M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Vivid Seats Inc. can carry it.
FY19
Cash $81.3M
Debt —
FY20
Cash $285M
Debt $871M
FY21
Cash $490M
Debt $460M
FY22
Cash $252M
Debt $265M
FY23
Cash $125M
Debt $265M
FY24
Cash $243M
Debt $385M
FY25
Cash $103M
Debt $383M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $490M | $252M | $125M | $243M | $103M |
| Debt incl. finance leases | $460M | $265M | $265M | $385M | $383M |
| Debt / equity | — | — | 2.5x | 1.5x | — |
| Current ratio | 1.2x | 0.9x | 0.5x | 0.8x | 0.6x |
| Quick ratio | 1.2x | 0.8x | 0.5x | 0.8x | 0.5x |
| Total assets | $1.4B | $1.2B | $1.6B | $1.6B | $637M |
| Total liabilities | $2.3B | $1.5B | $963M | $1.0B | $722M |
| Shareholders' equity | −$861M | −$383M | $105M | $261M | −$85.1M |
| Net debt (− = net cash) | −$29.4M | $13.4M | $139M | $141M | $281M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Return on assets rose | — | — | — | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | — | — | — | — | ✕ | — |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 3 | — / 3 | 5 / 7 | 4 / 7 | 5 / 8 | 3 / 7 |
| Accruals ratio | — | — | −12.8% | 4.4% | −5.8% | −2.5% | 79.0% |
| Altman Z'' | — | — | — | — | — | — | — |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $404M | $23.3M | $390M | $511M | $597M | $648M | $451M |
| Pretax income | −$53.8M | −$774M | −$18.8M | $69.2M | $70.9M | $22.7M | −$652M |
| Income tax | — | — | $0.3M | −$1.6M | −$42.2M | $8.4M | $69.4M |
| Net income | −$53.8M | −$774M | −$5.0M | $70.8M | $69.4M | $13.4M | $806M |
| Net income to common | — | — | — | — | $74.5M | — | — |
| Diluted EPS | — | — | — | — | $5.15 | $1.12 | — |
| Diluted shares | — | — | — | — | 0.01B | 0.01B | — |
| Cash flow | |||||||
| Cash from operations | $76.5M | −$33.9M | $176M | $14.4M | $147M | $53.9M | −$91.6M |
| Capital expenditure | $1.3M | $0.3M | $1.1M | $3.6M | $0.9M | $4.2M | $2.2M |
| Free cash flow | $75.2M | −$34.2M | $175M | $10.8M | $146M | $49.7M | −$93.8M |
| Depreciation and amortization | $93.1M | $48.2M | $2.3M | $7.7M | $17.2M | $44.2M | $49.4M |
| Stock-based compensation | $5.2M | $4.3M | $6.0M | $19.1M | $27.6M | $50.4M | $36.7M |
| Acquisitions | $31.1M | $0.0M | −$0.3M | $0.0M | — | — | — |
| Share buybacks | — | — | $0.0M | $32.5M | $20.1M | $23.0M | $18.3M |
| Dividends and buybacks | — | — | $0.0M | $32.5M | $20.1M | $23.0M | $18.3M |
| Balance sheet | |||||||
| Cash and short-term investments | $81.3M | $285M | $490M | $252M | $125M | $243M | $103M |
| Total debt | — | $871M | $460M | $265M | $265M | $385M | $383M |
| Current assets | — | — | $610M | $332M | $246M | $345M | $178M |
| Current liabilities | — | — | $497M | $378M | $488M | $426M | $303M |
| Inventory | — | — | $11.8M | $12.8M | $21.0M | $19.6M | $18.2M |
| Property and equipment, net | — | — | $1.1M | $10.4M | $10.2M | $12.6M | $12.4M |
| Goodwill | — | — | $718M | $715M | $947M | $943M | $284M |
| Intangible assets | — | $107M | $78.5M | $82.0M | $241M | $233M | $142M |
| Total assets | — | — | $1.4B | $1.2B | $1.6B | $1.6B | $637M |
| Total liabilities | — | — | $2.3B | $1.5B | $963M | $1.0B | $722M |
| Shareholders' equity | $518M | −$272M | −$861M | −$383M | $105M | $261M | −$85.1M |
| Margins | |||||||
| Net margin | −13.3% | −3,325.4% | −1.3% | 13.9% | 11.6% | 2.1% | 178.9% |
| FCF margin | 18.6% | −147.0% | 44.8% | 2.1% | 24.5% | 7.7% | −20.8% |
| Returns | |||||||
| Return on equity | −10.4% | −628.2% | — | — | — | 7.3% | 916.1% |
| Return on assets | — | — | −0.4% | 5.5% | 5.1% | 0.8% | 70.9% |
| Return on tangible equity | −10.4% | — | — | — | — | — | — |
| Growth | |||||||
| Revenue growth | — | −94.2% | 1,573.8% | 31.2% | 16.9% | 8.5% | −30.5% |
| Net income growth | — | — | — | — | −1.9% | −80.7% | 5,903.2% |
| EPS growth | — | — | — | — | — | −78.3% | — |
| FCF growth | — | −145.5% | — | −93.8% | 1,253.7% | −66.1% | −288.7% |
| Share count change | — | — | — | — | — | 5.2% | — |
| Financial health | |||||||
| Debt / equity | — | — | — | — | 2.5x | 1.5x | — |
| Current ratio | — | — | 1.2x | 0.9x | 0.5x | 0.8x | 0.6x |
| Quick ratio | — | — | 1.2x | 0.8x | 0.5x | 0.8x | 0.5x |
| Capital allocation | |||||||
| Capex / revenue | 0.3% | 1.5% | 0.3% | 0.7% | 0.1% | 0.7% | 0.5% |
| Stock comp / revenue | 1.3% | 18.4% | 1.6% | 3.7% | 4.6% | 7.8% | 8.2% |
| Payouts / FCF | — | — | 0.0% | 300.4% | 13.7% | 46.2% | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 4.0 | 5.0 | 3.0 |
| Accruals ratio | — | — | −12.8% | 4.4% | −5.8% | −2.5% | 79.0% |
Source: SEC EDGAR XBRL filings (CIK 0001856031). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.