Sequential GOV Growth
Marketplace GOV of $612M in Q1 2026 vs $581M in Q4 2025, a sequential increase of $31M or 5.5%, notable because Q4 is typically the highest GOV quarter.
Vivid Seats
· SEAT
May 5th, 2026
Summary
- Earnings Call Date:
- 2026-05-05
- Change Since:
- +3.63%
- Next Earnings Date:
- 2026-08-11
Earnings Call Sentiment
PositiveThe call skewed positive overall: management delivered Q1 results at or above guidance with sequential GOV growth (+5.5%), a large sequential adjusted EBITDA improvement (+$8.5M), a >$40M increase in cash, strong app momentum (app GOV +20% YoY and >40% share) and a new private label win. Key challenges include flat consolidated revenue, a decline in take rate (15.9% vs 16.8%), lingering private label year-over-year pressure from a prior large customer loss, event cancellations and competitive pricing dynamics. Management reaffirmed FY2026 guidance and emphasized operating efficiency and return‑to‑growth expectations in H2, so positive operational progress and financial discipline outweigh the near-term headwinds.
Company Guidance
Vivid Seats reaffirmed its FY2026 outlook calling for marketplace GOV of $2.2–$2.6 billion and adjusted EBITDA of $30–$40 million, with consolidated take rates expected to remain around ~16%; management said Q1 results (marketplace GOV $612M, up 5.5% sequentially from Q4’25’s $581M; consolidated revenue $126M vs $127M in Q4; private label revenue +20% q/q; marketplace take rate 15.9% vs 16.8% in Q4; adjusted EBITDA $9.5M vs $1M in Q4; cash up >$40M to $144M) support the outlook and the company’s confidence in returning to year‑over‑year growth in H2, noted app GOV +20% YoY with app share >40%, and reiterated capital and cash assumptions (net interest roughly $20M, CapEx/capitalized software in the low‑to‑mid teens, modest international taxes), stating that at mid‑to‑high guide EBITDA levels the business would be cash‑flow positive (with working capital expected to be a source of cash).
Adjusted EBITDA Improvement
Q1 2026 adjusted EBITDA of $9.5M vs $1.0M in Q4 2025, an increase of $8.5M sequentially, reflecting material reduction in operating costs and improved profitability.
Cash Balance Strength
Cash increased by over $40M in the quarter to $144M, driven by improved profitability and seasonally strong working capital dynamics.
App Momentum and Adoption
Vivid Seats app GOV was up 20% year-over-year in Q1 2026 and app share of GOV exceeded 40%; app users show higher engagement, higher conversion and lower reliance on paid performance marketing.
Private Label Sequential Growth and New Partner
Private label revenue grew 20% quarter-to-quarter in Q1 2026; company launched a significant new private label partner in Q1 with performance exceeding expectations and extended an agreement with a large existing partner.
Reaffirmed FY2026 Guidance
Management reiterated fiscal 2026 outlook: marketplace GOV of $2.2B to $2.6B and adjusted EBITDA of $30M to $40M, signaling confidence in the operating plan.
Operating Efficiency and Lower Costs
Management executed material operating cost reductions without loss of productivity, enabling operating leverage and expectation that growth will flow disproportionately to the bottom line.
Event Tailwind: World Cup
World Cup ticketing is tracking well and is expected to contribute low-to-mid single digits of full-year GOV, benefiting from high average order size (AOS).
Operator
Good morning, and welcome to Vivid Seats' First Quarter 2026 Earnings Conference Call. Following management's prepared remarks, we will open the call for Q&A. I would now like to turn the call over to Austin Arnett.
Austin Arnett
Good morning, and welcome to Vivid Seats' First Quarter 2026 Earnings Call. I'm Austin Arnett, Vivid Seats' General Counsel. I'm joined today by Larry Fey, Chief Executive Officer; and Joe Thomas, Chief Financial Officer. By now, everyone should have access to our earnings press release, which was issued earlier this morning. The release as well as supplemental earnings slides are available on our Investor Relations website at investors.vividseats.com. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our projections, including the risks discussed in our earnings release, our most recent annual report on Form 10-K and our subsequent filings with the SEC. Today's call will also include references to adjusted EBITDA, a non-GAAP financial measure that provides useful information to our investors.
To the extent reasonably available, a reconciliation of adjusted EBITDA to its most directly comparable GAAP financial measure can be found in our earnings release and supplemental earnings slides. And now I'll turn the call over to Larry.
Lawrence Fey
Good morning, everyone, and thank you for joining us today. We entered fiscal year 2026 with a clear focus and road map to enhance our market position and financial trajectory....
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