Vivid Seats (NASDAQ:SEAT) reported a challenging set of financial results for the fourth quarter and full year 2025, characterized by a sharp contraction in transaction volume and revenue.
The Chicago-based secondary ticketing marketplace recorded fourth-quarter revenue of $126.8 million, a 37% decrease compared to the same period in 2024.
Marketplace Gross Order Value (GOV) for the quarter fell even more steeply, dropping 42% year-over-year to $580.6 million.
For the full year 2025, the company posted total revenue of $570.8 million and a GOV of $2.70 billion.
The financial year was heavily weighed down by a massive net loss of $721.5 million, though the company managed to maintain a positive adjusted EBITDA of $41.8 million.
Management pointed to a difficult year-over-year comparison following record-breaking live event demand in 2024, alongside significant structural adjustments within the business.
In response to the downturn, Vivid Seats is leaning into operational efficiency and product optimization.
The company cited ongoing app enhancements and comprehensive cost-reduction efforts as the primary drivers for a potential recovery in momentum.
These initiatives are intended to improve user retention and lower the cost of customer acquisition in an increasingly competitive resale market.
The company’s 2026 outlook reflects a cautious stance toward the live entertainment landscape.
For the full year 2026, Vivid Seats expects Marketplace GOV to fall between $2.2 billion and $2.6 billion, with adjusted EBITDA projected at $30 million to $40 million.
For the first quarter of 2026, the company anticipates GOV in the range of $570 million to $620 million.