Vivid Seats (NASDAQ:SEAT) reported sequential growth in gross order value, revenue and adjusted EBITDA for the second quarter of 2026, aided by demand related to the FIFA World Cup. Management said the event generated an unusually large concentration of marketplace activity, while the company continued to invest in its buyer experience, seller tools and private-label business.
Chief Executive Officer Larry Fey said World Cup activity exceeded the company’s expectations. Vivid Seats had previously anticipated that the tournament could create demand comparable with a major concert tour, but Fey said the volume of activity ultimately resembled that of the entire Eras Tour, concentrated largely in a single quarter rather than spread over two years.
Second-Quarter Results and Updated Outlook
Chief Financial Officer Joseph Thomas said marketplace gross order value, or GOV, was $659 million in the second quarter, up 8% from $612 million in the first quarter. Consolidated revenue rose 3% sequentially to $130 million from $126 million.
- Marketplace GOV: $659 million, up $47 million sequentially.
- Consolidated revenue: $130 million, up $4 million sequentially.
- Private-label revenue: Up 16% sequentially.
- Marketplace take rate: 15.8%, compared with 15.9% in the first quarter.
- Adjusted EBITDA: $12.6 million, up 33% from $9.5 million in the first quarter.
- Cash balance at quarter-end: $137 million.
Thomas said the improvement in adjusted EBITDA reflected operating leverage from higher GOV and revenue, with World Cup performance contributing to the results. The company estimated that the tournament accounted for a mid-teens percentage of second-quarter GOV.
Vivid Seats renewed its revolving credit facility during the quarter, extending its maturity to August 2029. Thomas said the agreement enhances the company’s liquidity and financial flexibility as it seeks growth in 2027 and beyond.
For fiscal 2026, the company now expects marketplace GOV of $2.3 billion to $2.6 billion and adjusted EBITDA of $34 million to $40 million. Thomas said the outlook reflects the company’s operational plan, financial strategy and its current view of industry demand trends.
World Cup Execution and Take Rates
Fey said Vivid Seats maintained a successful fulfillment rate above 99.7% for World Cup orders sold through its marketplace, despite the complexity introduced by the event organizer’s ticketing system. He attributed the result to the company’s operations and customer-service teams, noting that purchases on the platform are backed by its buyer guarantee.
Management said Vivid Seats’ share of World Cup activity outpaced its broader market position, indicating that its customer proposition and app offering resonated with consumers. Fey said performance metrics for the tournament exceeded those for the average event despite the high prices, complexity and customer stress associated with a once-in-a-lifetime event.
The company also acknowledged that take rates on high-priced marquee events can be lower than its broader average. Fey said events such as the Super Bowl, World Series and World Cup can settle at lower percentage take rates while generating healthy absolute-dollar fees. World Cup take rates were below the company’s average as it competed on value, he said.
Thomas said Vivid Seats expects consolidated take rates to remain around 16% for the rest of fiscal 2026.
Product, App and Seller Initiatives
Vivid Seats continued deploying enhancements to its website and app during the quarter, with an emphasis on reducing friction in the transaction process, improving event discovery and increasing conversion. Fey said the company is working on personalization, seat selection and transaction efficiency, and expects its product roadmap to support a return to year-over-year growth in the second half of 2026.
On the app side, the company is seeking to make users more aware that it generally offers lower prices in the app than on its website, according to Fey. It is also improving the onboarding process and using the app as a source of ticket-delivery and event-logistics information. Fey said app volume growth has continued to outpace the broader market since the company began the initiative in the third quarter of last year.
For professional sellers, Vivid Seats recently launched a SkyBox broker-to-broker marketplace. Fey said the offering is designed to help sellers optimize inventory across the SkyBox network with limited friction and expense, and has received a positive initial reception because of its integration with the SkyBox enterprise resource planning platform.
The company also said a newer private-label partner continued to exceed its initial expectations during the second quarter. Fey described the relationship as a competitive win in which Vivid Seats has driven a material lift from the partner’s prior volume baseline. He added that private label has moved beyond the impact of a large customer loss at the end of July 2025 and is positioned to become a growth driver.
Demand Trends, Competition and International Opportunity
During the question-and-answer session, Fey said competitive intensity remains elevated, although activity from Vivid Seats’ largest competitor has moderated from peak levels. He said other companies have sought to fill gaps in performance-marketing channels, with the industry still emphasizing volume, scale and share.
Outside the World Cup, Fey said industry volumes were softer in the second quarter. He said it remains unclear whether that reflects broader softness or spending being redirected toward the tournament. Theater performance also faced increased competitive intensity and weaker leisure travel in Las Vegas, where Vivid Seats’ theater category has meaningful exposure.
Fey said average order values could remain elevated year over year in the third quarter because the World Cup extended into July. However, he said fourth-quarter order values are difficult to predict because they depend on concert on-sales and factors such as World Series matchups.
On international expansion, Fey said the company has built GOV and reached contribution-margin profitability ahead of schedule, but had paused some investment to prioritize improvements to its core North American transaction funnel. He said Vivid Seats expects to return to targeted international product upgrades by the end of 2026 and sees international markets as a larger opportunity heading into 2027.
Management also addressed recent regulatory discussion in jurisdictions including Maine, Vermont and Washington, D.C. Fey said the company does not currently expect meaningful near-term effects, citing the smaller size of the jurisdictions, delayed implementation timelines and aspects of the regulatory frameworks. He argued that transparent, legitimate resale markets remain important when demand for an event exceeds available seating.
About Vivid Seats (NASDAQ:SEAT)
Vivid Seats, traded on NASDAQ under the ticker SEAT, operates an online ticket marketplace that connects buyers and sellers of live event tickets. The company specializes in facilitating purchases for sports games, concerts, theater productions and other entertainment experiences. Through its digital platform and mobile application, Vivid Seats offers real-time access to available tickets, transparent pricing and a 100% Buyer Guarantee, which ensures ticket authenticity and timely delivery.
Founded in 2001 and headquartered in Chicago, Illinois, Vivid Seats has grown from a regional reseller into one of North America’s leading ticket marketplaces.
