Vivid Seats Q2 Earnings Call: Mixed Sentiment Amid Revenue and EBITDA Declines

Vivid Seats reported Q2 revenue down 28% YoY to $144mln, adjusted EBITDA down to $14mln, and marketplace orders down 30%. The company cited underwhelming playoff match-ups, competitive pressures, and economic uncertainty as challenges. Vivid Seats expanded internationally, achieving net contribution positive in 2025, and implemented a cost reduction program targeting $25mln in annualized savings.

Vivid Seats Inc. (NASDAQ: SEAT) reported its second-quarter (Q2) 2025 results, showing a significant decline in revenue and marketplace orders, driven by competitive pressures and economic uncertainty. The company's Q2 2025 GAAP revenue fell by 28% to $143.6 million, missing analyst estimates and marking a 28% year-over-year (YoY) drop from $198.3 million in Q2 2024 [1]. Adjusted EBITDA, a non-GAAP measure, dropped from $44.2 million in Q2 2024 to $14.4 million, reflecting a 67.5% YoY decrease [1].

The marketplace gross order value (GOV) also decreased by 31%, from $998.1 million in Q2 2024 to $685.5 million in Q2 2025 [1]. This decline was attributed to soft industry demand and increased competition in performance marketing channels such as digital advertising and social media [1].

The company reported a GAAP net loss of $263.3 million for Q2 2025, a stark contrast to the $1.2 million net loss in Q2 2024. This loss was primarily driven by a $320.4 million GAAP impairment charge related to goodwill and intangible assets, reflecting a permanent reduction in the value of assets due to declining business performance and outlook [1].

To address the challenges, Vivid Seats has implemented a cost reduction program targeting $25 million in annualized savings by the end of 2025. This initiative aims to right-size the organization for the current environment and enhance long-term efficiency [2]. The company also expects positive cash flow in the third quarter, based on typical seasonal patterns and internal views of June order softness as an outlier [1].

Looking ahead, Vivid Seats continues to focus on select investments in technology and operational discipline. The company's expansion into international markets has yielded a net contribution positive in 2025 [2]. Investors should watch for updates on the impact of the United Airlines partnership, deeper engagement with the loyalty program, and the effectiveness of the new cost savings plan in upcoming periods.

References:
[1] https://www.nasdaq.com/articles/vivid-seats-seat-q2-revenue-falls-28
[2] https://www.manilatimes.net/2025/08/05/tmt-newswire/globenewswire/vivid-seats-reports-second-quarter-2025-results/2162321