Vivid Seats Inc.

Vivid Seats reported Q2 2026 Marketplace GOV of $659 million versus $612 million in Q1 2026, up $47 million or 8% sequentially. Consolidated revenue was $130 million versus $126 million in Q1 2026, up $4 million or 3%. Adjusted EBITDA was $12.6 million versus $9.5 million in Q1 2026, up $3.1 million or 33%. Marketplace take rate was 15.8% versus 15.9% in Q1 2026. The company ended the quarter with $137 million in cash. For fiscal 2026, management now expects Marketplace GOV of $2.3 billion to $2.6 billion and adjusted EBITDA of $34 million to $40 million. Management said take rates should remain around 16% on a consolidated basis for the rest of 2026.

Larry Fey framed the quarter as proof that the company’s strategy is working, highlighting sequential growth across GOV, revenue, and EBITDA and saying the company “outpunched our weight” during the World Cup. He emphasized the company’s differentiated value proposition, especially its lowest price guarantee, rewards program, and buyer guarantee, while stressing that operational execution mattered just as much as demand. His tone was confident but measured, repeatedly noting that event-driven demand is episodic and that the focus remains on building sustainable core growth.

Joe Thomas focused on the financial upside from operating leverage and the temporary boost from the World Cup. He cited Q2 Marketplace GOV of $659 million, revenue of $130 million, adjusted EBITDA of $12.6 million, and cash of $137 million, and noted that World Cup activity represented a mid-teens percentage of Q2 GOV. He also highlighted the renewed revolving credit facility with maturity extended through August 2029 and raised full-year 2026 guidance to $2.3 billion-$2.6 billion of Marketplace GOV and $34 million-$40 million of adjusted EBITDA. On cash conversion, management said lower CapEx and working capital tied to future GOV growth should make 2026 cash generative if guidance is met.

Analysts pressed management on competition and take rate, and Larry Fey said the largest competitor remains active even if somewhat below peak intensity, with other players still competing aggressively in performance marketing. He said the company will flex take rate on large, high-price events, and that World Cup take rate was below the broader market as part of a differentiated value strategy. Questions also focused on whether the World Cup improved brand perception and app adoption; management said it likely helped them “outpunch” their weight, but broad awareness still needs time to build. On regulation, Fey said recent changes in places like Maine, Vermont, and D.C. do not suggest a near-term meaningful impact because the jurisdictions are small, implementation is delayed, and the frameworks are uneven.