Vivid Seats Inc.

Q2 2026 Marketplace GOV was $659 million, up 8% sequentially from $612 million in Q1 2026. Consolidated revenue was $130 million, up 3% from $126 million in Q1 2026, and private label revenue grew 16% quarter-to-quarter. Q2 adjusted EBITDA was $12.6 million, up 33% from $9.5 million in Q1 2026, while marketplace take rate was 15.8% versus 15.9% in Q1. The company ended the quarter with $137 million in cash and renewed its revolving credit facility through August 2029. 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; take rate is expected to remain around 16% on a consolidated basis for the rest of the year.

Larry Fey said the quarter showed the company can capitalize when live-event demand is extraordinary, especially through its buyer value proposition, lowest price guarantee, and Rewards program. He stressed that execution on customer experience was strong, citing a greater than 99.7% successful fulfillment rate for World Cup orders sold through the marketplace. His tone was constructive and confident, but he repeatedly noted that event-driven demand is episodic and that the focus remains on core product improvements, app conversion, seller support, and returning the business to sustainable growth.

Joe Thomas highlighted the sequential gains in GOV, revenue, and adjusted EBITDA and tied the improvement to operating leverage and World Cup outperformance. He gave specific guidance details: Marketplace GOV of $2.3 billion to $2.6 billion, adjusted EBITDA of $34 million to $40 million, and take rate around 16% for the rest of fiscal 2026. He also noted $137 million in cash at quarter-end and said the renewed revolver maturity through August 2029 improves liquidity and financial flexibility. On cash conversion, management said higher interest expense may be partly offset by lower CapEx, and that the year should be cash generative if GOV growth and EBITDA guidance are met.

Analysts focused on competitive intensity, take rate, regulatory risk, app traffic, private label momentum, international expansion, and cash conversion. Management said competition remains elevated, especially in performance marketing and theater, but that the largest competitor’s activity has moderated somewhat from peak levels. On take rate, Larry Fey said large, high-price events usually bring pressure on take rate, and that the World Cup took a below-average rate as part of a differentiated value proposition. He also said the app strategy is gaining traction, private label continues to outperform launch expectations, international remains an untapped opportunity, and 2026 cash conversion should be positive if growth and EBITDA come through.