Vivid Seats Inc. reported its third‑quarter 2025 results and announced a leadership change that will see CFO Lawrence Fey assume the CEO role effective immediately. The company also confirmed that former CEO Stan Chia will serve in an advisory capacity through December 1, 2025, while Ted Pickus will act as interim CFO until a permanent replacement is named.
Revenue for the quarter fell 27% to $136.4 million, a decline that pushed the company into a net loss of $19.7 million, compared with a net income of $9.2 million in the same period a year earlier. Adjusted EBITDA collapsed from $34.1 million in Q3 2024 to $4.9 million, reflecting a sharp erosion of profitability. The company’s earnings per share missed the consensus estimate of –$1.68, underscoring the impact of the revenue shortfall and margin compression.
Marketplace gross order value (GOV) declined 29% to $618.1 million, but the company noted sequential growth in its Owned Properties and Vivid Seats app segments, which helped offset the drag from lower Private Label volumes. The launch of the Lowest Price Guarantee late in the quarter was highlighted as a new customer‑centric initiative aimed at strengthening market position.
Vivid Seats has doubled its annualized cost‑saving target to $60 million, a move that is part of a broader effort to streamline operations. The company also eliminated its dual‑class stock structure and the Tax Receivable Agreement, a change expected to generate lifetime tax savings of up to $180 million and reduce annual cash tax payments to roughly $3 million.
In a statement, CFO‑turned‑CEO Lawrence Fey said, ‘We are more than doubling our annualized cost‑savings target to $60 million and have simplified our corporate structure as a central part of our commitment to maximize our operating efficiency.’ Board chair David Donnini added, ‘We believe Larry is uniquely qualified to guide Vivid Seats through this evolving industry environment and into the next chapter.’
Management projected 2026 marketplace GOV of $2.2 billion to $2.6 billion and adjusted EBITDA of $30 million to $40 million, signaling a cautious but steady outlook as the company focuses on cost discipline and platform efficiency.
Investors reacted negatively to the results, citing the steep year‑over‑year declines in revenue and GOV and the sharp contraction in adjusted EBITDA as key concerns. The market’s response reflected apprehension about the company’s ability to reverse the current trajectory amid a challenging live‑events environment.
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