Short answer
Vivid Seats Inc. (SEAT) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026. It reported revenue of $451M (−30.5% year over year) and net income of $806M.
- Top risk flagged: Privacy and data security regulatory risk from California Consumer Privacy Act (CCPA) compliance and growing U.S. data privacy laws, increasing costs and litigation exposure
FY2025 key financial metrics · XBRL
- Revenue
- $451M
- −30.5% YoY
- Net income
- $806M
- +5903.2% YoY
- ROE
- -946.9%
- −952.0 pp YoY
- Operating cash flow
- −$92M
- −269.9% YoY
Source: XBRL data from the Vivid Seats Inc. (SEAT) FY2025 10-K on SEC EDGAR. USD.
Vivid Seats Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model detail absent; focus on governance and compliance disclosure
- No new products, services, or business segments introduced or emphasized
- Strategic information deferred to 2026 proxy statement, no competitive positioning update here
- Code of Conduct posted online for transparency, replacing Form 8-K filings for amendments or waivers
- Reliance on proxy statement references for key executive compensation, ownership, and auditor details
Management Discussion & Analysis
- Operating cash flow negative $91.6M in 2025 vs positive $53.9M in 2024, driven by $721.5M net loss and $105.9M increase in operating assets/liabilities
- Investing cash outflows $20.2M in 2025, primarily for online platform development, down from $26.7M in 2024
- Financing cash outflows $29.4M in 2025 due to share repurchases and liability payments vs inflows $86.1M in 2024 from loan refinancing
- Recorded goodwill impairment charge $660.7M and intangible asset impairment $62.3M in 2025 due to lowered financial outlook
- Management highlights risks from declining profitability trends and potential future impairment charges impacting fiscal 2026 results
Risk Factors
- Privacy and data security regulatory risk from California Consumer Privacy Act (CCPA) compliance and growing U.S. data privacy laws, increasing costs and litigation exposure
- Geopolitical/macro risk from Southern Nevada exposure to water and electricity shortages impacting Vegas.com operations
- Operational risk from dependence on mobile app marketplaces like Apple App Store and Google Play, with potential commission fees and restrictive policies
- Competitive risk from AI-driven search innovations disrupting traditional ticket search methods and risk of late adaptation
- Financial risk from goodwill and trademark impairments of $723M in 2025 representing 52.2% of total assets, with risk of future impairments
Generated from the filing text; verify against the original. How to read a 10-K
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