# Vivid Seats Inc. (SEAT) · Edgar & Edgarette company card

> Vivid Seats (SEAT) saw revenue fall 30.5% in FY2025 to $451 million, equity -13.4% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1856031 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SEAT) · [JSON](https://www.pops4.com/boards/company/SEAT.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $451M |
| Revenue growth, 1 year | -30.5% |
| Revenue growth per year | 3.7% |
| Operating margin | — |
| Net margin | 178.9% |
| Operating cash flow | −$92M |
| Capital spending | $2M |
| Free cash flow | −$94M |
| Cash | $103M |
| Long-term debt | $383M |
| Total assets | $637M |
| Total equity | −$85M |
| Equity ÷ assets | -13.4% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 3 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; revenue is hard to predict: its 80% range is ±33%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $450.5M (FY2025), total debt $383.4M. Experience: revenue down 30.5% on the year, up 3.7% a year over 4 years. Soundness: equity -13.4% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $260.2M and $516.5M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $218.8M to $618.6M. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, services-miscellaneous amusement & recreation): growth -30.5% against 2.0%.

Range logged 2026-09-27, receipt 2b35e972be198e3a, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2025-12-30 ([filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312525337122/0001193125-25-337122-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-10-23 ([filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526430446/0001193125-26-430446-index.htm))

## Recent filings

- 10-Q · filed 2026-11-09 · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526452578/0001193125-26-452578-index.htm)
- 8-K · filed 2026-11-09 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526452579/0001193125-26-452579-index.htm)
- 8-K · filed 2026-10-23 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526430446/0001193125-26-430446-index.htm)
- 10-Q · filed 2026-08-04 · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526331507/0001193125-26-331507-index.htm)
- 8-K · filed 2026-08-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526331453/0001193125-26-331453-index.htm)
- 8-K · filed 2026-06-15 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1856031/000119312526271103/0001193125-26-271103-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001856031.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1856031

## Cite

POPS4, Edgar & Edgarette: Vivid Seats Inc. (SEAT) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/SEAT. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.