Seaport Entertainment Group (SEG) Q2 2026 earnings summary

Executive summary

• First-ever positive operating EBITDA and positive non-GAAP adjusted net income; all segments generated positive operating EBITDA.

• Progress reflected cost optimization, operational stabilization, new openings, and increased visitor traffic and engagement.

• Major events, new concepts, and venue activations are expected to support further growth and help offset seasonality.

Financial highlights

• Q2 revenue was $34.3 million, down 13.8% year-over-year; six-month revenue was $47.0 million, down 15.8%.

• Net loss attributable to common stockholders improved 29.2% year-over-year to $10.5 million; Q2 net loss per share improved to $0.82 from $1.16.

• Non-GAAP adjusted net income attributable to common stockholders was $0.3 million, improving $7.7 million year-over-year.

• Operating EBITDA improved $5.6 million year-over-year, from a $1.1 million loss to $4.5 million positive.

• Rental revenue increased $2.8 million, or 67%, year-over-year, mainly from the Nike lease termination and event-driven revenue.

Outlook and guidance

• Management expects year-over-year improvement in the next three quarters, though not at Q2’s per-share improvement pace.

• New concepts opening in the next 18 months are expected to add over $20 million in annualized operating EBITDA.

• Remaining $50–$70 million of CapEx is expected to fund committed projects over the next two years.

• Cost-reduction benefits are expected through 2027, with initial stabilization targeted for 2028.