Seaport Entertainment Group (SEG) Q4 2025 earnings summary

Executive summary

• Achieved a 24% year-over-year improvement in net loss and a 49% improvement in non-GAAP adjusted net loss for 2025.

• Completed major leasing and development initiatives, including new agreements with Meow Wolf and the Balloon Museum, and internalized food and beverage operations.

• Completed the sale of 250 Water Street, generating $75 million to $76.1 million in net proceeds and eliminating $7 million in annual cash burn.

• Uplisted to the NYSE, added to the Russell 2000 and Microcap Indexes, and celebrated a championship season with the Las Vegas Aviators.

• Closed the Tin Building as a culinary venue, repositioning it for the Balloon Museum, expected to improve annual EBITDA by over $22 million.

Financial highlights

• Q4 2025 net loss attributable to common stockholders was $36.9 million, full year $116.7 million, improving 11% and 24% year-over-year, respectively.

• Non-GAAP adjusted net loss for Q4 was $17.5 million and $54.1 million for the year, improving 9% and 49% year-over-year.

• Q4 consolidated revenues were $29.5 million (up 30.4% year-over-year); full year revenues were $130.4 million, up 18.3% year-over-year.

• Hospitality segment revenue for Q4 2025 was $12.2 million, up from $7.9 million in Q4 2024; full year hospitality revenue was $51.7 million, up from $30.0 million.

• Entertainment segment revenues for Q4 2025 were $12.5 million, up from $7.5 million; full year entertainment revenue was $58.8 million, up from $51.4 million.

• Landlord segment rental revenue increased 21% for the year, but Adjusted EBITDA declined 55% due to non-recurring charges.

• Consolidated operating EBITDA increased 33% year-over-year, excluding non-recurring items.

Outlook and guidance

• Focus remains on stabilizing operations, optimizing cost structure, and leveraging new event and hospitality concepts.

• Q4 2025 G&A expenses set as the new benchmark for future cost management.

• Anticipates opening the Balloon Museum in the Tin Building in summer 2026 and Sadie's restaurant in spring 2026.

• Plans to expand event space in Pier 17 to 41,000 square feet with capacity for 1,500 guests.

• Expects to announce a new arts, culture, and hospitality concept for Cobblestones, opening early 2027.