Seaport Entertainment Group (SEG) Q2 2026 earnings summary

Executive summary

• Achieved first-ever positive operating EBITDA and non-GAAP adjusted net income in Q2 2026, with all business segments profitable for the first time and a 103% year-over-year per-share improvement.

• Completed spin-off from Howard Hughes Holdings in August 2024 and uplisted to NYSE in June 2025.

• Focused on integrated hospitality, entertainment, and retail experiences in NYC and Las Vegas, expanding unique in-person offerings and partnerships.

• Executed major asset repositioning, divested non-core assets, and expanded strategic partnerships.

• Management remains focused on long-term growth, with expectations for continued improvement in earnings profile through 2027 and initial stabilization by 2028.

Financial highlights

• Q2 2026 total revenue: $34.3 million, down 13.8% year-over-year; six-month revenue: $47.0 million, down 15.8%.

• Net loss attributable to common stockholders for Q2 2026: $10.5 million (improved 29% YoY); six-month net loss: $54.6 million (worsened 16.9% YoY); net loss per share improved to $0.82 from $1.16.

• Non-GAAP adjusted net income of $320,000 in Q2 2026, a $7.7 million improvement year-over-year; YTD non-GAAP adjusted net loss improved 41.8% to $17.6 million.

• Rental revenue increased $2.8 million or 67% year-over-year, mainly due to the early termination of the Nike lease and related payments.

• General and administrative expenses reduced by 20% year-over-year to $6.6 million, and by 35% when excluding restructuring and transition costs.

Outlook and guidance

• Management anticipates continued year-over-year improvement in the next three quarters, though not at the same per-share performance level as Q2 2026.

• Over $20 million in incremental annualized operating EBITDA expected from new concepts opening in the next 18 months.

• Full-year benefits of cost reductions expected to be realized in 2027, with further G&A reductions targeted as legacy contracts expire.

• CapEx guidance for the next two years is $50 million–$70 million, with stabilization targeted for mid-2028.

• Plans to further develop destination-supported concepts and expand partnerships, leveraging NYC events like the FIFA World Cup and America 250 celebrations in 2026.