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 153,000 sq ft of new agreements and internalized food and beverage operations.

• Sold 250 Water Street, generating $75–$76.1 million in net proceeds and eliminating $7 million in annual cash burn.

• Transitioned the Tin Building to a new lease with the Balloon Museum, expected to improve pro forma annual EBITDA by over $22 million.

• Celebrated a championship season with the Las Vegas Aviators and uplisted to the NYSE.

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 rose 14% for the year, with Adjusted EBITDA up 124% year-over-year.

Outlook and guidance

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

• 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.

• Capital expenditures to reach stabilization expected to total $100–$125 million, with $70–$90 million remaining.

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