10-K · March 4, 2026
Seaport Entertainment’s 10-K describes a strategy to monetize and operate experience-driven real estate concentrated in Lower Manhattan and Las Vegas (Seaport ~480,000 sq ft; Fashion Show Mall air rights 80%) by…
Earnings analysis · 10-Q
SEG earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Seaport Entertainment Group's Q1 2026 results showed a significant decline in revenue and increased losses, missing EPS and revenue estimates by substantial margins. The company reported total revenue of $12.7 million,…
Read full summary
Seaport Entertainment Group's Q1 2026 results showed a significant decline in revenue and increased losses, missing EPS and revenue estimates by substantial margins. The company reported total revenue of $12.7 million, down 21% year-over-year from $16.1 million, alongside a net loss of $44.1 million, up 38% from the previous year. A strategic focus includes enhancing customer experiences despite recent asset challenges, particularly the closure of key venues.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.41
- Segment
- Hospitality revenue decreased by 34% to $5.1 million.
- Segment
- Entertainment revenue increased by 7% to $4.5 million.
- Segment
- Rental revenue decreased by 39% to $5.2 million.
What stood out
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Revenue Decline
Total revenue was $12.7 million, down 21% from $16.1 million in Q1 2025.
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Increased Net Loss
Net loss attributable to common stockholders increased by 38% to $44.1 million from $31.9 million year-over-year.
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Improved Adjusted EBITDA
Despite revenue decline, adjusted EBITDA loss in Hospitality improved by 40%.
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Increased Cash Position
Cash and cash equivalents increased to $114.8 million from $77.8 million quarter-over-quarter.
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Debt Reduction
Mortgages payable decreased from $99.6 million to $38.4 million following the sale of 250 Water Street.
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Segment Growth in Entertainment
Entertainment revenue grew 7% to $4.5 million, primarily due to increased sales from the Aviators.
What to watch
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High Operating Losses
Operating loss increased to $42.5 million from $32.7 million year-over-year.
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Negative Free Cash Flow
Q1 2026 cash used in operating activities was $(10.3) million, improving from $(20.5) million last year.
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Impact of Venue Closure
Closure of the Tin Building by Jean-Georges led to a $2.6 million drop in Hospitality revenue.
Management's outlook
Management indicated a strategic focus on enhancing customer experiences but did not provide numeric forward guidance.
Earlier filings 3
10-Q · November 7, 2024
SEG reported quarter revenue of $39,697,000 and a net loss of $32,274,000 (EPS -$5.89). Operating loss was $20,000,000 and cash on the balance sheet (cash and restricted cash) totaled $27,768,000; management notes…
10-Q · August 22, 2024
SEG (Seaport Entertainment division) reported quarterly revenue of $33,941,000 for the three months ended June 30, 2024, down from $37,541,000 in the prior-year quarter, and a larger net loss of $34,997,000 versus…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.