The combination of strong revenue growth, significant improvement in non-GAAP losses, major asset sale, and new programming suggests operational momentum. The stock buyback authorization and strengthened balance sheet position the company for future growth, making this a positive signal for investors despite ongoing GAAP losses.
Price Chart
Executive Summary
Seaport Entertainment Group reported improved financial results for Q4 and full-year 2025, with revenue growth of 30.4% and 18.3% respectively, driven by the consolidation of the Tin Building and new programming. The company also announced the $143 million sale of 250 Water Street, a $50 million stock buyback program, and the repositioning of the Tin Building with the Balloon Museum. Despite continued net losses, non-GAAP adjusted losses narrowed significantly year-over-year.
Key Financial Metrics
Key Facts
- Q4 2025 revenue grew 30.4% YoY to $29.488 million, while full-year 2025 revenue increased 18.3% to $130.408 million
- Q4 2025 net loss attributable to common stockholders decreased 11.4% YoY to $36.866 million; full-year 2025 net loss decreased 23.8% to $116.742 million
- Non-GAAP adjusted net loss attributable to common stockholders improved 8.9% in Q4 and 49.2% for the full year
- Closed on the sale of 250 Water Street for $143 million in February 2026, resulting in $76.1 million net proceeds
- Board authorized a $50 million stock repurchase program and a $150 million shelf registration statement
- Executed lease for Balloon Museum to replace Tin Building by Jean-Georges, with summer 2026 opening anticipated
- Achieved 90% leased and programmed occupancy in the Seaport neighborhood
Financial Impact
Revenue increased by $18.3 million for the full year, with non-GAAP adjusted net loss improving by $52.5 million. The $143 million asset sale strengthens the balance sheet.
Segment Breakdown
| Segment | Revenue |
|---|---|
| Hospitality | $51.7M |
| Entertainment | $58.8M |
| Rental | $17.7M |
Risk Factors
- Company continues to report GAAP net losses, indicating ongoing profitability challenges
- Revenue growth partially driven by consolidation of Tin Building, which may not be sustainable
- High concentration of properties in New York City and Las Vegas creates geographic risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-023682 |
| Document: seg-20260304xex99d2.htm | 0001104659-26-023682 |
| Document: seg-20260304x8k.htm | 0001104659-26-023682 |
| Document: 0001104659-26-023682-index-headers.html | 0001104659-26-023682 |
| Document: 0001104659-26-023682-index.html | 0001104659-26-023682 |
| Document: 0001104659-26-023682.txt | 0001104659-26-023682 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 144 | $22.50 | awaiting T+60 | — | $22.77 (+1.20%) |
Jun 29, 2026 17w ago | 8-K | $26.60 $23.83 | ▼ −10.41% | ▼ −13.98% | $22.77 (−14.40%) |
May 6, 2026 24w ago | 8-K | $22.24 $26.06 | ▼ −17.18% | ▼ −13.34% | $22.77 (−2.38%) |
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Feb 28, 2026 34w ago | Institutional Cluster | $23.08 $23.71 | ▲ +2.73% | ▼ −6.60% | $22.77 (−1.34%) |
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