What does Seaport do and what are its main business segments?

Did Seaport beat or miss consensus estimates last quarter?

What is Seaport's gross profit margin?

What is the revenue and EPS growth rate for Seaport year over year?

What were the key takeaways from Seaport's earnings call?

What factors drove the changes in Seaport's revenue and profit?

What guidance did Seaport's management provide for the next earnings period?

What is the market's earnings forecast for Seaport next quarter?

- **Asset Sales Boost Liquidity**: $75M from 250 Water Street sale reduces annual cash burn by $7M, positioning for strategic investments.
- **Seaport Expansion**: 40,000 sq ft event space with 20%+ returns, Sadie's Open Container District, and Balloon Museum opening summer 2026.
- **Financial Improvement**: 24% net loss reduction, 49% non-GAAP loss reduction, and 33% operating EBITDA growth YoY.
- **Vegas Momentum**: Aviators season ticket sales up, resuming Savannah Bananas games, and margin improvements expected in 2026.

**【CEO Summary Section】**
- **2025 Achievements**: 24% improvement in net loss, 49% reduction in non-GAAP adjusted net loss, and leasing/programming of 153,000 sq ft across the Seaport. Key projects include the Balloon Museum at the Tin Building (leasing 15,000 sq ft), Sadie's restaurant at 19 Fulton Street, and a 40,000 sq ft event space expansion at Pier 17.
- **Asset Sales**: Sold 250 Water Street for $75M net proceeds, eliminating $7M annual cash burn. Exploring sale of 85 South Street apartment building.
- **Las Vegas Operations**: Aviators won PCL Championship, group and season ticket sales ahead of 2025, and resuming Savannah Bananas games with strong ticket demand. Expect margin improvements in 2026.
- **Event Programming**: New initiatives include Sadie's Open Container District, FIFA World Cup and U.S. Open watch parties, and expanded concert series at Pier 17 Rooftop.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Net loss of $36.9M (24% full-year improvement), non-GAAP adjusted net loss of $17.5M (9% Q4 improvement). Total revenue $29.5M, 7% YoY growth. Entertainment segment revenue up 68% due to Enchant internalization.
- **Cost Optimization**: G&A expenses down 32% YoY to $42.8M. Interest expense reduced by $7.2M YoY. Operating EBITDA improved 33% YoY to $13M, driven by cost savings and asset sales.
- **Balance Sheet**: $87M cash (pro forma $163M post-250 Water Street sale). Long-term debt reduced to $100.4M, net debt-to-sales ratio 2%.

**【Q&A Highlights】**
- **Capital Allocation**: $70-90M needed for Seaport projects, targeting 20%+ returns on event space. Buyback program flexibility, with stock undervalued at $0.50 on $1 NAV.
- **Seaport Leasing**: 90% leased (53,000 sq ft vacant post-Malibu Farm closure). New F&B concepts and events expected to drive $30M+ EBITDA.
- **Vegas Strategy**: Focus on operational efficiency, Enchant cost controls, and long-term value of Las Vegas Ballpark. No immediate plans to sell baseball assets.
- **Balloon Museum & Meow Wolf**: Complementary ticketed experiences; Balloon Museum to open summer 2026, Meow Wolf in 2027.

Seaport Entertainment Group Inc. (SEG) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: Q3 revenue flat YoY (pro forma), with 11% same-store growth in Hospitality and event-driven Entertainment gains.
- **Cost Efficiency**: Non-GAAP net loss narrows 71% YoY to $7.2M, driven by $18M G&A savings and operational cost-cutting.
- **Strategic Sales**: 250 Water Street sale price increases to $152M, with closing by Dec 15 to reduce annual cash burn by $7M.
- **Growth Catalysts**: 100,000 sq ft of new leases in pipeline, 2026 event expansion, and centralized tech systems driving 40% EBITDA improvement.
- **Risk Management**: Negative net debt position ($117M cash vs $101M debt) provides flexibility for selective investments.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $45.1M, up 1% YoY (pro forma). Hospitality segment saw 11% same-store growth, driven by new concepts like Duutano and event-driven demand. Entertainment segment faced 5% revenue decline due to timing of concerts.
- **Key Initiatives**: 
  - Flanker Kitchen & Sports Bar and Hidden Boot Saloon set to open in 2026, adding 14,000 sq ft of dining & nightlife space.
  - Centralized POS and procurement systems completed, improving margin optimization.
  - 250 Water Street sale extended to Dec 15, with price increased to $152M, expected to reduce cash burn by $7M annually.
- **Leasing Momentum**: 100,000 sq ft of remaining vacancy (excluding Nike space returning in 2027). Cork and Willets expected to open mid-2026, with Flanker targeting late 2026.
- **Event Strategy**: Macy's 4th of July generated record revenue, with 35,000 attendees. 2026 plans include expanding event programming on rooftops and piers.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP adjusted net loss narrowed to $7.2M (Q3 2025) vs $24.2M (Q3 2024), driven by cost-cutting and event revenue.
- **Segment Performance**: 
  - **Hospitality**: Adjusted EBITDA up 40% YoY (excl. one-time items), supported by Lawn Club and Duutano.
  - **Entertainment**: EBITDA down 51% YoY due to lower concert count and sponsorship costs.
  - **Landlord**: EBITDA down 45% YoY (incl. $6M non-recurring charges), but core growth 76% YoY from rental income and cost savings.
- **Balance Sheet**: $117M cash, $101.4M debt, and negative 2% net debt ratio.
- **Capital Expenditures**: $4.8M in Q3, with $50M+ committed for 2026 projects (e.g., Meow Wolf, Flanker).

**【Q&A Highlights】**
- **Profitability Levers**: Filling 100,000 sq ft of remaining space, operational efficiency improvements, and event-driven revenue.
- **Leasing Demand**: Strong interest in food & beverage tenants; focusing on right mix for diverse customer base.
- **Tin Building Restructuring**: Transitioning to in-house management to reduce fees; plan to announce 2026 strategy in next earnings call.
- **Capital Allocation**: Prioritizing cash-generative projects like 250 Water Street sale and event programming over high-capital developments.
- **2026 Outlook**: Expect velocity pickup in back half of 2026 with new tenant openings and Meow Wolf activation.

Seaport Entertainment Group Inc. (SEG) Q3 2025 Earnings Call Transcript

- **250 Water Street Progress**: Near-term transaction expected to reduce cash burn and achieve breakeven by 2026.
- **Leasing Wins**: New tenants (Willett's, Cork Wine Bar) enhance Seaport's offerings; Nike lease termination creates strategic flexibility.
- **Concert Growth**: 22 shows in Q2 with 90%+ sell-through, outperforming peers; winter enclosure to extend season.
- **Aviators Playoff**: Second in PCL with 2 additional home games, creative activations driving attendance.
- **Financial Improvement**: 95% YoY EBITDA growth, 55% G&A reduction, net loss narrowed to -$14.8M.
- **Strong Cash Position**: $125M cash, -3% net debt, stable long-term debt.

**【CEO Summary Section】**
- **250 Water Street Update**: Significant interest from potential partners; optimistic about near-term transaction to reduce cash burn and achieve breakeven by 2026.
- **Leasing Progress**: Signed long-term leases with Willett's NYC and Cork Wine Bar, enhancing Seaport's food and beverage offerings. Nike terminated lease early, creating flexibility for future tenant mix.
- **Pier 17 Enhancements**: Completed riverdeck bar build-out, temporarily opened for events like Macy's Fourth of July Fireworks. Patrón Patio, a new elevated lounge, received positive guest feedback.
- **Concert Series Success**: 22 shows in Q2 (15 sold-out), 90%+ sell-through rate, outperforming industry peers. Winter enclosure installation planned for November to extend concert season.
- **Aviators Performance**: Second in Pacific Coast League, secured playoff spot with 2 additional home games. Creative activations drove attendance despite summer volatility.
- **Hospitality Segment**: Same-store revenue up 1%, driven by Gitano's success and events business. Cost containment initiatives offset revenue declines, with Tin Building stabilization a key focus.

**【CFO Financial Commentary】**
- **Revenue Growth**: Total consolidated revenue $39.8M (1% YoY increase). Entertainment segment up 16% YoY, Hospitality down 15% YoY (pro forma basis).
- **Profitability**: Operating EBITDA up 95% YoY. Entertainment EBITDA increased 122%, Hospitality EBITDA grew 38% due to cost management and Gitano contributions.
- **Cost Efficiency**: G&A expenses reduced 55% YoY to $8.3M, driven by non-recurring 2024 separation costs. Interest income improved $4M YoY.
- **Liquidity**: Net loss narrowed to -$14.8M (58% YoY improvement). Cash balance $125M, net debt to gross assets -3%, reflecting strong balance sheet.
- **Capital Allocation**: Q2 capex $6.7M for Pier 17 winter enclosure, riverdeck bar, and tenant build-outs. Long-term debt stable at $101.4M.

**【Strategic Updates】**
- **NYSE Uplisting**: Added to Russell 2000 and Microcap indexes, enhancing visibility and trading volume.
- **Event Expansion**: 2025 NYC Wine & Food Festival featuring 60+ events with Jean-Georges as culinary host, leveraging waterfront assets.
- **Internalization Efforts**: Bringing Enchant event in-house to improve guest engagement and data utilization.

Actual		-0.58	-0.57	-1.37
Forecast			-0.76	-0.82
Surprise	0.00%	0.00%	+25.00%	-67.07%

Actual	--	39.80M	45.05M	29.49M
Forecast	--	--	46.90M	29.40M
Surprise	0.00%	0.00%	-3.95%	+0.30%

SEG

SEG fundamentals

SEG Q4 2025 Earnings

Earnings Call

You can ask Aime

SEG

SEG fundamentals

SEG Q4 2025 Earnings

Earnings Call

SEG Earnings Call Summary for Q4/20258:30 AM on Mar 5, 2026

SEG Earnings Call Summary for Q3/20258:30 AM on Nov 11, 2025

SEG Earnings Call Summary for Q2/20258:30 AM on Aug 12, 2025

SEG Earnings Call Summary for Q4/2024 Mar 26, 2026

You can ask Aime