EarningsQ2 2026 Earnings Report
MX:SEG Q2 2026 EPS Results
Actual EPS$0.34
Consensus EPS-$4.26
Beat/MissBeat by +$4.60
One Year Ago EPS-$9.87
MX:SEG Q2 2026 Revenue Results
Actual Revenue$583.74M
Expected Revenue$547.48M
Beat/MissBeat by +$36.26M
YoY Revenue Growth-13.85%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:SEG Upcoming Earnings
Seaport Entertainment Group Inc.'s next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SEG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a meaningful inflection toward profitability: the company reported its first positive operating EBITDA across segments and first-ever positive non-GAAP adjusted net income, delivered substantial G&A reductions, strong event and hospitality execution (notably Sadie's and Pier 17 concerts), and strengthened liquidity. Several one-time or timing-related benefits (Nike termination payment, Tin Building closure) contributed materially to results, and challenges remain in the entertainment segment (sponsorship shortfall, higher R&M), unconsolidated venture earnings, and ongoing net losses. Management reiterated a clear path and timeline (stabilization target in 2028) and has significant near-term growth projects and potential incremental EBITDA from upcoming openings, supporting a constructive outlook despite remaining operational variability.Company Guidance
Positive Operating EBITDA and First-Time Non-GAAP Profitability
Total operating EBITDA improved by $5.6M from a loss of $1.1M in Q2 2025 to positive operating EBITDA of $4.5M in Q2 2026. The company reported positive non-GAAP adjusted net income of $0.32M ($0.02 per share) — the first time in company history — a $7.7M year-over-year improvement from a non-GAAP adjusted net loss of $7.4M.
Consistent Per-Share Improvement
Seventh consecutive quarter of double-digit non-GAAP adjusted net income per share improvement and a 103% year-over-year improvement in Q2 per-share performance versus the comparable quarter last year.
G&A and Corporate Cost Reductions
Trailing 12-month general & administrative costs reduced by more than 20% over the past nine months, from $34M (Q3 2025) to less than $27M (Q2 2026). Q2 G&A totaled $6.6M, a 20% improvement year-over-year; excluding certain transition costs, Q2 G&A improved 35% year-over-year.
Rental Revenue and One-Time Lease Benefit
Rental revenue for the quarter increased $2.8M, or 67% year-over-year, primarily driven by the accelerated Nike lease termination payments and associated straight-line rent write-off, which contributed an incremental net $2.7M in rental revenue year-over-year.
Leasing Progress and Pipeline
Available/leasable space reduced from roughly 150K–200K sq ft at spin to less than 50K sq ft (just over 10% of total Seaport space). 194,000 sq ft of non-income-producing space planned to open in next 18 months, representing more than $20M of incremental annualized operating EBITDA potential when stabilized.
Strong Events and Pier 17 Concert Performance
Rooftop hosted 22 shows in Q2 with 13 sellouts and a 91% sell-through rate; premium upsell demand and higher average F&B spend per attendee. More than 40 shows remain in the 2026 season, and events drove heightened neighborhood visitation.
Hospitality Wins — Sadie's Outperformance
Sadie's (internally developed concept) generated positive operating EBITDA in its first full quarter; Sadie's Garden Bar revenue increased 125% year-over-year versus prior-year outdoor bar results.
Las Vegas Ballpark Momentum
Aviators opened season first in Pacific Coast League and held top position through first half, securing playoffs; franchise-record regular-season attendance >11,000; sold-out 6-game Athletics series drew >50,000 fans; highest single-day F&B and merchandise sales in ballpark history.
Balance Sheet and Liquidity Strength
Net cash position of $88.9M and $127M in cash, cash equivalents and restricted cash as of June 30, 2026. $20.8M of $27.8M escrow related to 250 Water Street received during the quarter. Only outstanding debt is $38.1M Las Vegas ballpark loan with continued principal payments.
CapEx Plan and Visibility
Q2 capex of $14.8M; management reiterates planned 2-year CapEx range of $70M–$90M (remaining $50M–$70M), with dollars expected to run through mid-2028 as projects stabilize (Balloon Museum, Meow Wolf, event space, restaurants).
MX:SEG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed