Seaport Entertainment Group Inc. Revenue Disclosure
10. | Revenues |
Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
The following presents the Company’s revenues disaggregated by revenue source:
Year Ended December 31, | |||||||||
in thousands | | 2025 | | 2024 | | 2023 | |||
Revenues from contracts with customers |
| | |
| | ||||
Recognized at a point in time or over time |
| | |
| | ||||
Hospitality revenue | $ | 51,736 | $ | 29,995 | $ | 32,301 | |||
Entertainment revenue | 58,802 | 51,428 | 57,573 | ||||||
Other revenue |
| 2,133 |
| 2,082 |
| 2,882 | |||
Total |
| 112,671 |
| 83,505 |
| 92,756 | |||
Rental and lease-related revenues |
| |
| |
| | |||
Rental revenue |
| 17,737 |
| 26,718 |
| 22,096 | |||
Total revenues | $ | 130,408 | $ | 110,223 | $ | 114,852 | |||
Contract Assets and Liabilities
Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration.
There were no contract assets for the periods presented. The contract liabilities primarily relate to deferred Aviators and Seaport concert series ticket sales and sponsorship revenues. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:
| Contract | ||
in thousands | Liabilities | ||
Balance at December 31, 2022 | $ | 4,740 | |
Consideration earned during the period |
| (42,195) | |
Consideration received during the period |
| 41,162 | |
Balance at December 31, 2023 | $ | 3,707 | |
Balance at December 31, 2023 | $ | 3,707 | |
Consideration earned during the period |
| (43,839) | |
Consideration received during the period |
| 44,078 | |
Balance at December 31, 2024 | $ | 3,946 | |
Balance at December 31, 2024 | $ | 3,946 | |
Consideration earned during the period |
| (54,740) | |
Consideration received during the period |
| 56,172 | |
Balance at December 31, 2025 | $ | 5,378 | |
Remaining Unsatisfied Performance Obligation
The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of the 2025 Aviators baseball season and 2025 concert series, as well as performance under various sponsorship agreements. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance
obligations from contracts with customers as of December 31, 2025, is $12.6 million. The Company expects to recognize this amount as revenue over the following periods:
| Less than 1 | | 3 years and | | ||||||||
in thousands | year | 1-2 years | thereafter | Total | ||||||||
Total remaining unsatisfied performance obligations | 7,086 | 2,376 | 3,113 | $ | 12,575 | |||||||
The Company’s remaining performance obligations are adjusted to reflect any known contract cancellations, revisions to customer agreements, and deferrals, as appropriate.
During the year ended December 31, 2025, no customer accounted for greater than 10% of the Company’s revenue.
During the year ended December 31, 2024, no customer accounted for greater than 10% of the Company’s revenue.
For the year ended December 31, 2023, revenue from one customer accounted for approximately 10.1% of the Company’s total revenue through a related-party transaction. See Note 14 – Related-Party Transactions for additional information.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.