Seritage Growth Properties Q1 2026 Earnings Snapshot

Seritage Growth Properties (SRG) has opened Q1 2026 reporting season with recent revenue of US$4.6 million in Q4 2025 and basic EPS of US$0.11 loss per share, setting the tone for how investors will be weighing the latest numbers against past results. The company has seen quarterly revenue move from US$3.4 million in Q3 2024 to US$5.4 million in Q3 2025 and US$4.6 million in Q4 2025. Quarterly basic EPS has ranged from a loss of US$0.41 per share in Q3 2024 to a loss of US$0.24 per share in Q3 2025 and a loss of US$0.11 per share in Q4 2025. Together, these figures provide a clear view of how the top line and per share results have tracked into the current update. Overall, the new print keeps the focus squarely on how efficiently Seritage is converting its rental income into sustainable margins.

See our full analysis for Seritage Growth Properties.

With the headline figures set, the next step is to line these results up against the widely followed narratives around Seritage, highlighting where the numbers support those views and where they begin to challenge them.

Losses Track Against US$73.1 Million LTM Net Income Deficit

• Over the last twelve months to Q4 2025, Seritage reported total revenue of US$20.6 million and a net income loss of US$73.1 million, which gives important context for the Q4 2025 loss of US$6.3 million on US$4.6 million of revenue.
• What stands out for a cautious, bearish view is that the company has been unprofitable over the last year and losses have worsened at about 1.7% per year over five years, which aligns with the trailing twelve month net income loss of US$73.1 million but also means bears are leaning heavily on a long run pattern rather than any single quarter.
  • Critics highlight that each of the last six reported quarters, from Q3 2024 through Q4 2025, shows a net loss, including a Q2 2025 loss of US$29.7 million and a Q1 2025 loss of US$23.4 million, so there is no recent period in this data where earnings turned positive.
  • At the same time, net income losses narrowed from US$161.7 million on US$13.6 million of revenue in the earlier trailing twelve month window to US$73.1 million on US$20.6 million of revenue in the most recent one, which adds nuance to a simple bearish claim that profitability has only moved one way.

Per Share Losses Tighten To US$1.30 Over The Year

• On a trailing twelve month basis to Q4 2025, basic EPS was a loss of US$1.30 per share, compared with a loss of US$2.87 per share in the prior trailing twelve month period, giving some extra context to the Q4 2025 quarterly basic EPS loss of US$0.11 per share.
• What is interesting for the generally cautious tone in the AI narrative is that it casts Seritage as a wind down and asset monetization story, yet the reported per share losses have moved from a much larger US$2.87 loss in the earlier twelve month period to a US$1.30 loss in the latest period, which raises the question of how much of the wind down cost has already been absorbed in earlier results.
  • The quarterly EPS pattern in 2025, with losses of US$0.42, US$0.53, US$0.24 and then US$0.11, pairs with the trailing EPS improvement from a US$2.87 loss to a US$1.30 loss, so the recent data show a smaller per share loss than the longer run five year trend of a 1.7% annual decline in earnings.
  • For anyone treating the stock as a pure liquidation situation, these EPS figures show that historical earnings pressure is real but also that the most recent reporting windows within that history have not matched the scale of the earlier trailing twelve month losses.

Curious how other investors are weighing these figures against the wind down story and valuation signals, and want to see how different viewpoints line up with the same set of numbers? 📊 Read the what the Community is saying about Seritage Growth Properties.

P/S Of 6.6x Sits Between Peers And Sector

• Seritage is trading on a P/S ratio of 6.6x, which is lower than a peer average of 8.8x but higher than the broader US Real Estate industry average of 2.5x, so the stock sits between peer and sector reference points.
• The AI narrative frames Seritage as an asset sale and liquidation style story, and this P/S level creates a tension where some investors may focus on the discount to peers while others look at the premium to the wider real estate sector, especially when set against trailing twelve month revenue of US$20.6 million and continued losses.
  • Supporters of a more constructive angle might note that a 6.6x P/S that is below peers can be read as the market already reflecting the multiyear earnings decline of 1.7% a year, given that the company remains unprofitable over the last year.
  • On the other hand, anyone leaning toward the cautious side could point out that a P/S premium to the sector average of 2.5x exists even while net income over the latest twelve months is a loss of US$73.1 million, so the valuation still embeds expectations that go beyond the current income statement.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Seritage Growth Properties's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If this mix of improving per share losses and ongoing net income deficits leaves you unsure, take a closer look at the underlying figures and context yourself. Before you firm up your stance, check how markets are framing the 1 important warning sign.

See What Else Is Out There

Seritage is still reporting ongoing net income losses and per share deficits, alongside a relatively high P/S ratio compared with the wider US real estate sector.

If prolonged losses and valuation tension leave you wanting something steadier, compare this picture with companies in the 66 resilient stocks with low risk scores to find stocks with more resilient profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.