Soho House & Co Inc. (SHCO)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 delivered solid top-line and non‑GAAP profitability: total revenues rose to $370.8M (+11.2% YoY), Membership revenues to $122.7M (+14.3% YoY), and Adjusted EBITDA to $53.8M (+11% YoY; margin 15%), while GAAP swung to a net loss of $18.7M (-$0.10/share) largely due to $14.0M non‑cash FX losses .
• Sequentially, Adjusted EBITDA expanded vs Q2 ($53.8M vs $46.1M), but GAAP EPS declined sharply (from $0.13 to -$0.10) as Q2 benefited from FX gains (+$47.4M) that reversed in Q3 (-$14.0M) and G&A rose (+22% YoY) .
• Operational KPIs remained healthy: RevPAR +2% like‑for‑like; Soho House members +2.8% YoY to 213,830; total Houses increased to 46; Other revenues (+15.8% YoY) were driven by Scorpios and Soho Home .
• No explicit quantitative guidance was issued; management reiterated focus on member experience, F&B margin improvements, and accommodation performance; pending take‑private at $9.00/share and CFO transition are key stock narrative catalysts .

What Went Well and What Went Wrong

What Went Well

• Membership flywheel: Membership revenues rose 14.3% YoY to $122.7M; Soho House members grew 2.8% YoY to 213,830, with high satisfaction scores; CEO: “Total revenues grew 11% and Adjusted EBITDA was up 11%, demonstrating that our strategic priorities... are delivering sustainable growth.” .
• Non‑GAAP profitability: Adjusted EBITDA increased to $53.8M (15% margin), with F&B margins improving and like‑for‑like RevPAR +2% YoY .
• Diversified growth engines: Other revenues rose 15.8% YoY to $122.0M, supported by Scorpios and Soho Home expansion and curated programming; CEO highlighted investments in refreshed Houses and wellness (Soho Health Clubs) .

What Went Wrong

• GAAP earnings pressure: Net loss of $18.7M (vs $0.00 prior year) and operating loss of $6.0M (vs $37.9M prior year) as FX losses (-$14.0M) flipped from a large gain in Q3 2024, and G&A rose 22% YoY; additional costs for ERP ($4.3M) and strategic transaction evaluation ($6.8M) weighed on results .
• Sequential GAAP deterioration: EPS moved from $0.13 (Q2) to -$0.10 (Q3) primarily due to FX reversal (Q2: +$47.4M; Q3: -$14.0M) and higher “Other, net” expenses, despite stable house contribution margins .
• Other memberships softness: Other members (Soho Friends, Soho Works) declined 6.1% YoY to 55,776, continuing the trend seen across earlier quarters .

Financial Results

Segment revenue mix (Q3 2025 vs prior year):

KPIs and footprint:

Estimate comparison

• Wall Street consensus estimates for Q3 2025 were unavailable due to data access limitations at the time of request; as a result, we cannot present beats/misses vs consensus for this quarter. Values would be retrieved from S&P Global if available.

Guidance Changes

Note: No explicit quantitative ranges were provided in Q3 materials; forward-looking statements reiterate operational focus without numeric guidance .

Earnings Call Themes & Trends

Transcript not available in the source repository for Q3 2025. The table below tracks themes across prepared remarks and prior quarter releases.

Management Commentary

• “Our third quarter results reflect the continued strength and appeal of Soho House… Total revenues grew 11% and Adjusted EBITDA was up 11%” — Andrew Carnie, CEO .
• “We’re investing in what matters most to our members — refreshing existing Houses… expanding our food and beverage offerings… and providing events across our Clubs that only Soho House can do… We continue to see strong demand for our health and wellness offering and plan to expand Soho Health Clubs further.” — Andrew Carnie, CEO .
• Prior quarters: “Our operational transformation is starting to gain real traction… giving us further confidence in the potential that lies ahead of us.” — Andrew Carnie, CEO (Q1) ; “Adjusted EBITDA was up 46% — a clear sign that our strategic priorities… are delivering results.” — Andrew Carnie, CEO (Q2) .

Q&A Highlights

• The Q3 2025 earnings call transcript could not be located in the source document catalog; therefore, Q&A themes, guidance clarifications, and tone shifts from live discussion are unavailable. We searched for “earnings-call-transcript” documents for SHCO in Q4 CY2025 and found none.

Estimates Context

• S&P Global Wall Street consensus estimates for Q3 2025 were not retrievable at the time of analysis due to access limits; comparison to consensus (EPS, revenue, EBITDA) cannot be provided. Values would be retrieved from S&P Global when available.

Key Takeaways for Investors

• Membership-led growth remains intact: strong Membership revenue expansion and resilient Soho House membership base underpin recurring revenue quality and in‑House monetization .
• Non‑GAAP profitability improved: Adjusted EBITDA and margins progressed, reflecting operational initiatives (F&B margin discipline, accommodation optimization, RevPAR growth) .
• GAAP volatility persists: earnings are highly sensitive to FX; Q3’s non‑cash FX loss and elevated G&A/ERP/transaction costs drove operating and net losses despite solid underlying performance .
• Diversified revenue pools: Scorpios and Soho Home are meaningful contributors to Other revenues, supporting growth beyond House footprint additions .
• Footprint and engagement expansion: House count at 46 with growing active app users reinforces platform engagement and cross‑sell potential .
• Corporate trajectory: the signed $9.00/share take‑private agreement and CFO transition are central to near‑term stock narrative; deal approval/closing steps are catalysts to monitor .
• With no explicit numeric guidance, trading focus should center on operational KPIs (membership, RevPAR, F&B margins) and deal process milestones; FX management and cost control (G&A/ERP) are key to sustaining GAAP earnings recovery .

Sources: Q3 2025 8‑K and Exhibit 99.1 earnings press release (Nov 7, 2025) ; Q2 2025 8‑K and Exhibit 99.1 (Aug 8, 2025) ; Q1 2025 8‑K and Exhibit 99.1 (May 9, 2025) ; FY/Q4 2024 8‑K and Exhibit 99.1 (Mar 31, 2025) ; Take‑private and CFO transition 8‑K (Aug 18, 2025) .