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Soho House & Co Inc. (SHCO)·Q4 2025 Earnings Summary

Executive Summary

  • Q4 2025 results and call transcript are not yet published as of Nov 20, 2025; consensus expects revenue ~$352.8M*, EBITDA ~$48.8M*, and EPS -$0.02*, implying YoY improvement vs Q4 2024 ($305.6M revenue, $32.3M Adj. EBITDA, EPS -$0.47) .
  • Q3 2025 delivered 11.2% YoY revenue growth to $370.8M and Adj. EBITDA of $53.8M (15% margin); net loss was $18.7M driven by $14.0M non-cash FX losses .
  • Strategic catalysts: definitive take‑private agreement (Aug 15, 2025) and CFO transition (Aug 18, 2025) may drive stock narrative into Q4 while JV restructuring of “The Ned/LINE/Saguaro” shifts fee income into equity interests .
  • Operations: management highlights sustained membership demand, RevPAR +2% LFL, and continued operational transformation (ERP), with explicit costs impacting reported profitability in Q1–Q3 2025 .

What Went Well and What Went Wrong

What Went Well

  • Membership revenue growth and broader top line: Q3 2025 membership revenue rose 14.3% YoY to $122.7M; total revenue +11.2% to $370.8M; Adj. EBITDA increased to $53.8M (15% margin). CEO: “continued strength and appeal of Soho House” .
  • Operational improvements in accommodation and F&B: Q3 RevPAR +2% LFL and higher like-for-like food & beverage margins vs Q3 2024 .
  • Q2/Q1 momentum: Q2 2025 revenue +8.9% YoY to $329.8M, Adj. EBITDA $46.1M; Q1 2025 revenue +8.0% to $282.9M, Adj. EBITDA $47.0M (benefited by $22.9M business interruption proceeds) .

What Went Wrong

  • Profitability volatility from FX: Q3 2025 net loss was $18.7M (EPS -$0.10) inclusive of $14.0M non-cash FX losses on non-USD debt; operating loss -$6.0M .
  • Elevated overhead and other costs: Q3 general & administrative $48.2M (+22% YoY) and other operating expenses $95.1M (+10% YoY); ERP implementation ($4.3M) and strategic transaction expenses ($6.8M) weighed on results .
  • Q4 2024 comp still shows prior fragility: EPS -$0.47 and Adj. EBITDA $32.3M due to FX and impairments (non-cash) – underscores sensitivity to external factors and transformation noise heading into seasonal Q4 .

Financial Results

Revenue, EPS, EBITDA, and Operating Metrics

MetricQ4 2024 (oldest)Q1 2025Q2 2025Q3 2025Q4 2025 (consensus)
Revenue ($USD Millions)$305.6 $282.9 $329.8 $370.8 $352.8*
EPS ($USD)-$0.47 $0.04 $0.13 -$0.10 -$0.02*
Adjusted EBITDA ($USD Millions)$32.3 $47.0 $46.1 $53.8 $48.8*
Adj. EBITDA Margin %11% 17% 14% 15% —
Operating Income (Loss) ($USD Millions)-$70.7 $34.9 $59.7 -$6.0 —
Net Income Attributable ($USD Millions)-$91.7 $8.2 $24.9 -$18.7 —

Values with * are consensus estimates (Values retrieved from S&P Global).

Segment Breakdown (Q3 YoY)

Segment Revenue ($USD Millions)Q3 2024Q3 2025
The Americas (Total consolidated segment revenue)$113.7 $119.5
UK$100.3 $109.1
Europe & RoW$81.2 $97.2
All Other$38.3 $45.0
Total$333.4 $370.8

KPIs

KPIQ4 2024Q1 2025Q2 2025Q3 2025
Total Members271,541 269,636 270,297 269,606
Soho House Members212,447 212,001 213,621 213,830
Number of Soho Houses45 45 46 46
Active App Users218,132 215,283 216,687 217,106
RevPAR (like-for-like)+1% YoY (Q4) +4% YoY (Q1) +2% YoY (Q2) +2% YoY (Q3)

Non‑GAAP and adjustments: Q1 included $22.9M business interruption proceeds (UK COVID) ; Q3 included $14.0M non‑cash FX losses and ERP/transaction costs .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Company guidanceFY 2025Not disclosed in Q2/Q3 2025 releasesNot disclosed in Q2/Q3 2025 releasesN/A
Strategic updates2H 2025—Definitive take‑private agreement signed (Aug 15, 2025) and CFO transition (Aug 18, 2025) New developments
Portfolio/fees4Q 2025 and beyond—JV formed transferring “The Ned/LINE/Saguaro” management agreements; SHCO holds 49% equity interest; fee income replaced by JV exposure Strategic reconfiguration

No explicit quantified FY 2025 revenue/EBITDA guidance ranges were provided in the Q2/Q3 2025 8‑K press releases .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q2 2025)Previous Mentions (Q-1: Q3 2025)Current Period (Q4 2025)Trend
Membership/value proposition“Strength of membership model,” experiential openings, health clubs expansion “Continued strength and appeal,” year-to-date revenue +9%, EBITDA +47% No call published yetPositive, intact
Accommodation RevPAR+2% LFL +2% LFL No call published yetStable modest growth
Operational transformation/ERPERP investments; costs recognized ERP costs ($4.3M) and back-of-house improvements No call published yetOngoing investment, near-term cost drag
Macro/FX“Uncertain consumer environment” Significant non-cash FX losses ($14.0M) No call published yetVolatile FX; watch USD/non-USD debt
Strategic actionsTake‑private offer under review Definitive agreement signed; CFO transition JV reconfiguring hotel management economics Transformational catalysts

Management Commentary

  • Q3 2025 CEO: “Total revenues grew 11% and Adjusted EBITDA was up 11%, demonstrating that our strategic priorities - enhancing member experience and improving operational efficiency – are delivering sustainable growth” .
  • Q2 2025 CEO: “We’ve launched new Soho Health Clubs… and introduced new food and beverage residencies… all of which help to deepen the value of Every House membership” .
  • Q4 2024 CEO: “Looking ahead, I’m excited by the potential our operational and finance systems transformation will unlock… more efficient, resilient and profitable business” .

Q&A Highlights

  • No Q4 2025 earnings call transcript or Q&A published as of Nov 20, 2025. Reference Q3/Q2 management remarks in press releases for narrative on membership strength, RevPAR, ERP investment, and strategic transactions .

Estimates Context

  • Consensus (S&P Global) for Q4 2025: Revenue ~$352.8M*, Adj. EBITDA ~$48.8M*, EPS -$0.02*, vs prior year Q4 2024 actual revenue $305.6M, Adj. EBITDA $32.3M, EPS -$0.47 .
  • FY 2025 consensus: Revenue ~$1.320B*, EBITDA ~$169.0M*, EPS $0.17*; FY 2026 consensus: Revenue ~$1.425B*, EBITDA ~$190.3M*, EPS -$0.10* (limited coverage: 1 estimate) – implying expectation for continued scale but with ongoing transformation costs*.

Values with * are consensus estimates (Values retrieved from S&P Global).

Key Takeaways for Investors

  • Near-term setup: Q4 2025 is expected to improve YoY on revenue and EBITDA versus Q4 2024, but FX/ERP/transaction costs remain key swing factors into the print .
  • Membership engine is intact: continued growth in Soho House members with stable active app users; LFL RevPAR positive and F&B margins improved in Q2–Q3 .
  • Operating leverage vs overhead: robust House-level contribution but higher G&A and “other” costs are constraining bottom-line; monitor ERP run-rate and advisory/transaction expense normalization .
  • Balance sheet and FX risk: sizable fixed-rate Senior Secured Notes and non-USD debt revaluation drove material non-cash FX losses; watch leverage trajectory and FX sensitivity .
  • Strategic catalysts: definitive take‑private agreement and CFO change could reshape valuation/ownership; JV re-allocates hotel economics from fees to equity interests – altering segment mix and cash flows .
  • Q4 watch items: FX movements, ERP spend, any business interruption items, and macro demand trends in accommodation and F&B hinted by prior commentary .
  • Medium-term thesis: a scaled, sticky membership base and operational upgrades support margin potential; successful transformation and reduced extraordinary costs are central to EPS accretion .