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Soho House & Co (SHCO) investor relations material
Soho House & Co Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Total revenues for Q3 2025 increased 11.2% year-over-year to $370.8 million, driven by growth in membership, in-house, and other revenues.
Membership revenues rose 14.3% year-over-year to $122.7 million, with total members up 0.8% to 269,606.
Adjusted EBITDA for the quarter rose 11% year-over-year to $53.8 million, with a margin of 15%.
Net loss for the quarter was $18.7 million, or $0.10 per share, including $14.0 million in non-cash FX losses and impairment charges.
The company entered into a definitive merger agreement in August 2025 to be acquired and taken private, pending shareholder approval.
Financial highlights
Membership revenues: $122.7 million (+14.3% YoY); In-house revenues: $126.1 million (+5% YoY); Other revenues: $122.0 million (+16% YoY).
Adjusted EBITDA: $53.8 million (up from $48.3 million in Q3 2024); margin: 15% (up from 14%).
Net loss: $18.7 million vs. net income of $0.2 million in Q3 2024.
Cash, cash equivalents, and restricted cash at quarter-end: $148 million.
For the 39 weeks ended September 28, 2025, total revenues increased 9% to $983.4 million, net income was $14.6 million, and Adjusted EBITDA was $146.9 million, up 47% year-over-year.
Outlook and guidance
Management expects continued growth in membership and recurring revenues, supported by a strong global waitlist and expansion of new houses.
The company believes existing cash and undrawn facilities are sufficient to fund operations and capital needs for at least the next 12 months.
The pending merger transaction is expected to close following shareholder and regulatory approvals.
Merger closing timeline impact
Impact of internal control weaknesses on financials
SHCO global waitlist growth implications
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Next Soho House & Co earnings date
Q4 20256 Mar, 2026
Next Soho House & Co earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Soho House & Co Inc (formerly Membership Collective Group Inc.) operates a global membership platform of physical and digital spaces that connects members worldwide. The company offers art, wellness, retail, nightclub, hotel and business event spaces, as well as classes, workshops and special events; and features the works of designers and artists at the facilities. The company was founded in 1995 and is headquartered in New York, New York.
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