Candlestick Capital Management LP In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Candlestick Capital Management LP reported 52 stock positions worth $2.8 billion . Its top holding was United Airlines (UAL) at 9.9% of the portfolio, followed by Delta Air Lines (DAL, 8.0% ) and Cinemark (CNK, 5.5% ). Compared with Q3 2024, it opened 23 new positions, sold out of 21, added to 16 and reduced 13. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from Meta Platforms Class A (META).
Location GREENWICH, CT
CIK 0001789779
Portfolio Value $2.8B (Q4 2024) Holdings 52 stocks · $2.8B Holdings quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 UAL United Airlines Holdings Inc. 2,822,467 $274.1M Reduce -7.0% DAL Delta Air Lines Inc. 3,670,452 $222.1M Add +60.2% CNK Cinemark Holdings Inc. 4,931,618 $152.8M Add +48.1% AMZN Amazon.com Inc. 494,356 $108.5M New AS Amer Sports Inc. 3,864,510 $108.1M Add +1.7% BURL Burlington Stores Inc. 362,575 $103.4M Add +7.5% NFLX Netflix Inc. 112,640 $100.4M Reduce -7.0% LULU Lululemon Athletica Inc. 195,843 $74.9M New MMM 3M Co. 561,826 $72.5M Add +107.1% HD Home Depot Inc. 182,309 $70.9M New TRU Transunion 742,966 $68.9M Add +87.1% TPR Tapestry Inc. 1,024,063 $66.9M New VFC VF Corp. 3,108,923 $66.7M Add +48.1% MSCI MSCI Inc. 110,428 $66.3M Add +141.4% PM Philip Morris International 535,075 $64.4M Add +123.6% RH RH 144,544 $56.9M Add +1.7% SOLV Solventum Corp. 802,606 $53.0M Add +67.7% KR Kroger Co. 849,755 $52.0M New ALK Alaska Air Group Inc. 792,364 $51.3M New FLUT Flutter Entertainment PLC-Di 194,717 $50.3M New CSX CSX Corp. 1,551,707 $50.1M New LW Lamb Weston Holdings Inc. 749,138 $50.1M Add +213.0% SPOT Spotify Technology SA 108,974 $48.8M Add +3.7% SHW The Sherwin-Williams Co. 139,119 $47.3M Reduce -26.3% TEAM Atlassian Corp. Class A 188,074 $45.8M New NCLH Norwegian Cruise Line Holdin 1,735,335 $44.7M New THO Thor Industries Inc. 450,517 $43.1M Reduce -30.7% DKS Dick's Sporting Goods Inc. 180,711 $41.4M New CART Maplebear Inc. 977,672 $40.5M Add +55.7% KMB Kimberly-Clark Corp. 281,800 $36.9M Add +51.4% CL Colgate-Palmolive Co. 401,302 $36.5M New PFGC Performance Food Group Co. 414,391 $35.0M Reduce -65.8% FIVE Five Below 315,956 $33.2M New WYNN WYNN Resorts Ltd. 381,087 $32.8M New CRM Salesforce Inc. 97,833 $32.7M New TSLA Tesla Inc. 80,260 $32.4M New ACI Albertsons Cos Inc. Class A 1,546,618 $30.4M New SJM The JM Smucker Co. filed as SMUCKER J M CO 267,537 $29.5M Reduce -36.2% AN Autonation Inc. 129,599 $22.0M Reduce -35.1% ACVA Acv Auctions Inc. Class A 954,177 $20.6M Reduce -47.7% DRI Darden Restaurants Inc. 108,701 $20.3M New SNOW Snowflake Inc. 130,196 $20.1M New EAT Brinker International Inc. 115,199 $15.2M New PAYX Paychex Inc. 96,313 $13.5M New PCTY Paylocity Holding Corp. 57,501 $11.5M Add +20.1% KNX Knight-Swift Transportation 205,938 $10.9M Reduce -67.5% SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 192,626 $10.9M Reduce -77.3% ACN Accenture PLC Class A 28,894 $10.2M New SBUX Starbucks Corp. 110,817 $10.1M Reduce -77.9% WOOF Petco Health and Wellness Co. 2,219,172 $8.5M Reduce -32.1% RCL Royal Caribbean Cruises Ltd. 24,466 $5.6M Reduce -80.3% CWH Camping World Holdings Inc. Class A 192,626 $4.1M New
Options reported separately and not counted above: SPY puts ($527.5M), DAL calls ($211.8M), QQQ puts ($204.5M), IWM puts ($132.6M), EEM calls ($83.6M), XLI puts ($52.7M), AAL calls ($52.3M), ITB puts ($51.7M), LULU calls ($40.9M), DECK puts ($40.6M), LW calls ($40.1M), HSY calls ($33.9M), and 3 more.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Sold out 0.00% −5.94 TTWO Take-Two Interactive Softwre Sold out 0.00% −3.38 K Kellanova Sold out 0.00% −3.30 ANF Abercrombie & Fitch Co. Class A Sold out 0.00% −2.82 ORCL Oracle Corp. Sold out 0.00% −2.68 PFGC Performance Food Group Co. Reduce -65.8% 1.26% −2.63 TRI Thomson Reuters Corp. Sold out 0.00% −2.61 NKE Nike Inc. Class B Sold out 0.00% −2.39 HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −2.34 GPC Genuine Parts Co. Sold out 0.00% −2.27 DPZ Domino's Pizza Inc. Sold out 0.00% −1.74 SBUX Starbucks Corp. Reduce -77.9% 0.36% −1.64 MSFT Microsoft Corp. Sold out 0.00% −1.63 SGI Somnigroup International Inc. Reduce -77.3% 0.39% −1.50 BFAM Bright Horizons Family Solut Sold out 0.00% −1.41 THO Thor Industries Inc. Reduce -30.7% 1.55% −1.37 SPB Spectrum Brands Holdings Inc. Sold out 0.00% −1.35 SHW The Sherwin-Williams Co. Reduce -26.3% 1.70% −1.25 SJM The JM Smucker Co. Reduce -36.2% 1.06% −1.02 KNX Knight-Swift Transportation Reduce -67.5% 0.39% −1.01 VIK Viking Holdings Ltd. Sold out 0.00% −0.91 ACVA Acv Auctions Inc. Class A Reduce -47.7% 0.74% −0.78 MHK Mohawk Industries Inc. Sold out 0.00% −0.70 RCL Royal Caribbean Cruises Ltd. Reduce -80.3% 0.20% −0.70 AN Autonation Inc. Reduce -35.1% 0.79% −0.67 RDDT Reddit Inc. Class A Sold out 0.00% −0.56 BROS Dutch Bros Inc. Class A Sold out 0.00% −0.51 BKNG Booking Holdings Inc. Sold out 0.00% −0.45 APTV Aptiv Irish Holdings Ltd. Sold out 0.00% −0.37 JBHT Hunt (jb) Transprt SVCS Inc. Sold out 0.00% −0.35 WOOF Petco Health and Wellness Co. Reduce -32.1% 0.30% −0.30 CCEP Coca-Cola Europacific Partne Sold out 0.00% −0.14 NFLX Netflix Inc. Reduce -7.0% 3.61% +0.10 UAL United Airlines Holdings Inc. Reduce -7.0% 9.86% +2.77
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. New 3.90% +3.90 DAL Delta Air Lines Inc. Add +60.2% 7.99% +3.23 LULU Lululemon Athletica Inc. New 2.70% +2.70 HD Home Depot Inc. New 2.55% +2.55 TPR Tapestry Inc. New 2.41% +2.41 KR Kroger Co. New 1.87% +1.87 ALK Alaska Air Group Inc. New 1.85% +1.85 FLUT Flutter Entertainment PLC-Di New 1.81% +1.81 CSX CSX Corp. New 1.80% +1.80 CNK Cinemark Holdings Inc. Add +48.1% 5.50% +1.70 TEAM Atlassian Corp. Class A New 1.65% +1.65 NCLH Norwegian Cruise Line Holdin New 1.61% +1.61 DKS Dick's Sporting Goods Inc. New 1.49% +1.49 AS Amer Sports Inc. Add +1.7% 3.89% +1.41 CL Colgate-Palmolive Co. New 1.31% +1.31 MSCI MSCI Inc. Add +141.4% 2.38% +1.29 FIVE Five Below New 1.19% +1.19 WYNN WYNN Resorts Ltd. New 1.18% +1.18 CRM Salesforce Inc. New 1.18% +1.18 LW Lamb Weston Holdings Inc. Add +213.0% 1.80% +1.17 TSLA Tesla Inc. New 1.17% +1.17 PM Philip Morris International Add +123.6% 2.32% +1.13 ACI Albertsons Cos Inc. Class A New 1.09% +1.09 MMM 3M Co. Add +107.1% 2.61% +1.09 TRU Transunion Add +87.1% 2.48% +0.78 DRI Darden Restaurants Inc. New 0.73% +0.73 SNOW Snowflake Inc. New 0.72% +0.72 VFC VF Corp. Add +48.1% 2.40% +0.69 EAT Brinker International Inc. New 0.55% +0.55 SOLV Solventum Corp. Add +67.7% 1.91% +0.54 PAYX Paychex Inc. New 0.49% +0.49 CART Maplebear Inc. Add +55.7% 1.46% +0.41 ACN Accenture PLC Class A New 0.37% +0.37 KMB Kimberly-Clark Corp. Add +51.4% 1.33% +0.24 SPOT Spotify Technology SA Add +3.7% 1.75% +0.17 CWH Camping World Holdings Inc. Class A New 0.15% +0.15 RH RH Add +1.7% 2.05% +0.10 PCTY Paylocity Holding Corp. Add +20.1% 0.41% +0.09 BURL Burlington Stores Inc. Add +7.5% 3.72% +0.08
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +125.0% 900,000 $527.5M DAL Delta Air Lines Inc. call Add +75.0% 3,500,000 $211.8M IWM iShares Russell 2000 ETF put Reduce -14.3% 600,000 $132.6M UAL United Airlines Holdings Inc. call Sold out 1,750,000 $99.9Mbefore exit EEM iShares MSCI Emerging Market call New 2,000,000 $83.6M AYI Acuity Inc. put Sold out 200,000 $55.1Mbefore exit XLI SS Industrial Select Sector put New 400,000 $52.7M AAL American Airlines Group Inc. call New 3,000,000 $52.3M ITB iShares U.S. Home Constructi put Reduce -33.3% 500,000 $51.7M LULU Lululemon Athletica Inc. call New 107,000 $40.9M DECK Deckers Outdoor Corp. put New 200,000 $40.6M LW Lamb Weston Holdings Inc. call Add +32.2% 600,000 $40.1M HSY The Hershey Co. call New 200,000 $33.9M SJM The JM Smucker Co. call New 300,000 $33.0M CCL Carnival Corp. put Sold out 1,500,000 $27.7Mbefore exit RCL Royal Caribbean Cruises Ltd. call Sold out 150,000 $26.6Mbefore exit NKE Nike Inc. Class B call Sold out 300,000 $26.5Mbefore exit UBER Uber Technologies Inc. put New 389,100 $23.5M AAL American Airlines Group Inc. put Sold out 2,000,000 $22.5Mbefore exit KMB Kimberly-Clark Corp. call Sold out 150,000 $21.3Mbefore exit ANF Abercrombie & Fitch Co. Class A call Sold out 150,000 $21.0Mbefore exit EL Estee Lauder Companies Class A call New 250,000 $18.7M VFC VF Corp. call Sold out 750,000 $15.0Mbefore exit MNST Monster Beverage Corp. put Sold out 250,000 $13.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2025 0 $0 Q3 2025 39 $2.6B UAL, TPR, DAL, AS, CNK Q2 2025 51 $3.0B AMZN, CNK, MSFT, UAL, AS Q1 2025 46 $2.5B NFLX, CNK, UAL, META, CSGP Q4 2024 52 $2.8B UAL, DAL, CNK, AMZN, AS Q3 2024 50 $2.4B UAL, META, DAL, PFGC, CNK Q2 2024 59 $2.6B UAL, DAL, SHW, BURL, CNK Q1 2024 69 $3.0B AMZN, BURL, CRM, PYPL, MNST