Candlestick Capital Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Candlestick Capital Management LP reported 46 stock positions worth $2.5 billion . Its top holding was Netflix (NFLX) at 6.5% of the portfolio, followed by Cinemark (CNK, 5.4% ) and United Airlines (UAL, 4.1% ). Compared with Q4 2024, it opened 22 new positions, sold out of 28, added to 13 and reduced 11. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale Delta Air Lines (DAL, shares −64% ).
Location GREENWICH, CT
CIK 0001789779
Portfolio Value $2.5B (Q1 2025) Holdings 46 stocks · $2.5B 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 Q4 2024 NFLX Netflix Inc. 178,589 $166.5M Add +58.5% CNK Cinemark Holdings Inc. 5,487,394 $136.6M Add +11.3% UAL United Airlines Holdings Inc. 1,521,658 $105.1M Reduce -46.1% META Meta Platforms Inc. Class A 165,542 $95.4M New CSGP Costar Group Inc. 1,178,647 $93.4M New EIX Edison International 1,564,043 $92.2M New SOLV Solventum Corp. 1,190,002 $90.5M Add +48.3% AS Amer Sports Inc. 3,357,798 $89.8M Reduce -13.1% KDP Keurig Dr Pepper Inc. 2,606,740 $89.2M New WBA Walgreens Boots Alliance Inc. 7,723,212 $86.3M New TPR Tapestry Inc. 1,114,380 $78.5M Add +8.8% ORLY O'reilly Automotive Inc. 52,370 $75.0M New KR Kroger Co. 1,053,066 $71.3M Add +23.9% VFC VF Corp. 4,353,253 $67.6M Add +40.0% PM Philip Morris International 423,594 $67.2M Reduce -20.8% RBA RB Global Inc. 667,459 $66.9M New SBUX Starbucks Corp. 616,125 $60.4M Add +456.0% SNOW Snowflake Inc. 410,192 $60.0M Add +215.1% CHWY Chewy Inc. Class A 1,816,665 $59.1M New DAL Delta Air Lines Inc. 1,316,386 $57.4M Reduce -64.1% CELH Celsius Holdings Inc. 1,564,045 $55.7M New SPY SS SPDR S&P 500 ETF Trust-US 97,753 $54.7M New SJM The JM Smucker Co. filed as SMUCKER J M CO 410,560 $48.6M Add +53.5% THO Thor Industries Inc. 638,566 $48.4M Add +41.7% MMM 3M Co. 325,842 $47.9M Reduce -42.0% NKE Nike Inc. Class B 742,921 $47.2M New QQQ Invesco QQQ Trust Series 1 97,753 $45.8M New RCL Royal Caribbean Cruises Ltd. 210,220 $43.2M Add +759.2% AZO AutoZone Inc. 11,081 $42.2M New ALK Alaska Air Group Inc. 798,378 $39.3M Add +0.8% FICO Fair Isaac Corp. 19,393 $35.8M New MTCH Match Group Inc. 1,143,356 $35.7M New GTM Zoominfo Technologies Inc. 3,374,529 $33.7M New SFM Sprouts Farmers Market Inc. 212,021 $32.4M New ACI Albertsons Cos Inc. Class A 1,429,095 $31.4M Reduce -7.6% KO The Coca-Cola Co. 410,534 $29.4M New TEAM Atlassian Corp. Class A 135,431 $28.7M Reduce -28.0% URBN Urban Outfitters Inc. 436,628 $22.9M New TRU Transunion 269,839 $22.4M Reduce -63.7% EAT Brinker International Inc. 141,943 $21.2M Add +23.2% PFGC Performance Food Group Co. 200,965 $15.8M Reduce -51.5% NCLH Norwegian Cruise Line Holdin 736,815 $14.0M Reduce -57.5% DLTR Dollar Tree Inc. 173,019 $13.0M New BBY Best Buy Co. Inc. 156,404 $11.5M New SGI Somnigroup International Inc. 168,917 $10.1M Reduce -12.3% DKNG Draftkings Inc. Class A 251,519 $8.4M New
Options reported separately and not counted above: DAL calls ($295.5M), IWM calls ($260.0M), SPY puts ($213.6M), HYG puts ($200.9M), QQQ puts ($179.1M), IWM puts ($127.0M), UBER puts ($108.1M), ALK calls ($99.4M), LULU calls ($92.2M), TPR calls ($73.4M), UAL calls ($72.0M), XLI puts ($66.7M), and 16 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ DAL Delta Air Lines Inc. Reduce -64.1% 2.25% −5.74 UAL United Airlines Holdings Inc. Reduce -46.1% 4.12% −5.74 AMZN Amazon.com Inc. Sold out 0.00% −3.90 BURL Burlington Stores Inc. Sold out 0.00% −3.72 LULU Lululemon Athletica Inc. Sold out 0.00% −2.70 HD Home Depot Inc. Sold out 0.00% −2.55 MSCI MSCI Inc. Sold out 0.00% −2.38 RH RH Sold out 0.00% −2.05 FLUT Flutter Entertainment PLC-Di Sold out 0.00% −1.81 CSX CSX Corp. Sold out 0.00% −1.80 LW Lamb Weston Holdings Inc. Sold out 0.00% −1.80 SPOT Spotify Technology SA Sold out 0.00% −1.75 SHW The Sherwin-Williams Co. Sold out 0.00% −1.70 TRU Transunion Reduce -63.7% 0.88% −1.60 DKS Dick's Sporting Goods Inc. Sold out 0.00% −1.49 CART Maplebear Inc. Sold out 0.00% −1.46 KMB Kimberly-Clark Corp. Sold out 0.00% −1.33 CL Colgate-Palmolive Co. Sold out 0.00% −1.31 FIVE Five Below Sold out 0.00% −1.19 WYNN WYNN Resorts Ltd. Sold out 0.00% −1.18 CRM Salesforce Inc. Sold out 0.00% −1.18 TSLA Tesla Inc. Sold out 0.00% −1.17 NCLH Norwegian Cruise Line Holdin Reduce -57.5% 0.55% −1.06 AN Autonation Inc. Sold out 0.00% −0.79 ACVA Acv Auctions Inc. Class A Sold out 0.00% −0.74 MMM 3M Co. Reduce -42.0% 1.88% −0.73 DRI Darden Restaurants Inc. Sold out 0.00% −0.73 PFGC Performance Food Group Co. Reduce -51.5% 0.62% −0.64 TEAM Atlassian Corp. Class A Reduce -28.0% 1.13% −0.52 PAYX Paychex Inc. Sold out 0.00% −0.49 PCTY Paylocity Holding Corp. Sold out 0.00% −0.41 KNX Knight-Swift Transportation Sold out 0.00% −0.39 ACN Accenture PLC Class A Sold out 0.00% −0.37 AS Amer Sports Inc. Reduce -13.1% 3.52% −0.37 WOOF Petco Health and Wellness Co. Sold out 0.00% −0.30 CWH Camping World Holdings Inc. Class A Sold out 0.00% −0.15 SGI Somnigroup International Inc. Reduce -12.3% 0.40% +0.00 ACI Albertsons Cos Inc. Class A Reduce -7.6% 1.23% +0.14 PM Philip Morris International Reduce -20.8% 2.64% +0.32
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A New 3.75% +3.75 CSGP Costar Group Inc. New 3.67% +3.67 EIX Edison International New 3.62% +3.62 KDP Keurig Dr Pepper Inc. New 3.50% +3.50 WBA Walgreens Boots Alliance Inc. New 3.39% +3.39 ORLY O'reilly Automotive Inc. New 2.94% +2.94 NFLX Netflix Inc. Add +58.5% 6.54% +2.92 RBA RB Global Inc. New 2.63% +2.63 CHWY Chewy Inc. Class A New 2.32% +2.32 CELH Celsius Holdings Inc. New 2.19% +2.19 SPY SS SPDR S&P 500 ETF Trust-US New 2.15% +2.15 SBUX Starbucks Corp. Add +456.0% 2.37% +2.01 NKE Nike Inc. Class B New 1.85% +1.85 QQQ Invesco QQQ Trust Series 1 New 1.80% +1.80 AZO AutoZone Inc. New 1.66% +1.66 SOLV Solventum Corp. Add +48.3% 3.55% +1.64 SNOW Snowflake Inc. Add +215.1% 2.35% +1.63 RCL Royal Caribbean Cruises Ltd. Add +759.2% 1.70% +1.49 FICO Fair Isaac Corp. New 1.40% +1.40 MTCH Match Group Inc. New 1.40% +1.40 GTM Zoominfo Technologies Inc. New 1.32% +1.32 SFM Sprouts Farmers Market Inc. New 1.27% +1.27 KO The Coca-Cola Co. New 1.15% +1.15 KR Kroger Co. Add +23.9% 2.80% +0.93 URBN Urban Outfitters Inc. New 0.90% +0.90 SJM The JM Smucker Co. Add +53.5% 1.91% +0.85 TPR Tapestry Inc. Add +8.8% 3.08% +0.67 DLTR Dollar Tree Inc. New 0.51% +0.51 BBY Best Buy Co. Inc. New 0.45% +0.45 THO Thor Industries Inc. Add +41.7% 1.90% +0.35 DKNG Draftkings Inc. Class A New 0.33% +0.33 EAT Brinker International Inc. Add +23.2% 0.83% +0.28 VFC VF Corp. Add +40.0% 2.65% +0.25 CNK Cinemark Holdings Inc. Add +11.3% 5.36% −0.14 ALK Alaska Air Group Inc. Add +0.8% 1.54% −0.30
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ DAL Delta Air Lines Inc. call Add +93.7% 6,777,700 $295.5M IWM iShares Russell 2000 ETF call New 1,303,400 $260.0M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -57.6% 381,900 $213.6M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 2,546,100 $200.9M QQQ Invesco QQQ Trust Series 1 put Reduce -4.5% 381,900 $179.1M IWM iShares Russell 2000 ETF put Add +6.1% 636,500 $127.0M UBER Uber Technologies Inc. put Add +281.4% 1,483,900 $108.1M ALK Alaska Air Group Inc. call New 2,020,200 $99.4M LULU Lululemon Athletica Inc. call Add +204.6% 325,900 $92.2M EEM iShares MSCI Emerging Market call Sold out 2,000,000 $83.6Mbefore exit TPR Tapestry Inc. call New 1,042,800 $73.4M UAL United Airlines Holdings Inc. call New 1,042,700 $72.0M XLI SS Industrial Select Sector put Add +27.3% 509,200 $66.7M CMG Chipotle Mexican Grill Inc. call New 1,303,400 $65.4M AAL American Airlines Group Inc. call Sold out 3,000,000 $52.3Mbefore exit ITB iShares U.S. Home Constructi put Add +1.8% 509,200 $48.5M PINS Pinterest Inc. Class A put New 1,527,600 $47.4M EIX Edison International call New 782,000 $46.1M XRT SS SPDR S&P Retail ETF call New 586,600 $40.5M LW Lamb Weston Holdings Inc. call Sold out 600,000 $40.1Mbefore exit DECK Deckers Outdoor Corp. put Add +59.2% 318,400 $35.6M HSY The Hershey Co. call Sold out 200,000 $33.9Mbefore exit NOW ServiceNow Inc. put New 42,000 $33.4M NKE Nike Inc. Class B call New 521,400 $33.1M SJM The JM Smucker Co. call Sold out 300,000 $33.0Mbefore exit RDDT Reddit Inc. Class A put New 260,600 $27.3M MGM MGM Resorts International put New 891,100 $26.4M NCLH Norwegian Cruise Line Holdin call New 1,303,400 $24.7M HIMS Hims & Hers Health Inc. put New 700,100 $20.7M THO Thor Industries Inc. call New 260,700 $19.8M EL Estee Lauder Companies Class A call Sold out 250,000 $18.7Mbefore exit ENPH Enphase Energy Inc. put New 191,000 $11.9M RH RH put New 44,500 $10.4M VFC VF Corp. call New 651,700 $10.1M
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