Candlestick Capital Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Candlestick Capital Management LP reported 51 stock positions worth $3.0 billion . Its top holding was Amazon.com (AMZN) at 5.3% of the portfolio, followed by Cinemark (CNK, 5.0% ) and Microsoft (MSFT, 4.3% ). Compared with Q1 2025, it opened 22 new positions, sold out of 17, added to 13 and reduced 16. 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 $3.0B (Q2 2025) Holdings 51 stocks · $3.0B 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 Q1 2025 AMZN Amazon.com Inc. 722,954 $158.6M New CNK Cinemark Holdings Inc. 5,030,814 $151.8M Reduce -8.3% MSFT Microsoft Corp. 263,754 $131.2M New UAL United Airlines Holdings Inc. 1,614,285 $128.5M Add +6.1% AS Amer Sports Inc. 2,866,290 $111.1M Reduce -14.6% SNOW Snowflake Inc. 452,632 $101.3M Add +10.3% WBA Walgreens Boots Alliance Inc. 8,399,764 $96.4M Add +8.8% NFLX Netflix Inc. 70,942 $95.0M Reduce -60.3% DAL Delta Air Lines Inc. 1,876,674 $92.3M Add +42.6% KDP Keurig Dr Pepper Inc. 2,706,213 $89.5M Add +3.8% CCL Carnival Corp. 3,099,114 $87.1M New YUM Yum! Brands Inc. 541,243 $80.2M New CELH Celsius Holdings Inc. 1,691,383 $78.5M Add +8.1% TPR Tapestry Inc. 868,684 $76.3M Reduce -22.1% DKS Dick's Sporting Goods Inc. 372,101 $73.6M New SOLV Solventum Corp. 947,174 $71.8M Reduce -20.4% MMM 3M Co. 439,760 $66.9M Add +35.0% NKE Nike Inc. Class B 915,536 $65.0M Add +23.2% RBA RB Global Inc. 608,898 $64.7M Reduce -8.8% FICO Fair Isaac Corp. 35,022 $64.0M Add +80.6% HD Home Depot Inc. 171,151 $62.8M New T AT&T Inc. 2,020,104 $58.5M New H Hyatt Hotels Corp. Class A 410,251 $57.3M New THO Thor Industries Inc. 642,723 $57.1M Add +0.7% CHWY Chewy Inc. Class A 1,338,719 $57.1M Reduce -26.3% AZO AutoZone Inc. 14,688 $54.5M Add +32.5% SFM Sprouts Farmers Market Inc. 310,718 $51.2M Add +46.5% SIG Signet Jewelers Ltd. 632,533 $50.3M New PM Philip Morris International 270,620 $49.3M Reduce -36.1% EIX Edison International 947,151 $48.9M Reduce -39.4% CSGP Costar Group Inc. 596,098 $47.9M Reduce -49.4% SBUX Starbucks Corp. 521,067 $47.7M Reduce -15.4% KVUE Kenvue Inc. 2,148,836 $45.0M New EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 541,243 $43.7M New ORCL Oracle Corp. 196,828 $43.0M New ORLY O'reilly Automotive Inc. 459,060 $41.4M Reduce -41.6% MCO Moody's Corp. 82,201 $41.2M New BFAM Bright Horizons Family Solut 319,569 $39.5M New ITB iShares U.S. Home Constructi 338,276 $31.5M New NCLH Norwegian Cruise Line Holdin 1,518,781 $30.8M Add +106.1% DOCU Docusign Inc. 385,137 $30.0M New JBS JBS NV-A 2,029,657 $29.7M New MTCH Match Group Inc. 854,502 $26.4M Reduce -25.3% BRBR Bellring Brands Inc. 439,756 $25.5M New PAYC Paycom Software Inc. 60,104 $13.9M New ULTA Ulta Beauty Inc. 28,591 $13.4M New GTM Zoominfo Technologies Inc. 992,944 $10.0M Reduce -70.6% CBRL Cracker Barrel Old Country 144,338 $8.8M New PFGC Performance Food Group Co. 82,228 $7.2M Reduce -59.1% HAS Hasbro Inc. 92,210 $6.8M New EAT Brinker International Inc. 29,139 $5.3M Reduce -79.5%
Options reported separately and not counted above: QQQ puts ($508.9M), SPY puts ($325.7M), IWM puts ($199.1M), DAL calls ($183.0M), ALK calls ($133.9M), AAPL puts ($118.9M), XHB calls ($80.0M), ARKK puts ($72.3M), NCLH calls ($68.6M), NFLX calls ($63.5M), TSLA puts ($62.8M), MSFT calls ($60.6M), and 10 more.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ META Meta Platforms Inc. Class A Sold out 0.00% −3.75 NFLX Netflix Inc. Reduce -60.3% 3.15% −3.39 KR Kroger Co. Sold out 0.00% −2.80 VFC VF Corp. Sold out 0.00% −2.65 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −2.15 CSGP Costar Group Inc. Reduce -49.4% 1.59% −2.08 EIX Edison International Reduce -39.4% 1.62% −2.00 SJM The JM Smucker Co. Sold out 0.00% −1.91 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −1.80 RCL Royal Caribbean Cruises Ltd. Sold out 0.00% −1.70 ORLY O'reilly Automotive Inc. Reduce -41.6% 1.37% −1.57 ALK Alaska Air Group Inc. Sold out 0.00% −1.54 ACI Albertsons Cos Inc. Class A Sold out 0.00% −1.23 SOLV Solventum Corp. Reduce -20.4% 2.38% −1.17 KO The Coca-Cola Co. Sold out 0.00% −1.15 TEAM Atlassian Corp. Class A Sold out 0.00% −1.13 PM Philip Morris International Reduce -36.1% 1.63% −1.01 GTM Zoominfo Technologies Inc. Reduce -70.6% 0.33% −0.99 URBN Urban Outfitters Inc. Sold out 0.00% −0.90 TRU Transunion Sold out 0.00% −0.88 SBUX Starbucks Corp. Reduce -15.4% 1.58% −0.79 EAT Brinker International Inc. Reduce -79.5% 0.17% −0.66 TPR Tapestry Inc. Reduce -22.1% 2.53% −0.55 MTCH Match Group Inc. Reduce -25.3% 0.87% −0.53 DLTR Dollar Tree Inc. Sold out 0.00% −0.51 RBA RB Global Inc. Reduce -8.8% 2.14% −0.49 BBY Best Buy Co. Inc. Sold out 0.00% −0.45 CHWY Chewy Inc. Class A Reduce -26.3% 1.89% −0.43 SGI Somnigroup International Inc. Sold out 0.00% −0.40 PFGC Performance Food Group Co. Reduce -59.1% 0.24% −0.38 CNK Cinemark Holdings Inc. Reduce -8.3% 5.03% −0.33 DKNG Draftkings Inc. Class A Sold out 0.00% −0.33 AS Amer Sports Inc. Reduce -14.6% 3.68% +0.16
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. New 5.25% +5.25 MSFT Microsoft Corp. New 4.34% +4.34 CCL Carnival Corp. New 2.89% +2.89 YUM Yum! Brands Inc. New 2.66% +2.66 DKS Dick's Sporting Goods Inc. New 2.44% +2.44 HD Home Depot Inc. New 2.08% +2.08 T AT&T Inc. New 1.94% +1.94 H Hyatt Hotels Corp. Class A New 1.90% +1.90 SIG Signet Jewelers Ltd. New 1.67% +1.67 KVUE Kenvue Inc. New 1.49% +1.49 EL Estee Lauder Companies Class A New 1.45% +1.45 ORCL Oracle Corp. New 1.43% +1.43 MCO Moody's Corp. New 1.37% +1.37 BFAM Bright Horizons Family Solut New 1.31% +1.31 ITB iShares U.S. Home Constructi New 1.04% +1.04 SNOW Snowflake Inc. Add +10.3% 3.35% +1.00 DOCU Docusign Inc. New 0.99% +0.99 JBS JBS NV-A New 0.98% +0.98 BRBR Bellring Brands Inc. New 0.84% +0.84 DAL Delta Air Lines Inc. Add +42.6% 3.06% +0.80 FICO Fair Isaac Corp. Add +80.6% 2.12% +0.72 NCLH Norwegian Cruise Line Holdin Add +106.1% 1.02% +0.47 PAYC Paycom Software Inc. New 0.46% +0.46 ULTA Ulta Beauty Inc. New 0.44% +0.44 SFM Sprouts Farmers Market Inc. Add +46.5% 1.69% +0.42 CELH Celsius Holdings Inc. Add +8.1% 2.60% +0.41 MMM 3M Co. Add +35.0% 2.22% +0.34 NKE Nike Inc. Class B Add +23.2% 2.15% +0.30 CBRL Cracker Barrel Old Country New 0.29% +0.29 HAS Hasbro Inc. New 0.23% +0.23 AZO AutoZone Inc. Add +32.5% 1.81% +0.15 UAL United Airlines Holdings Inc. Add +6.1% 4.26% +0.13 THO Thor Industries Inc. Add +0.7% 1.89% −0.01 WBA Walgreens Boots Alliance Inc. Add +8.8% 3.19% −0.19 KDP Keurig Dr Pepper Inc. Add +3.8% 2.96% −0.54
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +141.6% 922,500 $508.9M SPY SS SPDR S&P 500 ETF Trust-US put Add +38.0% 527,200 $325.7M IWM iShares Russell 2000 ETF call Sold out 1,303,400 $260.0Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 2,546,100 $200.9Mbefore exit IWM iShares Russell 2000 ETF put Add +44.9% 922,500 $199.1M DAL Delta Air Lines Inc. call Reduce -45.1% 3,720,900 $183.0M ALK Alaska Air Group Inc. call Add +34.0% 2,706,200 $133.9M AAPL Apple Inc. put New 579,700 $118.9M UBER Uber Technologies Inc. put Sold out 1,483,900 $108.1Mbefore exit LULU Lululemon Athletica Inc. call Sold out 325,900 $92.2Mbefore exit XHB SS SPDR S&P Homebldrs ETF call New 811,900 $80.0M TPR Tapestry Inc. call Sold out 1,042,800 $73.4Mbefore exit ARKK ARK Innovation ETF put New 1,027,900 $72.3M UAL United Airlines Holdings Inc. call Sold out 1,042,700 $72.0Mbefore exit NCLH Norwegian Cruise Line Holdin call Add +159.5% 3,382,600 $68.6M XLI SS Industrial Select Sector put Sold out 509,200 $66.7Mbefore exit CMG Chipotle Mexican Grill Inc. call Sold out 1,303,400 $65.4Mbefore exit NFLX Netflix Inc. call New 47,400 $63.5M TSLA Tesla Inc. put New 197,600 $62.8M MSFT Microsoft Corp. call New 121,800 $60.6M HIMS Hims & Hers Health Inc. put Add +50.6% 1,054,300 $52.6M TGT Target Corp. put New 527,200 $52.0M ITB iShares U.S. Home Constructi put Sold out 509,200 $48.5Mbefore exit PINS Pinterest Inc. Class A put Sold out 1,527,600 $47.4Mbefore exit AAL American Airlines Group Inc. put New 3,953,500 $44.4M XRT SS SPDR S&P Retail ETF call Sold out 586,600 $40.5Mbefore exit DECK Deckers Outdoor Corp. put Sold out 318,400 $35.6Mbefore exit EIX Edison International call Reduce -13.5% 676,500 $34.9M NOW ServiceNow Inc. put Sold out 42,000 $33.4Mbefore exit SBUX Starbucks Corp. call New 338,300 $31.0M IGV iShares Expanded Tech-Softwa put New 263,500 $28.9M NKE Nike Inc. Class B call Reduce -22.1% 406,000 $28.8M RDDT Reddit Inc. Class A put Sold out 260,600 $27.3Mbefore exit MGM MGM Resorts International put Sold out 891,100 $26.4Mbefore exit CVNA Carvana Co. put New 65,900 $22.2M KVUE Kenvue Inc. call New 1,014,800 $21.2M THO Thor Industries Inc. call Sold out 260,700 $19.8Mbefore exit CCL Carnival Corp. put New 694,200 $19.5M ENPH Enphase Energy Inc. put Sold out 191,000 $11.9Mbefore exit RH RH put Sold out 44,500 $10.4Mbefore exit VFC VF Corp. call Sold out 651,700 $10.1Mbefore 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