Candlestick Capital Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Candlestick Capital Management LP reported 39 stock positions worth $2.6 billion . Its top holding was United Airlines (UAL) at 8.4% of the portfolio, followed by Tapestry (TPR, 5.7% ) and Delta Air Lines (DAL, 5.0% ). Compared with Q2 2025, it opened 20 new positions, sold out of 32, added to 11 and reduced 8. The biggest buy was a new position in Spotify Technology (SPOT) and the biggest sale an exit from Amazon.com (AMZN).
Location GREENWICH, CT
CIK 0001789779
Portfolio Value $2.6B (Q3 2025) Holdings 39 stocks · $2.6B 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 Q2 2025 UAL United Airlines Holdings Inc. 2,239,037 $216.1M Add +38.7% TPR Tapestry Inc. 1,305,329 $147.8M Add +50.3% DAL Delta Air Lines Inc. 2,264,991 $128.5M Add +20.7% AS Amer Sports Inc. 3,568,381 $124.0M Add +24.5% CNK Cinemark Holdings Inc. 4,330,951 $121.4M Reduce -13.9% SPOT Spotify Technology SA 164,643 $114.9M New YUM Yum! Brands Inc. 660,916 $100.5M Add +22.1% AAPL Apple Inc. 371,747 $94.7M New H Hyatt Hotels Corp. Class A 631,290 $89.6M Add +53.9% CCL Carnival Corp. 3,097,517 $89.5M Reduce -0.1% EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 965,049 $85.0M Add +78.3% MDB Mongodb Inc. 255,493 $79.3M New XLP SS Consumer Staples Sel Sect 965,050 $75.6M New CHD Church & Dwight Co. Inc. 861,651 $75.5M New META Meta Platforms Inc. Class A 100,058 $73.5M New ULTA Ulta Beauty Inc. 130,101 $71.1M Add +355.0% NCLH Norwegian Cruise Line Holdin 2,767,223 $68.2M Add +82.2% HSY The Hershey Co. 344,660 $64.5M New PFGC Performance Food Group Co. 586,599 $61.0M Add +613.4% CHWY Chewy Inc. Class A 1,476,101 $59.7M Add +10.3% THO Thor Industries Inc. 551,457 $57.2M Reduce -14.2% MSFT Microsoft Corp. 108,762 $56.3M Reduce -58.8% T AT&T Inc. 1,933,593 $54.6M Reduce -4.3% GPC Genuine Parts Co. 391,296 $54.2M New MHK Mohawk Industries Inc. 413,592 $53.3M New TSCO Tractor Supply Company 919,039 $52.3M New CELH Celsius Holdings Inc. 689,322 $39.6M Reduce -59.3% CRM Salesforce Inc. 164,523 $39.0M New SHW The Sherwin-Williams Co. 110,292 $38.2M New ORLY O'reilly Automotive Inc. 341,917 $36.9M Reduce -25.5% ELF Elf Beauty Inc. 241,262 $32.0M New NWL Newell Brands Inc. 6,066,025 $31.8M New RBLX Roblox Corp. Class A 168,920 $23.4M New ALK Alaska Air Group Inc. 361,928 $18.0M New WING Wingstop Inc. 68,348 $17.2M New DKNG Draftkings Inc. Class A 290,161 $10.9M New WIX Wix.com Ltd. 42,524 $7.6M New SBUX Starbucks Corp. 80,542 $6.8M Reduce -84.5% WOOF Petco Health and Wellness Co. 1,750,000 $6.8M New
Options reported separately and not counted above: DAL calls ($289.5M), SPY puts ($268.0M), QQQ puts ($241.5M), AAPL calls ($131.6M), IWM puts ($97.3M), NKE calls ($76.9M), ALK calls ($75.5M), DECK puts ($74.8M), ARKK puts ($69.4M), XRT puts ($46.2M), AAL puts ($45.2M), LUV puts ($42.8M), and 4 more.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ AMZN Amazon.com Inc. Sold out 0.00% −5.25 SNOW Snowflake Inc. Sold out 0.00% −3.35 WBA Walgreens Boots Alliance Inc. Sold out 0.00% −3.19 NFLX Netflix Inc. Sold out 0.00% −3.15 KDP Keurig Dr Pepper Inc. Sold out 0.00% −2.96 DKS Dick's Sporting Goods Inc. Sold out 0.00% −2.44 SOLV Solventum Corp. Sold out 0.00% −2.38 MMM 3M Co. Sold out 0.00% −2.22 MSFT Microsoft Corp. Reduce -58.8% 2.19% −2.16 NKE Nike Inc. Class B Sold out 0.00% −2.15 RBA RB Global Inc. Sold out 0.00% −2.14 FICO Fair Isaac Corp. Sold out 0.00% −2.12 HD Home Depot Inc. Sold out 0.00% −2.08 AZO AutoZone Inc. Sold out 0.00% −1.81 SFM Sprouts Farmers Market Inc. Sold out 0.00% −1.69 SIG Signet Jewelers Ltd. Sold out 0.00% −1.67 PM Philip Morris International Sold out 0.00% −1.63 EIX Edison International Sold out 0.00% −1.62 CSGP Costar Group Inc. Sold out 0.00% −1.59 KVUE Kenvue Inc. Sold out 0.00% −1.49 ORCL Oracle Corp. Sold out 0.00% −1.43 MCO Moody's Corp. Sold out 0.00% −1.37 SBUX Starbucks Corp. Reduce -84.5% 0.26% −1.32 BFAM Bright Horizons Family Solut Sold out 0.00% −1.31 CELH Celsius Holdings Inc. Reduce -59.3% 1.54% −1.06 ITB iShares U.S. Home Constructi Sold out 0.00% −1.04 DOCU Docusign Inc. Sold out 0.00% −0.99 JBS JBS NV-A Sold out 0.00% −0.98 MTCH Match Group Inc. Sold out 0.00% −0.87 BRBR Bellring Brands Inc. Sold out 0.00% −0.84 PAYC Paycom Software Inc. Sold out 0.00% −0.46 GTM Zoominfo Technologies Inc. Sold out 0.00% −0.33 CNK Cinemark Holdings Inc. Reduce -13.9% 4.71% −0.32 CBRL Cracker Barrel Old Country Sold out 0.00% −0.29 HAS Hasbro Inc. Sold out 0.00% −0.23 EAT Brinker International Inc. Sold out 0.00% −0.17 ORLY O'reilly Automotive Inc. Reduce -25.5% 1.43% +0.06 T AT&T Inc. Reduce -4.3% 2.12% +0.18 THO Thor Industries Inc. Reduce -14.2% 2.22% +0.33 CCL Carnival Corp. Reduce -0.1% 3.48% +0.59
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ SPOT Spotify Technology SA New 4.46% +4.46 UAL United Airlines Holdings Inc. Add +38.7% 8.39% +4.13 AAPL Apple Inc. New 3.67% +3.67 TPR Tapestry Inc. Add +50.3% 5.74% +3.21 MDB Mongodb Inc. New 3.08% +3.08 XLP SS Consumer Staples Sel Sect New 2.94% +2.94 CHD Church & Dwight Co. Inc. New 2.93% +2.93 META Meta Platforms Inc. Class A New 2.85% +2.85 HSY The Hershey Co. New 2.50% +2.50 ULTA Ulta Beauty Inc. Add +355.0% 2.76% +2.32 PFGC Performance Food Group Co. Add +613.4% 2.37% +2.13 GPC Genuine Parts Co. New 2.10% +2.10 MHK Mohawk Industries Inc. New 2.07% +2.07 TSCO Tractor Supply Company New 2.03% +2.03 DAL Delta Air Lines Inc. Add +20.7% 4.99% +1.93 EL Estee Lauder Companies Class A Add +78.3% 3.30% +1.85 NCLH Norwegian Cruise Line Holdin Add +82.2% 2.65% +1.63 H Hyatt Hotels Corp. Class A Add +53.9% 3.48% +1.58 CRM Salesforce Inc. New 1.51% +1.51 SHW The Sherwin-Williams Co. New 1.48% +1.48 YUM Yum! Brands Inc. Add +22.1% 3.90% +1.24 ELF Elf Beauty Inc. New 1.24% +1.24 NWL Newell Brands Inc. New 1.23% +1.23 AS Amer Sports Inc. Add +24.5% 4.81% +1.13 RBLX Roblox Corp. Class A New 0.91% +0.91 ALK Alaska Air Group Inc. New 0.70% +0.70 WING Wingstop Inc. New 0.67% +0.67 CHWY Chewy Inc. Class A Add +10.3% 2.32% +0.43 DKNG Draftkings Inc. Class A New 0.42% +0.42 WIX Wix.com Ltd. New 0.29% +0.29 WOOF Petco Health and Wellness Co. New 0.26% +0.26
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ DAL Delta Air Lines Inc. call Add +37.1% 5,100,800 $289.5M SPY SS SPDR S&P 500 ETF Trust-US put Reduce -23.7% 402,300 $268.0M QQQ Invesco QQQ Trust Series 1 put Reduce -56.4% 402,300 $241.5M AAPL Apple Inc. call New 516,900 $131.6M AAPL Apple Inc. put Sold out 579,700 $118.9Mbefore exit IWM iShares Russell 2000 ETF put Reduce -56.4% 402,300 $97.3M XHB SS SPDR S&P Homebldrs ETF call Sold out 811,900 $80.0Mbefore exit NKE Nike Inc. Class B call Add +171.7% 1,102,900 $76.9M ALK Alaska Air Group Inc. call Reduce -44.0% 1,516,500 $75.5M DECK Deckers Outdoor Corp. put New 737,400 $74.8M ARKK ARK Innovation ETF put Reduce -21.7% 804,500 $69.4M NCLH Norwegian Cruise Line Holdin call Sold out 3,382,600 $68.6Mbefore exit NFLX Netflix Inc. call Sold out 47,400 $63.5Mbefore exit TSLA Tesla Inc. put Sold out 197,600 $62.8Mbefore exit MSFT Microsoft Corp. call Sold out 121,800 $60.6Mbefore exit TGT Target Corp. put Sold out 527,200 $52.0Mbefore exit XRT SS SPDR S&P Retail ETF put New 536,300 $46.2M AAL American Airlines Group Inc. put Add +1.7% 4,022,200 $45.2M LUV Southwest Airlines Co. put New 1,340,800 $42.8M EIX Edison International call Sold out 676,500 $34.9Mbefore exit SBUX Starbucks Corp. call Sold out 338,300 $31.0Mbefore exit CCL Carnival Corp. call New 1,033,900 $29.9M IGV iShares Expanded Tech-Softwa put Sold out 263,500 $28.9Mbefore exit CNK Cinemark Holdings Inc. call New 827,200 $23.2M CVNA Carvana Co. put Sold out 65,900 $22.2Mbefore exit KVUE Kenvue Inc. call Sold out 1,014,800 $21.2Mbefore exit CCL Carnival Corp. put Sold out 694,200 $19.5Mbefore exit HIMS Hims & Hers Health Inc. put Reduce -68.2% 335,200 $19.0M GPC Genuine Parts Co. call New 110,200 $15.3M
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