Darsana Capital Partners LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Darsana Capital Partners LP reported 16 stock positions worth $5.0 billion. Its top holding was Echostar Class A (ECHO) at 15.2% of the portfolio, followed by New York Times Class A (NYT, 10.6%) and Guidewire Software (GWRE, 10.0%). Compared with Q3 2025, it opened 2 new positions, added to 6 and reduced 4. The biggest buy was a new position in Vertiv Class A (VRT) and the biggest sale Somnigroup International (SGI, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001609098
- Portfolio Value
- $5.0B (Q4 2025)
- SEC Filing
- 0001172661-26-000954 ↗ filed Feb 17, 2026
Holdings Value
Holdings 16 stocks · $5.0B
| ECHO Echostar Corp. Class A | 15.16% | 7,000,000 | $760.9M | Reduce -6.7% |
| NYT New York Times Co. Class A | 10.60% | 7,658,900 | $531.7M | Reduce -4.3% |
| GWRE Guidewire Software Inc. | 10.02% | 2,500,000 | $502.5M | Add +25.0% |
| HCA HCA Healthcare Inc. | 9.30% | 1,000,000 | $466.9M | No change |
| SHC Sotera Health Co. | 9.14% | 26,000,000 | $458.6M | Add +4.0% |
| FWONK Liberty Media Corp. Class C | 7.07% | 3,600,000 | $354.6M | Add +20.4% |
| SGI Somnigroup International Inc. | 5.34% | 3,000,000 | $267.8M | Reduce -25.0% |
| TDG Transdigm Group Inc. | 5.30% | 200,000 | $266.0M | No change |
| WMG Warner Music Group Corp. Class A | 4.89% | 8,000,000 | $245.4M | Add +28.0% |
| VRT Vertiv Holdings Co. Class A | 4.84% | 1,500,000 | $243.0M | New |
| WING Wingstop Inc. | 4.75% | 1,000,000 | $238.5M | Add +33.3% |
| SCHW Schwab (charles) Corp. | 4.48% | 2,250,000 | $224.8M | No change |
| EFX Equifax Inc. | 4.32% | 1,000,000 | $217.0M | No change |
| DKS Dick's Sporting Goods Inc. | 1.97% | 500,000 | $99.0M | New |
| FWONA Liberty Media Corp. Class A | 1.45% | 812,750 | $72.6M | Add +27.8% |
| AER Aercap Holdings NV | 1.36% | 475,000 | $68.3M | Reduce -34.5% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| VRT Vertiv Holdings Co. Class A | New | 4.84% | +4.84 |
| DKS Dick's Sporting Goods Inc. | New | 1.97% | +1.97 |
| WING Wingstop Inc. | Add +33.3% | 4.75% | +0.31 |
| FWONA Liberty Media Corp. Class A | Add +27.8% | 1.45% | +0.02 |
| SHC Sotera Health Co. | Add +4.0% | 9.14% | −0.12 |
| WMG Warner Music Group Corp. Class A | Add +28.0% | 4.89% | −0.12 |
| FWONK Liberty Media Corp. Class C | Add +20.4% | 7.07% | −0.29 |
| GWRE Guidewire Software Inc. | Add +25.0% | 10.02% | −0.81 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 16 | $22.3B | SPCX, AMZN, ECHO, SHC, GWRE |
| Q1 2026 | 14 | $4.7B | ECHO, GWRE, NYT, SHC, FWONK |
| Q4 2025 | 16 | $5.0B | ECHO, NYT, GWRE, HCA, SHC |
| Q3 2025 | 14 | $4.2B | ECHO, GWRE, NYT, HCA, SHC |
| Q2 2025 | 14 | $3.5B | GWRE, HCA, NYT, SGI, TDG |
| Q1 2025 | 14 | $3.4B | HCA, GWRE, SGI, FWONK, NYT |
| Q4 2024 | 14 | $3.3B | SGI, GWRE, HCA, NYT, GOOGL |
| Q3 2024 | 15 | $4.1B | HCA, GWRE, SGI, HLT, SHC |
| Q2 2024 | 14 | $3.7B | GWRE, META, CMCSA, HCA, STZ |
| Q1 2024 | 13 | $3.1B | GWRE, STZ, CMCSA, HLT, BAC |