Dorsal Capital Management, LP

Name: Dorsal Capital Management, LP 13F holdings, Q4 2025
Creator: Dorsal Capital Management, LP
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Dorsal Capital Management, LP reported 20 stock positions worth $2.8 billion. Its top holding was Planet Fitness Class A (PLNT) at 10.5% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 9.9%) and Microsoft (MSFT, 9.2%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 9 and reduced 6. The biggest buy was Planet Fitness Class A (PLNT, shares +18%) and the biggest sale an exit from US Foods (USFD).

Most Recent 13F: Q2 2026
Location: Redwood City, CA
CIK: 0001547007
Portfolio Value: $2.8B (Q4 2025)
SEC Filing: 0001172661-26-000862 ↗ filed Feb 17, 2026

Holdings Value

Holdings 20 stocks · $2.8B


PLNT Planet Fitness Inc. Class A	10.48%	2,750,000	$298.3M	Add +18.3%
TSM Taiwan Semiconductor-SP ADR	9.88%	925,000	$281.1M	No change
MSFT Microsoft Corp.	9.18%	540,000	$261.2M	Add +21.4%
Z Zillow Group Inc. Class C	7.01%	2,925,000	$199.5M	Add +9.1%
HD Home Depot Inc.	6.05%	500,000	$172.1M	Add +5.3%
CPNG Coupang Inc.	6.01%	7,250,000	$171.0M	Add +3.6%
WIX Wix.com Ltd.	5.66%	1,550,000	$161.0M	Reduce -1.6%
FLUT Flutter Entertainment PLC-Di	5.48%	725,000	$155.9M	Add +81.3%
META Meta Platforms Inc. Class A	5.10%	220,000	$145.2M	Reduce -8.3%
BURL Burlington Stores Inc.	4.82%	475,000	$137.2M	Reduce -40.6%
SE Sea Ltd.-ADR	4.82%	1,075,000	$137.1M	Reduce -33.9%
ADSK Autodesk Inc.	4.16%	400,000	$118.4M	Reduce -11.1%
SN Sharkninja Inc.	3.93%	1,000,000	$111.9M	Add +2.6%
FWONK Liberty Media Corp. Class C	3.89%	1,125,000	$110.8M	No change
NTNX Nutanix Inc. Class A	2.91%	1,600,000	$82.7M	Add +18.5%
TWLO Twilio Inc. Class A	2.75%	550,000	$78.2M	New
APP AppLovin Corp. Class A	2.37%	100,000	$67.4M	Add +11.1%
NXST Nexstar Media Group Inc.	2.32%	325,000	$66.0M	Reduce -13.3%
MNDY Monday.com Ltd.	2.20%	425,000	$62.7M	No change
AAP Advance Auto Parts Inc.	0.97%	700,000	$27.5M	No change

Options reported separately and not counted above: CALM calls ($23.9M), CALM puts ($8.0M).

Portfolio Sells Q3 2025 → Q4 2025


USFD US Foods Holding Corp.	Sold out	0.00%	−5.23
AMZN Amazon.com Inc.	Sold out	0.00%	−5.04
SE Sea Ltd.-ADR	Reduce -33.9%	4.82%	−3.03
DT Dynatrace Inc.	Sold out	0.00%	−2.62
QRVO Qorvo Inc.	Sold out	0.00%	−2.46
WIX Wix.com Ltd.	Reduce -1.6%	5.66%	−1.90
BURL Burlington Stores Inc.	Reduce -40.6%	4.82%	−0.68
ADSK Autodesk Inc.	Reduce -11.1%	4.16%	+0.30
NXST Nexstar Media Group Inc.	Reduce -13.3%	2.32%	+0.32
META Meta Platforms Inc. Class A	Reduce -8.3%	5.10%	+0.34

Portfolio Buys Q3 2025 → Q4 2025


PLNT Planet Fitness Inc. Class A	Add +18.3%	10.48%	+3.96
MSFT Microsoft Corp.	Add +21.4%	9.18%	+2.95
TWLO Twilio Inc. Class A	New	2.75%	+2.75
FLUT Flutter Entertainment PLC-Di	Add +81.3%	5.48%	+2.73
Z Zillow Group Inc. Class C	Add +9.1%	7.01%	+1.43
SN Sharkninja Inc.	Add +2.6%	3.93%	+1.21
HD Home Depot Inc.	Add +5.3%	6.05%	+0.84
APP AppLovin Corp. Class A	Add +11.1%	2.37%	+0.62
NTNX Nutanix Inc. Class A	Add +18.5%	2.91%	+0.19
CPNG Coupang Inc.	Add +3.6%	6.01%	−0.08

Options Activity Q3 2025 → Q4 2025


INOD Innodata Inc.	put	Sold out	600,000	$46.2Mbefore exit
CALM Cal-Maine Foods Inc.	call	New	300,000	$23.9M
CALM Cal-Maine Foods Inc.	put	New	100,000	$8.0M

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
Q2 2026	22	$2.8B	AMZN, TSM, FWONK, HD, LRCX
Q1 2026	25	$2.5B	TSM, AMZN, PLNT, FWONK, HD
Q4 2025	20	$2.8B	PLNT, TSM, MSFT, Z, HD
Q3 2025	23	$3.7B	SE, WIX, TSM, PLNT, MSFT
Q2 2025	23	$3.5B	SE, PLNT, AMZN, MSFT, TSM
Q1 2025	23	$3.1B	AMZN, WIX, PLNT, Z, SE
Q4 2024	22	$3.3B	AMZN, WIX, Z, USFD, MSFT
Q3 2024	19	$3.1B	AMZN, USFD, PLNT, WIX, META
Q2 2024	21	$2.9B	AMZN, USFD, MSFT, PLNT, WIX
Q1 2024	24	$3.0B	AMZN, MSFT, META, USFD, CRM