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Sep 28, 2025
Soho House Q3 2025 Earnings Report
Soho House reported Q3 2025 results marked by double-digit revenue growth but posted a net loss due to foreign exchange losses.
Key Takeaways
Soho House delivered solid revenue growth in Q3 2025, driven by gains across all business segments, particularly in Membership and Other revenues. However, foreign exchange losses and higher operating costs led to a net loss.
Total revenue reached $370.8 million, up 11% YoY
Net loss of $18.7 million driven by $14 million non-cash FX losses
Membership revenue grew to $122.7 million
Adjusted EBITDA rose to $53.8 million, with a 15% margin
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management remains focused on member experience, operational efficiency, and growing its health and wellness offerings. No specific numeric guidance was provided for future quarters.
Positive Outlook
- Strong growth in Membership and Other revenues
- Adjusted EBITDA margin expanded to 15%
- Continued investment in club enhancements and wellness
- Opening of Soho Farmhouse Ibiza
- High member satisfaction and retention levels
Challenges Ahead
- Reported net loss due to foreign exchange impact
- Operating income turned negative
- Higher G&A and pre-opening expenses
- Decline in other membership categories (Soho Friends, Soho Works)
- Ongoing strategic transaction-related costs impacting bottom line
Historical Earnings Impact
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Avg. Return Before/After Earnings
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