Sportradar Group (SRAD) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of €1,290 million, up 17% year-over-year, with Q4 revenue of €369 million, up 20% year-over-year.

• Adjusted EBITDA for 2025 rose 33% to €297 million, with margin expanding to 23.0%; Q4 Adjusted EBITDA grew 48% to €89 million, margin at 24.2%.

• Generated record free cash flow of €167 million in 2025, up 42% year-over-year, with a conversion rate of 56%.

• Completed the IMG ARENA acquisition in November 2025, expanding premium sports rights, content portfolio, and unlocking immediate revenue synergies.

• Increased share repurchase authorization by $700 million to $1 billion, with $91 million repurchased in 2025 and $171 million total as of February 2026.

Financial highlights

• Q4 2025 revenue: €369 million (+20% YoY); FY 2025 revenue: €1,290 million (+17% YoY).

• Q4 2025 Adjusted EBITDA: €89 million (+48% YoY); FY 2025 Adjusted EBITDA: €297 million (+33% YoY); margin expanded to 24.2% in Q4 and 23.0% for the year.

• Free cash flow for 2025 was €167 million, with a conversion rate of 56%.

• Ended Q4 with €365 million in cash and no debt; total liquidity including undrawn credit facility was €585 million.

• Customer net retention rate at 109%, excluding IMG contributions.

Outlook and guidance

• 2026 revenue guidance: €1,557–€1,582 million, representing 23–25% constant currency growth.

• Adjusted EBITDA expected at €390–€400 million, with 200–225 basis points of margin expansion.

• Free cash flow conversion rate expected to exceed 56% in 2026.

• Strongest revenue growth anticipated in Q2 and Q3 due to timing of sporting events and IMG content.