Sportradar Group (SRAD) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of €1,290 million ($1.3 billion), up 17% year-over-year, with Q4 revenue up 20% to €369 million, driven by strong global and U.S. growth, operational execution, and successful IMG/IMGA acquisition and integration.

• 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 56% conversion rate.

• Board approved a major increase in share repurchase authorization to $1 billion, with $170 million already repurchased.

• Profit for 2025 was €100 million, a €67 million increase from the prior year, driven by strong operating results and foreign currency gains.

Financial highlights

• Full-year 2025 revenue reached €1,290 million ($1.3 billion), up 17% year-over-year; Q4 revenue was €369 million, up 20% year-over-year.

• Adjusted EBITDA for 2025 was €297 million, up 33% year-over-year, with margin expanding over 290 basis points to 23.0%; Q4 Adjusted EBITDA was €89 million, margin at 24.2%.

• Free cash flow for 2025 was €167 million (56% conversion rate), up from €118 million (53%) in 2024.

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

• Customer net retention rate of 109% (excluding IMG/IMGA).

Outlook and guidance

• 2026 revenue guidance: €1,557–€1,582 million ($1.56–$1.58 billion), representing 23–25% constant currency growth; Adjusted EBITDA guidance: €390–€400 million, with 34–37% growth and 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.

• Significant revenue synergies from IMG/IMGA integration expected to ramp through 2026, with further upside possible depending on customer uptake and product development.