Sportradar Q4 Revenue Up 20% and Adjusted EBITDA Rises 48%
Sportradar reported Q4 revenue of $369 million, up 20% year over year, with Adjusted EBITDA climbing 48% to $89 million and margin expanding to 24.2%. Full-year 2025 revenue reached $1.3 billion, up 17%, while free cash flow hit $167 million and buyback authorization rose from $300 million to $1 billion.
1. Q4 and Full-Year 2025 Results
Sportradar posted Q4 revenue of $369 million, up 20% YoY and 22% on a constant-currency basis, led by $305 million in betting technology revenue. Adjusted EBITDA grew 48% to $89 million, driving margin to 24.2%, while full-year revenue hit $1.3 billion (+17%) and adjusted EBITDA reached $297 million (+33%).
2. Balance Sheet Strength and Buyback
The company closed Q4 with $365 million in cash, no debt, and generated $167 million in free cash flow for 2025, achieving a 56% conversion rate. The board increased share repurchase authorization from $300 million to $1 billion, with $170 million repurchased to date and plans for more aggressive purchases at lower prices.
3. IMG Arena Integration
Integration of the IMG Arena rights portfolio was margin-accretive, with most tier-one clients already using IMG content and services. Management forecasts approximately 25% revenue synergies in 2026, concentrated in Q2–Q3, and additional cost synergies extending into 2027 as operations fully merge.
4. 2026 Guidance and Outlook
Sportradar guides 2026 revenue of $1.56–$1.58 billion, targeting 23–25% constant-currency growth, and adjusted EBITDA of $390–$400 million, a 34–37% increase with 200–225 basis points of margin expansion. Foreign exchange headwinds are expected primarily in Q1, with operating leverage fueled by higher-margin IMG contributions and ongoing cost efficiencies.