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Darsana Capital Partners LP

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13F filer, CIK 1609098, New York, NY

Darsana Capital Partners LP reported $4,245,554,063 across 14 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 87.05% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-005020

Period
2025-09-30
Reported value
$4.25B
Holdings
14
Top 10 weight
87.05%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
WINGnew+750,000$189M
NYTadded+1,750,000$100M
SHCadded+4,990,000$78.5M
FWONKadded+490,000$51.2M
TDGadded+25,000$33M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HLTexited-500,000-$133M
ECHOreduced-1,460,000-$111M
SGIreduced-1,000,000-$84.3M
WMGreduced-1,750,000-$59.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-005020, largest first. % of portfolio is the value over $4,245,554,063, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 7,000,000 shares; 2025Q1: 7,758,328 shares; 2025Q2: 8,960,000 shares; 2025Q3: 7,500,000 shares 7,500,000$573M13.49%-1,460,000Timeline
GWREGUIDEWIRE SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,300,000 shares; 2024Q4: 2,300,000 shares; 2025Q1: 2,300,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares 2,000,000$460M10.83%0Timeline
NYTNEW YORK TIMES CO MTN BEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 5,750,000 shares; 2025Q1: 6,250,000 shares; 2025Q2: 6,250,000 shares; 2025Q3: 8,000,000 shares 8,000,000$459M10.82%+1,750,000Timeline
HCAHCA HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,150,000 shares; 2024Q4: 1,225,000 shares; 2025Q1: 1,250,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$426M10.04%0Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,010,000 shares; 2024Q4: 20,010,000 shares; 2025Q1: 20,010,000 shares; 2025Q2: 20,010,000 shares; 2025Q3: 25,000,000 shares 25,000,000$393M9.26%+4,990,000Timeline
SGISOMNIGROUP INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,000,000 shares; 2024Q4: 7,000,000 shares; 2025Q1: 7,000,000 shares; 2025Q2: 5,000,000 shares; 2025Q3: 4,000,000 shares 4,000,000$337M7.95%-1,000,000Timeline
FWONKLIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 557,000 shares; 2025Q1: 3,490,000 shares; 2025Q2: 2,500,000 shares; 2025Q3: 2,990,000 shares 2,990,000$312M7.36%+490,000Timeline
TDGTRANSDIGM GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,000 shares; 2024Q4: 200,000 shares; 2025Q1: 200,000 shares; 2025Q2: 175,000 shares; 2025Q3: 200,000 shares 200,000$264M6.21%+25,000Timeline
EFXEQUIFAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares 1,000,000$257M6.04%0Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: not reported; 2025Q1: 2,250,000 shares; 2025Q2: 2,250,000 shares; 2025Q3: 2,250,000 shares 2,250,000$215M5.06%0Timeline
WMGWARNER MUSIC GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,121 shares; 2024Q4: 6,000,000 shares; 2025Q1: 7,000,000 shares; 2025Q2: 8,000,000 shares; 2025Q3: 6,250,000 shares 6,250,000$213M5.01%-1,750,000Timeline
WINGWINGSTOP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 750,000 shares 750,000$189M4.45%newTimeline
AERAERCAP HOLDINGS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 725,000 shares; 2025Q3: 725,000 shares 725,000$87.7M2.07%0Timeline
FWONALIBERTY MEDIA CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 73,836 shares; 2025Q1: 625,000 shares; 2025Q2: 625,000 shares; 2025Q3: 635,970 shares 635,970$60.6M1.43%+10,970Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HLTHILTON WORLDWIDE HLDGS INC500,000$133Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-005020 base2025-11-14acceptance time not in the bulk data set