Sportradar Group (NASDAQ:SRAD) executives highlighted record full-year results for 2025, early progress integrating the IMG Arena rights portfolio, and an expanded share repurchase plan during the company’s fourth-quarter earnings call. Management also discussed product initiatives spanning streaming, managed trading services, marketing and media, artificial intelligence, and the emerging U.S. prediction markets opportunity.
2025 results and Q4 performance
Chief Financial Officer Craig Felenstein said full-year 2025 revenue totaled $1.3 billion, up 17% versus 2024, driven by increased uptake from existing partners, strong U.S. growth, record managed trading services turnover, and contributions from IMG content. Adjusted EBITDA for the year reached a record $297 million, up 33% year over year, with Adjusted EBITDA margin rising to 23%, an increase of more than 290 basis points.
By product grouping in Q4, management said results were led by betting technology and solutions revenue of $305 million, up 24%, driven by 29% growth in betting and gaming content. Managed betting services rose 5%, helped by managed trading services volumes, while sports content, technology and services revenue was $63 million, up 5%, supported by a 13% increase in marketing and media services. Sports performance declined year over year in the quarter due to timing, though full-year sports performance revenue growth accelerated to 8%.
IMG Arena integration and synergy commentary
Chief Executive Officer Carsten Koerl said the company “hit the ground running” following the November close of the IMG acquisition and made IMG content immediately available to Sportradar’s client base. He said customer response has been strong and that the majority of clients, including all tier-one partners, have already signed on to IMG data, odds, and audio-visual products. Koerl added the company is on track to achieve its anticipated 25% revenue synergies for IMG in 2026 and said results were trending “a little bit better than the plan.”
In response to analyst questions, Koerl emphasized Sportradar’s distribution scale versus IMG’s historical footprint, describing an expansion from roughly 50–60 operators to Sportradar’s network of 600–800 operators. He also pointed to cross-selling opportunities, including managed trading services and visualization products, and said the initial priority after close was getting tier-one operators converted and operationally testing the content rather than maximizing near-term revenue.
Felenstein said revenue synergy timing in 2026 would depend on the calendar of matches included in the acquired portfolio, with the strongest contribution expected in Q2 and Q3. On cost synergies, he said benefits should be more phased, with more margin opportunity expected in the back half of 2026 and further progress into 2027 as the content is managed as part of a combined business.
Capital return and financial position
Management emphasized balance sheet strength and increased capital return. Sportradar ended the quarter with $365 million in cash and cash equivalents and no debt outstanding. Full-year free cash flow was $167 million, with a 56% free cash flow conversion rate, up from 53% in 2024.
Koerl and Felenstein said the company has been repurchasing shares due to what they described as a disconnect between the share price and business fundamentals. Over the prior four months, Sportradar repurchased stock, including $91 million under its plan in 2025 and $25 million in Q4. Felenstein added the company repurchased an additional $60 million of stock in the first two months of 2026.
The board approved a substantial increase in the buyback program, lifting total authorization from $300 million to $1 billion. Felenstein said the company has purchased more than $170 million to date, leaving approximately $830 million remaining, and described a framework that becomes more aggressive at lower share prices while scaling back at higher levels.
2026 outlook and drivers
For 2026, Felenstein reiterated the company’s expectation for constant-currency revenue growth of 23%–25%. At current foreign exchange rates, Sportradar guided to reported revenue of $1.56 billion to $1.58 billion, noting FX headwinds would be most significant in Q1 and, to a lesser extent, Q2. The company expects Adjusted EBITDA growth of 34%–37% on a constant-currency basis and guided to reported Adjusted EBITDA of $390 million to $400 million, alongside approximately 200–225 basis points of margin expansion.
Asked about implied operating leverage, Felenstein said the full-year comparison reflects the inclusion of IMG revenue at margins he described as higher than the base margin but lower than incremental margins of the core business. He also pointed to Q4 timing factors that benefited profitability—such as a lower bonus accrual and certain IT development spend shifting into Q1 2026—that may not repeat in the same way.
Product initiatives: streaming, MTS, marketing/media, AI, and prediction markets
Koerl described ongoing investment across sports coverage, video streaming and visualization, managed trading services (MTS), and marketing and media. He said the company covers more than 1 million matches annually and streamed over 525,000 matches in 2025, which he said was about 100,000 more than two years earlier. For 2026, Koerl said Sportradar anticipates streaming over 700,000 matches.
In MTS, Koerl reported 2025 turnover increased 26% year over year to $52 billion and said clients achieved a margin of “nearly 11%” in 2025. In marketing and media, he said demand remained strong as viewing shifts to digital platforms, highlighting partnerships with NBC related to NBA viewing experiences and performance-oriented visualizations. Koerl also said the company secured agreements with several “GenAI leaders” to provide sports data and media APIs for real-time updates and insights.
Koerl also detailed AI initiatives, including a basketball generative foundation model trained on “billions” of 3D body pose data points from NBA games, which he said enables real-time predictive insights and enhanced visualizations for its Foresight product. He said the company plans to expand the model to additional sports, including soccer for the World Cup and tennis later in the year. Internally, Koerl said the company is using AI to support engineering and operations, noting that about 50% of its content is produced with agents using computer vision to extract more data points per match.
On U.S. prediction markets, Koerl said Sportradar is in “detailed commercial discussions” and expects to announce more soon. He emphasized safeguards around player protection and sports integrity, and said three league partners—NHL, Major League Soccer, and UFC—have established a framework with exchanges that would allow Sportradar to supply official data. Felenstein said 2026 guidance includes only minor contributions tied mainly to customer acquisition, fan engagement tools, and a small amount of data, while “any significant deal” related to prediction markets is not included.
Koerl also addressed the U.S. market more broadly, noting that about 70% of company revenue is outside the U.S. and describing prediction markets as an “uplift opportunity in the tens of millions,” not “hundreds of millions,” from the company’s perspective. He added that partners had indicated little or no cannibalization between prediction markets and traditional online sports betting.
About Sportradar Group (NASDAQ:SRAD)
Sportradar Group is a global leader in digital sports data and content, delivering real-time statistics, analytics and sports betting solutions to clients across the gaming, media and sports federation sectors. The company aggregates and processes live data from more than 800,000 sporting events each year, providing feeds for pre-match and in-play odds, visualization tools and managed trading services. Its products also include integrity services, which monitor betting markets for irregularities and help sports organizations safeguard competition outcomes.
Founded in 2001 and headquartered in St.
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