Flutter Entertainment (FLUT) Q1 2025 Earnings
How Did FLUT Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.73%.
Did FLUT Beat Earnings? Q1 2025 Results
No. Flutter Entertainment reported Q1 2025 earnings of $1.59 a share on May 7, 2025, missing the $1.89 consensus estimate by 15.7%. Revenue was $3.7B against a $2.9B estimate.
Flutter Entertainment posted a mixed first quarter for 2025, delivering a sharp revenue beat while falling short on the bottom line, as customer-friendly March Madness outcomes weighed heavily on sportsbook margins. Revenue climbed 7.9% year-over-year to $3.67 billion, well ahead of the $2.87 billion consensus, but earnings per share of $1.59 missed the $1.89 estimate by 15.72%, with an estimated $230 million adverse revenue impact from unfavorable sports results serving as the primary culprit. Underneath the headline miss, the US segment showed genuine structural progress, with FanDuel holding 43% sportsbook market share and adjusted EBITDA surging to $161 million from just $26 million a year ago. Flutter also completed its acquisitions of Italian operator Snai and Brazil's Betnacional during the period, reinforcing its international expansion strategy. Looking ahead, the company updated full-year guidance to reflect those deals, projecting group revenue of $17.08 billion and adjusted EBITDA of $3.18 billion, representing 22% and 35% year-over-year growth respectively.
- US iGaming AMPs grew 28% reaching 1 million for the first time
- US sportsbook structural hold expanded to 14.1% driven by Same Game Parlay penetration up 260bps across NFL and NBA
- US adjusted EBITDA margin expanded 790bps to 9.7% from operating leverage
- US sales and marketing reduced by 750bps as percentage of revenue to 22.4%
- Sisal achieved record Italian quarterly market share of 15.4%
- SEA AMP growth of 25% to 1.8 million
- Turkey revenue grew 84% in constant currency driven by AMP growth
- India iGaming revenue growth of 45%
- Super Bowl LIX delivered record-breaking volumes and customer engagement
“I am pleased with the performance of the business during the first quarter, with the scaling of our US business driving a step change in the earnings profile of the Group.”
Flutter Entertainment CEO, on the earnings call
What Was Flutter Entertainment's Outlook in Q1 2025?
Flutter updated its full year 2025 guidance to reflect the Snai and NSX acquisitions (expected to add $1.07bn in revenue and $120m in adjusted EBITDA), adverse US sports results ($280m revenue and $180m EBITDA impact), and favorable foreign currency movements. Revised Group midpoint guidance: revenue $17.08bn (+22% YoY) and adjusted EBITDA $3.18bn (+35% YoY). US midpoint: revenue $7.40bn (+28%) and adjusted EBITDA $1.13bn (+123%). International midpoint: revenue $9.68bn (+17%) and adjusted EBITDA $2.30bn (+11%). New state launch costs unchanged at -$40m revenue and -$90m EBITDA for Missouri (Q4 2025 launch) and Alberta, Canada (early 2026). Unallocated corporate overhead increased to $250m due to $20m FX headwinds. The company expects leverage to temporarily increase following Snai but to reduce rapidly, remaining committed to 2.0-2.5x medium-term target. Share repurchases expected up to approximately $1bn during 2025.
FLUT YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.7B | $3.4B | +7.9% |
| Gross Profit | $1.7B | $1.6B | +6.6% |
| Operating Income | $223.0M | $124.0M | +79.8% |
| Net Income | $335.0M | $90.3M | +270.9% |
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.