Flutter Entertainment plc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did FLUT Beat Earnings? Q1 2025 Results
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
Forward Guidance & Outlook
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
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.