Q2 25 EPS
$2.95
BEAT +39.55%
Est. $2.11
Q2 25 Revenue
$4.19B
BEAT +36.13%
Est. $3.08B
vs S&P Since Q2 25
-83.9%
TRAILING MARKET
FLUT -68.6% vs S&P +15.2%
Market Reaction
Did FLUT Beat Earnings? Q2 2025 Results
Flutter Entertainment delivered a blowout second quarter, posting earnings per share of $2.95 against a consensus estimate of $2.11, a beat of 39.55%, while revenue of $4.19 billion topped expectations by 36.13% and grew 15.9% year over year. The sta… Read more Flutter Entertainment delivered a blowout second quarter, posting earnings per share of $2.95 against a consensus estimate of $2.11, a beat of 39.55%, while revenue of $4.19 billion topped expectations by 36.13% and grew 15.9% year over year. The standout driver was the U.S. Segment, where FanDuel generated $1.79 billion in revenue, up 17%, and adjusted EBITDA of $400 million, up 54%, fueled by record-high gross revenue margins in June and iGaming revenue that surged 42%. Internationally, the Snai and NSX acquisitions added meaningful scale, lifting international revenue to $2.40 billion and pushing group adjusted EBITDA to $919 million, up 25%. Despite the operational strength, GAAP net income fell sharply to $37 million, weighed down by a non-cash loss on the Fox Option liability, higher amortization, and a significantly increased tax charge. Flutter raised its full-year 2025 guidance to $17.26 billion in group revenue and $3.29 billion in adjusted EBITDA at the midpoint, and separately announced a $245 million share buyback tranche as part of its broader $1 billion shareholder return target for the year.
Key Takeaways
- • Favorable US sports results in Q2, with June delivering highest gross revenue margin month on record of 16.3%
- • US iGaming AMP growth of 32% driven by casino-first customer proposition
- • Strong US operating leverage with adjusted EBITDA margin expanding 530bps to 22.3%
- • Live betting representing over half of US handle
- • Continued structural gross revenue margin expansion of 70bps to 13.6% from increased parlay penetration
- • Snai and NSX acquisitions contributing 11 percentage points to International revenue growth
- • International iGaming organic growth driven by Turkey (+87%), Sisal Italy online (+36%), and India (+24%)
FLUT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
FLUT Revenue by Segment
With YoY comparisons, source: SEC Filings
FLUT Revenue by Geography
With YoY comparisons, source: SEC Filings
“I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A. Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams' focus and ability to execute effectively, leaving us well positioned for the second half of the year.”
— Peter Jackson, Q2 2025 Earnings Press Release
FLUT Earnings Trends
FLUT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FLUT EPS Trend
Earnings per share: estimate vs actual
FLUT Revenue Trend
Quarterly revenue: estimate vs actual
FLUT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.09 | $1.22 | +12.34% | $4.30B | +1.46% |
| Q4 25 BEAT FY | $1.61 | $1.74 | +8.09% | $4.74B | -2.63% |
| FY Full Year | $7.68 | $7.94 | +3.43% | $16.38B | -1.49% |
| Q3 25 BEAT | $0.59 | $1.64 | +178.91% | $3.79B | +31.77% |
| Q2 25 BEAT | $2.11 | $2.95 | +39.55% | $4.19B | +36.13% |
| Q1 25 MISS | $1.89 | $1.59 | -15.72% | $3.67B | +27.49% |