Flutter Entertainment plc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
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 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.
- 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%)
“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.”
Flutter Entertainment CEO, on the earnings call
Forward Guidance & Outlook
Flutter raised full-year 2025 guidance. Group revenue is now expected at $17.26bn at the midpoint (range $16.81bn-$17.71bn) representing 23% YoY growth. Group adjusted EBITDA is expected at $3.295bn at the midpoint (range $3.075bn-$3.515bn) representing 40% YoY growth. US revenue and adjusted EBITDA guidance increased to $7.58bn and $1.245bn respectively, with approximately $2.6bn revenue and $580m adjusted EBITDA expected in Q4. International revenue and adjusted EBITDA guidance of $9.68bn and $2.30bn was reaffirmed. The guidance increase reflects: (i) $140m revenue/$100m adjusted EBITDA from favorable US sports results in May-June; (ii) $35m adjusted EBITDA benefit from renegotiated Boyd market access; (iii) $30m revenue/$40m negative adjusted EBITDA from US gaming tax changes in NJ, IL, and LA; and (iv) $10m revenue/$20m adjusted EBITDA benefit from new state timing adjustments. Interest expense guidance increased to $535m to include financing costs for the Boyd transaction. Capital expenditure expected at approximately $820m. Share repurchases expected up to $1bn in 2025.
FLUT YoY Financials
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.