Flutter Entertainment plc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.02%.
Did FLUT Beat Earnings? Q3 2025 Results
Flutter Entertainment posted a decisively strong Q3 2025 on the headline numbers, with adjusted EPS of $1.64 clearing the $0.59 consensus estimate by 178.91% and revenue of $3.79 billion beating expectations by 31.77% while climbing 16.8% year-over-year, yet the underlying story was considerably more complicated. A $556 million non-cash impairment of the Junglee business, triggered after India banned online real-money gaming, combined with a $205 million payment to Boyd Gaming to revise US market access terms, drove the GAAP net loss to $789 million from $114 million a year ago. In the US, FanDuel's iGaming revenue surged 44%, though sportsbook revenue slipped 5% as customer-friendly NFL outcomes and aggressive competitor promotions pressured margins. Flutter responded with the planned December launch of "FanDuel Predicts," a prediction market product targeting states without regulated sportsbooks. The company cut full-year 2025 revenue guidance by $570 million to $16.69 billion and trimmed adjusted EBITDA expectations by $380 million to $2.92 billion, citing sports result volatility, competitive investment, and the India shutdown.
- iGaming revenue growth of 44% in the US and 31% internationally drove overall revenue growth
- Snai and Betnacional acquisitions contributed 18 percentage points of international revenue growth
- Customer-friendly sports results negatively impacted sportsbook revenue by $45m in the US and across International markets
- Non-controlling interest credits of $99m boosted adjusted EPS by 29%
- Higher competitive intensity at NFL season start suppressed FanDuel handle growth and SGP penetration temporarily
“Flutter delivered a solid third quarter, with continued momentum in both our US and International businesses. We are the clear number one operator in the US, and we will continue to build on that position to drive future profitability. Our strategic investments, including the launch of FanDuel Predicts and recent International acquisitions, position us exceptionally well to capture new opportunities and deliver sustainable, profitable growth. Our diversified portfolio and disciplined approach give me great confidence in our ability to lead the industry and increase long-term value for shareholders.”
Flutter Entertainment CEO, on the earnings call
Forward Guidance & Outlook
Flutter cut its full-year 2025 guidance significantly. Group revenue is now expected at $16.69bn (midpoint), down $570m from prior guidance, representing 19% YoY growth. Group adjusted EBITDA is expected at $2.915bn (midpoint), down $380m, representing 24% YoY growth. US revenue and adjusted EBITDA are guided at $7.17bn and $935m respectively. International revenue and adjusted EBITDA are guided at $9.52bn and $2.24bn. The reductions reflect: Q3 trading performance, customer-friendly Q3 and Q4 sports results (~$170m EBITDA impact from Oct 1 through Nov 9), Q4 sportsbook investment, FanDuel Predicts investment ($40-50m EBITDA cost in Q4 2025, $200-300m in 2026), Illinois wager fee tax treatment, and Indian regulatory change. Q4 started well on an underlying basis with US handle growth of 10% quarter to date. The company expects leverage to reduce rapidly from the current 4.0x ratio toward its medium-term target of 2.0-2.5x.
FLUT YoY Financials
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.