Flutter Entertainment plc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.20%.
Did FLUT Beat Earnings? Q4 2025 Results
Flutter Entertainment fell short of Wall Street expectations in Q4 2025, posting earnings per share of $1.74 against a consensus estimate of $1.91, an 8.90% miss, while revenue of $4.74 billion trailed the $4.99 billion consensus by 4.98% despite growing 24.9% year over year. The headline shortfall masked a more nuanced story: adjusted EBITDA climbed 27% to $832 million, but GAAP net income collapsed to just $10 million from $156 million a year earlier, pressured by a $342 million swing in income tax expense and $165 million in incremental depreciation tied to the Snai, BetNacional, and Boyd FanDuel stake acquisitions. In the US, FanDuel saw handle growth moderate to just 3% as persistently high gross revenue margins reduced player recycling and competitor improvements eroded engagement, a trend management acknowledged is carrying into early 2026. Looking ahead, Flutter guided for 2026 group revenue of $18.40 billion and adjusted EBITDA of $2.97 billion at midpoint, while simultaneously launching a $250 million share repurchase tranche, signaling confidence in the longer-term trajectory even as near-term headwinds, including a $235 million post-mitigation UK tax impact, weigh on profitability.
- M&A contributions from Snai and BetNacional acquisitions driving revenue growth
- Positive year-over-year sports results swing of 310bps in US sportsbook
- Continued structural sportsbook margin expansion to 15.5% in Q4
- Strong iGaming growth of 33% in US and 31% in International
- FanDuel iGaming AMP growth of 18% driven by exclusive content and jackpot features
- Organic iGaming growth of 9% in International driven by SEA and CEE
- SEA Türkiye revenue growth of 63% in Q4
- Georgia achieved record 33%+ market share in CEE
“Flutter delivered strong 2025 results. Our unparalleled global scale and ongoing product innovation helped us reach almost 40 million customers across our portfolio of market-leading, local hero brands during the year. We made clear progress against our strategic priorities; maintaining our US leadership position in both sportsbook and iGaming; entering an exciting and incremental new category in the US with the launch of FanDuel Predicts; completing our strategic acquisitions of Snai and NSX; and delivering several important milestones across our International segment's transformation programs.”
Flutter Entertainment CEO, on the earnings call
Forward Guidance & Outlook
Flutter introduced FY 2026 guidance with Group revenue of $18.4bn and adjusted EBITDA of $2.97bn at midpoint, representing 12% and 4% YoY growth respectively. US guidance is $7.8bn revenue and $1.05bn adjusted EBITDA (12% and 14% growth), incorporating a measured view on market handle recovery from Q4 recycling effects, expected sequential improvement in FanDuel's performance, $70m new state EBITDA loss, and FanDuel Predicts investment toward the upper end of $200m-$300m. International guidance is $10.6bn revenue and $2.23bn adjusted EBITDA (13% and 1% growth), reflecting increased investment in Brazil and impacts from UK tax increases and India exit. US current trading shows moderated handle trends continuing into 2026 from Q4 recycling, while International is off to a solid start. The 2026 FIFA World Cup is highlighted as a major catalyst. UK iGaming tax rates nearly doubling to 40% from April 2026 will have an estimated post-mitigation EBITDA impact of $235m in 2026. Share repurchases of $250m expected in H1 2026 with a more flexible approach going forward.
FLUT YoY Financials
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.