Flutter Entertainment reported a strong Q4 and full year 2025, driven by significant revenue growth from acquisitions and favorable US sports results, alongside continued international expansion. Despite a net loss primarily due to non-cash impairment charges and increased expenses, the company demonstrated robust adjusted EBITDA growth and maintained its global leadership.
Group revenue grew 25% year-over-year in Q4 to $4,737 million, and 17% for the full year to $16,383 million, benefiting from M&A and strong US performance.
positiveUS revenue increased by 33% in Q4, with sportsbook up 35% and iGaming up 33%, driven by market leadership and new product launches.
positiveInternational revenue grew 19% year-over-year in Q4, with strong performance in SEA and CEE offsetting headwinds.
positiveAdjusted EBITDA grew 27% year-over-year in Q4 to $832 million and 21% for the full year to $2,845 million.
positiveReturned $1 billion of capital to shareholders in 2025.
positiveGroup net income declined 94% year-over-year in Q4 to $10 million and reported a full-year net loss of $407 million, primarily due to a non-cash impairment charge of $556 million related to Indian regulation changes and increased income tax, interest, and amortization expenses.
negativeHandle growth in Q4 was only 3%, which was behind expectations and reflected a moderation in market growth, continuing into 2026, primarily due to unfavorable recycling impacts from sustained bookmaker-friendly sports results.
attentionUS sportsbook revenue growth was offset by moderating customer and handle growth, with FanDuel experiencing greater impact due to its structural margin advantage and less effective generosity playbook in Q4.
attentionFree cash flow declined 71% year-over-year in Q4 to $138 million, primarily reflecting M&A impact on capex, higher Italian concession payments, and expenditure for future revenue and cost efficiency projects.
negativeLeverage ratio increased to 3.7x at year-end 2025 from 2.2x at year-end 2024, reflecting strategic acquisitions.
attentionInternational adjusted EBITDA margin decreased by 280bps year-over-year to 22.7% in Q4, reflective of investment phase in Brazil and increased cost of sales.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
US | N/A | — | — | — | — |
International | N/A | — | — | — | +14.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Flutter delivered strong 2025 results, leveraging unparalleled global scale and ongoing product innovation to reach almost 40 million customers.
Strategic priorities included maintaining US leadership, entering the FanDuel Predicts category, completing acquisitions, and delivering international transformation milestones.
The company sees a significant runway for growth in the dynamic US market, aiming to convert scale and customer proposition into sustained profitability.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.