Flutter Entertainment PLC

Latest Results (18.03.2026):

Flutter Entertainment PLC's Q4 2025 results: Group revenue $4,737m (+25% YoY) and adjusted EBITDA $832m (+27% YoY), with average monthly players of 15.07 million (+3%). Net income for the quarter was $10m (down 94% YoY) while full-year 2025 revenue was $16,383m (+17%) and the Group reported a FY net loss of $407m largely driven by a $556m non‑cash impairment related to the exit from real‑money gaming in India.

Key financials

Q4 2025 revenue $4,737m (+25% YoY), Q4 adjusted EBITDA $832m (+27% YoY). FY 2025 revenue $16,383m (+17%), FY adjusted EBITDA $2,845m (+21%). Q4 AMPs 15,072k (+3%). Q4 free cash flow $138m (‑71% YoY) and net cash from operating activities $428m (‑34% YoY).

Profitability and one‑offs

Q4 net income fell to $10m (from $156m) driven by higher tax, interest, non‑cash amortization and the FY impairment charge of $556m tied to India; impairment did not affect adjusted EBITDA. Adjusted EPS fell to $1.74 for the quarter (‑41% YoY); basic EPS was a loss of $0.05.

US performance (FanDuel)

US revenue in Q4 was $2,142m (+33%), with sportsbook +35% and iGaming +33%. FanDuel held ~41% sportsbook GGR share and ~28% iGaming GGR share in Q4. Q4 US adjusted EBITDA was $310m (+90% YoY). FanDuel Predicts launched in Q4 and management expects to invest $250–300m (now toward the top end) in 2026.

International performance & India exit

International Q4 revenue $2,595m (+19% YoY, +14% CC) and adjusted EBITDA $588m (+6% YoY). Strong growth in SEA, CEE and Brazil (via BetNacional), offset by the cessation of real‑money gaming in India and some adverse sports results. The India exit caused a $556m impairment and negative P&L and FY‑forward revenue/EBITDA impacts disclosed.

Operational drivers and market trends

Group sportsbook net revenue margin improved (Q4 group net revenue margin 10.1%, US sportsbook margin 8.9%, +220bps YoY) driven by structural parlay penetration and favorable sports results year‑over‑year. However, “recycling” (high GR margins depressing subsequent customer engagement) and less compelling NFL narratives reduced handle and engagement into early 2026.

Cash, leverage and capital returns

Available cash ~$1.8bn at year‑end. Total debt rose to $12,266m with net debt $10,591m and leverage ratio 3.7x (Dec 31, 2025). Q4 share buybacks: 1.02m shares for $245m; $1.12bn returned to date. Management expects a more flexible buyback cadence and plans to return ~$250m in H1 2026.

2026 guidance and outlook

Management issued 2026 guidance midpoints: Group revenue $18.4bn (+12% YoY) and adjusted EBITDA $2.97bn (+4% YoY). US guidance midpoint: revenue $7.8bn, adjusted EBITDA $1.05bn (includes new state losses and Predicts investment). International midpoint: revenue $10.6bn, adjusted EBITDA $2.23bn (includes Brazil investment and UK tax impacts).