Flutter Entertainment (FLUT) H2 2024 earnings summary

Executive summary

• Achieved strong revenue growth of 19% and Adjusted EBITDA up 26% year-over-year, with net income reaching $162 million, driven by leadership in the U.S. and gains in key international markets.

• Expanded U.S. market share to 43% in sportsbook and 26% in iGaming, maintaining number one positions.

• Successful launches in new U.S. states and international expansion with MaxBet and upcoming Snai and NSX acquisitions.

• Product innovation, including Your Way and exclusive iGaming content, fueled engagement and cross-sell.

• Share repurchase program initiated, returning $121 million in Q4, with up to $1 billion planned for 2025.

Financial highlights

• Q4 2024 revenue rose 14% to $3.79 billion, Adjusted EBITDA up 4% to $655 million, and net income reached $156 million, reversing a prior year loss.

• Full year 2024 revenue grew 19% to $14.05 billion, Adjusted EBITDA increased 26% to $2.36 billion, and free cash flow rose 181% to $941 million.

• Adjusted EPS for Q4 was $2.94, up 67% year-over-year, benefiting from a U.S. tax credit.

• U.S. Q4 revenue up 14% to $1.61 billion; iGaming revenue surged 43%, sportsbook revenue up 8%.

• UKI Q4 revenue up 20% to $963 million, sportsbook up 31%, iGaming up 16%, Adjusted EBITDA up 17% to $319 million.

Outlook and guidance

• 2025 U.S. revenue and Adjusted EBITDA midpoints guided at $7.72 billion and $1.4 billion, up 33% and 176% year-over-year.

• Ex-U.S. 2025 revenue and Adjusted EBITDA midpoints guided at $8.25 billion and $1.85 billion, reflecting 6% and 10% growth after FX and sports results normalization.

• Group revenue expected to grow 13% and Adjusted EBITDA 34% in 2025 at midpoint.

• $1 billion share repurchase and $2.7 billion in acquisitions (Snai and NSX) planned for 2025.

• Cost efficiency program on track to deliver $300 million in annualized savings by 2027.