Flutter Entertainment (FLUT) Q1 2025 TU earnings summary

Executive summary

• US business scaling and international diversification, especially in SEA and India, drove a step change in group earnings, with US operations leading performance and average monthly players up 8% to 14.9 million.

• Net income reached $335 million, reversing a $177 million loss, with net income margin at 9.1%.

• Adjusted EBITDA grew 20% year-over-year to $616 million, with margin up to 16.8%.

• Product innovation, including 'Your Way' pricing and iGaming enhancements, and strategic acquisitions (SNAI in Italy, NSX in Brazil) supported growth.

• Share buybacks and a positive swing in the Fox option liability contributed to improved group earnings.

Financial highlights

• Group revenue increased 8% year-over-year to $3.67 billion, with net income up 289% and adjusted EBITDA up 20% to $616 million.

• US revenue rose 18% to $1.67 billion, with sportsbook up 15% and iGaming up 32%.

• Adjusted EBITDA in the US reached $161 million, over five times higher than prior year.

• International revenue was $1.999 billion, with adjusted EBITDA of $518 million, reflecting 1% revenue growth and 2% constant currency growth.

• EPS improved to $1.57 from a loss of $1.10; adjusted EPS up 51%.

Outlook and guidance

• Full-year 2025 guidance unchanged on underlying basis; updated for M&A, FX, and adverse sports results.

• Group revenue expected at $17.08 billion and adjusted EBITDA at $3.18 billion, up 22% and 35% year-over-year, respectively, including SNAI and NSX acquisitions.

• SNAI and NSX acquisitions included from May, with SNAI expected to add $850 million revenue and $190 million EBITDA.

• Up to $1 billion in share repurchases planned for 2025.

• Management expects continued long-term growth, leveraging global scale and recent acquisitions.