Flutter Entertainment (FLUT) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong results with group revenue up 25% and adjusted EBITDA up 27% year-over-year, driven by strategic execution and disciplined investment.

• U.S. operations maintained leadership in online sports betting and iGaming, with FanDuel sportsbook Q4 revenue up 35% and adjusted EBITDA up 90%.

• International segment saw 19% revenue growth and 6% adjusted EBITDA growth, supported by strategic acquisitions in Brazil and Italy.

• Transformation and efficiency programs are on track, with significant cost savings and integration progress.

Financial highlights

• Group net income was $10 million, down from $156 million in the prior year, due to higher interest and tax expenses.

• Free cash flow declined by $335 million to $138 million, reflecting M&A and increased CapEx.

• $245 million in share repurchases completed in Q4, totaling $1 billion for 2025.

• Ended the year with a leverage ratio of 3.7x, targeting 2x–2.5x medium term.

Outlook and guidance

• 2026 U.S. revenue expected at $7.8 billion and adjusted EBITDA at $1.05 billion, up 12% and 14% year-over-year.

• International revenue guidance for 2026 is $10.6 billion with adjusted EBITDA of $2.23 billion, up 13% and 1% respectively.

• Prediction markets investment to reach the upper end of $300 million in 2026, reflecting significant customer acquisition opportunity.

• Sequential improvement in U.S. performance expected, driven by product enhancements and a new loyalty program.