Flutter Entertainment (FLUT) Q4 FY2025 earnings: revenue $4.7 billion, up 24.9% on the year

Flutter Entertainment plc (FLUT) reported revenue of $4.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 24.9% on the same quarter a year earlier. Net income was -$8 million, and diluted earnings per share $-0.05. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$4.7 billion

+24.9% on the year · +24.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

5.4%

7.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$8 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$0.05

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 17 new, 2 kept.

Fourth-quarter revenue and EBITDA rose: Revenue rose 25% to $4,737m, mainly from M&A and more favorable US sports results. Adjusted EBITDA rose 27% to $832m, and average monthly players rose 3%, including the India market closure.
Net loss reflects India impairment: Q4 net income was $10m against $156m a year earlier. The fiscal 2025 net loss of $407m reflects a $556m non-cash impairment tied to the India regulation change.
US revenue up a third in Q4: US revenue rose 33% to $2,142m, with sportsbook up 35% and iGaming up 33%. US Q4 adjusted EBITDA reached $310m, up 90%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,737	3,794	3,792	+24.9%	+24.9%
Cost of revenue	2,627	2,168	1,966	+21.2%	+33.6%
Gross profit	2,110	1,626	1,826	+29.8%	+15.6%
Gross margin	44.5%	42.9%	48.2%
Research and development	245	275	201	-10.9%	+21.9%
Operating income	258	-834	279		-7.5%
Operating margin	5.4%	-22.0%	7.4%
Interest expense	178	167	109	+6.6%	+63.3%
Pre-tax income	154	-834	-42.0
Income tax	144	-45.0	-198
Effective tax rate	93.5%	n/a	n/a
Net income	-8.0	-690	81.0
Net margin	-0.2%	-18.2%	2.1%
Diluted EPS	-$0.05	-$3.91	$0.45

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	428	209	652	+104.8%	-34.4%
Capital expenditure	36.0	13.0	57.0	+176.9%	-36.8%
Free cash flow	392	196	595	+100.0%	-34.1%
Free cash flow margin	8.3%	5.2%	15.7%
Cash from investing	-346	-170	-164
Cash from financing	-89.0	255	-225
Depreciation and amortisation	435	419	270	+3.8%	+61.1%
Share-based compensation	60.0	71.0	47.0	-15.5%	+27.7%
Buybacks	279	261	219	+6.9%	+27.4%
Diluted shares, weighted	177m	176m	180m	+0.6%	-1.7%
Shares outstanding at period end	175m	175m	177m	+0.0%	-1.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	9,038	9,244	9,293	-2.2%	-2.7%
Non-controlling interest	236	190	166	+24.2%	+42.2%
Redeemable equity	424	485	1,808	-12.6%	-76.5%
Debt	12,266	12,099	6,736	+1.4%	+82.1%
Operating lease liabilities	476	458	428	+3.9%	+11.2%
Other liabilities	6,840	6,863	6,077	-0.3%	+12.6%
Total liabilities and equity	29,280	29,339	24,508	-0.2%	+19.5%
Fixed assets	630	615	493	+2.4%	+27.8%
Goodwill	15,825	15,804	13,352	+0.1%	+18.5%
Intangible assets	7,019	7,241	5,364	-3.1%	+30.9%
Investments	30.0	33.0	136	-9.1%	-77.9%
Cash and equivalents	1,828	1,727	1,531	+5.8%	+19.4%
Receivables	190	158	98.0	+20.3%	+93.9%
Other assets	3,758	3,761	3,534	-0.1%	+6.3%
Total assets	29,280	29,339	24,508	-0.2%	+19.5%

Questions

What was Flutter Entertainment's revenue in Q4 FY2025?

Flutter Entertainment (FLUT) reported revenue of $4.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 24.9% on the same quarter a year earlier.

How much did Flutter Entertainment earn in Q4 FY2025?

Net loss for Q4 FY2025 was $8 million, and the diluted loss per share $0.05.

When did Flutter Entertainment report Q4 FY2025 results?

Flutter Entertainment filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,918	3,001	2,558	3,313	3,397	3,611	3,248	3,792	3,665	4,187	3,794	4,737	4,304	4,326	3,874
Cost of revenue	1,541	1,491	1,386	1,784	1,793	1,835	1,752	1,966	1,956	2,228	2,168	2,627	2,467	2,613	2,356
Gross profit	1,377	1,510	1,172	1,529	1,604	1,776	1,496	1,826	1,709	1,959	1,626	2,110	1,837	1,713	1,518
Gross margin	47%	50%	46%	46%	47%	49%	46%	48%	47%	47%	43%	45%	43%	40%	39%
R&D	168	176	214	207	190	216	213	201	215	256	275	245	259	300	350
Operating income	-15.0	222	-137	-619	124	369	97.0	279	223	389	-834	258	79.0	-144	-1,191
Operating margin	-1%	7%	-5%	-19%	4%	10%	3%	7%	6%	9%	-22%	5%	2%	-3%	-31%
Interest expense	n/a	98.0	101	n/a	126	122	123	109	103	128	167	178	164	171	169
Pre-tax income	-152	150	-273	-816	-162	350	-130	-42.0	354	205	-834	154	234	-299	-1,243
Tax rate	n/a	57%	n/a	n/a	n/a	15%	n/a	n/a	5%	82%	n/a	94%	11%	n/a	n/a
Net income	-111	67.0	-275	-912	-177	261	-103	81.0	283	105	-690	-8.0	218	-274	-862
Net margin	-4%	2%	-11%	-28%	-5%	7%	-3%	2%	8%	3%	-18%	-0%	5%	-6%	-22%
Diluted EPS	-$0.58	$0.37	-$1.55	-$5.13	-$1.10	$1.45	-$0.58	$0.45	$1.57	$0.59	-$3.91	-$0.05	$1.23	-$1.57	-$4.90
Operating cash flow	-49.0	41.0	554	391	337	323	290	652	188	359	209	428	330	363	211
Capital expenditure	18.0	31.0	21.0	89.0	22.0	28.0	37.0	57.0	19.0	37.0	13.0	36.0	25.0	14.0	20.0
Free cash flow	-67.0	10.0	533	302	315	295	253	595	169	322	196	392	305	349	191
Buybacks	n/a	n/a	46.0	n/a	0.0	0.0	0.0	219	244	339	261	279	135	129	0.0
Shares outstanding	178m	178m	178m	177m	178m	178m	178m	177m	177m	176m	175m	175m	174m	174m	174m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.