Flutter Entertainment (FLUT) FY2025 results: revenue $16.4 billion, up 16.6% on the year
Flutter Entertainment plc (FLUT) reported revenue of $16.4 billion for fiscal 2025, the year ended 31 December 2025, up 16.6% on the year before. Net income was -$310 million, and diluted earnings per share $-1.75. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
- Handle slowed under high margins: Handle grew 3%, which management said reflected recycling from high NFL gross revenue margins and less compelling late-season NFL content. Trends moderated into 2026.
- FanDuel Predicts went live: FanDuel Predicts launched nationwide in late Q4, with sports contracts in 18 states including California, Texas and Florida. Early engagement is mostly sports-focused, with volume per customer in line with expectations.
From this 10-K
Flutter Entertainment takes bets and runs online gaming. The filing describes it as the world's leading online sports betting and iGaming operator based on revenue. It had 15.9 million average monthly players in fiscal 2025. The company was first registered in Ireland in 1958, keeps its registered office in Dublin and its operational headquarters in New York, and moved its primary listing to the New York Stock Exchange in May 2024 while staying on the London Stock Exchange. It reports two segments, the United States and International.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 16,383 | 14,048 | 11,790 | +16.6% | |
| Cost of revenue | 8,979 | 7,346 | 6,202 | +22.2% | |
| Gross profit | 7,404 | 6,702 | 5,588 | +10.5% | |
| Gross margin | 45.2% | 47.7% | 47.4% | ||
| Research and development | 991 | 820 | 765 | +20.9% | |
| Operating income | 36.0 | 869 | -549 | -95.9% | |
| Operating margin | 0.2% | 6.2% | -4.7% | ||
| Interest expense | 576 | 480 | 424 | +20.0% | |
| Pre-tax income | -121 | 16.0 | -1,091 | ||
| Income tax | 286 | -146 | 120 | ||
| Effective tax rate | n/a | -912.5% | n/a | ||
| Net income | -310 | 43.0 | -1,222 | ||
| Net margin | -1.9% | 0.3% | -10.4% | ||
| Diluted EPS | -$1.75 | $0.24 | -$6.89 |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 1,184 | 1,602 | 937 | -26.1% | |
| Capital expenditure | 105 | 144 | 159 | -27.1% | |
| Free cash flow | 1,079 | 1,458 | 778 | -26.0% | |
| Free cash flow margin | 6.6% | 10.4% | 6.6% | ||
| Cash from investing | -3,481 | -811 | -602 | ||
| Cash from financing | 2,428 | -469 | -113 | ||
| Depreciation and amortisation | 1,517 | 1,097 | 1,285 | +38.3% | |
| Share-based compensation | 246 | 196 | 180 | +25.5% | |
| Buybacks | 1,123 | 219 | 212 | +412.8% | |
| Diluted shares, weighted | 177m | 180m | 177m | -1.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 9,038 | 9,293 | 10,044 | -2.7% | |
| Non-controlling interest | 236 | 166 | 172 | +42.2% | |
| Redeemable equity | 424 | 1,808 | 1,152 | -76.5% | |
| Debt | 12,266 | 6,736 | 7,056 | +82.1% | |
| Operating lease liabilities | 476 | 428 | 354 | +11.2% | |
| Other liabilities | 6,840 | 6,077 | 5,857 | +12.6% | |
| Total liabilities and equity | 29,280 | 24,508 | 24,635 | +19.5% | |
| Fixed assets | 630 | 493 | 471 | +27.8% | |
| Goodwill | 15,825 | 13,352 | 13,745 | +18.5% | |
| Intangible assets | 7,019 | 5,364 | 5,881 | +30.9% | |
| Investments | 30.0 | 136 | 181 | -77.9% | |
| Cash and equivalents | 1,828 | 1,531 | 1,497 | +19.4% | |
| Receivables | 190 | 98.0 | 90.0 | +93.9% | |
| Other assets | 3,758 | 3,534 | 2,770 | +6.3% | |
| Total assets | 29,280 | 24,508 | 24,635 | +19.5% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.