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Dec 31, 2025
Flutter Q4 2025 Earnings Report
Flutter Entertainment reported strong Q4 2025 results with 25% revenue growth and significant US expansion.
Key Takeaways
Flutter delivered a robust Q4 performance with revenue increasing 25% to $4.7 billion, driven by strong US growth and strategic acquisitions like Snai and BetNacional. While net income was impacted by non-cash charges and higher tax expenses, Adjusted EBITDA grew 27% year-over-year, reflecting the benefits of scale and the 'Flutter Edge' platform.
Group revenue grew 25% to $4.7bn, with US revenue up 33% driven by sportsbook and iGaming strength.
Adjusted EBITDA increased 27% to $832m, with the US segment contributing $310m (up 90% YoY).
Average Monthly Players (AMPs) increased 3% to 15.1 million, despite the impact of exiting the Indian market.
The company introduced 2026 guidance projecting Group revenue of $18.4bn and Adjusted EBITDA of $2.97bn at midpoints.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Flutter introduced 2026 guidance projecting significant revenue and EBITDA growth, despite headwinds from UK tax changes and the India exit.
Positive Outlook
- Group revenue midpoint of $18.4bn (12% YoY growth).
- Group Adjusted EBITDA midpoint of $2.97bn (4% YoY growth).
- US revenue expected to reach $7.8bn with 12% growth.
- International revenue projected at $10.6bn with 13% growth.
- Planned return of $250m to shareholders in H1 2026 via buybacks.
Challenges Ahead
- UK tax increases expected to impact EBITDA by $235m in 2026.
- India market exit resulting in revenue and EBITDA headwinds.
- US handle growth impacted by 'recycling' from high Q4 margins.
- New state investment in the US expected to cost $70m in EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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