Flutter Entertainment’s FY 2025 Report Outlines Mixed Results

Gaming giant Flutter Entertainment has published its financials for 2025, highlighting a mixed bag of results. While the company’s revenue and EBITDA grew, its net income declined significantly, prompting another dip in its share price.

Net Income Plummeted, Despite Increases in Revenue, EBITDA

Flutter’s Q4 2025 results outlined significant setbacks reflected in a staggering 94% decline in net income to $10 million. For comparison, the company reported $156 million in net revenue for Q4 2024.

The decline reflected higher income tax expenses, interest expenses, net, and non-cash amortization of acquired intangibles, according to Flutter’s official announcement. The company furthermore slipped into a loss per share of $0.05 versus earnings per share of $0.45 in the prior year period.

The announcement also noted that the group’s net cash provided by operating activities was down $224 million to $428 million. The company said that this was due to higher outflows from interest and income tax payments, and a lower inflow from player deposits.

At the same time, the company’s revenue and adjusted EBITDA experienced increases to $4.7 billion and $832 million, respectively. These figures are equivalent to increases of 25% and 27%, respectively.

Flutter’s Q4 free cash flow declined to $138 million versus $473 million in the prior year period, reflecting the impact of the company’s M&A activity.

The Q4 setbacks ended up impacting the company’s share price, which experienced another dip and is standing at $106.14 apiece as of the time of this writing.

Flutter Posted Its FY 2025 Results & 2026 Forecasts

In the meantime, the company’s 2025 results highlighted a 17% increase in revenue to $16.4 billion versus $14 billion in 2024. The company’s adjusted EBITDA for the full-year period reached $2.8 billion, up 21% year-on-year.

The company’s net loss, however, expanded significantly, reaching a loss of $407 million, down 351% year-on-year. For comparison, the company reported net income of $162 million in 2024. The company’s earnings per share for 2025 decreased from $0.24 to a loss of $1.75.

Net cash from operating activities decreased by 26% to $1.2 billion.

The company also published its FY 2026 guidance, saying that it expects group revenue of $18.4 billion and an adjusted EBITDA of $2.97 billion. These guidance midpoints imply growth of 12% and 4%, respectively.

Flutter added that it expects revenue of $7.8 billion and an adjusted EBITDA of $1.05 billion for its US division, as well as revenue of $10.6 billion and an adjusted EBITDA of $2.23 billion for its International segment.

Flutter Is Looking Forward to Capturing Significant Opportunities in 2026

Flutter’s CEO, Peter Jackson, commented on the company’s results, saying that his team continues to gain traction and build competitive advantages, despite the setbacks. He said that the company has a “clear plan” to navigate the US market despite the headwinds.  

With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.

Peter Jackson, CEO, Flutter

In the meantime, Flutter’s FanDuel brand and its sister platform, PokerStars, are considering deeper integration and exploring potential synergies to deliver a comprehensive experience to users.