Online sports betting and iGaming powerhouse Flutter Entertainment has published its Q3 results. While the company’s revenue experienced double-digit growth, its net loss broadened due to a variety of headwinds.
Flutter’s Revenue Was Strong, But Losses Mounted
Flutter’s report for the three months ended September 30 outlined revenue of $3.8 billion, marking an increase of 17% year-on-year. The revenue in the US increased by 9%, with the International segment showing growth of 21%.
In addition to that, Flutter’s adjusted EBITDA increased by 6%, reaching $478 million. The adjusted EBITDA margin for the same period was 12.6%, the company reported.
These metrics reflected the acquisitions of Snai and Betnacional, as well as the strong performance of the company’s iGaming segment.
The company’s net loss, however, increased dramatically from $114 million in Q3 2024 to $789 million in Q3 2025. This reflected a loss per share of $3.91, up from $0.58 in the prior-year period. According to Flutter, the net loss reflects the non-cash impairment charge of $556 million triggered by India’s sudden U-turn in terms of gaming policy. The loss also reflects a $205 million payment to Boyd to revise US market access terms.
Despite that, the adjusted earnings per share painted a better picture, showing an increase of 29% to $1.64.
Flutter’s net cash from operating activities, meanwhile, decreased by 28% to $209 million, again due to the Boyd payment. The company’s free cash flow at the end of the quarter was down 78% year-on-year to $25 million.
Flutter Lowered Its 2025 Outlook Due to the Headwinds
Due to the impact of Q3 and the upcoming launch of FanDuel Predicts, Flutter has updated its 2025 outlook. The company now expects group revenue of $16.69 billion for the year, and adjusted EBITDA of $2.915 billion for the same period.
Flutter noted that these figures reflect reductions of $570 million and $380 million from the previous guidance, respectively. Despite that, the expected revenue and EBITDA still represent year-on-year growth of 19% and 24%, respectively.
CEO Jackson Was Pleased with the Results Despite the Setbacks
Peter Jackson, Flutter’s chief executive officer, was pleased with the results, calling Q3 a solid quarter, despite the setbacks. He was especially thrilled about the upcoming launch of FanDuel Predicts and the recent international acquisitions, which will be key growth drivers.
We have a strong platform for executing our capital allocation strategy, with a continued focus on creating long-term shareholder value.
Peter Jackson, CEO, Flutter Entertainment
In the meantime, Flutter’s FanDuel brand just exited Nevada due to growing friction with state regulators about prediction markets’ legal status.