Flutter Entertainment (FLUT) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong results with group revenue up 25% and adjusted EBITDA up 27% year-over-year, reflecting strategic execution and disciplined investment.

• U.S. operations maintained leadership in online sports betting and iGaming, with FanDuel sportsbook Q4 revenue up 35%.

• International segment saw 19% revenue growth and 6% adjusted EBITDA growth, driven by strategic acquisitions and platform integrations in Brazil and Italy.

• Launched FanDuel Predicts to capture prediction markets, with early signs in line with expectations.

Financial highlights

• Group net income was $10 million, down from $156 million prior year, due to higher interest and tax expenses.

• Free cash flow declined by $335 million to $138 million, impacted by M&A and increased CapEx.

• $245 million in share repurchases in Q4, totaling $1 billion for 2025.

• Ended year with a leverage ratio of 3.7x, targeting 2x–2.5x medium term.

Outlook and guidance

• 2026 U.S. revenue expected at $7.8 billion and adjusted EBITDA at $1.05 billion, up 12% and 14% year-over-year.

• International revenue guidance at $10.6 billion and adjusted EBITDA at $2.23 billion, up 13% and 1% respectively.

• Prediction markets investment to reach upper end of $300 million, reflecting significant customer acquisition opportunity.

• $250 million in capital returns planned for H1 2026, with future buyback cadence to be updated.