Flutter’s Financial Performance Overview
Flutter Entertainment reported revenue of $16.4 billion for the year 2025, representing a growth of 17 percent. However, the company also experienced a loss of $407 million, primarily due to a $556 million non-cash impairment related to regulatory changes in India. Additionally, Flutter noted that an unusual series of sporting results led to a decrease in customer betting, particularly after short-term losses.
2026 Forecast
For 2026, Flutter anticipates a revenue projection of $18.4 billion and an adjusted EBITDA of $2.97 billion, which indicates year-over-year growth of 12 percent and 4 percent, respectively.
The company described 2025 as another transformative year with a 17 percent growth in revenue and a 14 percent increase in AMP. This growth was attributed to effective strategic execution, continued leadership in key markets, and focused investment across its segments.
US Market Performance
In 2025, Flutter achieved significant revenue growth of 20 percent in the US, alongside strong adjusted EBITDA growth of 82 percent year-over-year, reaching $922 million. The fourth quarter notably experienced revenue growth of 33 percent and adjusted EBITDA growth of 90 percent.
Flutter affirmed its leadership in both US sports betting and iGaming, introducing FanDuel Predicts at the conclusion of Q4 to expand its market presence.
International Business Highlights
Flutter's international operations benefited from strategic acquisitions in Italy and Brazil. The company reported meaningful advancements in its transformation and efficiency initiatives in the SEA and UKI regions. It successfully adapted to regulatory changes in India and is well-positioned to handle tax modifications in the UK. The results of the fourth quarter were positively influenced by the inclusion of the Snai and BetNacional acquisitions.
CEO Statement
CEO Peter Jackson remarked that Flutter achieved strong results in 2025, with nearly 40 million customers interacting with its market-leading brands. He emphasized progress in strategic priorities, maintaining a strong position in the US market, launching FanDuel Predicts, completing key acquisitions, and reaching important transformation milestones in the International segment.
Future Outlook
Looking ahead, Flutter has outlined a clear plan to navigate recent trends in the US market and believes there is substantial potential for growth within this dynamic environment. The company aims to leverage its scale, technology, and customer offerings to achieve sustained profitability, especially with significant global sporting events on the horizon, including the World Cup.
Flutter noted that current US trading reflects the effects of high gross revenue margins achieved in Q4, which contributed to reduced customer engagement heading into 2026. Despite this, non-NFL betting trends have shown improvement. The International segment started strong with sports results being moderately favorable for customers, aligning with expectations.
Introduction of FanDuel Predicts
FanDuel Predicts has launched in 18 states for sports markets and across all 50 states for non-sports markets. Flutter emphasized that prediction markets present a significant growth opportunity for FanDuel and could help accelerate the regulation of online sports betting and iGaming across states. The initial engagement has been positive, with customer activity primarily focused on sports.
According to Regulus Partners, while Flutter possesses the scale and capability to confidently
