Flutter Entertainment closed 2025 with full-year revenue of $16.38bn, up 17% year-on-year, and adjusted EBITDA of $2.85bn, up 21%. The group posted a net loss of $407m for the year, against net income of $162m in 2024, driven almost entirely by a $556m non-cash impairment charge triggered by India’s ban on real-money gaming in August 2025.
Full-Year and Q4 Group Performance
Average monthly players reached 15.9 million across the full year, up 14% year-on-year, with revenue benefiting from the acquisitions of Snai in April 2025 and NSX in May 2025. Excluding M&A, organic group revenue grew 9%.
Q4 revenue came in at $4.74bn, up 25% year-on-year, with organic growth of 14% when stripping out acquisition contributions. Adjusted EBITDA for the quarter grew 27% to $832m, with margin edging up 30 basis points to 17.6%. Net income in Q4 was $10m, down sharply from $156m in Q4 2024, as increased income tax expense, higher interest costs from acquisition financing, and accelerated amortization of acquired intangibles weighed on the bottom line.
Free cash flow for the full year fell 57% to $407m, from $941m in 2024, reflecting the cash cost of acquisitions and higher outflows on interest and tax. The group’s leverage ratio stood at 3.7x at December 31, 2025, up from 2.2x at the prior year-end.
US: FanDuel Leads, But Handle Growth Slows
The US segment delivered full-year revenue of $6.97bn, up 20%, with adjusted EBITDA growing 82% to $922m. In Q4, US revenue rose 33%, with sportsbook up 35% and iGaming up 33%. US adjusted EBITDA for the quarter was $310m, compared to $163m a year earlier.
FanDuel held a 41% sportsbook GGR market share and 28% iGaming GGR market share in Q4. The Missouri launch in December delivered a 44% GGR share in the state, with customer acquisition running ahead of plan. FanDuel Casino posted AMP growth of 18% in Q4, driven by exclusive content additions and the expansion of site-wide jackpot features.
The quarter also exposed a structural problem in the sportsbook business. Handle grew only 3% year-on-year, well behind expectations. Flutter attributed this to a “recycling” effect: persistently high gross revenue margins, particularly in NFL, reduced the funds available for customers to reinvest in further bets, dampening activity. FanDuel’s gross revenue margins ran 470 basis points above the rest of the market in December. The company also acknowledged that its generosity investment was poorly timed relative to bookmaker-friendly results periods, leading to higher customer churn and market share losses.
Flutter conducted a review of potential cannibalization from prediction markets and concluded there was no evidence of meaningful impact, estimating the handle growth effect in the low single-digit percentage points. FanDuel Predicts launched in late Q4, offering sports markets in 18 states including California, Texas and Florida, and financial and commodity markets in all 50 states.
International: M&A Drives Top Line, India Weighs
International revenue grew 19% in Q4 to $2.60bn, or 14% on a constant currency basis. Excluding M&A, International revenue was 1% lower year-on-year, with the adverse sports results swing and India market exit offsetting organic growth in Southern Europe and Africa and Central and Eastern Europe.
Sisal extended its online market leadership in Italy by six percentage points in Q4, with its same-game parlay product used by one-third of monthly active sports customers. The PokerStars Italy migration delivered revenue growth of 13% and more than doubled new customer volumes in the quarter. Integration of Snai is progressing, with a platform migration planned for H1 2026.
UK and Ireland revenue fell 9% in Q4. Sportsbook revenue reflected a 500 basis point adverse swing in sports results, while iGaming re-accelerated to double-digit growth driven by product improvements. The first phase of UK gambling tax increases takes effect in April 2026, lifting iGaming rates to 40%. Flutter expects a pre-mitigation EBITDA impact of $320m in 2026, reducing to $235m after direct first-order mitigations. A further increase, raising sports betting duty to 25%, takes effect in April 2027, with a combined pre-mitigation impact of $540m in that year.
Brazil revenue grew 383% in Q4, though declined 22% excluding the BetNacional acquisition, reflecting re-registration friction following the market’s formal regulation in January 2025. Flutter announced it would increase investment in Brazil significantly, with an additional $70m of adjusted EBITDA investment planned for 2026 to capitalise on the FIFA World Cup opportunity. In Australia, the business returned to revenue growth in Q4 with active customer growth of 6% during the Spring Carnival. CEE posted 17% revenue growth, with Georgia exceeding 33% market share.
“Flutter delivered strong 2025 results. Our unparalleled global scale and ongoing product innovation helped us reach almost 40 million customers across our portfolio of market-leading, local hero brands during the year.” — Peter Jackson, CEO, Flutter Entertainment
2026 Guidance
Flutter introduced full-year 2026 guidance with group revenue of $18.4bn and adjusted EBITDA of $2.97bn at the midpoints, representing year-on-year growth of 12% and 4% respectively. US guidance of $7.8bn revenue and $1.05bn adjusted EBITDA assumes a measured recovery in market handle trends and a sequential improvement in FanDuel’s performance through the year. Investment in FanDuel Predicts is now expected toward the upper end of the previously guided $200m to $300m range, with the revenue contribution excluded from guidance.
International guidance of $10.6bn revenue and $2.23bn adjusted EBITDA factors in the UK tax increases, the India exit, and increased Brazil investment. The company expects these headwinds to be substantially offset by growth in SEA, CEE and Türkiye, and by second-order market share gains from the UK tax step-up. Flutter previously estimated a combined £540m EBITDA impact from the UK tax changes across 2026 and 2027 before mitigation.
On the US sportsbook, Flutter acknowledged that the recycling dynamic from Q4 has continued into early 2026, and that timing of a recovery in handle growth is unclear. Outside NFL, handle trends improved month-on-month in February. The 2026 FIFA World Cup, hosted substantially in the US, is positioned as a significant customer acquisition and product deployment opportunity across both the US and International segments. Flutter’s Q3 results had already flagged the India exit as a drag on International performance; the full-year impact now stands at $70m on revenue and $30m on EBITDA, rising to $250m and $90m respectively in 2026.
Source: Flutter Entertainment plc
