Flutter Entertainment delivered a robust Q4 2025 performance, with group revenue surging 25% year-over-year to $4.737 billion and adjusted EBITDA climbing 27% to $832 million, capping off a transformative year marked by U.S. market leadership, strategic acquisitions, and the launch of FanDuel Predicts. Despite softer U.S. handle trends due to elevated NFL margins and promotional timing, the company maintained dominance in sportsbook and iGaming, while international operations showed resilience amid regional growth and transformations. Full-year 2025 saw revenue up 17% and adjusted EBITDA up 21%, though a net loss was reported primarily from a non-cash impairment related to Indian regulations. Executives emphasized disciplined investment, capital returns of $1 billion via buybacks, and optimism for 2026 growth through prediction markets and operational leverage.
Flutter Entertainment Q4 2025 Earnings Call Highlights: Strong Growth Amid U.S. Market Dynamics and Strategic Advances
Flutter Entertainment, the parent company of FanDuel and a global leader in online sports betting and iGaming, reported solid fourth-quarter results for the period ended December 31, 2025, during its recent earnings call. CEO Peter Jackson described 2025 as a “transformative” year, highlighting continued market leadership, disciplined investments, and execution across segments.
Group-wide, average monthly players (AMPs) rose 3% to 15.072 million in Q4, with full-year AMPs up 14% to 15.911 million. Revenue reached $4.737 billion, a 25% increase from the prior year’s $3.792 billion, driven by mergers and acquisitions contributions, favorable U.S. sports results compared to the previous year, and organic growth in iGaming. Adjusted EBITDA expanded 27% to $832 million, with margins improving 30 basis points to 17.6%.
In the U.S. segment , where FanDuel holds commanding positions, revenue grew 33% to approximately $2.142 billion. Sportsbook revenue increased 35%, while iGaming (FanDuel Casino) rose 33%, achieving 28% market share in iGaming gross gaming revenue (GGR) for the quarter. U.S. sportsbook GGR share stood at 41%. Adjusted EBITDA in the U.S. surged 90% year-over-year, benefiting from lapping unfavorable sports results in the prior period and structural margin improvements.
Executives noted that Q4 sportsbook trends across the industry were softer than anticipated, with high gross revenue growth offset by moderating customer acquisition and handle growth. Unusually high NFL betting margins (around 19%) led to customer-friendly outcomes, reduced recycling of winnings, and some impact from promotional timing. Despite these headwinds, FanDuel maintained leadership, supported by product enhancements, loyalty initiatives, and increased player frequency in iGaming, where AMPs grew 18%.
A key strategic highlight was the late-Q4 launch of FanDuel Predicts , entering the emerging prediction markets space. This product offers sports markets in 18 states (including non-traditional ones like California, Texas, and Florida) and non-sports markets nationwide. Early traction has been encouraging, with activity concentrated on sports and average volume per customer aligning with expectations. Management views this as a significant incremental opportunity to acquire customers, particularly among the 40% of the U.S. population without access to regulated online sportsbooks.
The International segment delivered resilient performance, with revenue up 19% and adjusted EBITDA increasing 6%. Growth was bolstered by strong regional momentum in Southeast Asia (SEA) and Central and Eastern Europe (CEE), alongside integration progress from acquisitions like Snai in Italy and BetNacional in Brazil. These moves extend leadership in high-growth markets while unlocking cost savings through transformation initiatives. AMPs in International rose 2%.
Full-year 2025 results underscored the company’s scale advantages: group revenue grew 17% to $16.383 billion, adjusted EBITDA rose 21% to $2.845 billion, and margins expanded 60 basis points to 17.4%. The company returned $1 billion to shareholders through repurchases, in line with guidance.
On the financial side, net income for Q4 was $10 million, down from $156 million in the prior year, influenced by higher depreciation and amortization from acquisitions, increased interest expense, and tax dynamics (including utilization of historic U.S. losses). A non-cash benefit from the Fox Option fair value adjustment provided some offset. Adjusted earnings per share came in at $1.74, reflecting a 41% decline year-over-year but supported by operational strength.
Free cash flow was $138 million in Q4, impacted by higher capex and working capital timing. Leverage stood at 3.7x, reflecting strategic investments.
Looking ahead, management expressed confidence in sequential improvements for FanDuel, driven by refined promotions, product enhancements, and prediction market scaling. They plan to invest toward the upper end of prior guidance ranges for prediction markets to capitalize on customer acquisition potential, while exploring proprietary pricing for market-making services.
The earnings call reflected a balanced view: acknowledgment of Q4 challenges in U.S. handle and customer trends, offset by strong topline momentum, market share resilience, and proactive expansion into new opportunities.
Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial recommendations, or solicitation to buy or sell securities. Past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making decisions.
