Flutter Entertainment has reported its financial results for both the fourth quarter of 2025 and fiscal year, having generated increases in net revenue and adjusted EBITDA, while also witnessing a 351% decrease in net income for FY2025.
Favorable US sports betting results drive Flutter’s performance during Q4 2025
For the fourth quarter of 2025, Flutter reported a net revenue increase of 25% year-over-year to nearly $4.7bn, as well as 27% growth in adjusted EBITDA to $832m. Despite the positive results for both, the operator’s net income fell 94% during Q4 2025 for a total of $10m.
The operator stated its increase in net revenue during the quarterly period was primarily attributed to favorable US sports betting results, leading to a 33% increase in FanDuel revenue to $2.1bn. Sportsbook revenue accounted for $1.5bn of FanDuel’s total income for Q4 2025 and increased 35%, while iGaming revenue rose 33% to $586m.
FanDuel reported a total handle of nearly $16.9bn during Q4 2025, representing an increase of 3%. Flutter’s US operations also generated a 90% increase in adjusted EBITDA for a total of $310m.
Across international operations, Flutter reported a 19% increase in total revenue for Q4 2025 to nearly $2.6bn. Sportsbook and iGaming revenue increased 6% and 31% during the fourth quarter of 2025, respectively, for totals of $1.1bn and $1.4bn. International handle totaled $8.9bn during Q4 2025, equating to a rise of 20%, while the sector’s adjusted EBITDA grew 6% to $588m.
Flutter’s operations in southern Europe and Africa helped drive international revenue for Q4, rising 105% year-over-year $898m. The operator’s UK and Ireland business reported a decrease in revenue of 9% to $876m, while the Asia-Pacific region accounted for $350m of revenue and fell 10%.
Central and eastern Europe revenue climbed 17% during Q4 2025 to $175m, while Flutter’s operations in Brazil generated $87m of revenue and increased 383%. Flutter also reported an operating profit of $258m for the fourth quarter of 2025, equating to a decrease of 7.5%.
Flutter reports $407m net loss for FY2025, NFL finish offered ‘less compelling player narratives’
While Flutter’s net revenue for fiscal year 2025 grew 17% to nearly $16.4bn, the operator also reported a 351% decrease in net income during the period, equating to a loss of $407m. Flutter also managed to increase adjusted EBITDA by 21% to $2.8bn, as well as reported a 20% increase in FanDuel revenue to $7bn.
Flutter reported a leading 41% sportsbook gross gaming revenue (GGR) share for the US market, as well as a 28% iGaming share during Q4.
The operator’s US business reported a fiscal year 2025 adjusted EBITDA of $922m, representing an increase of 82% year-over-year. International operations accounted for $2.2bn of adjusted EBITDA during FY2025, rising 7% and driven by a 72% increase in FY2025 revenue from southern Europe and Africa operations.
According to Flutter, total revenue from the UK and Ireland regions fell 1% during FY2025, but were offset by 229% growth in Brazil revenue and a 14% increase in revenue stemming from central and eastern Europe.
Gross profit during fiscal year 2025 rose 10.5% to $7.4bn for Flutter, but failed to prevent operating profit from falling 95.9% to $36m. Sales and marketing expenses totaled close to $3.7bn for FY2025, while general and administrative expenses and technology and R&D costs came out to $2.2bn and $991m, respectively.
How could FanDuel Predicts help expand the operator’s US presence?
In his letter to shareholders, Flutter CEO Peter Jackson said: “Prediction markets are a significant incremental growth opportunity for FanDuel. We believe the emergence of prediction markets will accelerate the path to state regulation of online sports betting and iGaming. This, in our view, is the most valuable long-term opportunity in the US.
"We launched FanDuel Predicts as planned in late Q4, providing customers nationwide access to financial, economic and commodity contracts, alongside sports contracts in 18 states including California, Florida and Texas. Early engagement has been encouraging, with the vast majority of the activity focused on sports, and average volume per customer in line with expectations.”
FanDuel Predicts also offers non-sports markets across all 50 states, including for event contract trading in entertainment, finance and cryptocurrencies.
Jackson continued: “We believe prediction markets will be TAM expansive; broadening reach by bringing sports markets to the approximately 40% of the US population who cannot currently access online regulated sportsbooks, and through the acquisition of new sports and ‘entertainment first’ customers into the FanDuel ecosystem.
“The trajectory of product development is expected to increase significantly in the coming months ahead of the FIFA World Cup and particularly in advance of the commencement of the 2026/27 NFL season.”
As a result of Q4 and FY2025 results, Flutter released a 2026 guidance which features a midpoint for net revenue of $18.4bn, as well as an adjusted EBITDA midpoint of $2.97bn. The operator is currently projecting FanDuel Predicts will drive approximately $275m of adjusted EBITDA during FY2026.
The operator also launched FanDuel's online sports betting services in Arkansas on February 26 through a market access agreement with Oaklawn Racing Casino Resort.
Flutter Brazil appointed Marcelo de Ciccio as Head of Paid Search, App, SEO and Referral on February 6, part of the group’s plan to scale channel efficiency and accelerate growth marketing initiatives across Betnacional and Betfair
