Flutter has set out its Flutter FY 2025 results after a year that mixed strong revenue growth with heavier balance sheet costs. The group expanded in the US, completed major acquisitions and dealt with regulatory change in India. Revenue and adjusted EBITDA both moved higher, although the bottom line was hit by one-off items.

  • Group revenue rose 17% year-on-year to USD 16.38bn, while average monthly players increased 14% to 15.9 million. Adjusted EBITDA was up 21% to USD 2.85bn, with margin improving slightly to 17.4%. The Flutter FY 2025 results include contributions from Snai and NSX, which were added during the year.

  • Net income swung to a USD 407m loss compared to a USD 162m profit in 2024. This was mainly due to a USD 556m non-cash impairment after India introduced legislation that stopped real-money gaming. Adjusted earnings per share still increased 9% to USD 7.94, reflecting growth in the underlying business.

  • In the US, revenue climbed 20% to USD 6.97bn and adjusted EBITDA increased 82% to USD 922m. FanDuel closed the year with a 41% share of sportsbook GGR and 28% of iGaming GGR in active states during Q4. The group also launched FanDuel Predicts, offering sports contracts in 18 states and non-sports markets across all 50 states.

  • International revenue grew 14% to USD 9.42bn, with adjusted EBITDA up 7% to USD 2.2bn. Southern Europe and Africa benefited from the addition of Snai, while Central and Eastern Europe posted double-digit growth. The exit from India and swings in sports results weighed on organic sportsbook performance.

  • Net debt stood at USD 10.6bn at the end of December, with leverage at 3.7x following acquisition activity and the buyout of Boyd’s stake in FanDuel. The company returned USD 1bn to shareholders during the year through share repurchases.

  •  CEO Peter Jackson said: “Flutter delivered strong 2025 results,” pointing to progress in the US and across International markets.   For 2026, Flutter expects revenue of USD 18.4bn and adjusted EBITDA of USD 2.97bn at the midpoint of its guidance.

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