Flutter sees growth across the board, but analysts left underwhelmed with loss and cautious guidance
Flutter’s growth was good, but not good enough for analysts
Flutter Entertainment generated revenue of $16.4 bn in 2025, up 17 per cent, but posted a loss of $407m, caused by a $556m non-cash impairment linked to regulatory changes in India. The company highlighted an unusual series of sporting results, which saw customers refrain from placing bets after suffering short-term losses.
For 2026, Flutter is predicting revenue of $18.4bn, adjusted EBITDA of $2.97bn with guidance midpoints representing year-over-year growth of 12 per cent and four per cent, respectively.
The company said that ‘2025 was another transformative year for the company’ with revenue growth of 17 per cent and AMP growth of 14 per cent, marked by strategic execution, continued leadership in key markets, and disciplined investment across both segments.
In the US, 2025 saw Flutter deliver robust revenue growth of 20 per cent and strong adjusted EBITDA growth of 82 per cent year-over-year to $922m. Growth in Q4 was particularly strong, with revenue and adjusted EBITDA growth of 33 per cent and 90 per cent, respectively.
Flutter said it maintained its clear leadership position in both US sports betting and iGaming, while expanding its market through the launch of FanDuel Predicts at the end of Q4.
In its International business, Flutter strengthened its portfolio through strategic acquisitions in Italy and Brazil and delivered meaningful progress across its transformation and efficiency programs in our SEA and UKI regions. It has also navigated the regulatory changes in India well, and remains optimally positioned to successfully manage tax changes in the UK. The fourth quarter’s results benefited from the inclusion of the Snai and BetNacional acquisitions.
Peter Jackson, CEO, commented: “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. We made clear progress against our strategic priorities; maintaining our US leadership position in both sportsbook and iGaming; entering an exciting and incremental new category in the US with the launch of FanDuel Predicts; completing our strategic acquisitions of Snai and NSX, and delivering several important milestones across our International segment’s transformation programs.”
“Powered by the Flutter Edge, we continue to build on the structural competitive advantages that differentiate Flutter, combining global capabilities with deep local expertise. Our geographic and product diversification and scale allows us to capitalise on opportunities while providing resilience, allowing us to grow consistently through market cycles.”
“Looking ahead, we have a clear plan in place to navigate recent US trends and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability. With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.”
The company said its current US trading largely reflects the impact on its customer base of the very high gross revenue margins achieved in the second half of Q4, driving lower levels of customer engagement into 2026. This was compounded by less compelling player narratives in the closing stages of the NFL season. Outside of NFL, handle year-over-year trends improved month-on-month in February. In International, the year is off to a solid start; sports results have been marginally customer-friendly but otherwise trends are tracking in line with expectations.
In terms of its prediction markets, FanDuel Predicts is now live in a sports capacity in 18 states, including California, Texas and Florida, and non-sports markets in all 50 states. Flutter 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. In the meantime, the additional near to medium-term growth potential for FanDuel is significant. We believe prediction markets will be TAM expansive; broadening reach by bringing sports markets to the approximately 40 per cent 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.
“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. 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.”
Regulus Partners said: “At the macro level, Flutter undoubtedly has the scale, momentum, and capability to look at the future with confidence. However, there are signs that the Edge might be delivering the wrong things for sustainable growth.”
