Flutter Records Q4 Revenue Gains Despite Full Year Loss

Key Points

• In Q4 2025, Flutter’s net revenue skyrocketed by 25% to $4.7 billion, thanks largely to the US sports betting market doing gangbusters along with FanDuel’s performance.
• Internationally, revenue sees a 19% hike in Q4 with southern Europe, Africa and Brazil really making some headway.
• Even though Flutter’s net revenue saw a 17% growth over the year in FY2025, it still ended up posting a sizable $407 million net loss.

Results for Flutter’s fourth quarter 2025 showed net revenue growing 25% year over year to reach nearly $4.7bn. Net income fell 94% to $10m in the same period, indicating increased costs across business operations. The company maintained operating momentum while US sports betting activity drove quarterly results. Growth came from FanDuel revenue, which increased 33% to $2.1bn and showed demand continuing across sportsbook and iGaming products. The sportsbook division achieved $1.5bn in revenue following 35% growth, and iGaming revenue reached $586m after climbing 33%. A Q4 handle of almost $16.9bn represented a 3% increase for FanDuel, supporting earnings growth across the platform. US operations at Flutter produced a 90% increase in adjusted EBITDA to $310m, boosting quarterly performance metrics.

Regional Markets and International Performance Patterns

Revenue from foreign markets shot up 19% to almost 2.6 billion dollars in Q4 2025 with sportsbooks really taking off and iGaming continuing to expand. The sportsbook portion of the business raked in 1.1 billion dollars after a 6% boost, and iGaming jumped a whopping 31% to 1.4 billion dollars, so it looks like players are definitely getting active. The total amount of bets placed from international operations climbed 20% to a whopping $8.9 billion, and that had a knock-on effect of pushing adjusted EBITDA 6% higher to $588 million for the quarter. The biggest growth was in southern Europe and Africa where revenue exploded 105% year on year to hit a total of 898 million dollars. On the other hand, the UK and Ireland operations saw a 9% slide in revenue to 876 million dollars and Asia Pacific revenue dropped a further 10% to 350 million dollars. Meanwhile, growth of 17% to $175 million also happened in central and eastern Europe and Brazil managed a revenue expansion of 383% all the way to around 87 million dollars. Even with all that revenue growth in different regions, however, International operating profit still dropped 7.5% all the way to 258 million dollars.

Annual Performance and Strategic Growth Plans

Net revenue at Flutter increased 17% to nearly $16.4bn during fiscal year 2025, though the company recorded a net loss of $407m. A 351% drop in net income contrasted with adjusted EBITDA growth of 21% to $2.8bn over the full year. Revenue from FanDuel grew 20% year over year to reach $7bn, adding to the company’s 2025 performance. US operations produced adjusted EBITDA of $922m after rising 82%, and international business added $2.2bn following 7% growth. UK and Ireland revenue fell 1%, though expansion in Brazil and central and eastern Europe compensated for this decline. The company achieved gross profit growth of 10.5% to $7.4bn, yet costs for sales, marketing, and technology reduced operating profit to $36m. Peter Jackson, the CEO, identified prediction markets as an opportunity for expansion, expecting FanDuel Predicts to increase reach and encourage regulation. The company projects 2026 net revenue at $18.4bn with adjusted EBITDA of $2.97bn, anticipating FanDuel Predicts will add approximately $275m.