iGaming operator Flutter Entertainment has reported revenue of $4.74bn for the fourth quarter of 2025, up 25% year-on-year, and $16.38bn for the full year, an increase of 17%. The group also introduced 2026 guidance alongside its results.
Average monthly players reached 15.1 million in Q4, up 3% year-on-year, while full-year average monthly players increased 14% to 15.9 million. Adjusted EBITDA for the quarter rose 27% to $832m, with a margin of 17.6%, compared to 17.3% in the prior-year period. For the full year, adjusted EBITDA increased 21% to $2.85bn, with margin expanding to 17.4% from 16.8%.
Net income for Q4 was $10m, down from $156m in 2024. For the full year, the group reported a net loss of $407m compared to net income of $162m in the prior year. The company attributed the annual loss primarily to a non-cash impairment charge of $556m linked to regulatory changes in India. Adjusted earnings per share declined 41% to $1.74 in Q4, while full-year adjusted earnings per share increased 9% to $7.94.
In the US, Flutter reported Q4 revenue growth of 33%, with sportsbook revenue up 35% and igaming revenue up 33%. The company cited a 41% sportsbook gross gaming revenue share and 28% igaming gross gaming revenue share in the fourth quarter. Handle growth of 3% was below internal expectations, reflecting moderation in market growth and the impact of sustained bookmaker-friendly sports results on customer recycling. Adjusted EBITDA in the US segment increased 90% to $310m for the quarter.
International revenue rose 19% in Q4, with sportsbook up 6% and igaming up 31%. Organic sportsbook revenue declined 11%, primarily due to adverse sports results, while organic igaming revenue increased 9%, supported by performance in Southeast Asia and Central and Eastern Europe. Adjusted EBITDA for the International segment increased 6% to $588m.
For the full year, operating cash flow declined to $1.18bn from $1.60bn, while free cash flow decreased to $407m from $941m, reflecting higher interest and tax payments, lower player deposit inflows and capital expenditure related to mergers and acquisitions. The leverage ratio increased to 3.7x, reflecting acquisitions in the US, Italy and Brazil. The group returned $1bn of capital to shareholders during the year.
Looking ahead, Flutter introduced full-year 2026 guidance of $18.4bn in group revenue and adjusted EBITDA of $2.97bn at midpoint, representing projected year-on-year growth of 12% and 4%, respectively. US guidance includes revenue of $7.8bn and adjusted EBITDA of $1.05bn, while International guidance calls for revenue of $10.6bn and adjusted EBITDA of $2.23bn. The outlook incorporates investment in prediction markets, continued expansion in Brazil, the impact of UK tax changes and the exit from India.
The company noted that early 2026 trading in the US has been affected by elevated gross revenue margins in late Q4 and lower engagement following the NFL season, while International performance is tracking in line with expectations despite marginally customer-friendly sports results.
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 capitalize 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.”
