Flutter Entertainment plc reported fourth‑quarter 2025 results on February 26, 2026, with revenue of $4.74 billion, a 25% year‑over‑year increase. Adjusted earnings per share were $1.74, falling short of the consensus estimate of $1.99 (or $1.91 in some estimates). The miss was driven by a significant rise in income‑tax expense and higher interest costs, which offset the revenue growth and pushed net income into a GAAP loss of $0.05 per share.
For the full year 2025, Flutter posted revenue of $16.383 billion, down from $14.048 billion in 2024, and adjusted EBITDA of $2.845 billion, below the $2.357 billion reported in 2024. The decline reflects higher financing and tax costs, as well as moderating handle growth and increased customer churn, which eroded profitability despite the company’s strong revenue momentum.
Segment‑level data show the U.S. business generated $9.22 billion in revenue and $922 million in adjusted EBITDA, while the international segment contributed $7.16 billion in revenue and $1.923 billion in adjusted EBITDA. The U.S. segment’s performance was supported by robust iGaming activity, but the international segment faced headwinds from regulatory changes and competitive pricing pressures.
Flutter’s 2026 outlook remains cautious: revenue guidance is set at $18.4 billion and adjusted EBITDA at $2.97 billion. The U.S. segment is expected to generate $7.8 billion in revenue and $1.05 billion in adjusted EBITDA, while the international segment is projected to bring in $10.6 billion in revenue and $2.23 billion in adjusted EBITDA. Management signals confidence in long‑term growth but acknowledges the need to manage higher interest and tax costs and to navigate moderating handle growth.
CEO Peter Jackson highlighted that 2025 was a transformative year, noting revenue growth and EBITDA gains, while CFO Rob Coldrake emphasized that group revenue rose 25% and adjusted EBITDA grew 27% year‑over‑year, driven by strong performance across both U.S. and international segments and successful integration of recent acquisitions.
Investors reacted negatively to the earnings release, citing the EPS miss, revenue shortfall relative to some estimates, and the company’s cautious 2026 guidance. Market participants expressed concern over the impact of higher interest and tax expenses, moderating handle growth, and increased customer churn on future profitability.
The sentiment surrounding the announcement is slightly negative, reflecting the earnings miss and cautious outlook.
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