REG - FlutterEntertainment - Q4 and Fiscal Year 2025 Earnings
27/02/2026 07:00
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RNS Number : 6264U Flutter Entertainment PLC 27 February 2026
Flutter Entertainment Reports Fourth Quarter and Full Year 2025 Financial
Results
February 26, 2026 (New York): Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the
world's leading online sports betting and iGaming operator, announces Q4 and
full year 2025 results, and introduces 2026 guidance.
Unparalleled scale advantages and strategic execution
reinforced Flutter's global leadership in 2025
Key financial highlights:
In $ millions except where stated otherwise Three months ended December 31 Fiscal year ended December 31
2025 2024 YOY 2025 2024 YOY
Average monthly players (AMPs) ('000s)(1) 15,072 14,605 +3% 15,911 13,898 +14%
Revenue 4,737 3,792 +25% 16,383 14,048 +17%
Net income (loss) 10 156 (94)% (407) 162 (351)%
Net income (loss) margin 0.2% 4.1% (390)bps (2.5)% 1.2% (370)bps
Adjusted EBITDA(2) 832 655 +27% 2,845 2,357 +21%
Adjusted EBITDA Margin(2) 17.6% 17.3% +30bps 17.4% 16.8% +60bps
Earnings (loss) per share ($) (0.05) 0.45 (111)% (1.75) 0.24 (829)%
Adjusted earnings per share ($)(2) 1.74 2.94 (41)% 7.94 7.27 +9%
Net cash provided by operating activities 428 652 (34)% 1,184 1,602 (26)%
Free cash flow(2) 138 473 (71)% 407 941 (57)%
Leverage ratio(2) 3.7x 2.2x +1.5x
Leverage ratio including Snai(2) 3.6x
FY 2025 highlights:
Unparalleled scale and strategic execution reinforced Flutter's global
leadership during the year:
• Strong full year 2025 Group performance; AMPs +14%, revenue +17% benefiting
from M&A(3)
• US market leadership with 41% sportsbook GGR share, 28% iGaming GGR share in
Q4(4)
• Significant, incremental US opportunity accessed through FanDuel Predicts
launch
• Leadership positions maintained within International, with excellent growth in
SEA and CEE
• Successful execution of International transformation and integration progress,
unlocking strategic benefit and cost savings
• Strong adjusted EBITDA growth +21% with net loss of $407m primarily due to
non-cash impairment charge of $556m triggered by Indian regulation changes(5)
• Cash conversion and leverage ratio (3.7x) reflect strategic acquisitions in
US, Italy and Brazil
• Returned $1bn of capital to shareholders
Q4 2025 overview:
• Solid Q4 Group performance with revenue +25% primarily driven by M&A and
more favorable US sports results year-over-year. AMPs +3% including impact of
the market closure in India(6)
• US revenue +33%, with sportsbook +35% and iGaming +33%
• Sportsbook revenue growth reflected a net revenue margin of 8.9% (+220bps
year-over-year) driven by continued structural gross revenue margin expansion
of 90bps, and a positive sports results impact year-over-year of 310bps
• Structural revenue margin advantage delivered margin of 15.5% in Q4, and 14.2%
in 2025
• Handle growth of +3% was behind expectations and reflected a moderation in
market growth which has continued into 2026, primarily due to the unfavorable
recycling impact from sustained, bookmaker-friendly sports results
• Excellent Missouri launch; #1 GGR and handle share, with customer acquisition
ahead of expectations
• FanDuel Predicts now live, includes sports markets in 18 states including
California, Texas and Florida, and non-sports markets in all 50 states
• iGaming continued to deliver exceptional, product driven growth
• Adjusted EBITDA +90% to $310m for the quarter
• International revenue +19%, with sportsbook +6% and iGaming +31%
• Revenue performance includes the benefit of M&A, offset by India
market exit and customer-friendly sports results in the quarter
• Organic sportsbook revenue -11% primarily due to an adverse swing in
sports results
• Organic iGaming revenue +9% driven by strong SEA and CEE performances,
despite India headwinds
• Adjusted EBITDA +6% to $588m for the quarter
• Group net income declined 94% to $10m reflecting adjusted EBITDA growth of 27%
from US expansion and M&A, and a non-cash Fox Option(7) benefit, offset by
higher income tax expense, interest expense, net, and non-cash amortization of
acquired intangibles
• Earnings per share declined by $0.50, with adjusted earnings per share
reducing $1.20 reflecting the above
• The Group's net cash provided by operating activities declined by $224m to
$428m primarily due to higher outflows from interest and income tax payments,
and a lower inflow from player deposits. Free cash flow declined $335m to
$138m primarily reflecting the M&A impact on capex during the period
Full year 2026 guidance highlights(8,9)
US current trading largely reflects the impact on our 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.
Full year guidance, including trading through February 22 is introduced as
follows:
Group: revenue $18.4bn, adjusted EBITDA $2.97bn guidance midpoints
representing year-over-year growth of 12% and 4%, respectively.
US: revenue $7.8bn, adjusted EBITDA $1.05bn guidance midpoints representing
year-over-year growth of 12% and 14%, respectively and including (i) a
measured view on market trends, (ii) a sequential improvement in FanDuel's
performance during the year, (iii) new state adjusted EBITDA loss of $70m, and
(iv) an increase in prediction markets investment(10) with adjusted EBITDA
loss expected to be toward the top of previously guided range of $200m -
$300m.
International: revenue $10.6bn, adjusted EBITDA $2.23bn guidance midpoints
representing year-over-year growth of 13% and 1%, respectively and including
(i) increased investment in Brazil to grow our market position, and (ii) the
impacts of previously guided UK tax increases(11) and the exit from India.
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."
To our shareholders
Flutter is the world's leading online sports betting and iGaming company, with
unique advantages afforded through our scale, the Flutter Edge and a long,
proven track record of delivery. 2025 was another transformative year for the
company with revenue growth of 17% and AMP growth of 14%, marked by strategic
execution, continued leadership in key markets, and disciplined investment
across both segments.
In the US we maintained our clear leadership position in both sports betting
and iGaming, while expanding our addressable market through the launch of
FanDuel Predicts at the end of Q4. We believe this new product enables us to
harness a significant and incremental expansion of the US addressable market
ahead of further state regulation - a space where our scale and experience
give us a natural advantage.
In our International business we strengthened our portfolio through strategic
acquisitions in Italy and Brazil, two large, exciting and fast-growing markets
with compelling long-term potential. We delivered meaningful progress across
our transformation and efficiency programs in our SEA and UKI regions,
improving operational agility and positioning the business for sustained
growth. We have navigated the regulatory changes in India well, and remain
optimally positioned to successfully manage tax changes in the UK, leveraging
the benefits of our scale, diversification, and the durability of our business
model.
Flutter delivered a strong Q4 performance with Group revenue up 25% and
adjusted EBITDA increasing 27% year-over-year. AMPs increased by 3% and
included the impact of the market exit in India. The quarter's results
benefited from the inclusion of the Snai and BetNacional acquisitions,
continued expansion of our US sportsbook structural revenue margins, and a
year-over-year tailwind from sports results. The Group net income for Q4 was
$10m compared to $156m in the prior year, with the movement driven primarily
by higher income tax expense, increased interest expenses, and non-cash
amortization of acquired intangibles.
US update
In the US, 2025 saw us deliver robust revenue growth of 20% and strong
adjusted EBITDA growth of 82% year-over-year to $922m. Growth in Q4 was
particularly strong, with revenue and adjusted EBITDA growth of 33% and 90%,
respectively. We exited the year maintaining our clear leadership position in
both sports betting and iGaming, and we are very proud of the highly
profitable, structurally advantaged business we have built since the repeal of
PASPA in 2018.
Q4 performance and market trends:
FanDuel Casino concluded a successful year with Q4 revenue growth of 33%
year-over-year and 28% of the iGaming GGR market in the fourth quarter. Clear
execution of our strategy delivered a market-leading product to our customers.
We continued our roll out of exclusive content with our fourth exclusive Huff
N Puff title, beating all previous records for engagement in the first 30 days
post launch. We expanded our site-wide jackpot proposition with the "Double
Your Bet" feature and introduced FanDuel Casino rewards earlier in the year -
both have resonated well with customers and driven strong engagement. All of
these initiatives helped contribute to strong AMP growth of 18% in the quarter
and a step up in player frequency which underpinned the strength of our
business in Q4, and throughout 2025. We begin 2026 in a position of strength
to capitalize on the continued strong growth we expect to see in the iGaming
market.
While FanDuel sportsbook Q4 revenue growth of 35% was also strong, Q4
sportsbook trends across the market diverged from expectations, with high
gross revenue growth offset by moderating customer and handle growth. A key
driver was an unfavorable "recycling" impact, where persistently high gross
revenue margins, particularly for NFL, adversely impacted customer activity
and handle volumes in the market. In addition, the second half the 2025/2026
NFL season saw less compelling content with fewer favorites making the
playoffs and fewer player narratives capturing the imagination of bettors.
The moderation in customer activity and handle trends was more pronounced for
FanDuel than others in the market. We believe this was driven by two factors:
(i) The unfavorable recycling impact was greater for us given our structural
margin revenue advantage. FanDuel recorded above-average NFL gross revenue
margins in ten of the eleven weeks to the end of the quarter, including
several, consecutively high weeks, with our gross revenue margin 470bps higher
than the rest of the market in December. Overall, we finished the NFL season
100bps ahead of our expected margin, and (ii) Our standard generosity playbook
proved less effective in Q4. Our investment phasing did not sufficiently align
with the pattern of sports results during this period, with lower spend levels
coinciding with periods of bookmaker friendly results. This resulted in less
effective spend against a backdrop of improved competitor product offerings
and continued elevated levels of market generosity. As a result we saw higher
churn within our customer base and a resultant loss of market share.
We undertook a comprehensive review of potential cannibalization from
prediction markets and we have not identified any evidence of any meaningful
impact. The review combined industry channel checks, third party data analysis
of deposits, actives, and app download trends, and detailed analysis of
FanDuel customer trends. Based on this robust analysis, we estimate the
potential handle growth impact to be in the low single digits percentage
points and we are confident that the prediction markets have not been a
significant driver of the moderating customer and handle trends we have
observed. This finding is reinforced by our Missouri launch, where customer
acquisition trends were well ahead of expectations, reaching 5% of the
population within the first 30 days, making Missouri one of our best state
launches to date. We do, however, believe prediction market operators may be
attracting some new, incremental entertainment-first recreational customer
cohorts.
Moderated market handle trends have continued into 2026. We believe these
trends reflect the factors evidenced in Q4, including recycling. At this
point, however, it is difficult to be definitive as to when market handle
growth rates will recover from the impact of Q4 recycling, and we continue to
monitor trends closely.
FanDuel sports-betting strategy:
The drivers of our market-leading, highly profitable position in the US are
product superiority, enabled by our exceptional pricing capabilities, combined
with a highly disciplined approach to customer acquisition. This has allowed
FanDuel to deliver an estimated 70% share of market EBITDA(12). However,
recent trends have led us to take additional actions to strengthen our
capabilities and reinforce our leadership position.
We have a clear product roadmap in place focused on strengthening our
leadership by accelerating meaningful differentiation, elevating the core
experience, and transforming how we reward customers. We are leveraging our
scale, proprietary technology, and data advantages to deliver differentiated
experiences competitors cannot easily replicate, including more intuitive bet
building, smarter personalization, and richer live engagement. We are also
continuing to invest in making every interaction - from login and payments to
live betting and cash out - faster, simpler, and more reliable, because
excellence in the fundamentals compounds into retention and lifetime value. In
addition, we are enhancing how customers feel recognized and rewarded, with
more engaging reward experiences including the launch of a new loyalty
program. The experience gained from our new rewards program on FanDuel Casino,
alongside insights from markets such as Australia where the team have long
been pioneering new generosity initiatives will guide our approach and ensure
FanDuel invests at levels that remain effective, disciplined and competitive.
We are confident that the ongoing improvements to our sportsbook product and
our generosity strategy will harness our scale and structural advantages,
driving a sequential improvement throughout 2026, and deliver market share
gains.
Prediction market opportunity:
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% 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 are exceptionally well positioned to harness this opportunity given the
nationwide strength of the FanDuel brand and our sports betting expertise, our
deep understanding of this space gained through operating the Betfair
Exchange, and our powerful strategic partnership with CME Group.
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.
We are also actively pursuing options to leverage our world-class, proprietary
pricing capabilities for market-making services. Flutter is uniquely
positioned to price complex, correlated markets in real-time through our
outcome-based pricing capability, and we will share further details of our
plans here in due course.
Guidance for 2026 reflects adjusted EBITDA investment toward the high end of
our previously stated range of between $200m and $300m. Consistent with our
product roadmap, we expect customer engagement and activity to be heavily
skewed to the second half of 2026 and our investment will therefore reflect a
similar profile. Our priority is to build value for the future, while also
maintaining the flexibility to accelerate investment. We believe this will
position FanDuel to deliver future growth and harness the long-term
opportunities for our business.
International update
International revenue grew 14% in 2025 and adjusted EBITDA increased 7% to
$2.2bn reflecting another year of strong, broad-based progress. 2025 was a
transformative year for the business, strengthening our competitive positions
in key regulated markets, and demonstrating the resilience of our scaled
diversified portfolio. Despite the regulatory changes in India where the
sudden legislative change forced a cessation of real-money gaming, and the
announcement of higher gaming taxes in the UK from April 2026, our swift and
disciplined responses underscored the agility of the business and ensured we
entered 2026 in strong position.
We are making excellent progress on our strategic transformations and
integrations, building a strong platform for future revenue growth, and
ensuring we remain firmly on track to achieve the $300 million cost savings by
2027, as outlined at our Investor Day in 2024. During the year, we
successfully migrated our Sky Bet business onto the Flutter proprietary
sportsbook platform, moved our MaxBet business in Montenegro onto our shared
CEE infrastructure, and in Italy, we integrated tombola bingo onto the SEA
platform and delivered the first of our planned PokerStars migrations.
The integration program will continue at pace into 2026, with the remaining
PokerStars migrations expected to drive further growth and deliver planned
cost savings. The integration of the Snai business is also progressing well.
We plan to migrate Snai's online customers to the SEA platform in the first
half of 2026, giving us confidence in achieving our targeted cost and revenue
synergies targets. Beyond these specific programs, we continue to embed
rigorous cost discipline across the International business, identifying new
efficiencies and optimization opportunities that will protect margins and fund
strategic growth investments.
Q4 highlights
International demonstrated a resilient Q4 performance with revenue up 19% and
adjusted EBITDA up 6%. Strong regional growth in SEA and CEE offset headwinds
from adverse sports results and the India market exit.
Flutter SEA achieved overall Q4 online market leadership in Italy, with Sisal
extending its lead to six percentage points(13), through a strong product
offering and the effective use of Flutter Edge capabilities. Our
market-leading SGP offering, 'myCombo,' was used by one-third of Sisal's
monthly active sports customers in Q4. Sisal also consolidated its leadership
position in Italy's fast-growing iGaming market, supported by the integration
of Flutter's in-house casino content and the migrations of PokerStars and
tombola, as discussed above.
The migration of the PokerStars Italy platform delivered very encouraging
results, with revenue growth of 13% and new customer volumes more than
doubling in Q4 year-over-year, as customers benefit from the combination of
the Sisal and PokerStars' liquidity pools, with more benefit to come from the
addition of Snai in time. The success of this migration bodes very well for
the remaining planned PokerStars migrations.
The integration of the Snai business is also progressing well. Customer
acquisition initiatives, including Sisal's retail sign-up model and
restructured generosity to boost cross-sell and reactivations, drove all-time
record iGaming AMPs and ensured Snai finished the year in revenue growth. The
planned platform migration will enable rapid product expansion for the Snai
brand, leveraging the full suite of Flutter Edge products and capabilities.
SEA Türkiye continues to demonstrate strong momentum, with 63% revenue growth
in Q4 and a strong roadmap of new products and distribution channels planned
for 2026.
In UKI, the Sky Bet migration to the Flutter proprietary platform delivered
the expected cost savings and positions the brand for stronger long‑term
growth. Following the planned pre‑migration development freeze and
post‑migration bedding‑in period, we are now accelerating
customer‑facing investment to restore momentum. Early initiatives, including
the new SuperSpins free‑to‑play mechanic, our popular SuperSub feature,
and the innovative Squad Bet proposition powered by next‑generation pricing,
are already driving improved engagement. Paddy Power achieved record Q4
iGaming revenue through strong content rollout, while the World Darts
Championship drove high levels of engagement and also saw us donate a record
$1.7m for Prostate Cancer UK. The first phase of UK gambling tax increases
will see iGaming rates almost double to 40 percent from April 2026, and we are
already executing robust first-order mitigation plans, while leveraging our
scale advantages will capture regulated market share over time.
Brazil represents a significant growth opportunity for Flutter, combining a
large regulated market with strong medium-term growth prospects and our clear
competitive advantages. BetNacional's local market expertise, enhanced by
Flutter's broader capabilities, is already delivering results with customer
volumes up 51% since the start of the year, driven by improved Casino
offerings and digital marketing integration.
Our strategic plan in Brazil brings together proven Flutter Edge capabilities,
including in‑house pricing, our proprietary Bet Builder product, and
enhanced generosity tools. This will be combined with an increase in our
investment plan designed to maximize the customer‑acquisition opportunity
presented by the 2026 FIFA World Cup in a soccer-obsessed market, and grow our
market position. This approach is informed by other successful strategies
across our global portfolio to accelerate share gains in a scaling, regulated
market. While increasing our investment will extend our investment timeline
and shift the phasing of profitability, we have strong conviction that
disciplined near‑term investment will build a larger, more profitable and
sustainable business over the long term.
In APAC, encouraging underlying momentum helped offset adverse sports results,
returning Australia to Q4 revenue growth. The Spring Carnival, Australia's
premier horse racing festival, delivered 6% active customer growth, with
momentum continuing into 2026. Thoroughbred horse racing, which is the largest
part of our Australian business has now stabilized and sports performance
remains strong.
Our Australian business is a key innovation hub for the Group, and has
pioneered our model-driven approach to generosity, currently being scaled
across the International portfolio. In India, our teams have transformed the
disappointing market exit into opportunity, swiftly pivoting to develop
cross-Flutter products and explore new markets with remarkable agility, the
benefits of which will be felt across the broader Group via Flutter Edge.
CEE delivered robust double-digit growth supported by consistent market share
gains and our advantaged products. In Georgia, we achieved record market share
exceeding 33%, extending our market leadership. Completing our CEE platform
strategy in the second half of 2026, with Serbia's migration, will unlock
further value in the region.
Final thoughts and outlook
We enter 2026 confidently, as the largest sports betting and iGaming operator
globally with unparalleled scale and diversification.
Looking forward, the 2026 FIFA World Cup presents a great opportunity for
Flutter. The expanded tournament serves as a critical global focal point for
customer acquisition and deploying innovative products, this time across more
fixtures than ever before. Our global footprint, including the US where the
tournament is primarily being held, means we are the best-placed operator to
capitalize on this global opportunity.
In the US, we hold the number one positions in both sportsbook and iGaming,
with a 41% sportsbook GGR market share in Q4 and a 28% iGaming GGR market
share. Recent market dynamics have created a challenging environment, but we
believe these are largely transitory and we have clear plans in place to
accelerate growth. We are exceptionally well placed to harness the incremental
prediction markets opportunity, and remain highly confident in the long-term
trajectory of the US sports and iGaming market, which we believe still has a
long runway of future existing state growth and map expansion ahead.
In International, our strengthened market positioning and momentum sets us up
very well. We have compelling plans in place to unlock value through strategic
transformations, deploy robust UK tax mitigation, and invest decisively in
growth markets across CEE, Brazil and Türkiye. We enter the year with high
confidence and conviction behind our plans.
Sincerely,
Peter Jackson
Flutter CEO
In $ millions unless stated, unaudited US International Group
Three months ended December 31, 2025 2024 YoY 2025 2024 YoY 2025 2024 YoY
Average monthly players ('000s) 4,804 4,561 +5% 10,268 10,044 +2% 15,072 14,605 +3%
Handle 16,864 16,379 +3% 8,860 7,385 +20% 25,724 23,764 +8%
Net revenue margin 8.9% 6.7% +220bps 12.4% 14.0% (160)bps 10.1% 9.0% +110bps
Sportsbook revenue 1,497 1,106 +35% 1,096 1,032 +6% 2,593 2,138 +21%
iGaming revenue 586 441 +33% 1,425 1,084 +31% 2,011 1,525 +32%
Other revenue 59 64 (8)% 74 65 +14% 133 129 +3%
Total revenue 2,142 1,611 +33% 2,595 2,181 +19% 4,737 3,792 +25%
Cost of sales (1,207) (944) +28% (1,254) (914) +37%
Technology, research and development expenses (88) (70) +26% (99) (93) +6%
Sales and marketing expenses (419) (326) +29% (422) (372) +13%
General and administrative expenses (118) (108) +9% (232) (245) (5)%
Reportable segment adjusted EBITDA 310 163 +90% 588 557 +6%
Net income 10 156 (94)%
Unallocated corporate overhead(14) (66) (65) +2%
Group adjusted EBITDA 832 655 +27%
Adjusted EBITDA margin 14.5% 10.1% +440bps 22.7% 25.5% (280)bps 17.6% 17.3% +30bps
Group
The Group delivered Q4 AMP growth of 3% and revenue growth of 25%. Excluding
M&A, revenue grew 14%. Organic iGaming revenue growth of 16%
year-over-year helped to offset the impact of customer friendly sports
results.
Net income of $10m for the quarter decreased by $146m from $156m in Q4 2024,
primarily due to:
• A $342m increase in income tax expense to $144m (Q4 2024: credit of
$198m) driven primarily by utilization of historic US losses recognized in the
prior period, and the deferred tax impact of the PokerStars internal
reorganization
• A $165m increase in depreciation and amortization cost to $435m in Q4
2025 (Q4 2024: $270m), primarily driven by M&A
• A $74m increase in interest expense, net year-over-year to $168m (Q4
2024: $94m) reflecting additional financing to acquire Snai, BetNacional and
purchase Boyd's 5% interest in FanDuel(15)
These factors were partly offset by:
• A $262m year-over-year non-cash benefit relating to the Fox Option fair
value adjustment with a gain in Q4 2025 of $50m (Q4 2024 loss of $212m)
• A $177m increase in adjusted EBITDA as described below
Net loss attributable to Flutter shareholders was $8m, with a loss per share
for the quarter of $0.05 (Q4 2024: $0.45 earnings per share) driven by the
factors above.
Adjusted EBITDA grew 27% year-over-year to $832m, with adjusted EBITDA margin
30bps higher, principally due to our scaling US business. Adjusted earnings
per share for the period decreased 41% to $1.74 primarily reflecting the
increases in tax expense, adjusted depreciation and amortization and interest,
partially offset by the positive adjusted EBITDA performance above.
The Group's net cash provided by operating activities declined by $224m to
$428m, primarily reflecting the cash impact of the increased income tax
expense and interest expense, net, noted above. In addition, we saw a
year-over-year reduction in player deposit inflows of $128m driven by slower
US momentum in Q4 2025 than in the prior year period. Free cash flow declined
by $335m to $138m also reflecting the above, and an increase in capital
expenditure relating to the impact of M&A, higher Italian concession
payments and expenditure to deliver future revenue enhancing and cost
efficiency projects, such as our PokerStars transformations.
US
Q4 AMPs grew 5% to 4.8m year-over-year benefiting from the launch of FanDuel
sportsbook in Missouri where we delivered a number one position with 44% share
of GGR. (Pre-2025 and pre-2022 state AMPs +4%(16)). Revenue grew 33%
(sportsbook +35%, iGaming +33%) over the period.
Sportsbook revenue performance was primarily driven by a positive
year-over-year swing in sports results, with AMPs +4% and handle growth of 3%
reflecting both the trends outlined in our shareholder letter and a net
revenue margin that was 220bps higher year-over-year at 8.9%.
The increase in net revenue margin included:
• Structural revenue margin of 15.5%, 90bps higher than the prior year driven by
continued increase in parlay penetration with 80bps expansion year-over-year
as a percentage of handle
• A positive sports results impact year-over-year of 310bps(17) (Q4 2025: 80bps
unfavorable, Q4 2024: 390bps unfavorable). At a revenue level, this translated
to an adverse in-quarter revenue impact in Q4 2025 of $140m, with an adverse
impact of $205m included in our previously issued guidance
• Promotional spend of 5.8%, which was 180bps higher year-over-year driven by
our launch in Missouri and the increased investment referenced at our Q3
earnings
iGaming revenue grew 33%, underpinned by AMP growth of 18% and an increase in
player frequency year-over-year. This was driven by further additions to our
exclusive content portfolio, and expansion of our site-wide jackpot offering
with the "double your bet" feature which has delivered strong engagement since
launch.
Cost of sales reduced by 230bps as a percentage of revenue, driven primarily
by the reduction in adverse sports results year-over-year, market access
savings as a result of our accelerated buyout of FanDuel ownership in Q3, and
a rebate of gaming taxes.
Sales and marketing expenses were 29% higher year-over-year in line with plans
to spend a greater proportion of our 2025 investment during H2, and including
the impact of our launch in Missouri in December. The expenses reduced by
60bps as a percentage of revenue to 19.6% primarily reflecting the
year-over-year impact of sports results. Technology, research and development
costs were 26% higher year-over-year, similar to last quarter reflecting data
storage and processing costs, together with investment in talent. General and
administrative costs were 9% higher primarily reflecting increased headcount
costs to support business growth.
Adjusted EBITDA was $310m (Q4 2024 $163m), with an increase in adjusted EBITDA
margin of 440bps year-over-year driven by the factors detailed above.
International
Three Months Ended December 31,
In $ millions except percentages, unaudited 2025 2024 YoY YoY excl M&A YoY CC
Total Total Total Sports iGaming Total Sports iGaming Total
UK and Ireland 876 964 (9)% (30)% +11% (9)% (30)% +11% (13)%
Southern Europe and Africa 898 439 +105% +118% +98% +23% +13% +28% +93%
Asia Pacific 350 391 (10)% +1% (98)% (10)% +1% (98)% (10)%
Central and Eastern Europe 175 149 +17% +17% +11%
Brazil 87 18 +383% (22)% +358%
Other regions 209 220 (5)% (5)% (10)%
International revenue(18) 2,595 2,181 +19% +6% +31% (1)% (11)% +9% +14%
International adjusted EBITDA 588 557 +6% (7)% +1%
International revenue was 19% higher year-over year (up 14% on a constant
currency(19) basis, "CC"), with AMPs 2% higher. International revenue
excluding M&A was 1% lower year-over-year due to an adverse swing in
sports results year-over year and the impact of our exit from the Indian
market.
Sportsbook revenue was 6% higher year-over-year and down 11% excluding
M&A. Sportsbook handle grew 20% year-over-year and was up 2% excluding
M&A, with the performance reflecting growth in SEA and CEE, partly offset
by APAC.
Sportsbook net revenue margin decreased by 160bps year-over-year to 12.4% due
to:
• A 10bps reduction in structural revenue margin to 16.6%, primarily due to the
impact of faster growth in regions with currently lower structural revenue
margins including SEA, Brazil and Central and Eastern Europe (CEE)
• An adverse sports results impact year-over-year of 250bps (Q4 2025: 130bps
unfavorable, Q4 2024 120bps favorable)
• A reduction in promotional spend of 80bps to 3.0%, driven by the impact of
M&A, where the acquired businesses currently have an inherently lower
level of promotional spend, and by increasing sophistication in APAC and CEE
driving spend efficiency
iGaming revenue was 31% higher year-over-year and increased by 9% excluding
M&A. Organic growth was driven by SEA (Italy online and Türkiye), UKI and
CEE, offsetting the impact of exiting India in APAC.
Revenue performance across our International regions year-over-year was as
follows:
• UKI revenue declined by 9%. Sportsbook revenue reflects a 500bps adverse swing
in sporting results with handle in line year-over-year. iGaming revenue growth
has re-accelerated to double digit growth year-over-year driven by ongoing
product improvements and generosity optimization
• SEA revenue grew 105%, increasing 23% excluding M&A. Organic sportsbook
revenue growth was 13% driven by our market leading same game parlay offering.
Organic iGaming revenue growth of 28% was driven by (i) Sisal Italy online,
which continues to benefit from Flutter Edge integrations and (ii) Türkiye
where an expanding product offering is driving greater online penetration
• APAC revenue declined 10% due to the cessation of real money iGaming
activities in India. Australian sportsbook revenue growth of 1% was driven by
an expansion in structural margin and generosity optimization, which more than
offset a 60bps adverse swing in sporting results and a 7% decline in handle
driven by softness in greyhounds
• CEE revenue grew 17% driven by continued iGaming momentum in Georgia and an
acceleration in Armenia where we have lapped regulatory restrictions
implemented in 2024
• Brazil revenue grew 383%, decreasing 22% excluding M&A due to
re-registration friction following the regulation of the Brazilian market in
January 2025
• Other regions revenue declined by 5% reflecting market exits in PokerStars
Adjusted EBITDA increased by 6% year-over-year to $588m and was down 7%
year-over-year excluding M&A. Adjusted EBITDA margin was 22.7%, a 280bps
reduction, reflective of our investment phase in Brazil.
Cost of sales as a percentage of revenue increased by 640bps to 48.3%, with
the acquisition of Snai and BetNacional contributing 240bps of the increase.
The remaining 400bps organic increase was primarily driven by the 250bps
adverse swing in sports results, increased taxes in CEE and in Betfair Brazil,
and a continued shift in revenue mix in favor of iGaming, which incurs higher
third party costs than sportsbook.
Sales and marketing expenses increased by 13% year-over-year and decreased by
6% excluding M&A. As a percentage of revenue, sales and marketing reduced
by 80bps to 16.3%, driven by savings in APAC and Other regions.
Technology, research and development costs were 6% higher year-over-year but
decreased by 1% excluding M&A primarily driven by the UKI efficiency
program. General and administrative costs were 5% lower and decreased by 14%
excluding M&A driven by savings in UKI and Other regions.
Unallocated corporate overhead increased by 2% year-over-year driven by
continued investment in shared technology and capabilities.
Capital structure
Available cash increased $297m year-over-year to approximately $1.8bn. The
change in total debt from $6,736m at December 31, 2024 to $12,266m at December
31, 2025 reflects financing secured at attractive terms for the Snai and
BetNacional acquisitions, and the purchase of Boyd's 5% interest in FanDuel.
Net debt was $10,591m at the end of Q4 2025, with a leverage ratio of 3.7x at
December 31, 2025 (2.2x at December 31, 2024). The leverage ratio would be
3.6x based on adjusted EBITDA including Snai. The share repurchase program
continued in Q4 2025 with 1.02 million shares repurchased in the quarter for a
consideration of $245m. This brings the total cash returned to shareholders
since the beginning of the share repurchase program to $1.12bn, of a total of
up to $5bn expected to be returned over the coming years.
Our disciplined capital allocation policy provides the flexibility to respond
effectively to evolving market conditions and emerging opportunities. In 2026,
we will prioritize significant capital deployment across both organic
investment in our core business and strategic investment in the newly emerging
prediction markets opportunity. We remain committed to returning capital to
shareholders in line with our longer-term policy. In the near-term, we are
adopting a more flexible approach to accommodate these strategic investment
priorities. We now expect to commence returning the $250 million previously
guided for Q1 in H1 2026, and in line with this flexible approach, we will
provide guidance updates on future buyback cadence as the year progresses.
Profit growth and cash generation will continue to drive leverage reduction
throughout 2026. Given the Group's robust growth profile, we expect to return
to our target range in the medium-term, consistent with our stated policy,
with the exact timing dependent upon the cadence of our strategic investments
and share repurchases.
Guidance and current trading
US current trading largely reflects the impact on our 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
customer-friendly but otherwise trends are tracking in line with expectations.
Group: full year guidance is introduced with revenue of $18.4bn and adjusted
EBITDA of $2.97bn at the midpoint representing year-over-year growth of 12%
and 4% respectively. Guidance reflects the following trends and assumptions
for the US, International and unallocated corporate overhead:
US: 2026 US guidance of $7.8bn revenue and $1.05bn adjusted EBITDA including:
1. Trading through February 22 including slightly favorable sports results
2. A measured view of current market trends including when market handle growth
rates will recover from the Q4 recycling impact
3. An expected sequential improvement in FanDuel's relative performance to the
market due to improvements to our sportsbook product, generosity strategy and
the launch of our new loyalty program during the year
4. New state investment of $70m adjusted EBITDA with a neutral revenue impact
5. Adjusted EBITDA Investment in FanDuel Predicts now anticipated to be toward
the upper end of our previously guided range of $200m to $300m. Revenue for
FanDuel Predicts has not been included in our guidance
This results in 2026 US revenue and adjusted EBITDA year-over-year growth of
12% and 14%, respectively, at the midpoints.
We expect approximately 22% of total full year revenue and approximately 13%
of total full year adjusted EBITDA to arise in Q1.
International: 2026 International guidance of $10.6bn revenue and $2.23bn
adjusted EBITDA including:
1. Trading through February 22 including some unfavorable sports results
2. An investment of approximately $70m in Brazil to grow our market position
3. The impacts of previously guided UK tax increases and the exit from India
This results in 2026 International revenue and adjusted EBITDA year-over-year
growth of 13% and 1%, respectively, at the midpoint.
We expect approximately 49% of full year revenue and approximately 47% of full
year adjusted EBITDA to arise in H1, with revenue evenly split between Q1 and
Q2 and EBITDA skewed towards Q1.
Unallocated corporate overhead: Guidance of $310m reflects continued
investment in shared technology and capabilities to enhance the Flutter Edge,
and the annualization of incremental costs during 2025 associated with being a
US listed company.
Share repurchases: We are adopting a more flexible approach to share
repurchase guidance. We expect to commence returning $250m in H1 2026, and
will provide guidance updates on future buyback cadence as the year
progresses.
2025 2026 guidance
Actual Low Midpoint High
Group revenue $16.38bn $17.75bn $18.4bn $19.05bn
Group adjusted EBITDA $2.85bn $2.645bn $2.97bn $3.295bn
US new states adjusted EBITDA Approximately $(70)m
FanDuel Predicts adjusted EBITDA $250m $275m $300m
US total revenue $6.97bn $7.4bn $7.8bn $8.2bn
US total adjusted EBITDA $0.92bn $0.85bn $1.05bn $1.25bn
International revenue $9.42bn $10.35bn $10.6bn $10.85bn
International adjusted EBITDA $2.20bn $2.105bn $2.23bn $2.355bn
Unallocated corporate overhead $(279)m Approximately $(310)m
Interest expense, net $(515)m Approximately $(610)m
Depreciation and amortization excl. acquired intangibles $(660)m Approximately $(750)m
Capital expenditure(20) $(777)m Approximately $(855)m
Share repurchases Approximately $250m (H1 specific)
Guidance is provided (i) on the basis that sports results are in line with our
expected margin for the remainder of the year, (ii) at current foreign
exchange rates and (iii) on the basis of a consistent regulatory and tax
framework except where otherwise stated.
A reconciliation of our forward-looking non-GAAP financial measures to the
most directly comparable GAAP financial measure cannot be provided without
unreasonable effort. This is due to the inherent difficulty of accurately
forecasting the occurrence and financial impact of the adjusting items
necessary for such a reconciliation to be prepared of items that have not yet
occurred, are out of our control, or cannot be reasonably predicted.
Conference call:
Flutter management will host a conference call today at 4:30 p.m. ET (9:30
p.m. GMT) to review the results and be available for questions, with access
via webcast and telephone.
A public audio webcast of management's call and the related Q&A can be
accessed by registering here (https://events.q4inc.com/attendee/267513736) or
via www.flutter.com/investors. For those unable to listen to the live
broadcast, a replay will be available approximately one hour after the
conclusion of the call. This earnings release and supplementary materials will
also be made available via www.flutter.com/investors.
Analysts and investors who wish to participate in the live conference call
must do so by dialing any of the numbers below and using conference ID 12768.
Please dial in 10 minutes before the conference call begins.
+1 800 715 9871 (North America)
+44 800 358 0970 (United Kingdom)
+353 1800 943 926 (Ireland)
+61 1800 519 630 (Australia)
+1 646 307 1963 (International)
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements reflect
our current expectations as to future events based on certain assumptions and
include any statement that does not directly relate to any historical or
current fact. These statements include, but are not limited to, statements
related to our expectations regarding our share repurchase program, our
competitive position, the impact of new entrants to the market, new and
enhanced product offerings, macroeconomics conditions, the performance of our
business, our financial results, our operations, our liquidity and capital
resources, the conditions in our industry and our growth strategy and
potential. In some cases, you can identify these forward-looking statements by
the use of words such as "outlook," "believe(s)," "expect(s)," "potential,"
"continue(s)," "may," "will," "should," "could," "would," "seek(s),"
"predict(s)," "intend(s)," "trends," "plan(s)," "estimate(s)," "anticipates,"
"projection," "goal," "target," "aspire," "will likely result," and or the
negative version of these words or other comparable words of a future or
forward looking nature. Such forward-looking statements are subject to various
risks and uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially from those
indicated in these statements. Such factors include, among others: Flutter's
ability to effectively compete in, and market trends impacting, the global
entertainment and gaming industries; Adverse changes to, and uncertainty
regarding, the regulation (including taxation) of online betting and iGaming;
Flutter's ability to retain existing customers and to successfully acquire new
customers; Flutter's ability to accurately determine the odds in relation to
any particular event exposes us to trading, liability management and pricing
risk; Variability in win rates, jackpot payouts and the scheduling of major
sporting events; Flutter's ability to develop new product offerings; Flutter's
ability to successfully acquire and integrate new businesses; Flutter's
ability to maintain relationships with third-parties; Flutter's ability to
maintain its reputation; Public sentiment towards online betting and iGaming
generally; The potential impact of general economic conditions, including
recessions, economic slowdowns, inflation, tariffs and/or trade disputes,
fluctuating interest rates and instability in the banking system, on Flutter's
liquidity, operations and personnel and ability to raise financing in future;
Flutter's ability to obtain and maintain licenses with gaming authorities; The
failure of additional jurisdictions to legalize and regulate online betting
and iGaming; Flutter's ability to comply with complex, varied and evolving
U.S. and international laws and regulations relating to its business;
Flutter's success in retaining or recruiting officers, key employees or
directors; Litigation and the ability to adequately protect Flutter's
intellectual property rights; The impact of data security breaches or
cyber-attacks on Flutter's systems; and Flutter's ability to prevent and
remediate material weaknesses in its internal control over financial
reporting.
Additional factors that could cause the Company's results to differ materially
from those described in the forward-looking statements can be found in Part I,
"Item 1A. Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2025 filed with the Securities and Exchange
Commission (the "SEC") on February 26, 2026 and other periodic filings with
the SEC, which are accessible on the SEC's website at www.sec.gov.
Accordingly, there are or will be important factors that could cause actual
outcomes or results to differ materially from those indicated in these
statements. These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are included in
the Company's filings with the SEC. The Company undertakes no obligation to
publicly update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as required by
law.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator,
with a market leading position in the US and across the world. Our ambition is
to leverage our size and our challenger mindset to change our industry for the
better. By Changing the Game, we believe we can deliver long-term growth while
promoting a positive, sustainable future for all our stakeholders. We are
well-placed to do so through the distinctive, global advantages of the Flutter
Edge, which gives our brands access to group-wide benefits, as well as our
clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and
iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet,
PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games,
Adjarabet and BetNacional. We are the industry leader with $16,383m of revenue
globally for fiscal 2025, up 17% YoY, and $4,737m of revenue globally for the
quarter ended December 31, 2025.
Contacts:
Investor Relations: Media Relations:
Paul Tymms, Investor Relations Kate Delahunty, Corporate Communications
Ciara O'Mullane, Investor Relations Lindsay Dunford, Corporate Communications
Chris Hancox, Investor Relations Rob Allen, Corporate Communications
Email: investor.relations@flutter.com Email: corporatecomms@flutter.com
Notes
1 Average Monthly Players ("AMPs") is defined as the average over the applicable
reporting period of the total number of players who have had a bet settled
and/or contributed to the rake or tournament fees during the month. This
measure does not include individuals who have only used new player or player
retention incentives, and this measure is for online players only and excludes
retail player activity. In circumstances where a player uses multiple product
categories within one brand, we are generally able to identify that it is the
same player who is using multiple product categories and therefore count this
player as only one AMP at the Group level while also counting this player as
one AMP for each separate product category that the player is using. As a
result, the sum of the AMPs presented at the product category level is greater
than the total AMPs presented at the Group level. See Part II, "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations-Key Operational Metrics" of Flutter's Annual Report on Form 10-K
for the year ended December 31, 2025 filed with the SEC on February 26, 2026
for additional information regarding how we calculate AMPs data, including a
discussion regarding duplication of players that exists in such data.
2 Adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA including Snai, free
cash flow, net debt, leverage ratio, leverage ratio including Snai, organic
growth, constant currency, adjusted net income attributable to Flutter
shareholders and adjusted earnings per share are non-GAAP financial measures.
See "Definitions of non-GAAP financial measures" and "Reconciliations of
Non-GAAP Financial Measures" sections of this announcement for definitions of
these measures and reconciliations to the most directly comparable financial
measures calculated in accordance with GAAP. Due to rounding, these numbers
may not add up precisely to the totals provided.
3 The group acquired Snai in April 2025 and NSX in May 2025. Both are reported
within our International segment from their respective completion dates.
References to year-over-year "organic" growth rates, or growth "excluding
M&A", exclude the incremental contribution by Snai and NSX from the
current reporting period.
4 US market position based on available market share data for states in which
FanDuel is active. Online sportsbook and iGaming market share is the gross
gaming revenue (GGR) market share of our FanDuel brand for the three months to
December 31, 2025, unless stated otherwise, in the states in which FanDuel was
live (excluding Tennessee as they no longer report this data). This is based
on published gaming regulator reports in those states. US iGaming GGR market
share including PokerStars US (which is reported in the International segment)
for the three months to December 31, 2025 was 28%.
5 The non-cash impairment relating to the cessation of real-money gaming in
India of $556m is comprised of goodwill of $517m, acquired and developed
intangibles of $32m and other long-lived assets of $7m. The impairment charge
exceeds the cash total consideration paid to acquire a 95% ownership interest
the Junglee business ($237m) as a result of the re-allocation of total
International goodwill following the re-segmentation of the Flutter group at
the start of 2025, as required by US GAAP. The goodwill attributed to Junglee
reflects the exceptional performance of the business at the time. The
impairment charge will not result in any current or future cash expenditure
and does not impact adjusted EBITDA.
6 Flutter has ceased all real-money gaming operations in India following the
enactment of the Promotion and Regulation of Online Gaming Act, 2025, which
required Junglee and all other operators to immediately stop real-money gaming
services. Junglee now operates only as a free-to-play platform. The exit
impacts the International division's APAC region as follows:
• 2025: Revenue -$70m, EBITDA -$30m
• 2026: Revenue -$250m, EBITDA -$90m
• 2027: Revenue -$310m, EBITDA -$130m
Additionally, Flutter recorded a $556m non-cash impairment charge comprising
$517m in goodwill, $32m in acquired and developed intangibles, and $7m in
other long-lived assets, with the total exceeding the original acquisition
cost due to goodwill reallocation requirements under US GAAP following the
group's re-segmentation in 2025.
7 Fox has an option to acquire an 18.6% equity interest in FanDuel (the Fox
Option). Gains or losses in the fair value of the Fox Option primarily due to
changes in the fair value of FanDuel during the reporting period are recorded
in Other income (expense), net. See Part II, "Item 8. Financial Statements and
Supplementary Data - Fair Value Measurements" of Flutter's Annual Report on
Form 10-K for the year ended December 31, 2025 filed with the SEC on February
26, 2026 for additional information regarding the Fox Option.
8 A reconciliation of our forward-looking non-GAAP financial measures to the
most directly comparable GAAP financial measure cannot be provided without
unreasonable effort. This is due to the inherent difficulty of accurately
forecasting the occurrence and financial impact of the adjusting items
necessary for such a reconciliation to be prepared of items that have not yet
occurred, are out of our control, or cannot be reasonably predicted.
9 Foreign exchange rates assumed in forecasts for 2026 guidance are USD:GBP of
0.741, USD:EUR of 0.849
and USD:AUD of 1.412.
10 Investment represents expected adjusted EBITDA impact of FanDuel Predicts, for
FanDuel only. FanDuel will consolidate the results of FanDuel Predicts fully
in its reported results. Under the terms of the partnership with CME Group,
CME Group will receive a revenue share of approximately 50% of the gross
revenue generated by FanDuel Predicts, before deduction of promotional spend.
This revenue share cost will be accounted for in cost of sales. FanDuel will
bear 100% of costs to support the FanDuel Predicts mobile app (promotional
costs, sales and marketing, and non-exchange related cost of sales). CME Group
will bear all costs to support the exchange.
11 The UK government announced the following changes to UK online gaming taxation
in its autumn budget:
• Effective from April 2026, iGaming increases 19 percentage points to 40
percent
• Effective from April 2027, Sports betting (ex-horseracing) increases 10
percentage points to 25 percent
The adjusted EBITDA impact of these changes to Flutter, before mitigation is
expected to be:
• 2026: $320m
• 2027: $540m
The adjusted EBITDA impact of the changes after direct first order mitigation
(including operational, promotional and marketing savings) is expected to be:
• 2026: $235m
• 2027: $339m
The tax increases will have a very significant impact on the overall market.
As the largest scale operator, Flutter also has the opportunity to deliver
material second order mitigation benefits, including market share gains.
12 Internal estimate based on available market information, including published
financial results, state data, analyst consensus and management's judgement
for DraftKings, BetMGM, Caesars Digital, Rush Street Interactive, PENN
Interactive, Fanatics Betting & Gaming, and Bet365 US.
13 Italian market position and share based on regulator GGR data from Agenzia
delle dogane e dei
Monopoli.
14 Unallocated corporate overhead includes shared technology, research and
development, sales and marketing, and general and administrative expenses that
are not allocated to a specific segment.
15 On July 10, 2025 Flutter announced the extension of its long-term strategic
partnership with Boyd Gaming Corporation ("Boyd") to 2038 and the buyout of
Boyd's 5% stake in FanDuel Group. The strategic benefits of the transaction
provided an increase in Flutter's ownership in the number 1 sports betting and
iGaming operator in the US, FanDuel, as well as securing significantly reduced
market access costs expected to translate to annual savings of $65m beginning
July 1, 2025. Consideration comprised approximately $1.553bn attributable to
the acquisition of Boyd's 5% stake in FanDuel and $205m attributable to the
revision of various existing commercial terms. The amount of $205m is included
in the income statement and as a cash outflow within net cash provided by
operating activities during Q3 2025.
16 US analysis by state cohort includes relevant states and provinces by FanDuel
launch date and relates to online sportsbook and iGaming only. Pre-2025,
states in order of launch include: New Jersey, Pennsylvania, West Virginia,
Indiana, Colorado, Illinois, Iowa, Michigan, Tennessee, Virginia, Arizona,
Connecticut, New York, Ontario, Louisiana, Wyoming, Kansas, Maryland, Ohio,
Massachusetts, Kentucky, Vermont, North Carolina and Washington D.C.
17 Impact of US sports results:
• FY 2025: revenue $325m unfavorable, adjusted EBITDA $210m unfavorable
• Q4: revenue $140m unfavorable, adjusted EBITDA $100m unfavorable ($205m
unfavorable, adjusted EBITDA $150m unfavorable Q4TD through November 9)
• Q3: revenue $45m unfavorable, adjusted EBITDA $30m unfavorable
• Q2: revenue $90m favorable, adjusted EBITDA $70m favorable
• Q1: revenue $230m unfavorable, adjusted EBITDA $150m unfavorable
18 Total International revenue by region and year-over-year movements includes
Other revenue, in addition to Sports and iGaming revenue separately
identified.
19 Constant currency growth rates are calculated by retranslating the non-US
dollar denominated component of Q4 2024 at Q4 2025 exchange rates. See
reconciliation below.
20 Capital expenditure is defined as payments for the purchase of property and
equipment, the purchase of intangible assets and capitalized software.
Definitions of non-GAAP financial measures
This press release includes adjusted EBITDA, adjusted EBITDA margin, adjusted
net income, net income (loss) including Snai, adjusted net income (loss)
including Snai, adjusted net income attributable to Flutter shareholders,
adjusted Earnings Per Share ("adjusted EPS"), leverage ratio, leverage ratio
including Snai, net debt, free cash flow, adjusted depreciation and
amortization and constant currency which are non-GAAP financial measures that
we use to supplement our results presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). These non-GAAP measures are presented
solely as supplemental disclosures to reported GAAP measures because we
believe that these non-GAAP measures are useful in evaluating our operating
performance, similar to measures reported by its publicly-listed U.S.
competitors, and regularly used by analysts, lenders, financial institutional
and investors as measures of performance. These non-GAAP measures are not
intended to be substitutes for any GAAP financial measures, and, as
calculated, may not be comparable to other similarly titled measures of
performance of other companies in other industries or within the same
industry.
Constant currency reflects certain operating results on a constant-currency
basis in order to facilitate period-to-period comparisons of our results
without regard to the impact of fluctuating foreign currency exchange rates.
The term foreign currency exchange rates refer to the exchange rates used to
translate our operating results for all countries where the functional
currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global
company, foreign currency exchange rates used for translation may have a
significant effect on our reported results. In general, our financial results
are affected positively by a weaker U.S. Dollar and are affected negatively by
a stronger U.S. Dollar. References to operating results on a constant-currency
basis mean operating results without the impact of foreign currency exchange
rate fluctuations. We believe the disclosure of constant-currency results is
helpful to investors because it facilitates period-to-period comparisons of
our results by increasing the transparency of our underlying performance by
excluding the impact of fluctuating foreign currency exchange rates. We
calculate constant currency revenue, adjusted EBITDA and segment adjusted
EBITDA by translating prior-period revenue, adjusted EBITDA and segment
adjusted EBITDA, as applicable, using the average exchange rates from the
current period rather than the actual average exchange rates in effect in the
prior period.
Organic growth, or growth rates excluding M&A, reflect certain operating
results excluding the relevant contributions from Snai and NSX following their
acquisition in 2025, in order to facilitate period-to-period comparisons of
our results without regard to the impact of corporate acquisitions. We believe
the disclosure of organic growth rates is helpful to investors because it
facilitates period-to-period comparisons by increasing the transparency of our
underlying performance.
Adjusted net income is defined as net income (loss) as adjusted for after-tax
effects of transaction fees and associated costs; restructuring and
integration costs; gaming taxes dispute, amortization of acquired intangibles,
accelerated amortization, loss (gain) on settlement of long-term debt;
impairment of property and equipment, intangible assets, right-of-use assets
and goodwill; financing related fees not eligible for capitalization; gain
from disposal of businesses, fair value (gain)/loss on derivative instruments,
fair value (gain)/loss on contingent consideration, fair value (gain)/loss on
Fox Option Liability and fair value (gain)/loss on investment and share-based
compensation.
Adjusted net income attributable to Flutter shareholders is defined as
adjusted net income, adjusted for net gain/(loss) attributable to
non-controlling interests and redeemable non-controlling interests, and
adjustment of redeemable non-controlling interest to redemption value.
Net income (loss) including Snai is defined on a Group basis as net income
plus Snai's net income for the four months ended April 30, 2025 prior to the
completion of acquisition. Snai's historical condensed consolidated financial
statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS"). We have made adjustments to conform Snai's
financial information prepared under IFRS to U.S. GAAP.
Adjusted net income (loss) including Snai is defined on a Group basis as
adjusted net income, after adjusting for the following:
• Transaction fees and associated costs, and restructuring and integration costs
related to the acquisition, assumed to have been incurred prior to or soon
after January 1, 2024, and therefore are reversed from the twelve months
result ended December 31, 2025.
• New debt financing required to complete the acquisition of Snai is assumed to
have occurred on January 1, 2024. The additional interest expense recognized
is calculated, together with the associated hedge impact and the amortization
of related debts issuance costs. For the new debt at floating rate, we have
assumed the actual 3 months SOFR rates for Q4 2025 were constant from January
to April 2025.
• Intangible assets are assumed to be recorded at their estimated fair value as
of January 1, 2024, and are amortized over their estimated useful lives from
that date along with the consequent deferred tax benefit. The amortization
expense relating to the historical fair value uplift on Snai's intangible
assets acquired by Playtech in 2018, together with the deferred tax benefit
are reversed.
Adjusted EBITDA is defined on a Group basis as net income (loss) before income
taxes; other income, net; interest expense, net; depreciation and
amortization; transaction fees and associated costs; restructuring and
integration costs; impairment of property and equipment, intangible assets,
right-of-use assets and goodwill and share based compensation expense.
Adjusted EBITDA including Snai is defined on a Group basis as adjusted net
income including Snai before income taxes; other expense, net; interest
expense, net; depreciation and amortization; share-based compensation expense;
transaction fees and associated costs; and restructuring and integration
costs.
Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue,
respectively.
Adjusted EPS is calculated by dividing adjusted net income attributable to
Flutter shareholders by the number of diluted weighted-average ordinary shares
outstanding in the period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to
Flutter shareholders and Adjusted EPS are non-GAAP measures and should not be
viewed as measures of overall operating performance, indicators of our
performance, considered in isolation, or construed as alternatives to
operating profit (loss), net income (loss) measures or earnings per share, or
as alternatives to net cash provided by (used in) operating activities, as
measures of liquidity, or as alternatives to any other measure determined in
accordance with GAAP.
Management has historically used these measures when evaluating operating
performance because we believe that they provide additional perspective on the
financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these
limitations are:
• it does not reflect the Group's cash expenditures or future requirements for
capital expenditure or contractual commitments;
• it does not reflect changes in or cash requirements for, the Group's working
capital needs;
• it does not reflect interest expense, or the cash requirements necessary to
service interest or principal payments, on the Group's debt
• it does not reflect share-based compensation expense which is primarily a
non-cash charge that is part of our employee compensation
• although depreciation and amortization are non-cash charges, the assets being
depreciated and amortized will often have to be replaced in the future, and
Adjusted EBITDA does not reflect any cash requirements for such replacements;
• it is not adjusted for all non-cash income or expense items that are reflected
in the Group's statements of cash flows; and
• the further adjustments made in calculating adjusted EBITDA are those that
management consider not to be representative of the underlying operations of
the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred
financing expense, and the effect of foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps reflecting the
net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by last twelve months adjusted
EBITDA. We use this non-GAAP financial measure to evaluate our financial
leverage. We present net debt to adjusted EBITDA because we believe it is more
representative of our financial position as it is reflective of our ability to
cover our net debt obligations with results from our core operations, and is
an indicator of our ability to obtain additional capital resources for our
future cash needs. We believe net debt is a meaningful financial measure that
may assist investors in understanding our financial condition and recognizing
underlying trends in our capital structure. The Leverage Ratio is not a
substitute for, and should be used in conjunction with, GAAP financial ratios.
Other companies may calculate leverage ratios differently.
Leverage ratio including Snai is defined as net debt divided by adjusted
EBITDA including Snai.
Free cash flow is defined as net cash provided by (used in) operating
activities less payments for property and equipment, intangible assets and
capitalized software. We believe that excluding these items from free cash
flow better portrays our ability to generate cash, as such items are not
indicative of our operating performance for the period. This non-GAAP measure
may be useful to investors and other users of our financial statements as a
supplemental measure of our cash performance, but should not be considered in
isolation, as a measure of residual cash flow available for discretionary
purposes, or as an alternative to operating cash flows presented in accordance
with GAAP. Free cash flow does not necessarily represent funds available for
discretionary use and is not necessarily a measure of our ability to fund our
cash needs. Our calculation of free cash flow may differ from similarly titled
measures used by other companies, limiting their usefulness as a comparative
measure.
Adjusted depreciation and amortization is defined as depreciation and
amortization excluding amortization of acquired intangibles.
Consolidated Balance Sheets
($ millions except share and per share amounts) As of As of
December 31, December 31,
2025 2024
Current assets:
Cash and cash equivalents 1,828 1,531
Cash and cash equivalents - restricted 72 48
Player deposits - cash and cash equivalents 1,932 1,930
Player deposits - investments 23 130
Accounts receivable, net 190 98
Prepaid expenses and other current assets 751 607
Total current assets 4,796 4,344
Investments 7 6
Property and equipment, net 630 493
Operating lease right-of-use assets 550 507
Intangible assets, net 7,019 5,364
Goodwill 15,825 13,352
Deferred tax assets 309 267
Other non-current assets 144 175
Total assets 29,280 24,508
Liabilities, redeemable non-controlling interests and shareholders' equity
Current liabilities:
Accounts payable 386 266
Player deposit liability 1,859 1,940
Operating lease liabilities 130 119
Long-term debt due within one year 109 53
Other current liabilities 2,559 2,212
Total current liabilities: 5,043 4,590
Operating lease liabilities - non-current 476 428
Long-term debt 12,157 6,683
Deferred tax liabilities 1,105 605
Other non-current liabilities 801 935
Total liabilities 19,582 13,241
Commitments and contingencies
Redeemable non-controlling interests 424 1,808
Shareholders' equity
Ordinary share (Authorized 300,000,000 shares of €0.09 (2025:$0.11; 36 36
2024:$0.10) par value each; issued 2025: 175,224,066 shares; 2024: 177,895,367
shares)
Additional paid-in capital 1,989 1,611
Accumulated other comprehensive loss (1,111) (1,927)
Retained earnings 8,124 9,573
Total Flutter Shareholders' Equity 9,038 9,293
Non-controlling interests 236 166
Total shareholders' equity 9,274 9,459
Total liabilities, redeemable non-controlling interests and shareholders' 29,280 24,508
equity
Consolidated Statements of Comprehensive Income (Loss)(1)
Three months ended December 31, Fiscal year ended December 31,
($ millions except share and per share amounts) 2025 2024 2025 2024
Revenue 4,737 3,792 16,383 14,048
Cost of Sales (2,627) (1,966) (8,979) (7,346)
Gross profit 2,110 1,826 7,404 6,702
Technology, research and development expenses (245) (201) (991) (820)
Sales and marketing expenses (1,083) (830) (3,678) (3,205)
General and administrative expenses (524) (516) (2,182) (1,808)
Goodwill impairment - - (517) -
Operating profit 258 279 36 869
Other (expense)/ income, net 64 (227) 358 (434)
Interest expense, net (168) (94) (515) (419)
Income / (loss) before income taxes 154 (42) (121) 16
Income tax benefit/ (expense) (144) 198 (286) 146
Net income / (loss) 10 156 (407) 162
Net gain/(loss) attributable to non-controlling interests and redeemable (13) 26 (27) 53
non-controlling interests
Adjustment of redeemable non-controlling interest to redemption value 31 49 (70) 66
Net income/ (loss) attributable to Flutter shareholders (8) 81 (310) 43
Net income / (loss) per share
Basic (0.05) 0.45 (1.75) 0.24
Diluted (0.05) 0.45 (1.75) 0.24
Other comprehensive income (loss), after tax:
Effective portion of changes in fair value of cash flow hedges (1) 99 (100) (12)
Fair value of cash flow hedges transferred to the income statement (1) (85) 87 32
Changes in excluded components of fair value hedge (16) - (12) (1)
Foreign exchange gain on net investment hedges 13 17 (97) 73
Foreign exchange gain / (loss) on translation of the net assets of foreign (67) (879) 997 (554)
currency denominated entities
Income tax benefit related to items of other comprehensive loss 9 - 9 -
Other comprehensive income / (loss) (63) (848) 884 (462)
Other comprehensive income / (loss) attributable to Flutter shareholders (50) (852) 816 (444)
Other comprehensive income / (loss) attributable to non-controlling interest (13) 4 68 (18)
and redeemable non-controlling interest
Total comprehensive income / (loss) (53) (692) 477 (300)
1. The Consolidated Statements of Comprehensive Income for the three months
ended December 31, 2025 is unaudited financial information
Consolidated Statements of Cash Flows(1)
Three months ended December 31, Fiscal year ended December 31,
($ millions) 2025 2024 2025 2024
Net income (loss) 10 156 (407) 162
Adjustments to reconcile net income (loss) to net cash from operating
activities:
Depreciation and amortization 435 270 1,517 1,097
Impairment loss 2 - 561 -
Change in fair value of derivatives - (2) (11) 2
Non-cash interest expense (income), net (34) (9) 53 19
Non-cash operating lease expense 35 46 141 142
Unrealized foreign currency exchange (gain) loss, net (28) 9 (88) (15)
Loss on disposals 10 1 11 7
Share-based compensation - equity classified 60 47 246 196
Share-based compensation - liability classified - 2 14 6
Other expense (income), net (50) 212 (300) 428
Deferred tax (benefit) (140) (231) (145) (348)
Loss on extinguishment - 2 23 7
Change in contingent consideration - - - (3)
Change in operating assets and liabilities:
Player deposits - investments 3 17 120 33
Accounts receivable (31) (17) - (11)
Prepaid expenses and other current assets (31) (44) (60) (73)
Accounts payable (67) 11 (20) (7)
Other liabilities 279 94 (106) (104)
Player deposit liability 17 131 (227) 212
Operating leases liabilities (42) (43) (138) (148)
Net cash provided by operating activities 428 652 1,184 1,602
Cash Flows From Investing Activities
Purchases of property and equipment (36) (57) (105) (144)
Purchases of intangible assets (57) 13 (162) (136)
Capitalized software (197) (135) (510) (381)
Acquisitions, net of cash acquired - - (2,688) (160)
Proceeds from disposal of property and equipment - - 5 -
Cash settlement of derivatives designated in net investment hedge (56) 15 (21) 10
Net cash (used in) investing activities (346) (164) (3,481) (811)
Cash Flows From Financing Activities
Proceeds from issue of ordinary share upon exercise of options - 9 7 30
Proceeds from issuance of long-term debt (net of transactions costs with 746 - 10,830 1,684
lenders)
Transaction costs with third parties from issuance of long-term debt (2) - (22) -
Repayment of long-term debt (552) (9) (5,606) (1,948)
Acquisition of redeemable non-controlling interests - - (1,620) -
Distributions to non-controlling interests (9) (6) (29) (16)
Payment of contingent consideration (3) - (19) -
Repurchase of ordinary shares and taxes withheld and paid on employee share (279) (219) (1,123) (219)
awards
Proceeds from sale of non-controlling interests 10 - 10 -
Net cash (used in) provided by financing activities (89) (225) 2,428 (469)
Net Increase In Cash, Cash Equivalents And Restricted Cash (7) 263 131 322
Cash, Cash Equivalents And Restricted Cash - Beginning of period 3,734 3,410 3,509 3,271
Effect of foreign exchange on cash, cash equivalents and restricted cash 105 (164) 192 (84)
Cash, Cash Equivalents And Restricted Cash - End of period 3,832 3,509 3,832 3,509
Cash, Cash Equivalents And Restricted Cash Comprise Of:
Cash and cash equivalents 1,828 1,531 1,828 1,531
Cash and cash equivalents-restricted 72 48 72 48
Player deposits - cash and cash equivalents 1,932 1,930 1,932 1,930
Cash, Cash Equivalents And Restricted Cash - End of period 3,832 3,509 3,832 3,509
Supplemental Disclosures Of Cash Flow Information:
Interest paid 210 119 531 462
Income tax paid (net of refunds) 119 77 445 255
Operating cash flows from operating leases 43 50 167 174
Non-Cash Investing And Financing Activities:
Purchase of intangible assets with accrued expense - Investing(2) 75 15 75 15
Purchase of intangible assets with accrued expense - Financing(2) 72 - 72 -
Right of use assets obtained in exchange for new operating lease liabilities 66 15 94 155
Adjustments to lease balances as a result of remeasurement 10 19 50 47
Business acquisitions (including contingent consideration) (4) - 327 2
Non-cash issuance of common stock upon exercise of options(2) 29 - 29 -
Non-cash transaction costs on issuance of long-term debt(2) 6 - 6 -
Asset retirement obligation 23 - 33 -
Sale of non-controlling interests 17 - 17 -
1 The Consolidated Statements of Cash Flows for the three months ended December
31, 2025 is unaudited financial information and derived by subtracting the
cash flows from the nine months ended September 30, 2025 from the cash flows
for the twelve months ended December 31, 2025. As such it does not reflect the
settlement of pre-existing relationships for which Flutter has recognized an
asset.
2 Figures represent the closing position at the end of the reporting period and
not the movement during the period
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation
See below a reconciliation of adjusted EBITDA and adjusted EBITDA margin to
net income, the most comparable GAAP measure.
Three months ended December 31 Fiscal year ended December 31
($ millions, unaudited) 2025 2024 2025 2024
Net income (loss) 10 156 (407) 162
Add back:
Income taxes 144 (198) 286 (146)
Other expense, net (64) 227 (358) 434
Interest expense, net 168 94 515 419
Depreciation and amortization 435 270 1,517 1,097
Share-based compensation expense 60 49 260 202
Transaction fees and associated costs (1) - 9 224 54
Restructuring and integration costs (2) 77 48 247 135
Impairment (3) 2 - 561 -
Adjusted EBITDA 832 655 2,845 2,357
Revenue 4,737 3,792 16,383 14,048
Adjusted EBITDA margin 17.6% 17.3% 17.4% 16.8%
1 Fees primarily associated with the revision of Boyd market access agreements
and the Snai and NSX acquisitions, and for the year ended December 31, 2024,
with implementation of internal controls, information system changes and other
strategic advisory fees related to the change in the primary listing of the
Group
2 Costs primarily relate to various restructuring, acquisition integration and
other strategic initiatives to drive synergies. The programs are expected to
run until 2027. These actions include efforts to consolidate and integrate our
technology infrastructure, back-office functions and relocate certain
operations to lower cost locations. It also includes business process
re-engineering cost, planning and design of target operating models for the
Group's enabling functions and discovery and planning related to the Group's
anticipated migration to a new enterprise resource planning system. The costs
primarily include severance expenses, advisory fees and temporary staffing
costs
3 Impairment primarily relates to Junglee. The Promotion and Regulation of
Online Gaming Act, 2025 (the "Act"), which was passed by the Indian Parliament
and received Presidential assent on August 22, 2025, bans all forms of online
real money gaming in India. As a result of the Act, from August 22, 2025,
Junglee Games Inc ("Junglee," "Junglee Games") ceased offering all real-money
games in India. The Junglee impairment charge is $556 million before income
taxes. The assets impaired substantially consists of goodwill of $517 million,
acquired and developed intangibles of $32 million and other long-lived assets
of $7 million. The $517 million of goodwill impaired is not deductible for tax
purposes, and therefore there is no income tax benefit. Income tax impacts
arising for acquired and developed intangibles and other long-lived assets are
not material
Adjusted net income and adjusted net income attributable to Flutter
shareholders
See below a reconciliation of adjusted net income and adjusted net income
attributable to Flutter shareholders to net income/ (loss), the most
comparable GAAP measure.
Three months ended December 31 Fiscal year ended December 31
($ millions, unaudited) 2025 2024 2025 2024
Net income / (loss) 10 156 (407) 162
Less:
Transaction fees and associated costs - 9 224 54
Restructuring and integration costs 77 48 247 135
Impairment 2 - 561 -
Amortization of acquired intangibles 255 134 857 581
Share-based compensation 60 49 260 202
Loss on settlement of long-term debt - 2 23 7
Financing related fees not eligible for capitalization 3 6 7 8
Fair value (gain) loss on derivative instruments - (2) (11) 2
Fair value gain on contingent consideration - - - (3)
Fair value (gain) loss on Fox Option Liability (50) 212 (300) 426
Fair value loss on investment - - - 2
Tax impact of above adjustments(1) (32) (9) (153) (148)
Adjusted net income 325 605 1,308 1,428
Less:
Net income attributable to non-controlling interests and redeemable (13) 26 (27) 53
non-controlling interests(2)
Adjustment of redeemable non-controlling interest(3) 31 49 (70) 66
Adjusted net income attributable to Flutter shareholders 307 530 1,405 1,309
Weighted average number of shares 176 180 177 180
1. Tax rates used in calculated adjusted net income attributable to Flutter
shareholders is the statutory tax rate applicable to the geographies in which
the adjustments were incurred.
2. Represents net income attributed to the non-controlling interest in Sisal
offset by the net loss attributed to the redeemable non-controlling interest
in MaxBet, Junglee and BetNacional
3. Represents the adjustment made to the carrying value of the redeemable
non-controlling interests in MaxBet and Junglee to account for the higher of
(i) the initial carrying amount adjusted for cumulative earnings allocations,
or (ii) redemption value at each reporting date through retained earnings.
Adjusted Earnings Per Share reconciliation
See below a reconciliation of adjusted Earnings Per Share to diluted earnings
per share, the most comparable GAAP measure.
Three months ended December 31 Fiscal year ended December 31
($, unaudited) 2025 2024 2025 2024
Earnings (loss) per share to Flutter shareholders (0.05) 0.45 (1.75) 0.24
Add/ (Less):
Transaction fees and associated costs - 0.05 1.27 0.30
Restructuring and integration costs 0.44 0.27 1.39 0.75
Impairment 0.01 - 3.18 -
Amortization of acquired intangibles 1.45 0.74 4.84 3.23
Share-based compensation 0.34 0.27 1.47 1.12
Loss on settlement of long-term debt - 0.01 0.13 0.04
Financing related fees not eligible for capitalization 0.02 0.03 0.04 0.04
Fair value (gain) loss on derivative instruments - (0.01) (0.06) 0.01
Fair value gain on contingent consideration - - - (0.02)
Fair value (gain) loss on Fox Option Liability (0.29) 1.18 (1.70) 2.37
Fair value loss on investment - - - 0.01
Tax impact of above adjustments (0.18) (0.05) (0.87) (0.82)
Adjusted earnings per share 1.74 2.94 7.94 7.27
Adjusted EBITDA including Snai reconciliation
See below a reconciliation of adjusted EBITDA including Snai to net income.
These figures have been adjusted to include the relevant amounts for Snai
during the pre-acquisition period as though it formed part of the Group since
January 1, 2024.
($ millions, unaudited) Fiscal year ended December 31, 2025
Net loss (407)
Snai's net income for the four months ended April 30, 2025 36
Net loss including Snai (371)
Transaction costs (11)
Interest expense (54)
Additional amortization expense (net of deferred tax impact) (25)
Reversal of previous PPA amortization expense (net of deferred tax impact) 5
Adjusted net loss including Snai (456)
Add:
Income taxes 301
Other expense, net (356)
Interest expense, net 567
Depreciation and amortization 1,568
Share-based compensation expense 269
Transaction fees and associated costs 241
Restructuring and integration costs 247
Impairment 561
Adjusted EBITDA including Snai 2,942
Net debt 10,591
Leverage ratio including Snai 3.6x
Net debt reconciliation
See below a reconciliation of net debt to long-term debt, the most comparable
GAAP measure.
($ millions) As at December 31, 2025 As at December 31, 2024
Long-term debt 12,157 6,683
Long-term debt due within one year 109 53
Total debt 12,266 6,736
Add:
Transactions costs, premiums or discount included in the carrying value of 93 52
debt
Less:
Unrealized foreign exchange on translation of foreign currency debt (1) 60 (97)
Cash and cash equivalents (1,828) (1,531)
Net debt 10,591 5,160
1. Representing the adjustment for foreign exchange that is economically
hedged as a result of our cross-currency interest rate swaps to reflect the
net cash outflow on maturity.
Free cash flow reconciliation
See below a reconciliation of free cash flow to net cash provided by operating
activities, the most comparable GAAP measure.
Three months ended December 31 Fiscal year ended December 31
($ millions) 2025 2024 2025 2024
Net cash provided by operating activities 428 652 1,184 1,602
Less cash impact of:
Purchases of property and equipment (36) (57) (105) (144)
Purchases of intangible assets (57) 13 (162) (136)
Capitalized software (197) (135) (510) (381)
Free cash flow 138 473 407 941
Constant currency ('CC') growth rate reconciliation
See below a reconciliation of segment constant currency growth rates to
nominal currency growth rates, the most comparable GAAP measure.
($ millions except percentages) Three Months Ended December 31, Fiscal year ended December 31,
2025 2024 YOY 2024 2024 YOY 2025 2024 YOY 2024 2024 YOY
Unaudited FX impact CC CC FX impact CC CC
Revenue
US 2,142 1,611 +33% - 1,611 +33% 6,967 5,798 +20% (3) 5,795 +20%
International 2,595 2,181 +19% 89 2,270 +14% 9,416 8,250 +14% 147 8,397 +12%
Group 4,737 3,792 +25% 89 3,881 +22% 16,383 14,048 +17% 144 14,192 +15%
Adjusted EBITDA
US 310 163 +90% (3) 160 +94% 922 507 +82% (6) 501 +84%
International 588 557 +6% 28 585 +1% 2,202 2,065 +7% 37 2,102 +5%
Unallocated corporate overhead (66) (65) +2% (8) (73) (10)% (279) (215) +30% (12) (227) +23%
Group 832 655 +27% 18 673 +24% 2,845 2,357 +21% 18 2,375 +20%
See below a reconciliation of other constant currency and organic growth rates
to reported nominal growth rates.
Three Months Ended December 31, Fiscal year ended December 31,
YoY YoY YoY YoY YoY YoY YoY YoY YoY YoY
Unaudited Nom FX impact CC M&A impact Nom ex M&A Nom FX impact CC M&A impact Nom ex M&A
International sportsbook revenue +6% +4% +2% +17% (11)% +5% +2% +3% +11% (6)%
International iGaming revenue +31% +5% +26% +22% +9% +24% +3% +21% +15% +9%
International total revenue +19% +5% +14% +20% (1)% +14% +2% +12% +13% +1%
UKI sportsbook revenue (30)% +3% (33)% -% (30)% (13)% +3% (16)% -% (13)%
UKI iGaming revenue +11% +5% +6% -% +11% +11% +4% +7% -% +11%
UKI total revenue (9)% +4% (13)% -% (9)% (1)% +4% (5)% -% (1)%
SEA sportsbook revenue +118% +19% +99% +105% +13% +82% +8% +74% +70% +12%
SEA iGaming revenue +98% +8% +90% +70% +28% +68% +2% +66% +47% +21%
SEA total revenue +105% +12% +93% +82% +23% +72% +3% +69% +54% +18%
APAC sportsbook revenue +1% -% +1% -% +1% (6)% (2)% (4)% -% (6)%
APAC iGaming revenue (98)% -% (98)% -% (98)% (25)% (3)% (22)% -% (25)%
APAC total revenue (10)% -% (10)% -% (10)% (8)% (3)% (5)% -% (8)%
CEE total revenue +17% +6% +11% -% +17% +14% +3% +11% -% +14%
Brazil total revenue +383% +25% +358% +405% (22)% +229% (10)% +239% +261% (32)%
Other regions total revenue (5)% +5% (10)% -% (5)% (5)% +2% (7)% -% (5)%
Group sportsbook revenue +21% +2% +19% +8% +13% +10% +1% +9% +5% +5%
Group iGaming revenue +32% +4% +28% +16% +16% +27% +1% +26% +10% +17%
Group total revenue +25% +3% +22% +11% +14% +17% +2% +15% +8% +9%
International adjusted EBITDA +6% +5% +1% +13% (7)% +7% +2% +5% +7% -%
Reconciliation of supplementary non GAAP information: Adjusted depreciation
and amortization
Three months ended December 31, 2025 Three months ended December 31, 2024
($ millions, unaudited) US Intl Corp Total US Intl Corp Total
Depreciation and Amortization 55 375 5 435 31 230 9 270
Less: Amortization of acquired intangibles (24) (231) - (255) (4) (130) - (134)
Adjusted depreciation and amortization(1) 31 144 5 180 27 100 9 136
Fiscal year ended December 31, 2025 Fiscal year ended December 31, 2024
($ millions, unaudited) US Intl Corp Total US Intl Corp Total
Depreciation and Amortization 157 1,324 36 1,517 120 947 30 1,097
Less: Amortization of acquired intangibles (36) (821) - (857) (16) (565) - (581)
Adjusted depreciation and amortization(1) 121 503 36 660 104 382 30 516
1. Adjusted depreciation and amortization is defined as depreciation and
amortization excluding amortization of acquired intangibles
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