Flutter Entertainment plc (FLUT) Q3 2025 Financial Results Summary
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Flutter Entertainment plc (FLUT) Q3 2025 Financial Results Summary
New York, November 12, 2025: Flutter Entertainment plc, the world’s leading online sports betting and iGaming operator, has released its Q3 2025 financial results. Below is a summary of the key financial metrics and highlights from the report.
Financial Highlights
- Average Monthly Players (AMPs):
- Q3 2025: 14,133,000
- Q3 2024: 12,920,000
-
Change: +9%
-
Revenue:
- Q3 2025: $3,794 million
- Q3 2024: $3,248 million
-
Change: +17%
-
Net Loss:
- Q3 2025: ($789 million)
- Q3 2024: ($114 million)
-
Change: -592%
-
Net Loss Margin:
- Q3 2025: (20.8%)
- Q3 2024: (3.5%)
-
Change: -1,730 bps
-
Adjusted EBITDA:
- Q3 2025: $478 million
- Q3 2024: $450 million
-
Change: +6%
-
Adjusted EBITDA Margin:
- Q3 2025: 12.6%
- Q3 2024: 13.9%
-
Change: -130 bps
-
Loss per Share:
- Q3 2025: ($3.91)
- Q3 2024: ($0.58)
-
Change: -574%
-
Adjusted Earnings per Share:
- Q3 2025: $1.64
- Q3 2024: $1.27
-
Change: +29%
-
Net Cash Provided by Operating Activities:
- Q3 2025: $209 million
- Q3 2024: $290 million
-
Change: -28%
-
Free Cash Flow:
- Q3 2025: $25 million
- Q3 2024: $112 million
-
Change: -78%
-
Leverage Ratio:
- Q3 2025: 4.0x
- As of December 2024: 2.2x
Regional Performance
United States:
- Revenue increased by 9% year-over-year, led by strong iGaming revenue growth of 44%.
- Sportsbook AMP growth accelerated to 5%; however, sportsbook revenue decreased by 5% due to customer-friendly sports results.
- Expected positive momentum in Q4 with 10% handle growth to date.
- Launch of FanDuel Predicts in December, targeting customers in states without regulated sports betting.
International:
- Revenue growth of 21% year-over-year, boosted by recent acquisitions of Snai and Betnacional.
- Adjusted EBITDA for the international segment amounted to $505 million, reflecting a 10% increase year-over-year.
- Organic iGaming revenue grew by 10% despite regulatory changes in India affecting previous revenue expectations.
Shareholder Returns
- Share repurchase program continued during Q3 with 770,000 shares purchased for $225 million.
- An additional 1.02 million shares were repurchased in early November 2025 for $245 million.
- Total cash returned to shareholders since the initiation of the program amounts to $1.12 billion, with a target of $5 billion over the coming years.
Guidance Updates
- For 2025, revenue is now expected to be $16.69 billion with adjusted EBITDA of $2.915 billion, representing 19% and 24% growth year-over-year, respectively.
- Adjustments come as a result of revised expectations related to Q3 performance and anticipated impacts from Q4 sports results and investments in FanDuel Predicts.
Conclusion
Flutter Entertainment’s Q3 2025 results showcase a significant increase in revenue and average monthly players despite the challenges faced in the sports betting landscape. Innovations such as FanDuel Predicts indicate a strategic move to penetrate new markets, while ongoing investments reflect the company’s commitment to growth. Flutter continues to navigate a complex regulatory environment while positioning itself for sustainable long-term growth.
### Condensed Consolidated Statements of Income
_(Amounts in millions)_
| Three months ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | YOY | |
| Revenue | 3,794 | 3,248 | +17 % |
| Cost of sales | (2,168) | (1,752) | |
| Gross profit | 1,626 | 1,496 | |
| Technology, research and development expenses | (275) | (213) | |
| Sales and marketing expenses | (966) | (748) | |
| General and administrative expenses | (702) | (438) | |
| Goodwill impairment | (517) | — | |
| Operating (loss) profit | (834) | 97 | |
| Other income (expense), net | 152 | (122) | |
| Interest expense, net | (152) | (105) | |
| Loss before income taxes | (834) | (130) | |
| Income tax benefit | 45 | 16 | |
| Net loss | (789) | (114) | |
| Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests | |||
| Adjustment of redeemable non-controlling interest to redemption value | (70) | (16) | |
| Net loss attributable to Flutter shareholders | (690) | (103) | |
| Loss per share | |||
| Basic | (3.91) | (0.58) | |
| Diluted | (3.91) | (0.58) | |
| Other comprehensive income (loss) net: | |||
| Effective portion of changes in fair value of cash flow hedges | 12 | (124) | |
| Fair value of cash flow hedges transferred to the income statement | (13) | 119 | |
| Changes in excluded components of fair value hedge | 5 | (1) | |
| Foreign exchange (loss) gain on net investment hedges | (66) | 27 | |
| Foreign exchange (loss) gain on translation of the net assets of foreign currency denominated entities | (82) | 570 | |
| Other comprehensive (loss) income | (144) | 591 | |
| Other comprehensive income (loss) attributable to Flutter shareholders | |||
| Other comprehensive income (loss) attributable to non-controlling interest and redeemable non-controlling interest | 37 | (8) | |
| Total comprehensive (loss) income | (933) | 477 | |
—
### Condensed Consolidated Balance Sheets
_(Amounts in millions)_
| As of September 30, | As of December 31, | |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | 1,727 | 1,531 |
| Cash and cash equivalents – restricted | 68 | 48 |
| Player deposits – cash and cash equivalents | 1,939 | 1,930 |
| Player deposits – investments | 26 | 130 |
| Accounts receivable, net | 158 | 98 |
| Prepaid expenses and other current assets | 864 | 607 |
| Total current assets | 4,782 | 4,344 |
| Investments | 7 | 6 |
| Property and equipment, net | 615 | 493 |
| Operating lease right-of-use assets | 529 | 507 |
| Intangible assets, net | 7,241 | 5,364 |
| Goodwill | 15,804 | 13,352 |
| Deferred tax assets | 226 | 267 |
| Other non-current assets | 135 | 175 |
| Total assets | 29,339 | 24,508 |
| Liabilities, redeemable non-controlling interests and shareholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | 402 | 266 |
| Player deposit liability | 1,839 | 1,940 |
| Operating lease liabilities | 127 | 119 |
| Long-term debt due within one year | 146 | 53 |
| Other current liabilities | 2,448 | 2,212 |
| Total current liabilities | 4,962 | 4,590 |
| Operating lease liabilities – non-current | 458 | 428 |
| Long-term debt | 11,953 | 6,683 |
| Deferred tax liabilities | 1,114 | 605 |
| Other non-current liabilities | 933 | 935 |
| Total liabilities | 19,420 | 13,241 |
| Commitments and contingencies | ||
| Redeemable non-controlling interests | 485 | 1,808 |
| Shareholders’ equity | ||
| Ordinary share (Authorized 3,000,000,000 shares; issued September 30, 2025: 175,899,661 shares; December 31, 2024: 177,895,367 shares) | 36 | 36 |
| Additional paid-in capital | 1,929 | 1,611 |
| Accumulated other comprehensive loss | (1,061) | (1,927) |
| Retained earnings | 8,340 | 9,573 |
| Total Flutter Shareholders’ Equity | 9,244 | 9,293 |
| Non-controlling interests | 190 | 166 |
| Total shareholders’ equity | 9,434 | 9,459 |
| Total liabilities, redeemable non-controlling interests and shareholders’ equity | 29,339 | 24,508 |