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Flutter Entertainment Annual Report, Year Ended Dec 31, 2025

Filing Date
Filed February 26, 2026
Period End
December 31, 2025
Security
FLUT
In the record · 2016–202610-K810-Q98-K280

FLUT filed 8 annual reports (10-K), 9 quarterly reports (10-Q) and 280 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Flutter Entertainment plc reported fiscal 2025 revenue of $16,383 milliona, up from $14,048 million in fiscal 2024, with AMPs up 14% to 15.9 million.

Net loss was $(407) million compared with net income of $162 millionb in fiscal 2024, and net loss attributable to Flutter shareholders was $(310) million. The result was driven largely by a $517 million goodwill impairment tied to Junglee after India banned real-money online gaming, a $300 million fair value gain on the Fox Option liability, and $286 million of income tax expense. Adjusted EBITDA rose 21% to $2,845 million, with Adjusted EBITDA Margin of 17.4%.

The U.S. segment grew revenue 20% to $6,967 million and improved Adjusted EBITDA to $922 millionc, while the International segment grew revenue 14% to $9,416 million, aided by the Snai and NSX acquisitions. The balance sheet expanded significantly during the year. Long-term debt rose to $12,266 million from $6,736 million at year-end 2024, reflecting acquisitions and the purchase of Boyd's 5% FanDuel stake for $1,553 million.

Cash and cash equivalents were $1,828 milliond. Operating cash flow was $1,184 million, while investing outflows were $3,481 million, largely acquisitions. The company repurchased $1 billion of shares during 2025 under a $5 billion program, with approximately $3.9 billion remaining, and it has not paid dividends since May 2020.

KPMG issued an unqualified opinion on both the financial statements and internal control over financial reporting, and the previously reported material weaknesses were stated as remediated as of December 31, 2025. The filing also highlights growth and regulatory uncertainty. FanDuel Predicts, a prediction markets product launched with CME Group in December 2025, is positioned as a significant growth opportunity, while the filing notes regulatory scrutiny and litigation.

The UK announced increases to remote gaming duty, from 21% to 40% on iGaming effective April 2026, and a goodwill test on the UKI unit found a fair value headroom of $3,802 million. The Fox Option, which would allow Fox to acquire 18.6% of FanDuel units for a price of $4.8 billion, remains a key contingent item.

02—Key points

Key Highlights

  1. Revenue grew 17% to $16,383 million in fiscal 2025, with AMPs up 14% to 15.9 million.
  2. Net loss of $(407) million versus net income of $162 million in fiscal 2024, including a $517 million Junglee goodwill impairment and a $300 million Fox Option fair value gain.
  3. Adjusted EBITDA increased 21% to $2,845 million, and Adjusted EBITDA Margin improved to 17.4% from 16.8%.
  4. U.S. segment revenue rose 20% to $6,967 million, and U.S. Adjusted EBITDA more than doubled to $922 million from $507 million.
  5. Long-term debt rose to $12,266 million from $6,736 million, driven by the Snai and NSX acquisitions and the Boyd FanDuel stake purchase.
  6. Share repurchases of $1 billion were made in fiscal 2025 under a $5 billion program, with approximately $3.9 billion remaining.
  7. UK gambling duty increases, from 21% to 40% on iGaming from April 2026, prompted a goodwill impairment test on the UKI unit that showed $3,802 million of headroom.

03—One dollar

Follow one dollar

For each $1.00 of revenue in FY2025, Flutter Entertainment lost $0.02.

  1. Revenue$16.38B100.0%
  2. Cost of revenue−$8.98B54.8%
  3. Gross profit$7.40B45.2%
  4. Operating costs−$7.37B45.0%
  5. Operating income$36.0M0.2%
  6. Interest, other & tax−$443.0M2.7%
  7. Net income−$407.0M2.5%
Computed from 10-KFY2025filed February 26, 2026Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

Where FY2025 revenue went

$16.38B
  • Cost of revenue: $8.98B, 55% of revenue
  • Other operating costs: $6.38B, 39% of revenue
  • Operating income: $36.0M, 0.2% of revenue
  • R&D: $991.0M, 6.0% of revenue

Kept 0.2% as operating incomeOperating income $36.0M · 0.2%

Full revenue history →

04—Financials

Financial Highlights

Figures from 10-KFY2025filed February 26, 2026
Revenue$16.38B45.2% Gross MarginNet Income-$407.00M-2.5% Net MarginEPS (Diluted)$-1.75Total Assets$29.28BCash & Equivalents$1.83BFree Cash Flow$1.08B

Financial Statements

FY2025 against FY2024

Line itemFY2025FY2024Change
Revenue$16.38B$14.05B+16.6%
Cost of Revenue$8.98B$7.35B+22.2%
Gross Profit$7.40B$6.70B+10.5%
R&D Expenses$991.00M$820.00M+20.9%
Operating Income$36.00M$869.00M−95.9%
Interest Expense$576.00M$480.00M+20.0%
Net Income-$407.00M$162.00M−351.2%
EPS (Basic)$-1.75$0.24−829.2%
EPS (Diluted)$-1.75$0.24−829.2%
Shares Outstanding (Basic)177.00M178.00M−0.6%
Shares Outstanding (Diluted)177.00M180.00M−1.7%

05—Questions

Frequently Asked Questions

  1. Why did Flutter report a net loss in 2025 after a profit in 2024?

    The net loss of $(407) million was driven mainly by a $517 million goodwill impairment for Junglee after India banned real-money online gaming, $1,517 million of depreciation and amortization, $286 million of income tax expense, and higher transaction and restructuring costs. These were partly offset by a $300 million fair value gain on the Fox Option liability and revenue growth to $16,383 million.

  2. How did the U.S. and International segments perform?

    U.S. revenue grew 20% to $6,967 million, and Adjusted EBITDA rose to $922 million with a 13.2% margin. International revenue grew 14% to $9,416 million, with Snai and NSX contributing acquisition-driven growth, while International Adjusted EBITDA was $2,202 million with a 23.4% margin, down from 25.0%.

  3. What is the Fox Option and why does it matter?

    Fox holds an option to acquire an 18.6% equity interest in the Fastball Units of FanDuel Group Parent LLC, which the filing states had a price of $4.8 billion as of December 31, 2025. The option can be exercised until December 2030 and is recorded as a liability at fair value of $560 million. The filing notes that Fox's consent rights could limit certain actions Flutter may wish to take, and Fox has previously initiated arbitration.

  4. What are the main regulatory risks highlighted in the filing?

    The filing cites the UK increase in remote gaming duty to 40% on iGaming from April 2026 and to 25% on online sports betting from April 2027, the Irish Gambling Act reforms, Italy's concession and retail reorganization, and the Indian ban on online real-money gaming. It also flags U.S. prediction markets regulatory scrutiny, Illinois sports betting taxes, and the IRS memorandum treating fantasy sports entry fees as wagers.

06—Continue

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