01—Abstract
Summary
Summary of the 10-Q filed November 12, 2025. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc reported a net loss of $789 milliona for the three months ended September 30, 2025, on revenue of $3,794 million, compared with a net loss of $114 million on revenue of $3,248 million a year earlier.
The quarter was driven by a $517 millionb goodwill impairment tied to the Junglee reporting unit after India's Promotion and Regulation of Online Gaming Act, 2025 banned real-money online gaming, and by a $204 million transaction cost primarily related to the Boyd market access payment. Adjusted EBITDA rose to $478 million from $450 million, though the Adjusted EBITDA margin declined to 12.6% from 13.9%. Other income was $152 million, mainly from a $126 million fair value gain on the Fox Option liability.
For the nine months, revenue was $11,646 millionc and net loss was $417 million, against net income of $6 million a year earlier. The U.S. segment grew revenue 9% in the quarter to $1,368 million, with iGaming revenue up 44%, while International revenue rose 21% to $2,426 million, aided by the Snai and NSX acquisitions. Total debt principal was about $12.2 billion at September 30, 2025, up from $6.8 billion at year-end 2024, reflecting new senior secured notes, term loans and bridge facilities used for the Snai acquisition, the NSX acquisition and the Boyd transaction.
Cash and cash equivalents were $1,727 milliond. The company disclosed that its disclosure controls were not effective due to material weaknesses in internal control over financial reporting that had not been remediated as of September 30, 2025. The filing also flags contingent exposures, including player claims in Austria and Germany and a potential GST liability in India of ₹198.5 billion (about $2.3 billion) under a DGGI notice to PokerStars India, for which no liability has been accrued.
02—Key points
Key Highlights
- Net loss of $789 million for Q3 2025 versus a $114 million net loss in Q3 2024, driven largely by the $517 million Junglee goodwill impairment and $204 million in transaction costs tied to the Boyd market access payment.
- Revenue rose to $3,794 million from $3,248 million, with U.S. revenue up 9% to $1,368 million (iGaming up 44%) and International revenue up 21% to $2,426 million.
- Adjusted EBITDA increased to $478 million from $450 million, while the Adjusted EBITDA margin fell to 12.6% from 13.9%.
- Total long-term debt principal rose to about $12.2 billion from $6.8 billion at December 31, 2024, following new senior secured notes, term loan borrowings and bridge facilities.
- Other income was $152 million in Q3 2025, including a $126 million fair value gain on the Fox Option liability, compared with a $122 million expense a year earlier.
- Management concluded disclosure controls were not effective as of September 30, 2025, because material weaknesses in internal control over financial reporting from the 2024 Annual Report had not been remediated.
- Junglee ceased real-money gaming in India on August 22, 2025, and the company disclosed a potential GST liability of ₹198.5 billion ($2.3 billion) under a DGGI notice to PokerStars India, for which no liability has been accrued.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, Flutter Entertainment lost $0.21.
- Revenue$3.79B100.0%
- Cost of revenue−$2.17B57.1%
- Gross profit$1.63B42.9%
- Operating costs−$2.46B64.8%
- Operating income−$834.0M22.0%
- Interest, other & tax$45.0M1.2%
- Net income−$789.0M20.8%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 12, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $3.79B$3.25B | +16.8% |
| Cost of Revenue | $2.17B$1.75B | +23.7% |
| Gross Profit | $1.63B$1.50B | +8.7% |
| R&D Expenses | $275.00M$213.00M | +29.1% |
| Operating Income | -$834.00M$97.00M | −959.8% |
| Interest Expense | $167.00M$123.00M | +35.8% |
| Net Income | -$789.00M-$114.00M | −592.1% |
| EPS (Basic) | $-3.91$-0.58 | −574.1% |
| EPS (Diluted) | $-3.91$-0.58 | −574.1% |
| Shares Outstanding (Basic) | 176.00M178.00M | −1.1% |
| Shares Outstanding (Diluted) | 176.00M178.00M | −1.1% |
05—Questions
Frequently Asked Questions
Why did Flutter report a larger net loss in the third quarter of 2025?
The net loss of $789 million was mainly driven by a $517 million goodwill impairment for the Junglee reporting unit after India banned real-money online gaming, and by $204 million of transaction fees and associated costs, primarily related to the Boyd market access payment. Operating loss was $834 million, compared with operating profit of $97 million in the prior-year quarter.
How did the U.S. and International segments perform?
U.S. segment revenue grew 9% to $1,368 million, with iGaming revenue up 44% offset by a 5% decrease in sportsbook revenue. U.S. Adjusted EBITDA was $51 million, down from $58 million. International segment revenue grew 21% to $2,426 million, primarily due to the Snai and NSX acquisitions, and International Adjusted EBITDA rose to $505 million from $461 million.
How much debt does Flutter carry and what was it used for?
Total debt principal including accrued interest was $12,197 million at September 30, 2025, compared with $6,788 million at December 31, 2024. The filing states that the 2031 senior secured notes, incremental Term Loan B borrowings and bridge facilities were used to fund the Snai and NSX acquisitions, the Boyd transaction and related repayments. Cash and cash equivalents were $1,727 million at quarter end.
What material weaknesses and legal or tax risks does the filing disclose?
The company stated its disclosure controls were not effective as of September 30, 2025, due to material weaknesses in internal control over financial reporting that had not been remediated. Legal matters include player claims in Austria and Germany, with €17 million ($20 million) accrued and a further €45 million ($53 million) in claims for which no accrual has been made. The filing also describes a DGGI GST notice to PokerStars India for ₹198.5 billion ($2.3 billion), for which no liability has been accrued and the Group cannot estimate a reasonably possible loss.
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