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Flutter Entertainment 8-K Report, Financial Results (Mar 4, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed March 4, 2025
Period End
March 4, 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. Material agreement8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed March 4, 2025. Cited figures are marked; the original filing is the authoritative source.

Flutter Entertainment plc filed this Form 8-K on March 4, 2025 under Item 2.02 (Results of Operations and Financial Condition), furnishing as Exhibit 99.1 a press release reporting fourth-quarter and full-year 2024 results and introducing full-year 2025 guidance.

For fiscal 2024, revenue was $14.05 billiona (up 19% year-over-year, per the filing's key highlights table), net income was $156 million in Q4 versus a $902 million loss a year earlier, and full-year net income was $162 million. Adjusted EBITDA rose 26% to $2.36 billion for the year, and net cash provided by operating activities was $1.60 billion. Q4 Adjusted EBITDA was $655 million, up 4%, with US Adjusted EBITDA down 3% at $163 million due to adverse sports results.

Results include a $212 millionb fair value loss on the Fox Option liability and a $134 million acquired intangibles amortization charge in Q4. For 2025, management guides to Group revenue of $15.48 billion to $16.38 billion and Group Adjusted EBITDA of $2.94 billion to $3.38 billion, with midpoints representing 13% revenue and 34% Adjusted EBITDA growth. Guidance assumes US existing-state revenue of $7.47 billion to $7.97 billion and Adjusted EBITDA of $1.28 billion to $1.52 billion, and includes a $40 million negative revenue and $90 million Adjusted EBITDA cost from new state launches.

Share repurchases of up to $1 billionc are expected in 2025, following $121 million returned in Q4 2024. The company also said it will move to two reporting segments (US and Flutter International) effective January 1, 2025, and that the NSX and Snai acquisitions are expected to close in Q2 2025 and are excluded from guidance.

Leverage fell to 2.2x from 3.1x at December 31, 2023, with total debt of $6.74 billiond and net debt of $5.16 billion. The company noted early 2025 trends, including a positive Super Bowl LIX outcome offset by customer-friendly January sports results, and the release states that results are based on the stated sports-result and FX assumptions.

02—Key points

Key Highlights

  1. Full-year 2024 revenue of $14.05 billion, up 19% year-over-year, with Adjusted EBITDA up 26% to $2.36 billion
  2. Q4 2024 net income of $156 million versus a $902 million net loss in Q4 2023, though including a $212 million Fox Option fair value loss
  3. US Q4 Adjusted EBITDA fell 3% to $163 million as adverse sports results offset revenue growth of 14%
  4. 2025 guidance: Group revenue of $15.48–$16.38 billion and Adjusted EBITDA of $2.94–$3.38 billion
  5. Leverage ratio reduced to 2.2x from 3.1x at December 31, 2023; net debt $5.16 billion
  6. Share repurchase program began in November 2024 with $121 million returned; up to $1 billion expected in 2025
  7. Reporting segments change to US and Flutter International effective January 1, 2025

03—Questions

Frequently Asked Questions

  1. How did Flutter perform in the fourth quarter of 2024?

    Group revenue rose 14% to $3.79 billion and Adjusted EBITDA rose 4% to $655 million. Net income was $156 million, compared with a net loss of $902 million a year earlier. The Q4 result was affected by customer-friendly US sports results, and net income included non-cash charges for the Fox Option fair value loss ($212 million) and acquired intangibles amortization ($134 million).

  2. What is Flutter's 2025 guidance?

    Group revenue is guided to $15.48 billion to $16.38 billion and Group Adjusted EBITDA to $2.94 billion to $3.38 billion. The midpoints represent 13% revenue growth and 34% Adjusted EBITDA growth. Guidance assumes sports results in line with expected margins for the rest of the year, current FX rates, and a consistent regulatory and tax framework, and excludes the pending NSX and Snai acquisitions.

  3. How is Flutter returning capital to shareholders?

    The share repurchase program commenced in November 2024, with 444,746 shares repurchased in 2024 for $121 million. The company says up to $5 billion is expected to be returned over the coming years and approximately $1 billion in 2025.

  4. What changes to Flutter's reporting structure were announced?

    Effective January 1, 2025, Flutter will report two segments: US, comprising the FanDuel brand, and Flutter International, comprising all other brands. Flutter International will exclude unallocated corporate overhead. An updated set of financial KPIs will be made available before the Q1 2025 earnings update.

  5. How is Flutter's balance sheet positioned?

    Total debt was $6.74 billion at December 31, 2024, down from $7.06 billion a year earlier, and net debt was $5.16 billion. The leverage ratio was 2.2x, down from 3.1x, and the company states it is now within its medium-term target of 2.0–2.5x.

04—Continue

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