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Flutter Entertainment 8-K Report, Financial Results (May 7, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2025
Period End
May 7, 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 May 7, 2025. Cited figures are marked; the original filing is the authoritative source.

Flutter Entertainment plc reported first quarter 2025 results on May 7, 2025, with Group revenue of $3,665 milliona, up 8% year over year, and net income of $335 million compared with a net loss of $177 million in the prior-year quarter.

Adjusted EBITDA rose 20% to $616 millionb, with the Group adjusted EBITDA margin at 16.8%. The filing attributes the earnings improvement mainly to the scaling of the US business, where revenue grew 18% to $1,666 million and adjusted EBITDA reached $161 million, versus $26 million a year earlier. Net income also benefited from a $205 million gain in the fair value of the Fox Option liability, a non-cash item.

Net cash from operating activities fell 44% to $188 millionc and free cash flow fell 52% to $88 million, which management attributes largely to a $211 million lower year-end player deposit liability position due to timing of the quarter-end falling on a weekday. International revenue was $1,999 million, up 1% reported and 3% in constant currency, with strong growth in Southern Europe and Africa and iGaming growth in the UK and Ireland and India, offset by a 13% revenue decline in Asia Pacific. Management updated 2025 guidance to a Group revenue midpoint of $17.08 billion and adjusted EBITDA midpoint of $3.18 billion, reflecting the acquisitions of Snai (completed April 30, 2025) and NSX (expected in May), which together are expected to add $1.07 billion in revenue and $120 million in adjusted EBITDA, partly offset by $180 million of year-to-date adverse US sports results impact on adjusted EBITDA.

Total debt was $6,824 milliond, net debt $5,329 million, and the leverage ratio 2.2x. The company repurchased 891 thousand shares for $230 million in the quarter and expects to return up to approximately $1 billion through buybacks in 2025.

The filing is furnished under Item 2.02 and includes a shareholder letter and press release as exhibits. Management expects leverage to rise near term following the Snai acquisition before declining, and reiterates a medium-term leverage target of 2.0-2.5x.

02—Key points

Key Highlights

  1. Group revenue of $3,665 million, up 8% year over year; constant currency growth of 10%.
  2. Net income of $335 million versus a net loss of $177 million a year earlier, including a $205 million non-cash gain on the Fox Option liability.
  3. Adjusted EBITDA of $616 million, up 20%, with adjusted EBITDA margin of 16.8%, up 170 bps.
  4. US revenue of $1,666 million (up 18%) and adjusted EBITDA of $161 million versus $26 million in the prior year; iGaming revenue grew 32%.
  5. Net cash from operating activities of $188 million (down 44%) and free cash flow of $88 million (down 52%), largely due to timing of player deposit liabilities.
  6. 2025 guidance updated: Group revenue midpoint $17.08 billion and adjusted EBITDA midpoint $3.18 billion, including Snai and NSX acquisitions, with year-to-date sports results a $280 million revenue and $180 million adjusted EBITDA headwind.
  7. Leverage ratio of 2.2x with net debt of $5,329 million; company expects leverage to rise near term after Snai, and plans up to approximately $1 billion of share repurchases in 2025.

03—Questions

Frequently Asked Questions

  1. What drove the improvement in Flutter's net income in Q1 2025?

    Net income rose to $335 million from a net loss of $177 million, mainly because of the US business's scaling and operating leverage, which lifted US adjusted EBITDA to $161 million. Net income also included a $205 million gain in the fair value of the Fox Option liability, compared with a $184 million loss in the prior-year quarter.

  2. Why did operating cash flow and free cash flow decline?

    Net cash from operating activities fell 44% to $188 million and free cash flow fell 52% to $88 million. The company attributes this to a $211 million lower player deposit liability at quarter-end, because March 31, 2025 was a weekday, whereas the prior-year quarter ended on a weekend when customers typically hold more funds in their wallets.

  3. How do the Snai and NSX acquisitions affect 2025 guidance?

    Snai was completed on April 30, 2025 and NSX is expected to complete during May. Together they are expected to add $1.07 billion in revenue and $120 million in adjusted EBITDA to 2025 results. Group revenue and adjusted EBITDA guidance midpoints are now $17.08 billion and $3.18 billion, respectively.

  4. What is the company's capital return and leverage outlook?

    Flutter repurchased 891 thousand shares for $230 million in Q1 2025 and expects to return up to approximately $1 billion through the buyback program during 2025, within a program of up to $5 billion over the coming years. Leverage is 2.2x, which management expects to rise near term due to Snai before reducing, with a medium-term target of 2.0-2.5x.

  5. How did the International segment perform?

    International revenue was $1,999 million, up 1% reported and 3% in constant currency, and adjusted EBITDA was $518 million, down 1% reported and up 2% in constant currency. Southern Europe and Africa revenue grew 14% and CEE grew 15%, while Asia Pacific revenue fell 13% and Brazil revenue fell 44%.

04—Continue

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