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Sep 30, 2025
Flutter Q3 2025 Earnings Report
Flutter reported solid Q3 growth driven by acquisitions and iGaming, but posted a significant net loss due to a regulatory impairment and a one-off payment.
Key Takeaways
Flutter Entertainment delivered 17% revenue growth and strong iGaming performance in Q3 2025, but reported a net loss of $789 million due to a $556 million non-cash impairment in India and a $205 million Boyd payment.
Q3 revenue reached $3.794 billion, up from $3.248 billion last year.
Reported net loss of $789 million due to India impairment and Boyd payment.
Adjusted EPS increased to $1.64, up 29% year-over-year.
Free cash flow dropped 78% due to major outflows including Boyd-related costs.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Flutter revised 2025 guidance downward due to weaker-than-expected sports results, the launch of FanDuel Predicts, and regulatory changes in India.
Positive Outlook
- Q4 has started with strong momentum in player engagement and NBA season performance.
- FanDuel Predicts launching in December to unlock new market opportunities.
- Strong performance from International iGaming, especially in Southern Europe and Brazil.
- FanDuel’s market share remains high despite competitive intensity.
- Ongoing integration and synergy realization from Snai and Betnacional acquisitions.
Challenges Ahead
- Adverse sports results impacted adjusted EBITDA by $170M in early Q4.
- Indian regulatory change resulted in a $556M non-cash impairment.
- $205M Boyd payment reduced free cash flow and net income.
- Cost increases across sales, marketing, and technology due to strategic investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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