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Sep 30
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.
Flutter
Flutter
Flutter Revenue by Segment
Flutter Revenue by Geographic Location
Revenue by Segment
US Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
UK and Ireland Revenue
CapyFin.comSouthern Europe and Africa Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comCentral and Eastern Europe Revenue
CapyFin.comBrazil Revenue
CapyFin.comOther regions Revenue
CapyFin.com 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.
- Revised 2025 revenue and EBITDA guidance down by $570M and $380M respectively.
Revenue & Expenses
Visualization of income flow from segment revenue to net income