FLUT
The headline: growth is still doing laps
Flutter Entertainment rolled out a classic earnings report combo meal: big top-line growth, solid operating leverage, and one nasty item that ruined the vibe. Revenue climbed 17% in 2025 to $16.383 billion, while adjusted EBITDA rose 21% to $2.845 billion. So yes, the business is still growing like it left the gate early and never looked back.
But that India-sized pothole hurt
Here’s the catch: net income swung to a $407 million loss, mostly because of a $556 million non-cash impairment charge linked to regulation changes in India. That’s the kind of accounting hit that doesn’t directly drain the bank account, but it absolutely messes with the optics — and the market is always a little shallow when it comes to optics.
Other bits that matter:
- Average monthly players rose 14% for the year to 15.9 million
- Q4 revenue grew 25% year over year
- Free cash flow fell to $407 million from $941 million, with M&A and higher costs doing some damage
- The leverage ratio sat at 3.7x, which is manageable, but not exactly beach-bod territory
The real investor clue: 2026 is already in sight
Flutter also served up 2026 guidance, calling for $18.4 billion in revenue and $2.97 billion in adjusted EBITDA. Translation: management still sees the growth engine humming, especially in the U.S. and international markets, even with India, UK tax changes, and messy sports results throwing elbows.
Buybacks: the company still wants to hand you cash
Flutter returned $1 billion to shareholders in 2025 and bought back 1.02 million shares in Q4 for $245 million. It’s now expecting to return about $250 million in H1 2026, which is a polite way of saying: yes, the capital return machine is still on.
Big picture: this is a growth story with a few bruises, not a broken thesis. If you’re bullish on gaming’s long runway, Flutter just reminded you that scale is working — even if regulation keeps trying to trip it at the finish line.