Flutter Entertainment PLC Reports a Challenging Fourth‑Quarter 2025 and Sets 2026 Targets

Flutter Entertainment PLC, the global operator behind the FanDuel brand in the United States and a host of other sports‑betting and iGaming properties, released its fourth‑quarter and full‑year 2025 financial results on 26 February 2026. The results, disclosed in a joint earnings call and accompanying press releases, reveal a reversal of the company’s recent profitability trend, as well as a cautious outlook for the coming year.

Q4 2025 Performance

  • Net loss and earnings per share The company posted a net loss of $8 million (or $0.05 per share), a stark contrast to the $81 million net income and $0.45 per share recorded in the same quarter a year earlier. Adjusted earnings per share fell to $1.74, down from $2.94 last year, missing Wall Street estimates by a narrow margin.

  • Revenue Total revenue reached $4.437 billion (or $4.74 billion in a later Bloomberg‑reported figure), slightly below analysts’ expectations. The drop reflects slower new‑customer sign‑ups and moderating wagering growth, particularly in the United States where FanDuel’s market share has begun to plateau.

  • Operating metrics While the headline earnings declined, Flutter’s scale advantages remained evident. The company’s revenue growth outpaced its 2025 full‑year figure of $3.792 billion, underscoring that the underlying business model still generates significant top‑line expansion.

Full‑Year 2025 Results

  • Revenue and profitability Flutter’s 2025 full‑year revenue totaled $4.437 billion, a modest increase from the previous year’s $3.792 billion. Adjusted earnings per share for the year were $1.74, compared to $2.94 in 2024, reflecting the quarterly downturn and higher operating costs.

  • Guidance for 2026 In its earnings call, management outlined $7.8 billion in expected U.S. revenue and a target of $1.05 billion EBITDA for 2026. These figures demonstrate a continued focus on expanding Flutter’s prediction‑market offerings, despite the intense competition that “won’t break Flutter’s sportsbook economics,” as noted by the company.

The guidance also signals a strategic emphasis on cost discipline and efficient capital allocation. Flutter highlighted ongoing investment in technology and customer acquisition, while simultaneously exploring opportunities to diversify its product portfolio beyond traditional sports betting.

Market Context and Investor Reaction

  • Stock performance Flutter’s shares, listed on both the New York Stock Exchange (NYSE: FLUT) and the London Stock Exchange (LSE: FLTR), closed at $118.39 on 23 February 2026, within a 52‑week range of $114.74 to $313.685. The volatility reflects market sensitivity to the company’s quarterly results and the broader regulatory landscape in the gambling sector.

  • Industry comparison While Flutter’s revenue growth remains robust relative to peers such as Codere Online and Brightstar Lottery, its profitability trajectory signals that the competitive pressure in the U.S. and European markets is tightening. Analysts are monitoring Flutter’s ability to maintain its market share amid the proliferation of new betting platforms and evolving consumer preferences.

Conclusion

Flutter Entertainment’s fourth‑quarter loss and revised full‑year earnings underline the challenges facing even the most established operators in the online gambling industry. Nevertheless, the company’s clear 2026 targets—especially the ambition to reach $7.8 billion in U.S. revenue—illustrate a confidence in its scale and strategic direction. Investors will be watching closely to see whether Flutter can translate its growth trajectory into sustained profitability while navigating an increasingly crowded betting landscape.