Flutter Entertainment plc reported its third‑quarter 2025 results on November 12, 2025. Total revenue reached $3.79 billion, falling short of the consensus estimate of $3.86 billion. Adjusted earnings per share were $1.64, a $0.85 beat over the $0.79 consensus.
The revenue miss was driven by a 5 % decline in U.S. Sportsbook revenue, which was offset only partially by a 44 % jump in U.S. iGaming revenue. Competition from other operators and customer‑friendly sports results in the NFL and NBA seasons reduced betting volumes, while regulatory changes in India forced the company to cease real‑money gaming in that market, erasing a modest revenue contribution.
Despite the revenue shortfall, Flutter delivered a strong EPS beat thanks to disciplined cost management and a favorable mix shift toward higher‑margin iGaming. Adjusted EBITDA margin contracted to 12.6 % from 13.8 % year‑over‑year, yet the company maintained a robust operating leverage that allowed it to convert revenue into earnings more efficiently than analysts had expected.
Management lowered its full‑year 2025 revenue guidance to $16.69 billion from the prior $17.0 billion estimate, and adjusted EBITDA guidance to $2.915 billion from $3.0 billion. The cuts reflect the company’s need to invest heavily in the upcoming FanDuel Predicts prediction‑market platform, the impact of regulatory uncertainty, and the cost of new tax obligations in Illinois.
Analysts responded with a mix of caution and optimism. While the EPS beat reinforced confidence in Flutter’s cost discipline, the revenue miss and guidance reduction prompted several analysts to temper their outlooks, citing intensified competition and regulatory headwinds as key risks.
Looking ahead, Flutter remains the leading operator in the U.S. market, but the company must navigate a challenging competitive landscape and regulatory environment. Continued investment in FanDuel Predicts and strategic acquisitions will be critical to sustaining growth, while the company’s ability to manage costs and adapt to changing sports betting dynamics will determine its long‑term profitability.
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