Flutter Entertainment’s shares declined by 12% after the 2025 Q4 earnings call and 2026 earnings guidance on February 26, 2026. Q4 group revenue increased by 25%, reaching $4.73 billion, while adjusted EBITDA increased by 27%, generating $832 million; however, sportsbook handle in the U.S. increased only by 3%, which was a huge cause for concern.
Flutter Entertainment’s shares declined by 12% after the 2025 Q4 earnings call and 2026 earnings guidance on February 26, 2026.
Q4 group revenue increased by 25%, reaching $4.73 billion, while adjusted EBITDA increased by 27%, generating $832 million; however, sportsbook handle in the U.S. increased only by 3%, which was a huge cause for concern.
Peter Jackson, CEO of Flutter, stated:
“Our standard generosity playbook proved less effective in Q4. Our investment phasing did not sufficiently align with the pattern of sports results during this period, with lower spend levels coinciding with periods of bookmaker-friendly results. This resulted in less effective spending against a backdrop of improved competitor product offerings and continued elevated levels of market generosity. As a result, we saw higher churn within our customer base and a resultant loss of market share.”
In Q4, average monthly players reached 15.1 million, which was a 3% year-on-year increase. Q4 net income came in at $10 million, compared to $156 million in 2024, with adjusted earnings per share also dropping by 41% to $1.74.
In the U.S. market, revenue rose by 33%, with sportsbook revenue up 35% and iGaming revenue up 33%.
International revenue rose 19% in Q4, and sportsbooks reported a 6% rise, while iGaming saw a 31% increase. On the other hand, organic sportsbook revenue declined by 11%.