Flutter FY25 Revenue Jumps 17% to $16.4B but India Write-Off Drives Net Loss
Flutter Entertainment posted FY2025 revenue of $16.4 billion, up 17%, with adjusted EBITDA climbing 21% to $2.85 billion according to results published February 26. A $556 million non-cash impairment tied to India’s regulatory shutdown pushed the group to a $407 million net loss, compared with $162 million in profit a year earlier.
FanDuel generated $6.97 billion in revenue, and EBITDA nearly doubled to $922 million. Flutter held a 41% sportsbook GGR share and 28% in iGaming in Q4. CEO Peter Jackson flagged FanDuel Predicts, launched in December 2025, as the next growth category with $275 million earmarked for 2026.
Brazil posted Q4 revenue up 383% to $87 million. The UK and Ireland fell 9%. The India exit will remove $250 million in revenue and $90 million in EBITDA from 2026 results. Net debt rose to $10.6 billion, with the debt ratio increasing to 3.7x from 2.2x.
The 2026 guidance shows the tension. Revenue is expected at $18.4 billion (+12%), but EBITDA of $2.97 billion grows just 4%. The gap is investment: FanDuel Predicts, Brazil expansion, and new US state launches.
For operators competing with FanDuel, the 82% EBITDA jump means Flutter’s scale is converting to margin. Suppliers should track FanDuel Predicts as it creates a new regulated US category. Affiliates need to factor in the India hole and UK softness for 2026 planning.
TGJ Take
Flutter’s 2026 is an investment year framed as growth. FanDuel Predicts, with $275 million behind it, is the main focus, and if prediction markets scale, it opens a new US vertical. The risk comes from a 3.7x debt ratio while funding several initiatives at once. If any slow down, pressure on the balance sheet builds quickly.
