Flutter Entertainment Reports 16% Revenue Growth to $4.187 Billion in Q2 2025

Flutter Entertainment plc reported a significant increase in financial performance for the second quarter of 2025, with total revenue reaching $4.187 billion, a 16% rise from $3.611 billion in the same period last year. The company's net income, however, saw a decrease to $37 million from $297 million, primarily due to increased costs and a notable shift in other income and expenses. The adjusted EBITDA for the quarter was $919 million, reflecting a 25% increase compared to $738 million in the prior year, with an adjusted EBITDA margin of 21.9%, up from 20.4%.

The company attributed its revenue growth to strong performance in both its U.S. and International segments. The U.S. segment alone generated $1.791 billion in revenue, marking a 17% increase year-over-year, driven by scaling operations and growth in existing states. The International segment also performed well, with revenue increasing by 15% to $2.396 billion, bolstered by the recent acquisitions of Snai and NSX, which contributed significantly to revenue growth. Flutter's average monthly players (AMPs) rose to 16 million, an 11% increase from the previous year, indicating strong engagement across its platforms.

In terms of operational developments, Flutter completed two major acquisitions in 2025: Snai, a leading Italian operator, for approximately $2.6 billion, and a 56% stake in NSX, a Brazilian operator, for $678 million. These acquisitions are expected to enhance Flutter's market presence in Italy and Brazil, respectively. The company also announced plans to acquire the remaining 5% stake in FanDuel from Boyd Gaming for $1.76 billion, which will bring Flutter's ownership in FanDuel to 100%.

The company reported a total employee headcount of 20,000 as of June 30, 2025, reflecting its ongoing expansion efforts. Flutter's cash and cash equivalents increased to $1.691 billion, up from $1.531 billion at the end of 2024, providing a solid liquidity position to support its growth initiatives. The company also noted a significant increase in long-term debt, which rose to $9.882 billion from $6.683 billion, primarily due to financing activities related to the acquisitions.

Looking ahead, Flutter remains optimistic about its growth trajectory, particularly in the U.S. market, where it continues to expand its footprint amid evolving regulatory landscapes. The company is focused on leveraging its competitive advantages to capitalize on market opportunities while managing costs effectively. Flutter's management emphasized the importance of maintaining operational efficiency and enhancing customer engagement to drive future growth.