Flutter Entertainment Earnings Call Transcripts
Fiscal Year 2026
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The AGM covered board changes, director elections, and several governance resolutions, with all but one passing. Shareholders voiced concerns about executive pay and lack of management engagement, prompting assurances that compensation is performance-based and aligned with U.S. standards.
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Leadership discussed recent execution challenges, new loyalty and product initiatives, and a focus on cost efficiency and innovation. iGaming and prediction markets are key growth drivers, with sequential improvements expected in H2 2026. Capital allocation prioritizes deleveraging and future M&A flexibility.
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Q1 2026 saw 17% revenue growth and 2% adjusted EBITDA growth, with strong iGaming and international performance offsetting US sportsbook margin pressures from tax increases. Management changes and new product rollouts aim to drive sequential improvement, with full-year guidance reaffirmed.
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U.S. iGaming and sports margins outperformed, but handle faced pressure due to high parlay mix and under-executed generosity strategy. New loyalty programs, product enhancements, and prediction markets are set to drive growth, while international markets like Italy and Brazil show strong momentum. Cost efficiencies and transformation initiatives support long-term cash flow targets.
Fiscal Year 2025
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Q4 2025 saw 25% revenue and 27% adjusted EBITDA growth, with strong U.S. and international performance. 2026 guidance anticipates continued growth, major investment in prediction markets, and a new sportsbook loyalty program to drive engagement and market share.
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Q3 delivered 17% revenue growth and 6% higher Adjusted EBITDA, but a net loss of $789 million due to one-off items. FanDuel Predicts launches in December, with significant investment planned, while U.S. and international segments showed strong iGaming growth.
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Strong Q2 results highlighted robust U.S. and international growth, driven by product innovation, operational discipline, and strategic M&A. The business remains confident in achieving margin targets, navigating regulatory changes, and delivering shareholder value.
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Q2 saw 16% revenue and 25% adjusted EBITDA growth, led by U.S. and international expansion, product innovation, and successful acquisitions. Upgraded 2025 guidance reflects strong momentum, with disciplined capital allocation and ongoing cost efficiencies.
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Q1 saw 289% net income and 20% adjusted EBITDA growth, driven by US scaling and strong international performance. Guidance for 2025 remains robust, with SNAI and NSX acquisitions enhancing growth prospects and a $1B share buyback planned.
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Customer acquisition and disciplined strategy drove U.S. outperformance in 2024, with strong margin expansion and product innovation like "Your Way" supporting future growth. Internationally, the U.K., Italy, and Brazil are key focus areas, with ongoing M&A and capital returns planned.
Fiscal Year 2024
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Revenue grew 19% and Adjusted EBITDA rose 26% in 2024, with strong U.S. market leadership and robust iGaming growth. 2025 guidance points to significant revenue and EBITDA increases, supported by product innovation, share repurchases, and strategic acquisitions.
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Q3 saw 27% revenue and 74% adjusted EBITDA growth, with strong U.S. and international performance, product innovation, and market share gains. 2024 guidance was raised, a $350M share buyback was announced, and key acquisitions are on track for 2025 completion.
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Operating in a $370B global market, the group projects $21B revenue and 25% EBITDA margin by 2027, driven by local market leadership, the "Flutter Edge," and strategic M&A. U.S. and international growth, innovation, and responsible gaming underpin a plan for $5B in shareholder returns.
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Q2 delivered 20% revenue and 17% Adjusted EBITDA growth, with strong U.S. and international performance. 2024 guidance was raised, reflecting robust momentum, product innovation, and disciplined capital management, despite regulatory and tax headwinds.