International online gaming and sports betting giant Flutter Entertainment has published its results for the second quarter of the year, highlighting double-digit revenue and EBITDA growth. The strong results reflected the company’s stable position in the US and beyond and led to an update in Flutter’s full-year guidance.
Flutter’s Revenue and EBITDA Experienced Double-Digit Growth
Flutter announced that its revenue for Q2 2025 reached approximately $4.2 billion, which marks a 16% increase year-on-year. Adjusted EBITDA for the same period increased by 25% to $919 million. The adjusted EBITDA margin for Q2 stood at 21.9%.
Flutter attributed the favorable EBITDA figures to the company’s continued US growth.
The company’s net income, however, experienced a decrease of 88% from $297 million in Q2 2024 to $37 million in Q2 2025. Flutter explained that this was due to a non-cash charge related to the movement in the Fox Option valuation, increased non-cash amortization of acquired intangibles and an increased income taxes expense.
Flutter’s earnings per share also experienced a slump, decreasing from $1.45 in the prior-year period to $0.59 in Q2 2025. Adjusted earnings per share, however, pointed to an increase of 45% to $2.95.
Other key metrics included $359 million in net cash from operating activities (up 11% YOY), as well as a free net cash flow of $156 million (down 9% YOY). The decline in free cash flow resulted from a boost in capital expenditure from the Snai acquisition, as well as increased technology investment across Flutter as a whole.
The company added that it recorded almost 16 million average monthly players in the second quarter of the year, up 11% YOY.
Flutter’s Performance Was Strong Across the Board
Additional Q2 highlights showed sustained iGaming strength as FanDuel’s lead in the US extended. Adjusted EBITDA from Flutter’s US-based operations alone reached $400 million, thanks to tailwinds due to favorable sports results and strong operating leverage.
In the meantime, the company’s acquisitions of Snai and NSX provided its global EBITDA and iGaming performance with a further boost, as Flutter’s brands continued to excel in the UK and UKI, SEA and APAC regions. Sports betting, meanwhile, experienced tough comparisons due to last year’s European Football Championship.
In any case, the favorable Q2 results caused Flutter to update its FY 2025 guidance. The company said that it expects revenue and adjusted EBITDA to reach $17.3 billion and $3.3 billion, respectively. These figures imply growth of 23% and 40%, respectively.
CEO Jackson Was Very Pleased with the Results
Peter Jackson, the company’s chief executive officer, said that he was very pleased with the Q2 performance and advancement of the company’s key strategic objectives. Among other things, the company solidified its position in Brazil and became a regional powerhouse in Italy – achievements which, according to Jackson, attest to his team’s ability to execute effectively.
Jackson addressed the tax increases in several US states and praised the industry for its progress in encouraging lawmakers to adopt a balanced approach. He was also pleased with the fact that the company’s growth was achieved in a sustainable way, with the company’s brands boasting a strong approach to safer gambling.
Overall, CEO Jackson expressed confidence in Flutter’s continued performance.
Looking ahead to the remainder of the year, our strong performance in the first half of 2025 underlines the strength of Flutter’s fundamentals. I feel confident as I consider our positioning heading into the second half of 2025.
Peter Jackson, CEO, Flutter Entertainment
Jackson concluded that the company’s performance in Q2 poises it to deliver on strategic objectives in H2.
