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What were the key takeaways from Flutter’s earnings call?

- **Revenue Growth**: 17% YoY revenue growth driven by 44% iGaming surge and disciplined sportsbook margin management.
- **Strategic Expansion**: $200-$300 million 2026 investment in FanDuel Predict to capture unregulated U.S. prediction markets.
- **Guidance Update**: Full year 2025 EBITDA reduced by $880 million due to sports results and strategic investments.
- **International Resilience**: 21% YoY international growth, with Turkey and Italy leading.
- **Cost Efficiency**: $300 million cost transformation program delivering $65 million annual Boyd savings.

**【CEO Summary Section】**
- Flutter reported Q3 2025 revenue growth of 17% YoY, driven by 44% iGaming revenue growth and 5% sportsbook handle growth. Adjusted EBITDA increased 6% YoY to $505 million.
- A $556 million non-cash impairment charge related to India's regulatory changes and a $205 million payment to Boyd for U.S. market access terms impacted net loss.
- Launched FanDuel Predict in December 2025, targeting unregulated U.S. states with a nationwide sports prediction product, with planned investments of $40-$50 million in Q4 2025 and $200-$300 million in 2026.
- U.S. sportsbook market share remained strong at 47% in September, despite elevated competitor generosity during NFL season start.
- International business grew 21% YoY, led by Turkey and Italy, with SNI and CCL acquisitions contributing 18 percentage points.

**【CFO Financial Commentary】**
- Group revenue: $16.69 billion (midpoint of updated guidance), +19% YoY; Adjusted EBITDA: $2.95 billion, +24% YoY.
- Q3 2025 net loss: $789 million (vs. $114 million prior year), driven by impairment charges and Boyd payment.
- Operating cash flow reduced by $81 million YoY due to Boyd payment; free cash flow reduced by $87 million YoY.
- Share repurchases of $225 million in Q3 and $245 million in Q4, completing $1.12 billion of 2025 buyback program.
- 2026 guidance includes $200-$300 million investment in FanDuel Predict, with focus on disciplined ROI monitoring.

**【Q&A Key Highlights】**
- **Prediction Markets Investment**: CFO Rob Coldrake stated Q4 2025 investment of $40-$50 million, with 2026 spend of $200-$300 million. CEO Jeremy Jackson emphasized disciplined customer acquisition and LTV monitoring.
- **U.S. Sportsbook Competition**: CFO highlighted Q4 2025 handle growth and NBA season strength, with 1,100bps improvement in parlay mix YoY. CEO noted competitor generosity moderation but elevated levels persist.
- **India Regulatory Impact**: CEO stated focus on free-to-play products in India, with lobbying efforts ongoing.
- **U.K. Market Resilience**: CFO noted 7% iGaming growth and confidence in SkyBet platform migration benefits.
- **Tax Risks**: CFO mentioned potential U.K. tax increases but confidence in Flutter's scale to mitigate impact.


Flutter Entertainment plc(FLUT)-20251113-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FLUT

FLUT fundamentals

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