Flutter Entertainment (NYSE:FLUT) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsBen Shelley - Director of European Leisure, Media, and Internet Equity ResearchBrandt Montour - Director of Equity Research in Gaming, Lodging, and LeisureClark Lampen - Managing Director of Digital GamingDan Politzer - Executive Director of Equity Research in Gaming and LodgingJordan Bender - Managing Director of Gaming Equity ResearchMonique Pollard - Managing Director of Equity ResearchPaul Ruddy - H ...

Flutter Entertainment (NYSE:FLUT) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsBen Shelley - Director of European Leisure, Media, and Internet Equity ResearchBrandt Montour - Director of Equity Research in Gaming, Lodging, and LeisureClark Lampen - Managing Director of Digital GamingDan Politzer - Executive Director of Equity Research in Gaming and LodgingJordan Bender - Managing Director of Gaming Equity ResearchMonique Pollard - Managing Director of Equity ResearchPaul Ruddy - H ...

Flutter Entertainment (NYSE:FLUT) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker5Thank you for standing by. My name is Jael, and I will be your conference operator today. At this time, I would like to welcome everyone to the Flutter Entertainment Fourth Quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star fol ...

NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the world's leading online sports betting and iGaming operator, announces Q4 and full year 2025 results, and introduces 2026 guidance. Unparalleled scale advantages and strategic executionreinforced Flutter’s global leadership in 2025 Key financial highlights: In $ millions except where stated otherwiseThree months ended December 31Fiscal year ended December 312025 2024 YOY2025 2024 YOY <td colspan=" ...

Receipt of final regulatory approval for the Apricot transaction, which management said strengthens its sportsbook technology platform and enables cost savings.Launch of the ZAR Supercoin in South Africa as an early step in building a broader digital payments infrastructure.In the fourth quarter, Menashe noted record monthly active customers and deposits, and pointed to progress on several strategic initiatives:Chief Executive Officer Neal Menashe described 2025 as a “standout year,” emphasizing that the co ...

Core Viewpoint - BofA Securities maintains a Neutral rating and a $27 price target on DraftKings Inc. ahead of the company's Investor Day on March 2 [1] Group 1: Key Focus Areas for Investor Day - The event is expected to address four main topics: DraftKings Predictions opportunity and medium-term financial targets; total addressable market (TAM) for prediction markets and updated TAM for core online sports betting (OSB) and iGaming; revised revenue and profit targets for 2028 and potentially 2030; and updated data on customer acquisition and retention trends amid concerns regarding potential cannibalization of the core business by prediction markets [2] Group 2: Financial Projections - DraftKings previously set a target for 2028 revenue of $7.1 billion and EBITDA of $2.1 billion. BofA anticipates the company may increase its revenue outlook to between $8.5 billion and $9.1 billion, with approximately $8.2 billion from core sports betting and around $650 million from prediction market fees [3] - However, BofA expects the 2028 EBITDA guidance may be adjusted lower to a range of $1.5 billion to $1.7 billion, with about $1.5 billion from core operations and $100 million to $150 million from Predictions [4]

Core Viewpoint - Flutter Entertainment will release its fourth quarter and full year 2025 financial results on February 26, 2026, after market close [1] - A conference call will be held on the same day to discuss the results and answer questions from analysts and investors [2] Financial Results Announcement - The financial results will be available on Flutter's website in the "Investors" section [1] - The results will be released at 4:05 p.m. EST (9:05 p.m. GMT) [1] Conference Call Details - The conference call is scheduled for February 26 at 4:30 p.m. EST (9:30 p.m. GMT) [2] - Access to the call will be available via webcast and telephone, with a replay available one hour after the call [2] Participation Information - Analysts and investors can join the live conference call by dialing specific numbers and using conference ID 12768 [3] - Dial-in numbers include +1 800 715 9871 for North America and +44 800 358 0970 for the United Kingdom, among others [3] Company Overview - Flutter is a leading online sports betting and iGaming operator with a strong market position in the US and globally [4] - The company aims to leverage its size and innovative mindset to drive long-term growth and promote sustainability through its Positive Impact Plan [4] Brand Portfolio - Flutter operates a diverse range of online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, and PokerStars [4]

Core Viewpoint - Flutter Entertainment plc (NYSE:FLUT) is identified as a promising investment opportunity despite recent adjustments in price targets by analysts, reflecting a bullish sentiment from Wall Street with significant upside potential [1][3]. Group 1: Analyst Ratings and Price Targets - Jed Kelly from Oppenheimer reiterated a Buy rating on Flutter Entertainment but lowered the price target from $320 to $280 [1]. - Jordan Bender from Citizens JPM also maintained a Buy rating while reducing the price target from $313 to $275 [1]. Group 2: Performance Insights - Analysts at Citizens noted that the reduced price target is based on the company's performance in December 2025, which was deemed disappointing despite a history of strong operations [2]. - The company reported decent gaming margins in November and December 2025, but these did not compensate for poor results in October [2]. - The same store's handle in December fell to low double digits, indicating a decline in performance [2]. Group 3: Market Sentiment - Overall, Wall Street maintains a bullish sentiment on Flutter Entertainment, with analysts projecting a 12-month price target that suggests more than 67% upside from the current level [3]. - Flutter operates as a leading online sports betting and iGaming company, with a global customer base through brands like Paddy Power, Betfair, PokerStars, and Sportsbet [3].

Core Viewpoint - Flutter Entertainment plc (NYSE:FLUT) is identified as an undervalued stock with significant upside potential heading into 2026, despite recent price target reductions by analysts [1][2]. Group 1: Analyst Ratings and Price Targets - Joe Thomas from HSBC upgraded Flutter's stock from Hold to Buy, lowering the price target from $265 to $228 [1]. - Ben Shelley from UBS reiterated a Buy rating, reducing the price target from $360 to $340 [1]. Group 2: Valuation and Market Concerns - The stock is currently trading at a price-to-earnings ratio of 20 and an EV/EBIT ratio of 16, which account for UK tax increases [2]. - Concerns exist regarding a slowdown in the US betting market, creating uncertainty around management's return on investment timeline [2]. Group 3: Market Opportunities - The company is expected to benefit from new state liberalization in the US sports betting market [2]. - The UK budget is seen as a major overhaul for the company, with potential catalysts including FanDuel Predicts and legislative openings in the US sports betting market [3]. Group 4: Company Overview - Flutter Entertainment plc is a global online sports betting and iGaming operator, offering a variety of products such as sports betting, casino games, daily fantasy sports, poker, and lottery through multiple brands [4].

Core Viewpoint - The UK Government's recent changes to online gaming taxation will significantly impact Flutter Entertainment's adjusted EBITDA, with expected impacts of approximately $320 million in fiscal 2026 and $540 million in fiscal 2027 [1][2]. Tax Changes and Financial Impact - Effective from April 2026, the iGaming tax will increase by 19 percentage points to 40 percent, while from April 2027, the sports betting tax (excluding horse racing) will rise by 10 percentage points to 25 percent [5]. - The adjusted EBITDA impact for Flutter is projected to be $320 million in 2026 and $540 million in 2027, with first order mitigation expected to be around 27% in 2026 and 37% in 2027 [2][6]. Mitigation Strategies - Flutter anticipates that direct first order mitigation, including reduced operational, promotional, and marketing spend, will account for approximately 20% of the gross impact in the first six months post-implementation, increasing to about 40% thereafter [2]. - The company expects to leverage its scale and market position to achieve material second order mitigation benefits, potentially gaining market share and improving operational efficiencies [2][3]. Industry Context - The tax increases are viewed as detrimental to the industry, potentially benefiting illegal gambling operators who do not pay taxes and do not invest in safer gambling practices [3]. - The UK's remote gaming duty is now higher than in countries like the Netherlands, which has previously seen a rise in illegal gambling following tax increases [3]. Company Overview - Flutter Entertainment is a leading online sports betting and iGaming operator with a diverse portfolio of brands, including FanDuel, Sky Betting & Gaming, and PokerStars, generating $14,048 million in revenue globally for fiscal 2024, a 19% year-over-year increase [9].