Flutter Entertainment (FLUT) Q4 Loss Undercuts Bullish Profitability Narrative

Flutter Entertainment (NYSE:FLUT) closed out FY 2025 with fourth quarter revenue of US$4.7b and a basic EPS loss of US$0.05, alongside trailing twelve month revenue of US$16.4b and a TTM basic EPS loss of US$1.75. Over the past four reported quarters, revenue has ranged from US$3.7b to US$4.7b, while quarterly basic EPS has swung between a profit of US$1.59 and a loss of US$3.92. This sets up a mixed backdrop for a business that is still loss making on a TTM basis but is being assessed on strong earnings growth forecasts. Overall, the latest numbers keep the spotlight squarely on how quickly Flutter can tighten margins and move its TTM EPS closer to breakeven.

See our full analysis for Flutter Entertainment.

With the headline figures on the table, the next step is to set these results against the widely followed narratives around Flutter’s growth, profitability path, and risk profile to see which views are supported by the numbers and which ones get pushed back.

See what the community is saying about Flutter Entertainment

Revenue climbs to US$4.7b, but profits still swing around

• Across FY 2025, quarterly revenue moved between US$3.7b and US$4.7b, yet net income ranged from a profit of US$283 million in Q1 to a loss of US$690 million in Q3, showing that earnings are still quite sensitive even at higher sales levels.
• Bulls point to forecast revenue growth of about 10.9% a year and expected earnings growth of 42.6% a year as signs that this volatility could settle into a clearer path to profit, but the latest trailing 12 month loss of US$310 million keeps the bullish case tied to future execution rather than current profitability.
  • Supporters highlight that losses have been reduced over the past five years at around 2.9% a year, while revenue has reached US$16.4b on a trailing 12 month basis.
  • At the same time, a TTM basic EPS loss of US$1.75 shows that, for now, the bullish view leans heavily on those forward growth assumptions rather than on the most recent earnings line.

Bulls argue that these swings are the growing pains of a business building scale, and they focus on the earnings growth forecasts rather than the latest loss. It can therefore be helpful to see how that story is laid out in full. 🐂 Flutter Entertainment Bull Case

Unprofitable today, but forecasts point to a turnaround

• On a trailing 12 month basis to Q4 2025, Flutter reported revenue of US$16.4b with net income of US$310 million in losses, and consensus forecasts in the data expect the company to become profitable within roughly three years if the projected 42.6% yearly earnings growth plays out.
• Bears focus on the fact that the business is still loss making, arguing that ongoing spending such as the US$200 million to US$300 million planned for FanDuel Predict in 2026 could hold back margin progress even if revenue keeps growing near the forecast 10.9% rate.
  • Critics also point to recent impairments, such as the US$556 million non cash charge in India referenced in the cautious narrative, as an example of how regulatory decisions can quickly affect earnings and capital allocation.
  • Set against this, the TTM loss of US$310 million is smaller than the US$950 million loss shown for the TTM period ending Q3 2024, which suggests some progress, but it does not remove the bearish concern that profitability is still a work in progress.

Skeptics warn that as long as Flutter is loss making on a trailing basis, every new investment and regulatory change matters for the pace of any future turnaround. The cautious narrative is therefore worth reading alongside the bullish one. 🐻 Flutter Entertainment Bear Case

Valuation gap: low P/S versus DCF fair value

• With the shares at US$106.14, the data shows Flutter trading on a P/S of about 1.1x compared with roughly 1.7x for US hospitality peers, while a DCF fair value of US$383.49 and an analyst price target of US$253.30 indicate that models and targets sit well above the current market price.
• Supporters of the bullish view see this mix of a lower P/S multiple and a DCF fair value that is far above the share price as a sign of potential upside. By contrast, the bearish narrative stresses that trailing unprofitability and earnings quality concerns mean those valuation gaps are only meaningful if the forecast earnings growth and path to profit actually show up in future reported numbers.
  • On the reward side, the risks and rewards summary highlights forecast revenue growth slightly ahead of the broader US market at 10.9% and a possible move into profit within three years, which is what underpins both the DCF model and the analyst target of US$253.30.
  • On the risk side, the same summary flags that margins and historical earnings quality are still limited by the current loss making status, so investors weighing the discount to DCF fair value and targets are effectively being asked to judge how comfortable they are with that trade off.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Flutter Entertainment on Simply Wall St. Add the company to your watchlist or portfolio so you’ll be alerted when the story evolves.

If the mix of bullish and cautious views still feels unresolved, now is a good moment to check the data yourself and decide where you stand. This is especially relevant given that our work highlights at least one area where investors see reasons for optimism, and you can quickly review those in our 3 key rewards.

See What Else Is Out There

Flutter is still loss making on a trailing basis, with volatile quarterly earnings and regulatory hit risks, so the path to consistent profitability remains uncertain.

If that mix of losses, earnings swings, and regulatory surprises feels uncomfortable, shift your focus toward companies screened for resilience using our 77 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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