FanDuel Parent Flutter Reports Disappointing Fourth-Quarter Earnings

The sports betting and gaming operator posted revenue of $4.74 billion for the quarter, below analysts’ expectations of $4.97 billion, according to LSEG. Adjusted earnings per share came in at $1.74, missing the projected $1.95.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $832 million, also below the $893 million expected by analysts, according to StreetAccount.

Despite the earnings miss, quarterly revenue rose 25% year over year.

Chief Executive Peter Jackson acknowledged the challenges during an interview, noting that betting outcomes in the quarter were unfavorable for the company.

“It’s fair to say, not everything went our way in the fourth quarter,” Jackson said.

According to the company, bettors lost more frequently than usual during the period. When players lose more often, engagement tends to decline, with customers placing fewer wagers and reducing activity on the platform.

Looking ahead, Flutter issued 2026 revenue guidance in the range of $17.75 billion to $19.05 billion. The midpoint of that forecast falls below analysts’ expectations of $19.34 billion for the year.

During the earnings call, Jackson said he expects prediction markets to potentially encourage broader legalization of sports betting across U.S. states. He also stated that the company has not found evidence suggesting that prediction markets are reducing demand for traditional sportsbook offerings.

Flutter’s results underscore the volatility inherent in the sports betting business, where quarterly performance can be significantly influenced by game outcomes and customer behavior. Investors will now look to 2026 guidance and regulatory developments to assess the company’s growth trajectory.