Flutter Forecasts Up to $300 Million in Q2 Share Repurchases

Posted on: March 5, 2025, 10:14h. 

Last updated on: March 5, 2025, 10:23h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Part of $5 billion buyback program announced last year
  • Announcement arrives a day after FanDuel parent delivered quarterly results

Flutter Entertainment (NYSE: FLUT) said Wednesday it plans to repurchase as much as $300 million worth of its shares in the second quarter under the $5 billion buyback plan it announced last September.

Flutter FanDuel
The Flutter logo at a corporate office. The company could buy back up to $300 million worth of its stock in the second quarter. (Image: The Independent)

The announcement comes a day after the FanDuel parent released fourth-quarter results — an announcement featuring strong 2025 revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) backed in large part by momentum in its US operations.

The Buyback will commence on April 1, 2025 on the New York Stock Exchange, and will end no later than June 30, 2025. The purpose of the Buyback is to reduce the share capital of Flutter,” according to a statement. “This Buyback is the second tranche of the multi-year share repurchase program of up to $5 billion announced on September 25, 2024.”

Flutter, the largest gaming company in the world by market capitalization, told investors it’s aiming to repurchase up to $1 billion of its shares this year.

Flutter Walking the Walk on Buybacks

Last year, several online gaming companies announced share repurchase plans — in many cases, the first in their respective histories. While some of those operators have yet to exercise those buyback plans, Flutter is making good on efforts to reduce its shares outstanding count.

After buying back a small amount of shares in late 2024, the Paddy Power parent said it planned to repurchase up to $350 million worth of its equity during the current quarter. No reason was given as to why the company will buy a lower dollar amount of its stock in the April through June period than it likely will in the first quarter.

“Goldman Sachs & Co. LLC will conduct the Buyback on Flutter’s behalf and will make trading decisions under the Buyback independently of Flutter in accordance with certain pre-set parameters,” said the gaming company in the press release. “The maximum number of ordinary shares which may be acquired pursuant to the Buyback is an aggregate of 17,739,905 ordinary shares less the total amount of ordinary shares acquired as part of the first tranche of our share buyback programme announced on November 13, 2024.”

Dublin-based Flutter said its cash flow from operating activities surged last year as its leverage ratio declined, indicating it has the room to decrease its shares outstanding tally while not straining its balance sheet.

Speaking of Flutter’s Balance Sheet …

Flutter concluded 2024 with $1.53 billion in cash and cash equivalents and $48 million in restricted cash – data points that bolster the point that the operator can deliver shareholder rewards without hindering its broader financial flexibility.

Last October, Moody’s Investors Service said the buyback scheme doesn’t present a threat to Flutter’s “Ba1” credit rating.

Flutter’s repurchase program is one of the largest announced in the gaming industry in recent years and comes with a high level of flexibility. In addition to the multiyear timeframe, Flutter isn’t obligated to buy back $5 billion worth of its shares. That’s the case with any corporate repurchase effort.