Flutter Entertainment
FLUT · NYSEServices-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31
Flutter Entertainment reported revenue of $16.4B in the fiscal year ended Dec 2025, up 16.6% from the year before. Operating income was $36M, an operating margin of 0.2%, and net income was −$407M. Operating cash flow of $1.2B less capital expenditure of $105M left free cash flow of $1.1B. Net debt was $10.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $9.5B | $11.8B | $14B | $16.4B |
| Cost of revenue | $4.8B | $6.2B | $7.3B | $9B |
| Gross profit | $4.7B | $5.6B | $6.7B | $7.4B |
| Research & development | $552M | $765M | $820M | $991M |
| Operating income | −$88M | −$549M | $869M | $36M |
| Interest expense | $216M | $424M | $480M | $576M |
| Pre-tax income | −$295M | −$1.1B | $16M | −$121M |
| Income tax | $75M | $120M | −$146M | $286M |
| Net income | −$370M | −$1.2B | $162M | −$407M |
| Diluted EPS | −2.44 | −6.89 | 0.24 | −1.75 |
| Diluted shares | 177M | 177M | 180M | 177M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $966M | $1.5B | $1.5B | $1.8B |
| Receivables | – | $90M | $98M | $190M |
| Current assets | – | $4B | $4.3B | $4.8B |
| Net PP&E | – | $471M | $493M | $630M |
| Goodwill | $13.2B | $13.7B | $13.4B | $15.8B |
| Total assets | – | $24.6B | $24.5B | $29.3B |
| Payables | – | $240M | $266M | $386M |
| Deferred revenue | $113M | $119M | $120M | $96M |
| Current liabilities | – | $4.5B | $4.6B | $5B |
| Short-term debt | – | $51M | $53M | $109M |
| Long-term debt | – | $7B | $6.7B | $12.2B |
| Total liabilities | – | $13.3B | $13.2B | $19.6B |
| Shareholders' equity | $11.2B | $10B | $9.3B | $9B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $1.2B | $937M | $1.6B | $1.2B |
| Capital expenditure | $122M | $159M | $144M | $105M |
| Free cash flow | $1B | $778M | $1.5B | $1.1B |
| Depreciation & amortisation | $1.1B | $1.3B | $1.1B | $1.5B |
| Stock-based compensation | $132M | $180M | $196M | $246M |
| Acquisitions | $2.1B | $0 | $160M | $2.7B |
| Share buybacks | $3M | $212M | $219M | $1.1B |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.6% | 19.2% | 16.6% |
| Operating income growth (YoY) | – | – | – | −95.9% |
| EPS growth (YoY) | – | – | – | −829.2% |
| Gross margin | 49.1% | 47.4% | 47.7% | 45.2% |
| Operating margin | −0.9% | −4.7% | 6.2% | 0.2% |
| Net margin | −3.9% | −10.3% | 1.2% | −2.5% |
| Return on equityBlank when equity is negative | −3.3% | −12.1% | 1.7% | −4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −2.7% | 4.4% | 0.1% |
| Free cash flow margin | 11.0% | 6.6% | 10.4% | 6.6% |
| Cash conversion (CFO ÷ net income) | −3.14x | −0.77x | 9.89x | −2.91x |
| Receivable days | – | 3 | 3 | 4 |
| Payable days | – | 14 | 13 | 16 |
| Interest cover | −0.41x | −1.29x | 1.81x | 0.06x |
| Debt ÷ equity | – | 0.70x | 0.72x | 1.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $5.6B | $5.2B | $10.4B |
| Current ratio | – | 0.88x | 0.95x | 0.95x |
Recent filings
More in Services-Computer Programming, Data Processing, Etc.
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.