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FLUT

Flutter Entertainment plc

FLUT

Flutter Entertainment plc • NYSE
$208.81 ▲ 4.45% (+8.89)
Market Cap $36.70 B
52w High $313.69
52w Low $189.33
Dividend Yield 0%
P/E -164.42
Volume 1.59M
Outstanding Shares 175.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.794B ▼ $2.46B ▲ $-760M ▼ -20.032% ▼ $-3.85 ▼ $-263M ▼
Q2-2025 $4.187B ▲ $1.57B ▲ $25M ▼ 0.597% ▼ $0.59 ▼ $704M ▼
Q1-2025 $3.665B ▼ $1.486B ▼ $332M ▲ 9.059% ▲ $1.59 ▲ $753M ▲
Q4-2024 $3.792B ▲ $1.547B ▲ $130M ▲ 3.428% ▲ $0.45 ▲ $340M ▲
Q3-2024 $3.248B $1.399B $-119M -3.664% $-0.58 $233M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.692B ▲ $29.339B ▼ $19.42B ▲ $9.244B ▼
Q2-2025 $3.466B $29.874B ▲ $17.232B ▲ $10.215B ▲
Q1-2025 $3.466B ▼ $24.825B ▲ $13.052B ▼ $9.863B ▲
Q4-2024 $3.591B ▲ $24.508B ▼ $13.241B ▼ $9.293B ▼
Q3-2024 $3.51B $25.48B $13.47B $10.245B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-789M ▼ $209M ▼ $-170M ▲ $255M ▼ $219M ▲ $25M ▼
Q2-2025 $37M ▼ $359M ▲ $-2.865B ▼ $2.533B ▲ $122M ▲ $156M ▲
Q1-2025 $335M ▲ $188M ▼ $-100M ▲ $-271M ▼ $-116M ▼ $88M ▼
Q4-2024 $156M ▲ $652M ▲ $-164M ▲ $-225M ▼ $99M ▼ $473M ▲
Q3-2024 $-114M $290M $-211M $-14M $175M $112M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
International Segment
International Segment
 $0 ▲$0 ▲$1.27Bn ▲$1.37Bn ▲
United States Segment
United States Segment
 $0 ▲$0 ▲$1.22Bn ▲$780.00M ▼
iGaming
iGaming
 $1.52Bn ▲$1.52Bn ▲$0 ▼$0 ▲
Other
Other
 $130.00M ▲$130.00M ▲$0 ▼$0 ▲
Sports Book
Sports Book
 $2.14Bn ▲$2.01Bn ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Flutter has grown its revenue strongly over the past five years, more than doubling its top line as online betting and gaming expanded, especially in markets like the US. Gross profit has risen steadily, although profitability at the operating and net income level has been choppy, with several years of losses before moving back into the black recently. This pattern suggests a business still in a heavy investment and scaling phase, where growth and market share have been prioritized over near‑term earnings. The latest year shows a clear step toward more sustainable profitability, but margins are still relatively thin and earnings remain sensitive to regulatory changes, marketing intensity, and product investment.

Balance Sheet

Balance Sheet The balance sheet shows a large, stable asset base, reflecting a mature, global platform business with significant technology and brand value. Cash levels have climbed over time, giving Flutter more flexibility to invest and manage volatility, but debt has also increased meaningfully, raising the company’s financial leverage. Shareholders’ equity has trended down, which, combined with higher borrowing, points to a more geared capital structure and less balance‑sheet cushion than in the past. Overall, the company looks solid but more reliant on continued cash generation to comfortably support its debt and ongoing investment needs.

Cash Flow

Cash Flow Flutter consistently generates positive cash from its operations, which is an important sign that the underlying business is healthy despite past accounting losses. Free cash flow has remained positive each year and has improved more recently, even as the company has steadily increased its spending on technology, platforms, and other long‑term assets. This indicates that growth and innovation are largely being funded from internal cash rather than relying solely on new borrowing or equity. The key watchpoint is whether cash flow can keep strengthening as the business scales, helping to reduce leverage and provide a buffer against regulatory or competitive shocks.

Competitive Edge

Competitive Edge Flutter holds a leading position in global online sports betting and iGaming, backed by well‑known brands like FanDuel, Paddy Power, Sky Betting & Gaming, and PokerStars. Its scale gives it advantages in marketing, pricing, and data, and allows it to spread technology and product costs across many markets and customer segments. The company’s proprietary technology platform and shared “Flutter Edge” framework create barriers for smaller or less tech‑savvy rivals to match its speed of innovation, depth of product, and personalization. However, it operates in a highly competitive and heavily regulated industry, where new entrants, shifting rules, tax changes, and responsible‑gaming requirements can quickly alter economics. The US remains both a major growth engine and a key competitive battleground, making execution there especially important to its long‑term position.

Innovation and R&D

Innovation and R&D Innovation is at the core of Flutter’s strategy, with very heavy spending on technology and thousands of specialists focused on product development and data science. Its in‑house platforms, advanced risk and pricing systems, and broad use of artificial intelligence and machine learning allow it to personalize offers, manage risk, and roll out new features quickly across brands and countries. Differentiated products such as customizable betting tools, enhanced same‑game parlays, and exclusive in‑house casino content help keep customers engaged and less likely to switch to competitors. Flutter is also leaning into responsible‑gaming technology and analytics, which may become an increasingly important advantage as regulators and societies demand stronger consumer protections. Future value creation will depend on how well it continues to migrate acquired brands onto its core tech stack, expand the “Flutter Edge” into new markets, and maintain its innovation pace without overspending.

Summary

Flutter is a high‑growth, technology‑driven betting and gaming group that has turned strong revenue expansion into improving, but still relatively modest, profitability. Its balance sheet is sizable and cash‑generative, but more leveraged than in the past, making continued strong cash flows important for comfort around debt and future investment. The company’s main strengths lie in its proprietary technology, global scale, powerful brand portfolio, and ability to innovate quickly across markets, particularly in the US. Key uncertainties center on regulatory risk, intense competition, the sustainability of marketing and promotional spending, and the need to keep investing heavily in tech and content. Overall, Flutter looks like a scaled, innovation‑heavy operator transitioning from a land‑grab growth phase toward a more earnings‑focused stage, with success depending on disciplined execution and stable regulatory environments in its core markets.

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