Flutter Entertainment plc financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Flutter Entertainment plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2022	FY2024	FY2024	FY2025
Revenue	1,155	1,312	2,029	2,528	9,463	11,790	14,048	16,383
Cost of revenue		247	459	693	4,813	6,202	7,346	8,979
Gross profit		1,065	1,570	1,835	4,650	5,588	6,702	7,404
Research and development	27.7	25.2	40	55.1	552	765	820	991
Selling, general and administrative	585	438	977	1,155
Selling and marketing		38.4	99.6	144	3,014	3,776	3,205	3,678
General and administrative					1,172	1,596	1,808	2,182
Operating income		447	260	264	-88	-549	869	36
Interest expense	138	158	371	203	216	424	480	576
Interest income					7	45	71	73
Other non-operating income					5	-157	-434	358
Pre-tax income	140	286	-110	61.7	-295	-1,091	16	-121
Income tax	4	27.2	-0.99	-0.2	75	120	-146	286
Income from continuing operations	136,144	259,231	-102	62.8
Net income to minority interests	-0.59	0.05	-6.45	-0.96
Net income	136	259	-102	62.8	-432	-1,222	43	-310
EBITDA		595	543	703	987	736	1,966	1,553
EPS, basic	0.96	1.77	-0.49	0.22	-2.44	-6.89	0.24	-1.75
EPS, diluted	0.70	1.27	-0.49	0.22	-2.44	-6.89	0.24	-1.75
Shares, basic (weighted)					177	177	178	177
Shares, diluted (weighted)					177	177	180	177

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	268	510	721	622	966	1,497	1,531	1,828
Short-term investments	288	123	103	109		172	130	23
Receivables	81.6	100	136	111		90	98	190
Inventory	0.52	0.3
Other current assets						443	607	751
Total current assets	690	790	1,041	978		3,976	4,344	4,796
Property, plant and equipment	40.8	44.8	85.2	139		471	493	630
Lease right-of-use assets			57.3	50.8		429	507	550
Goodwill		2,805	5,266	5,349	13,244	13,745	13,352	15,825
Intangible assets		1,672	4,743	4,550		5,881	5,364	7,019
Long-term investments						9	6	7
Other non-current assets						100	175	144
Total assets	5,462	5,415	11,266	11,276		24,635	24,508	29,280
Accounts payable		152				240	266	386
Accrued liabilities						945	980	1,030
Deferred revenue					113	119	120	96
Short-term debt						51	53	109
Total current liabilities	848	602	1,012	1,151		4,526	4,590	5,043
Long-term debt						7,005	6,683	12,157
Lease liabilities				35.7		354	428	476
Other non-current liabilities						580	935	801
Total liabilities	3,261	3,112	7,112	6,756		13,267	13,241	19,582
Total debt	2,429	2,359	5,447	4,931		7,056	6,736	12,266
Paid-in capital						1,385	1,611	1,989
Retained earnings	302	562	503	566		10,106	9,573	8,124
Other comprehensive income						-1,483	-1,927	-1,111
Shareholders' equity	2,201	2,303	4,149	4,516		10,044	9,293	9,038
Minority interests	0.8	0.03	3.98	2.99		172	166	236
Total equity	2,202	2,347	4,153	4,519	11,191	10,216	9,459	9,274
Total liabilities and equity	5,462	5,415	11,266	11,276		24,635	24,508	29,280

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2022	FY2024	FY2024	FY2025
Net income	136	259	-109	61.9	-370	-1,211	162	-407
Depreciation and amortization	140	147	283	439	1,075	1,285	1,097	1,517
Stock-based compensation					132	180	196	246
Deferred income tax					-145	-132	-348	-145
Change in receivables					-12	23	-11	0
Cash from operations	350	495	560	671	1,163	937	1,602	1,184
Capital expenditures	-6.81	-11	-34	-27.5	-122	-159	-144	-105
Acquisitions					-2,095	0	-160	-2,688
Cash from investing	28.9	175	-1,934	-140	-2,517	-602	-811	-3,481
Debt issued			5,958	0
Debt repaid	-46.4	-140	-2,974	-486	-2,646	-1,837	-1,948	-5,606
Stock issued					9	13	30	7
Share buybacks					-3	-212	-219	-1,123
Cash from financing	-376	-444	1,593	-637	1,783	-113	-469	2,428
Exchange rate effect	-9.9	17	-7.5	6.88
Net change in cash		226	218	-106	429	222	322	131
Free cash flow	343	484	526	643	1,041	778	1,458	1,079
Interest paid					222	408	462	531
Income taxes paid					199	255	255	445

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $83.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.5%	Gross profit / revenue.
Operating margin	-3.7%	Operating income / revenue.
EBITDA margin	6.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.3%	Pre-tax income / revenue.
Net margin	-4.4%	Net income / revenue.
FCF margin	7.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Return on equity (ROE)	-8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.7%	Net income / average total assets.
Return on invested capital (ROIC)	-2.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.3%	Research and development expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	9.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-95.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-21.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-820.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-829.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-26.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-2.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	19.5%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.89x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.5%	Total debt / total assets.
Liabilities / assets	66.8%	Total liabilities / total assets.
Net debt	$10.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	10.1x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.94x	Operating income / interest expense.
Working capital	-$553.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	78.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$13.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	29.8x	Revenue / average property, plant and equipment.
Receivables turnover	132x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	6.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.06	Revenue / diluted weighted shares.
FCF per share	$7.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.60	Cash from operations / diluted weighted shares.
Book value per share	$50.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$76.30	Tangible book value / shares outstanding.
Cash per share	$8.96	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	64.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.58B	Share price x shares outstanding.
Enterprise value	$24.99B	Market cap + total debt - cash - short-term investments.
P/S	0.85x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.0x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBITDA	24.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.5%	Free cash flow / market cap.
Earnings yield	-5.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was Flutter Entertainment plc's revenue in fiscal 2025?

Flutter Entertainment plc reported revenue of $16.38B for fiscal 2025, 16.6% higher than the year before.

Was Flutter Entertainment plc profitable in fiscal 2025?

No. It reported a net loss of $310.0M.

How much free cash flow did Flutter Entertainment plc generate in fiscal 2025?

Cash from operations of $1.18B minus capital expenditures of $105.0M left free cash flow of $1.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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