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AppLovin vs Flutter Entertainment: revenue, profit, margins and growth compared

AppLovin brought in $5.5B of revenue in fiscal 2025, Flutter Entertainment $16.4B in fiscal 2025. Revenue changed by +70.0% at AppLovin and +16.6% at Flutter Entertainment on the year before, so AppLovin grew faster. AppLovin kept 60.8% of its revenue as net profit, Flutter Entertainment -1.9%.

Side by side, latest fiscal year

APPFLUT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.5B$16.4B
Revenue growth+70.0%+16.6%
Net income$3.3B-$310M
Net margin60.8%-1.9%
Free cash flown/a$1.1B
Free cash flow marginn/a6.6%
Earnings per share (diluted)$9.75-$1.75
Cash$2.5B$1.8B
Debt$3.5B$12.3B
Price to earnings31.9n/a
Market value$104B$14.6B
Dividend yieldn/an/a
Rank by revenue in sector#84 of 530 · Technology#43 of 530 · Technology

Over the years

Revenue
APP FY2019: $994.1MAPP FY2021: $1.5BAPP FY2021: $2.8BAPP FY2022: $2.8BAPP FY2023: $1.8BAPP FY2024: $3.2BAPP FY2025: $5.5BFLUT FY2017: $1.2BFLUT FY2017: $1.3BFLUT FY2018: $2BFLUT FY2019: $2.5BFLUT FY2022: $9.5BFLUT FY2024: $11.8BFLUT FY2024: $14BFLUT FY2025: $16.4BFY17FY18FY19FY21FY22FY23FY24FY25
APP $5.5BFLUT $16.4B
Net income
APP FY2019: $119MAPP FY2021: -$125.2MAPP FY2021: $35.4MAPP FY2022: -$192.7MAPP FY2023: $356.7MAPP FY2024: $1.6BAPP FY2025: $3.3BFLUT FY2017: $136.1MFLUT FY2017: $259.2MFLUT FY2018: -$102.5MFLUT FY2019: $62.8MFLUT FY2022: -$432MFLUT FY2024: -$1.2BFLUT FY2024: $43MFLUT FY2025: -$310MFY17FY18FY19FY21FY22FY23FY24FY25
APP $3.3BFLUT -$310M
Net margin
APP FY2019: 12.0%APP FY2021: -8.6%APP FY2021: 1.3%APP FY2022: -6.8%APP FY2023: 19.4%APP FY2024: 49.0%APP FY2025: 60.8%FLUT FY2017: 11.8%FLUT FY2017: 19.8%FLUT FY2018: -5.0%FLUT FY2019: 2.5%FLUT FY2022: -4.6%FLUT FY2024: -10.4%FLUT FY2024: 0.3%FLUT FY2025: -1.9%FY17FY18FY19FY21FY22FY23FY24FY25
APP 60.8%FLUT -1.9%
Revenue growth
APP FY2021: +46.0%APP FY2021: +92.5%APP FY2022: +0.9%APP FY2023: -34.6%APP FY2024: +75.1%APP FY2025: +70.0%FLUT FY2017: +13.6%FLUT FY2018: +54.6%FLUT FY2019: +24.6%FLUT FY2024: +24.6%FLUT FY2024: +19.2%FLUT FY2025: +16.6%FY17FY18FY19FY21FY22FY23FY24FY25
APP +70.0%FLUT +16.6%
Free cash flow
APP FY2019: $195.1MAPP FY2021: $219.6MAPP FY2021: $360.5MAPP FY2022: $412.1MAPP FY2023: $1.1BAPP FY2024: $2.1BFLUT FY2017: $343.1MFLUT FY2017: $483.6MFLUT FY2018: $525.9MFLUT FY2019: $643.1MFLUT FY2022: $1BFLUT FY2024: $778MFLUT FY2024: $1.5BFLUT FY2025: $1.1BFY17FY18FY19FY21FY22FY23FY24FY25
APP $2.1BFLUT $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about AppLovin and Flutter Entertainment

Which is bigger by revenue, AppLovin or Flutter Entertainment?

Flutter Entertainment is bigger by revenue: $16.4B in fiscal 2025, against $5.5B for AppLovin in fiscal 2025.

Which keeps more of its revenue as profit, AppLovin or Flutter Entertainment?

AppLovin had a net margin of 60.8% in fiscal 2025; Flutter Entertainment had -1.9% in fiscal 2025.

Which grew revenue faster, AppLovin or Flutter Entertainment?

In their latest fiscal years revenue changed by +70.0% at AppLovin and +16.6% at Flutter Entertainment.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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