Flutter Entertainment

FLUT · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

FLUT · Last close · October 26, 2026

$80.18

Flutter Entertainment's revenue rose 16.6% to $16.4 billion in fiscal 2025. Its operating margin was 0.2%, down from 6.2% a year earlier. Free cash flow was $1.1 billion, down 26.0%. It paid out $1.1 billion in dividends and buybacks, 104% of free cash flow. The diluted share count fell 1.7%.

Flutter Entertainment plc Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001635327-26-000005 Updated October 23, 2026

Revenue

$16.4B

16.6%

Operating margin

0.2%

6.0 pts

Net income

−$310M

$43M a year earlier

Free cash flow

$1.1B

26.0%

Return on capital

0.2%

5.6 pts

Market cap

$14.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net income is Flutter's income attributable to its shareholders, as on its income statement, after minority owners' share and the change in the value of minority stakes it may have to buy (2024: US$43 million, against US$162 million in total).

What Flutter Entertainment does

Flutter Entertainment is an online betting and gaming company based in Ireland. It runs sportsbooks, online casino games (called iGaming), daily fantasy sports, horse racing wagering and, in the U.S., prediction markets. Its U.S. brands are FanDuel and TVG. It says it had 15.9 million average monthly players in fiscal 2025.

It reports two segments. The U.S. segment offers its products online in many states, with some sports betting in a small number of retail outlets, and made up 43% of 2025 revenue. The International segment operates in approximately 100 markets and offers sports betting, casino, poker and lottery. It made up 57% of revenue.

By product, 53% of fiscal 2025 revenue came from sportsbook and 44% from iGaming, and 88% came from online businesses. Flutter grows partly through purchases. In fiscal 2025 these included a 56% interest in Brazil's NSX Group, which runs the Betnacional brand, and the owner of Italy's Snai, one of that country's omni-channel betting operators, which means it takes bets both online and in shops.

Its biggest risks, as it describes them

Weaker economies and consumer spending, and rising competition in online betting, iGaming and prediction markets.
Unclear or changing laws on online betting and iGaming, and public opinion about gambling.
Failing to keep customers or sign new ones, or to launch products that people use.
Losses from setting betting odds wrongly, which can cut profit sharply.
Losing key staff and failing to keep its workforce skilled.

From Flutter Entertainment's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 12.5% a year and net income 13.4% a year, while buybacks cut the share count by 8%. Flutter Entertainment then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Flutter Entertainment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Flutter Entertainment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Flutter Entertainment's fiscal 2025 free cash flow of $1.1B, net cash of −$10.4B at December 31, 2025 and 177 million diluted shares, from its filings. The scenarios are fitted to Flutter Entertainment: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 20.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Casinos & Gaming), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Flutter Entertainment's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $80.18
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Flutter Entertainment's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY19	FY22	FY23	FY24	FY25
Cash and short-term investments	731	966	1,669	1,661	1,851
Debt incl. finance leases	4,931	—	7,056	6,736	12,266
Net debt (negative means net cash)	4,200	—	5,387	5,075	10,415
Net debt to EBITDA	6.0x	—	7.3x	2.6x	6.7x
Debt to equity	1.1x	—	0.7x	0.7x	1.4x
Interest coverage	1.1x	−0.4x	−1.3x	1.8x	0.1x
Current ratio	0.8x	—	0.9x	0.9x	0.9x
Quick ratio	0.8x	—	0.9x	0.9x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 7 insiders bought $1.0 million of Flutter Entertainment shares on the open market, and 11 insiders sold $3.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Jeremy Peter JacksonChief Executive Officer, Director	Sold	1,762	$97.86	$172,429	Form 4
Sep 1, 2026	Daniel Mark TaylorPresident FLUT; CEO FLUT Intl	Sold	791	$97.86	$77,407	Form 4
Sep 1, 2026	James Philip BishopChief Operating Officer	Sold	741	$97.86	$72,514	Form 4
Sep 1, 2026	Robert ColdrakeChief Financial Officer	Sold	710	$97.86	$69,481	Form 4
Sep 1, 2026	Don H LiuChief Legal Officer	Sold	565	$97.86	$55,291	Form 4
Aug 19, 2026	Jeremy Peter JacksonChief Executive Officer, Director	Sold	2,112	$93.32	$197,092	Form 4
May 28, 2026	Carolan LennonDirector	Sold	439	$94.63	$41,543	Form 4
May 28, 2026	John A BryantDirector	Sold	214	$94.63	$20,251	Form 4
May 28, 2026	Stefan Andreas BomhardDirector	Sold	177	$94.63	$16,750	Form 4
May 28, 2026	Nancy CruickshankDirector	Sold	152	$94.63	$14,384	Form 4
May 28, 2026	Robert R BennettDirector	Sold	135	$94.63	$12,775	Form 4
May 13, 2026	Don H LiuChief Legal Officer	Sold	1,259	$93.37	$117,553	Form 4

The latest 12 of 25 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	—	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	—	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	—	Pass	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	—	—	Pass
F-score	—	—	5 of 9
Accruals ratio	—	−6.3%	−5.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Flutter Entertainment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Flutter Entertainment	FY25	16.6%	0.2%	6.6%	0.2%	6.7x	5
MGM Resorts	FY25	1.7%	5.7%	8.3%	12.8%	2.2x	6	Compare
Las Vegas Sands	FY25	15.2%	21.6%	14.2%	17.5%	2.8x	7	Compare
Caesars Entertainment	FY25	2.1%	16.2%	4.3%	9.6%	3.4x	6	Compare
Wynn Resorts	FY25	0.1%	15.7%	9.7%	11.6%	5.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY22	FY23	FY24	FY25
Income statement
Revenue	1,155	1,312	2,029	2,528	9,463	11,790	14,048	16,383
Revenue growth	—	13.6%	54.6%	24.6%	—	24.6%	19.1%	16.6%
Gross profit	—	1,065	1,570	1,835	4,650	5,588	6,702	7,404
Research and development	28	25	40	55	552	765	820	991
Operating income	—	447	260	264	−88	−549	869	36
Net income	136	259	−102	63	−432	−1,222	43	−310
Diluted EPS (US$)	0.70	1.27	−0.49	0.22	−2.44	−6.89	0.24	−1.75
Diluted shares (millions)	195	204	208	284	177	177	180	177
Cash flow
Cash from operations	350	495	560	671	1,163	937	1,602	1,184
Capital expenditure	7	11	34	28	122	159	144	105
Free cash flow	343	484	526	643	1,041	778	1,458	1,079
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	3	212	219	1,123
Acquisitions	0	6	1,865	2	2,095	0	160	2,688
Stock-based compensation	10	11	13	19	132	180	196	246
Balance sheet at fiscal year end
Cash and short-term investments	556	633	824	731	966	1,669	1,661	1,851
Debt incl. finance leases	2,429	2,359	5,447	4,931	—	7,056	6,736	12,266
Total assets	5,462	5,415	11,266	11,276	—	24,635	24,508	29,280
Total liabilities	3,261	3,112	7,112	6,756	—	13,267	13,241	19,582
Shareholders' equity	2,201	2,303	4,149	4,516	11,191	10,044	9,293	9,038
Margins and ratios
Gross margin	—	81.1%	77.4%	72.6%	49.1%	47.4%	47.7%	45.2%
Operating margin	—	34.1%	12.8%	10.4%	−0.9%	−4.7%	6.2%	0.2%
Net margin	11.8%	19.8%	−5.0%	2.5%	−4.6%	−10.4%	0.3%	−1.9%
Free cash flow margin	29.7%	36.9%	25.9%	25.4%	11.0%	6.6%	10.4%	6.6%
Return on capital	—	9.9%	3.2%	3.0%	—	—	5.8%	0.2%
Return on equity	—	11.5%	−3.2%	1.4%	—	—	0.4%	−3.4%
Return on assets	—	4.8%	−1.2%	0.6%	—	—	0.2%	−1.1%
Net debt to EBITDA	4.6x	2.9x	8.5x	6.0x	—	7.3x	2.6x	6.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Flutter Entertainment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Flutter Entertainment.