Flutter Entertainment
FLUT NYSE Casinos & Gaming Financials FY2016–FY2025
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%.
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.
- Legal name
- Flutter Entertainment plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001635327-26-000005
0001635327
Revenue and margins
Flutter Entertainment had $16.4B of revenue in fiscal 2025, up 16.6% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.1B in fiscal 2025, 6.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Flutter Entertainment returned $1.1B to shareholders in fiscal 2025, 104% of free cash flow. The diluted share count fell 1.7%.
Value Flutter Entertainment yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$10.4B and divides by 177.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Flutter Entertainment can carry it.
| Fiscal year end | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $731M | $966M | $1.7B | $1.7B | $1.9B |
| Debt incl. finance leases | $4.9B | — | $7.1B | $6.7B | $12.3B |
| Net debt / EBITDA | 6.0x | — | 7.3x | 2.6x | 6.7x |
| Debt / equity | 1.1x | — | 0.7x | 0.7x | 1.4x |
| Interest coverage | 1.1x | −0.4x | −1.3x | 1.8x | 0.1x |
| Current ratio | 0.9x | — | 0.9x | 1.0x | 1.0x |
| Quick ratio | 0.9x | — | 0.9x | 1.0x | 1.0x |
| Total assets | $11.3B | — | $24.6B | $24.5B | $29.3B |
| Total liabilities | $6.8B | — | $13.3B | $13.2B | $19.6B |
| Shareholders' equity | $4.5B | $11.2B | $10.0B | $9.3B | $9.0B |
| Net debt (− = net cash) | $4.2B | — | $5.4B | $5.1B | $10.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.9M
10 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Daniel Mark TaylorPresident FLUT; CEO FLUT Intl | Sold | 791 | $97.86 | $0.1M | Form 4 |
| Sep 1, 2026 | Don H LiuChief Legal Officer | Sold | 565 | $97.86 | $0.1M | Form 4 |
| Sep 1, 2026 | James Philip BishopChief Operating Officer | Sold | 741 | $97.86 | $0.1M | Form 4 |
| Sep 1, 2026 | Jeremy Peter JacksonChief Executive Officer, Director | Sold | 1,762 | $97.86 | $0.2M | Form 4 |
| Sep 1, 2026 | Robert ColdrakeChief Financial Officer | Sold | 710 | $97.86 | $0.1M | Form 4 |
| Aug 19, 2026 | Jeremy Peter JacksonChief Executive Officer, Director | Sold | 2,112 | $93.32 | $0.2M | Form 4 |
| May 28, 2026 | Carolan LennonDirector | Sold | 439 | $94.63 | $0.0M | Form 4 |
| May 28, 2026 | John A BryantDirector | Sold | 214 | $94.63 | $0.0M | Form 4 |
| May 28, 2026 | Nancy CruickshankDirector | Sold | 152 | $94.63 | $0.0M | Form 4 |
| May 28, 2026 | Robert R BennettDirector | Sold | 135 | $94.63 | $0.0M | Form 4 |
| May 28, 2026 | Stefan Andreas BomhardDirector | Sold | 177 | $94.63 | $0.0M | Form 4 |
| May 13, 2026 | Don H LiuChief Legal Officer | Sold | 1,259 | $93.37 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | — | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | — | ✓ | ✓ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 9 | — / 9 | 5 / 9 |
| Accruals ratio | — | −6.3% | −5.6% |
| Altman Z'' | 1.85 | 2.20 | 1.35 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Flutter Entertainment FLUT | $14.0B | 16.6% | 0.2% | 6.6% | 0.2% | — | 5 | |
| MGM Resorts MGM | $7.2B | 1.7% | 5.7% | 8.3% | 12.8% | 17.3x | 6 | Compare → |
| Las Vegas Sands LVS | $22.8B | 15.2% | 21.7% | 14.3% | 17.5% | 14.6x | 7 | Compare → |
| Caesars Entertainment CZR | $5.9B | 2.1% | 16.2% | 4.3% | 9.6% | — | 6 | Compare → |
| Wynn Resorts WYNN | $7.5B | 0.1% | 15.7% | 9.7% | 11.6% | 17.4x | 5 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $1.2B | $1.3B | $2.0B | $2.5B | $9.5B | $11.8B | $14.0B | $16.4B |
| Gross profit | — | $1.1B | $1.6B | $1.8B | $4.7B | $5.6B | $6.7B | $7.4B |
| Research and development | $27.7M | $25.2M | $40.0M | $55.1M | $552M | $765M | $820M | $991M |
| Operating income | — | $447M | $260M | $264M | −$88.0M | −$549M | $869M | $36.0M |
| Interest expense | $129M | $108M | $182M | $249M | $216M | $424M | $480M | $576M |
| Pretax income | $140M | $287M | −$110M | $61.7M | −$295M | −$1.1B | $16.0M | −$121M |
| Income tax | $4.0M | $27.2M | −$1.0M | −$0.2M | $75.0M | $120M | −$146M | $286M |
| Net income | $136M | $259M | −$103M | $62.8M | −$432M | −$1.2B | $43.0M | −$310M |
| Diluted EPS | $0.70 | $1.27 | −$0.49 | $0.22 | −$2.44 | −$6.89 | $0.24 | −$1.75 |
| Diluted shares | 0.20B | 0.20B | 0.21B | 0.28B | 0.18B | 0.18B | 0.18B | 0.18B |
| Cash flow | ||||||||
| Cash from operations | $350M | $495M | $560M | $671M | $1.2B | $937M | $1.6B | $1.2B |
| Capital expenditure | $6.8M | $11.0M | $34.0M | $27.5M | $122M | $159M | $144M | $105M |
| Free cash flow | $343M | $484M | $526M | $643M | $1.0B | $778M | $1.5B | $1.1B |
| Depreciation and amortization | $140M | $147M | $283M | $439M | $1.1B | $1.3B | $1.1B | $1.5B |
| Stock-based compensation | $10.3M | $10.6M | $12.8M | $18.8M | $132M | $180M | $196M | $246M |
| Acquisitions | $0.0M | $6.5M | $1.9B | $2.5M | $2.1B | $0.0M | $160M | $2.7B |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $3.0M | $212M | $219M | $1.1B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $3.0M | $212M | $219M | $1.1B |
| Balance sheet | ||||||||
| Cash and short-term investments | $556M | $633M | $824M | $731M | $966M | $1.7B | $1.7B | $1.9B |
| Total debt | $2.4B | $2.4B | $5.4B | $4.9B | — | $7.1B | $6.7B | $12.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $690M | $790M | $1.0B | $978M | — | $4.0B | $4.3B | $4.8B |
| Current liabilities | $848M | $603M | $1.0B | $1.2B | — | $4.5B | $4.6B | $5.0B |
| Inventory | $0.5M | $0.3M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $40.8M | $44.8M | $85.2M | $139M | — | $471M | $493M | $630M |
| Total assets | $5.5B | $5.4B | $11.3B | $11.3B | — | $24.6B | $24.5B | $29.3B |
| Total liabilities | $3.3B | $3.1B | $7.1B | $6.8B | — | $13.3B | $13.2B | $19.6B |
| Shareholders' equity | $2.2B | $2.3B | $4.1B | $4.5B | $11.2B | $10.0B | $9.3B | $9.0B |
| Margins | ||||||||
| Gross margin | — | 81.1% | 77.4% | 72.6% | 49.1% | 47.4% | 47.7% | 45.2% |
| Operating margin | — | 34.1% | 12.8% | 10.5% | −0.9% | −4.7% | 6.2% | 0.2% |
| EBITDA margin | 35.4% | 45.3% | 26.8% | 27.8% | 10.4% | 6.2% | 14.0% | 9.5% |
| Net margin | 11.8% | 19.8% | −5.1% | 2.5% | −4.6% | −10.4% | 0.3% | −1.9% |
| FCF margin | 29.7% | 36.9% | 25.9% | 25.4% | 11.0% | 6.6% | 10.4% | 6.6% |
| Returns | ||||||||
| Return on capital | — | 9.9% | 3.2% | 3.0% | — | — | 5.8% | 0.2% |
| Return on capital employed | — | 9.5% | 3.5% | 2.6% | — | — | 4.3% | 0.2% |
| Return on equity | — | 11.5% | −3.2% | 1.5% | — | — | 0.4% | −3.4% |
| Return on assets | — | 4.8% | −1.2% | 0.6% | — | — | 0.2% | −1.2% |
| Growth | ||||||||
| Revenue growth | — | 13.6% | 54.6% | 24.6% | — | 24.6% | 19.2% | 16.6% |
| Net income growth | — | 90.4% | −139.5% | — | — | — | — | −820.9% |
| EPS growth | — | 81.4% | −138.6% | — | — | — | — | −829.2% |
| FCF growth | — | 40.9% | 8.7% | 22.3% | — | −25.3% | 87.4% | −26.0% |
| Share count change | — | 4.2% | 2.2% | 36.6% | — | 0.0% | 1.7% | −1.7% |
| Financial health | ||||||||
| Net debt / EBITDA | 4.6x | 2.9x | 8.5x | 6.0x | — | 7.3x | 2.6x | 6.7x |
| Debt / equity | 1.1x | 1.0x | 1.3x | 1.1x | — | 0.7x | 0.7x | 1.4x |
| Interest coverage | 2.1x | 4.1x | 1.4x | 1.1x | −0.4x | −1.3x | 1.8x | 0.1x |
| Current ratio | 0.8x | 1.3x | 1.0x | 0.9x | — | 0.9x | 1.0x | 1.0x |
| Quick ratio | 0.8x | 1.3x | 1.0x | 0.9x | — | 0.9x | 1.0x | 1.0x |
| Capital allocation | ||||||||
| Capex / revenue | 0.6% | 0.8% | 1.7% | 1.1% | 1.3% | 1.4% | 1.0% | 0.6% |
| Stock comp / revenue | 0.9% | 0.8% | 0.6% | 0.8% | 1.4% | 1.5% | 1.4% | 1.5% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 27.3% | 15.0% | 104.1% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 3.0 | 5.0 | — | — | — | 5.0 |
| Altman Z'' | 1.0 | 1.9 | 0.9 | 0.9 | — | 1.9 | 2.2 | 1.4 |
| Accruals ratio | — | −4.3% | −7.9% | −5.4% | — | — | −6.3% | −5.6% |
Source: SEC EDGAR XBRL filings (CIK 0001635327). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.