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Flutter Entertainment FLUT International — Research and Development Expense

Other segment segments

U.S.
$89M+8.5%

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Other financials

Income statement

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Revenue$4.3B+17.4%
Gross profit$1.8B+7.5%
Operating income$79.0M-64.6%
Net income$209.0M-37.6%
EPS (diluted)$1.23-21.7%

Balance sheet

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Cash & equivalents$1.5B-1.6%
Total debt$12.7B+69.8%
Total equity$9.1B-8.1%
Total assets$28.5B+14.7%

Cash flow

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Operating cash flow$330.0M+75.5%
CapEx$25.0M+31.6%
Free cash flow$305.0M+80.5%

Valuation

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Market cap$17.56B-67.4%
Enterprise value$28.75B-54.3%
P/S1×-2.6×

Profitability

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Gross margin44.2%-3.3pp
Operating margin-0.6%-7.4pp
Net margin-3.2%-7.9pp
FCF margin7.1%-2.0pp

Returns & leverage

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Return on equity-5.7%-12.7pp
Debt / equity1.4×+0.6×
Current ratio0.9×0.0×

Where this comes from

Reported directly by Flutter Entertainment in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Flutter Entertainment’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Flutter Entertainment's international — research and development expense?
Flutter Entertainment (FLUT) reported international — research and development expense of $120M in Q1 2026.
How has Flutter Entertainment's international — research and development expense changed year-over-year?
Flutter Entertainment's international — research and development expense increased by 26.3% year-over-year, from $95M to $120M.
What is the long-term trend for Flutter Entertainment's international — research and development expense?
Over 3 years (2022 to 2025), Flutter Entertainment's international — research and development expense has grown at a 34.6% compound annual growth rate (CAGR), from $168M to $410M.
What does international — research and development expense mean?
Expenditures related to the development of new gaming products, software platforms, and technological infrastructure for the international segment. This reflects the company's investment in innovation and competitive differentiation.