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Flutter Entertainment FLUT U.S. — Cost of Revenue

Other segment segments

International
$1.24B+41.4%

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MMSU.S. Services — Cost of revenue (as a percent)
75.8%+1.1pp
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MMSOutside the U.S. — Cost of revenue (as a percent)
88.1%+5.8pp
BAL
BALYGaming — Cost of net revenue
$274.86M+106%

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:CostOfRevenue.

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 U.S. — cost of revenue?
Flutter Entertainment (FLUT) reported U.S. — cost of revenue of $1.04B in Q1 2026.
How has Flutter Entertainment's U.S. — cost of revenue changed year-over-year?
Flutter Entertainment's U.S. — cost of revenue increased by 9.1% year-over-year, from $956M to $1.04B.
What is the long-term trend for Flutter Entertainment's U.S. — cost of revenue?
Over 3 years (2022 to 2025), Flutter Entertainment's U.S. — cost of revenue has grown at a 30.3% compound annual growth rate (CAGR), from $1.79B to $3.96B.
What does U.S. — cost of revenue mean?
Includes direct costs associated with generating gaming revenue, such as betting duties, platform fees, payment processing costs, and content royalties. This metric is essential for calculating the gross margin of the U.S. segment.