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Flutter Entertainment FLUT U.S. — Research and Development Expense

Other segment segments

International
$120M+26.3%

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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 U.S. — research and development expense?
Flutter Entertainment (FLUT) reported U.S. — research and development expense of $89M in Q1 2026.
How has Flutter Entertainment's U.S. — research and development expense changed year-over-year?
Flutter Entertainment's U.S. — research and development expense increased by 8.5% year-over-year, from $82M to $89M.
What is the long-term trend for Flutter Entertainment's U.S. — research and development expense?
Over 3 years (2022 to 2025), Flutter Entertainment's U.S. — research and development expense has grown at a 47.1% compound annual growth rate (CAGR), from $108M to $344M.
What does U.S. — research and development expense mean?
Costs related to the development, maintenance, and enhancement of the proprietary technology stack, betting algorithms, and user interface features. This investment is critical for maintaining a competitive edge in the fast-paced digital gaming market.