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Flutter Entertainment Income Statement

Revenue, expenses, and profitability over time

Flutter Entertainment generated $17.0B in trailing twelve-month revenue, up 0.2% year-over-year. Net income was -$543.0M with a -3.19% net margin. Gross margin stands at 44.25% and operating margin at -0.63%. Diluted EPS is $-2.12, which declined 1.7% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$17.0BGross Profit (TTM)$7.5BOperating Income (TTM)-$108.0MNet Income (TTM)-$543.0MEps Diluted (TTM)$-2.12
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$19.2B
ROE-5.74%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising$491.5M$513.3M$513.3M$513.3M$513.3M—
Compensation and benefits$47M$56M$70M$60M$60M$53M
Depreciation and amortization$270M$294M$369M$419M$435M$416M
General and administrative$516M$431M$525M$702M$524M$533M
Occupancy and equipment$38.8M$41.8M$41.8M$41.8M$41.8M—
Other operating expenses—$3M$3M$3M$3M—
Professional fees$9M$1M$19M$204M$0$21M
Research and development$201M$215M$256M$275M$245M$259M
Selling and marketing$830M$840M$789M$966M$1.1B$966M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.45$1.59$0.59$-3.91$-0.03$1.24
Diluted earnings per share$0.45$1.57$0.59$-3.91$-0.03$1.23
Weighted-average shares, basic178M178M177M176M177M176M
Weighted-average shares, diluted180M180M179M176M177M177M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain (loss) on disposal of assets-$1M$3M-$3M-$1M-$10M-$2M
Interest expense$119M$91M$126M$104M$210M$97M
Interest income$18M$20M$20M$18M$15M$11M
Interest Income (Expense), Nonoperating-$94M-$85M-$110M-$152M-$168M-$156M
Other income (expense), net-$227M$216M-$74M$152M$64M$311M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.8B$1.7B$2B$1.6B$2.1B$1.8B
Operating income$279M$223M$389M-$834M$258M$79M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes—$354M$205M-$834M—$234M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense-$198M$19M$168M-$45M$144M$25M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$26M$3M$12M-$29M-$13M-$7M
Net income$156M$335M$37M-$789M$0$209M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisition of NSX—$9.5M$9.5M$9.5M$9.5M—
Share-based compensation expense related to employee stock plans$46M$56M$70M$60M$60M$53M
Advertising costs$491.5M$513.3M$513.3M$513.3M$513.3M—
Pre-tax stock-based compensation cost—$57M———$49M
Amortization of capitalized software and acquired intangible assets$249.5M$347M$347M$347M$347M—
Stock options excluded as their inclusion would be anti-dilutive (in shares)242.7K001.9M1.7M332.8K
Business combination, provisional information, initial accounting incomplete, adjustment, deferred tax liabilities————$0—
Purchase of long lived assets with accrued expense - financing—$0———$57M
Purchase of long lived assets with accrued expense - investing—$91M———$52M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect$263M-$183M—$294M—-$300M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest-$692M$681M$782M-$933M—$84M
Federal-$750K$250K$250K$250K$250K—
Foreign$1.8M$3.8M$3.8M$3.8M$3.8M—
Other countries$48.5M$98M$98M$98M$98M—
Current State And Local Tax Expense Benefit$1M$5.8M$5.8M$5.8M$5.8M—
Realized gain-$212M$205M-$81M$126M$50M$293M
Federal-$50M$10.5M$10.5M$10.5M$10.5M—
Deferred Foreign Income Tax Expense Benefit$500K$2.8M$2.8M$2.8M$2.8M—
Deferred taxes-$231M$1M-$17M$0-$140M-$37M
Deferred Other Tax Expense Benefit-$25.8M-$38M-$38M-$38M-$38M—
State-$11.8M-$11.5M-$11.5M-$11.5M-$11.5M—
Increase recognized in income tax expense$20M$45.5M$45.5M$45.5M$45.5M—
Adjustment in relation to prior years$12M-$56.3M-$56.3M-$56.3M-$56.3M—
Decrease recognized in income tax expense-$76.5M-$36M-$36M-$36M-$36M—
Foreign currency translation adjustments-$2.8M$15.3M$15.3M$15.3M$15.3M—
Movement recognized in other comprehensive income$0$4.5M$4.5M$4.5M$4.5M—
Written off deferred tax assets$0$0$0$0$0—
Defined Contribution Plan Cost Recognized$33.8M$39.5M$39.5M$39.5M$39.5M—
Depreciation$24.8M$32.3M$32.3M$32.3M$32.3M—
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings-$250K-$1M———$0
Gain in connection with sale-$1M$3M-$3M-$1M-$10M-$2M
Dividends, Common Stock, Cash—$4M$5M$9M$9M$12M
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash-$164M$67M$95M—$105M-$27M
Effective tax rates-$10$0.1$0.8$0.1-$1.8$0.1
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent-1444.5%———-44.6%—
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate1.7%—————
Effect of cross-border tax laws—$1M$1M$1M$1M—
Effect of cross-border tax laws————-3.3%—
Depreciation on non-qualifying property and equipment8.9%—————
Foreign operations226.0%—————
Interest expense—$3.3M$3.3M$3.3M$3.3M—
Interest expense————-10.7%—
Nontaxable or nondeductible items230.5%—————
Non-deductible expenses (non-taxable) Fox option expense (income)606.1%—————
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent————-9.9%—
Effective Income Tax Rate Reconciliation Prior Year Income Taxes-333.8%—————
Changes in unrecognized tax benefits————-14.0%—
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent————-10.7%—
Effective Income Tax Rate Reconciliation Tax Exempt Income219.9%—————
Nontaxable movements on Fox Option Liability—-$9.3M-$9.3M-$9.3M-$9.3M—
Nontaxable movements on Fox Option Liability————30.6%—
Share-Based Payment Arrangement, Expense, Tax Benefit$10.3M$14.5M$14.5M$14.5M$14.5M—
Income tax benefit realized from option exercises$13.5M$13.8M$13.8M$13.8M$13.8M—
Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings-$212M$205M-$81M$126M$50M$293M
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements$0$0$0$0$0—
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1$0$0$0$0$0$0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities), Settlements$0-$16M——$32M—
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss-$1M$1M$1M$0—-$1M
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Liability Gain Loss Oci$42M-$22M-$38M$14M-$1M$6M
Federal Income Tax Expense Benefit Continuing Operations-$50.8M$10.8M$10.8M$10.8M$10.8M—
Gain (Loss), Foreign Currency Transaction, before Tax—$8M$25M$27M$28M$20M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax—$8M$25M$27M$28M$20M
Foreign Income Tax Expense Benefit Continuing Operations$2.3M$6.5M$6.5M$6.5M$6.5M—
(Loss) gain on disposals-$1M$3M-$3M-$1M-$10M-$2M
Gain Loss On Foreign Currency Fair Value Hedge Derivatives$86M-$44M-$106M$43M—$17M
Foreign Currency Translation and Other Adjustments-$132M$263.5M$263.5M$263.5M$263.5M—
Goodwill Period Increase Decrease$33.8M$484M$484M$484M$484M—
Purchase Price Adjustments————$0—
Less: Net income attributable to noncontrolling interests$26M$3M$12M-$29M-$13M-$7M
Income Loss From Continuing Operations Before Income Taxes Domestic$28.8M$77.8M$77.8M$77.8M$77.8M—
Income Loss From Continuing Operations Before Income Taxes Foreign-$73M-$83.3M-$83.3M-$83.3M-$83.3M—
Other countries$48.3M-$24.8M-$24.8M-$24.8M-$24.8M—
Federal taxes—$1.8M$1.8M$1.8M$1.8M—
Foreign—$109.5M$109.5M$109.5M$109.5M—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount-$44.5M$13.5M$13.5M$13.5M$13.5M—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount—-$3.8M-$3.8M-$3.8M-$3.8M—
Changes in unrecognized tax benefits—$4.3M$4.3M$4.3M$4.3M—
Income Tax Reconciliation Tax Credits Foreign—$3.3M$3.3M$3.3M$3.3M—
Income taxes paid$77M$21M$231M$74M$119M$77M
Income Taxes Paid, Net—$111.3M$111.3M$111.3M$111.3M—
Increase (Decrease) in Accounts Payable, Trade—$84M-$90M$53M-$67M$65M
Increase (Decrease) in Accounts Receivable$17M$9M-$37M-$3M$31M-$32M
Short- and long-term operating lease liabilities-$43M-$38M-$26M-$32M-$42M-$27M
Other liabilities—-$236M-$53M-$96M—-$140M
Increase (Decrease) In Player Deposit Investments-$8.3M-$9M———$5M
Player deposit liability$131M-$147M-$235M——$20M
Increase (Decrease) in Prepaid Expense and Other Assets$44M$1M-$58M$86M$31M$43M
Increase in Carrying Amount of Temporary Equity$115M-$122M$300M-$1M—-$10M
Add - Incremental shares under stock-based compensation plans (in shares)$2M$2M$2M$0$0$1M
Debt$109M$103M$128M$167M$178M$164M
Interest Income, Other$18M$20M$20M$18M$15M$11M
Interest Paid, Excluding Capitalized Interest, Operating Activity$119M$91M$126M$104M$210M$97M
Lease Cost$41.5M$46M$46M$46M$46M—
Noncontrolling Interest, Change in Redemption Value-$49M-$49M$80M$70M—$2M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$225M-$271M$2.5B$255M$0-$458M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$164M-$100M-$2.9B-$170M-$346M-$172M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$652M$188M$359M$209M$428M$330M
Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests$26M$3M$12M-$29M-$13M-$7M
Net loss$87M$289M$111M-$682M$0$225M
Non-cash interest expense, net—$12M$2M$73M—$67M
Noncontrolling Interest Increase From Business Combination—$14.5M$14.5M$14.5M$14.5M—
Purchase of non-controlling interest—$6.8M$6.8M$6.8M$6.8M—
Number of reportable segments1.002.00———2.00
Operating Lease Payments$50M$38M$44M$42M$43M$36M
Operating lease right-of-use assets amortization expense$46M$43M$28M$35M$35M$35M
Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities-$138.5M$249.3M$249.3M$249.3M$249.3M—
Foreign exchange (loss) gain on translation of the net assets of foreign currency denominated entities—$369M———-$132M
Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax$0$0$0$0$0—
Net gains (losses) deferred—-$44M-$67M$12M—$17M
Cash flow hedges-$3M-$25M-$25M-$25M-$25M—
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax—-$36M-$65M$13M—$11M
Cash flow hedges, Gain or (loss) reclassified from accumulated OCI into income-$8M-$21.8M-$21.8M-$21.8M-$21.8M—
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax$0-$1M-$1M$5M—$1M
Derivatives - Gains/(losses) recorded in OCI-$250K-$3M-$3M-$3M-$3M—
Foreign exchange gain (loss) on net investment hedges—-$14M———$1M
Foreign exchange (loss) gain on net investment hedges$18.3M-$24.3M-$24.3M-$24.3M-$24.3M—
Other comprehensive income (loss)-$848M$346M$745M-$144M$0-$125M
Other Comprehensive Income Loss Net of Tax Attributable to Parent and Non Redeemable Non Controlling Interest-$847M$341M$728M-$181M$0-$144M
Other comprehensive income/(loss)-$852M$336M$711M-$181M$0-$141M
Tax expense (benefit)$0$0———$1M
Other Income Tax Expense Benefit Continuing Operations$22.8M$60M$60M$60M$60M—
Other Interest Expense$17M$2M—-$3M$19M$3M
Other Noncash Income (Expense)-$212M$205M—$126M$50M$293M
Other income, net (Note 6)-$227M$216M-$74M$152M$64M$311M
Payment for Contingent Consideration Liability, Financing Activities$0$16M——$3M$0
Payments for Advance to Affiliate—$9M———$0
Payments for (Proceeds from) Derivative Instrument, Investing Activities-$15M-$4M——$56M-$5M
Payments for Repurchase of Common Stock$219M$244M$339M$261M$279M$135M
Payments for Software$135M$48M$157M$108M$197M$120M
Payments Of Dividends Minority Interest$6M$4M$5M$11M$9M$12M
Payments to Acquire Intangible Assets$0$33M$9M$63M$57M$32M
Payments to Acquire Intangible Assets With Extended Payment Terms—$0———$15M
Payments to Acquire Property, Plant, and Equipment$57M$19M$37M$13M$36M$25M
Proceeds from debt financing, net of issuance costs—$0$6B$4.1B$746M$450M
Proceeds from Noncontrolling Interests$0$2.5M$2.5M$2.5M$2.5M—
(Purchases) refunds of spectrum licenses and other intangible assets, including deposits—$5M———$0
Dispositions of property, plant, and equipment$0$1.3M$1.3M$1.3M$1.3M—
Cash received from option exercises$9M$3M$3M$1M$0$4M
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax—-$1M———$1M
Redeemable noncontrolling interest, control premium————10.0%10.0%
Redeemable noncontrolling interest, cost of debt————10.0%10.1%
Redeemable noncontrolling interest, weighted average cost of capital————17.0%16.5%
Repayments of Long-Term Debt$9M$10M$3.1B$1.9B$552M$744M
Repayments of Transaction Costs With Third Parties From Issuance of Long Term Debt$0$0——$2M$6M
Restructuring and other strategic initiative fees$48M$41M$70M$59M—$66M
Settlement of liability-classified share-based awards in equity——$29M——$3M
Stock-based compensation$47M$56M$70M$60M$60M$53M
Share-based compensation – liability classified$2M$1M$2M$11M$0-$4M
Short Term Lease Cost$3.8M$5.3M$5.3M$5.3M$5.3M—
State And Local Income Tax Expense Benefit Continuing Operations-$10.8M-$5.8M-$5.8M-$5.8M-$5.8M—
Stock Issued During Period, Value, Stock Options Exercised$9M$3M$3M$1M$0$4M
Value of shares repurchased$30.3M$230M$304M$220M$246M$121M
Temporary Equity, Accretion to Redemption Value, Adjustment$49M$49M-$80M-$70M—-$2M
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$500K$0$0$0$0—
Unrecognized tax benefits, settlements$1.3M$7.8M$7.8M$7.8M$7.8M—
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation$500K—————
Foreign currency effect—$3M$3M$3M$3M—
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$1.3M$0$0$0$0—
Additions for tax positions of prior years$9M$6.3M$6.3M$6.3M$6.3M—
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations$2M$3M$3M$3M$3M—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount-$47.3M-$27M-$27M-$27M-$27M—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount, Net of Adjustments—-$46.8M-$46.8M-$46.8M-$46.8M—

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rental income$1M$1M$1M$1M$1M—
Total revenue$3.8B$3.7B$4.2B$3.8B$4.7B$4.3B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$2B$2B$2.2B$2.2B$2.6B$2.5B