Flutter Entertainment FLUT Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| International | $2.54B-2.1% | $2.6B+7.0% | $2.43B+1.3% | $2.4B+19.9% | $2B-8.3% | |
| U.S. | $1.69B-18.4% | $2.07B+55.6% | $1.33B-23.5% | $1.74B+6.7% | $1.63B+1.8% | |
| Reportable segment Adjusted EBITDA by Business | ||||||
| International | $587M-0.2% | $588M+16.4% | $505M-14.6% | $591M+14.1% | $518M-7.0% | |
| U.S. | $119M-61.6% | $310M+508% | $51M-87.3% | $400M+148% | $161M-1.2% | |
| Cost of Revenue by Business | ||||||
| International | $1.24B-0.8% | $1.25B+7.4% | $1.17B+5.8% | $1.1B+25.5% | $880M-3.7% | |
| U.S. | $1.04B-13.6% | $1.21B+46.5% | $824M-14.9% | $968M+1.3% | $956M+1.3% | |
| Sales & Marketing by Business | ||||||
| International | $376M-10.9% | $422M+2.2% | $413M+9.8% | $376M+21.7% | $309M-16.9% | |
| U.S. | $379M-9.5% | $419M+36.5% | $307M+40.2% | $219M-41.4% | $374M+14.7% | |
| Research and Development Expense by Business | ||||||
| International | $120M+21.2% | $99M-9.2% | $109M+1.9% | $107M+12.6% | $95M+2.2% | |
| U.S. | $89M+1.1% | $88M0.0% | $88M+2.3% | $86M+4.9% | $82M+17.1% | |
| Depreciation and amortization excluding amortization of acquired intangibles by Business | ||||||
| International | $152M+4.8% | $145M+0.7% | $144M+22.0% | $118M+22.9% | $96M-5.0% | |
| U.S. | $36M+16.1% | $31M0.0% | $31M+3.3% | $30M+3.4% | $29M+3.6% | |
| General and Administrative Expense by Business | ||||||
| International | $214M-7.8% | $232M+0.4% | $231M+6.0% | $218M+10.7% | $197M-19.6% | |
| U.S. | $133M+12.7% | $118M+20.4% | $98M-16.9% | $118M+26.9% | $93M-13.9% | |
| Depreciation And Amortization Expense And Share-Based Compensation Expense by Business | ||||||
| International | $161M-3.0% | $166M-1.8% | $169M+19.0% | $142M+24.6% | $114M-0.9% | |
| U.S. | $64M+12.3% | $57M-9.5% | $63M0.0% | $63M+10.5% | $57M+7.5% | |
| Share-based compensation expense by Business | ||||||
| International | $9M-57.1% | $21M-16.0% | $25M+4.2% | $24M+33.3% | $18M+28.6% | |
| U.S. | $28M+7.7% | $26M-18.8% | $32M-3.0% | $33M+17.9% | $28M+12.0% | |
| Revenue by Product | ||||||
| iGaming | $1.95B-3.0% | $2.01B+5.9% | $1.9B+7.0% | $1.78B+16.6% | $1.52B-0.2% | |
| Other | $133M0.0% | $133M+2.3% | $130M-14.5% | $152M+17.8% | $129M0.0% | |
| Sportsbook | $2.22B-14.3% | $2.59B+46.9% | $1.77B-21.9% | $2.26B+12.2% | $2.01B-5.8% | |
| Revenue by Geography | ||||||
| Asia Pacific | $305M-12.9% | $350M-3.6% | $363M-9.7% | $402M+28.4% | $313M-19.9% | |
| Australia | $304M-13.1% | $350M+4.2% | $336M-6.1% | $358M+32.1% | $271M-22.1% | |
| Central and Eastern Europe | $160M-8.6% | $175M+15.9% | $151M+9.4% | $138M-1.4% | $140M-6.0% | |
| Ireland | $78M0.0% | $78M+6.8% | $73M-5.2% | $77M+2.7% | $75M-5.1% | |
| Italy | $841M+1.2% | $831M+19.7% | $694M+15.3% | $602M+48.6% | $405M+0.7% | |
| Other regions | $162M-22.5% | $209M-8.7% | $229M+4.6% | $219M+5.8% | $207M-5.9% | |
| Southern Europe and Africa | $940M+4.7% | $898M+20.9% | $743M+13.1% | $657M+46.7% | $448M+2.1% | |
| UKI | $900M+2.7% | $876M+2.7% | $853M-8.9% | $936M+6.1% | $882M-8.5% | |
| UNITED KINGDOM | $804M+2.7% | $783M+2.1% | $767M-9.7% | $849M+6.3% | $799M-9.6% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Flutter Entertainment break its business down?
- Flutter Entertainment (FLUT) reports revenue by business across 2 parts — International and U.S.. Each is extracted from the segment footnotes and tracked over time.
- Where does Flutter Entertainment's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Flutter Entertainment's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
