Flutter Entertainment FLUT Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| International | $2.54B+27.1% | $2.6B+19.0% | $2.43B+21.4% | $2.4B+15.0% | $2B+0.6% | |
| U.S. | $1.69B+3.7% | $2.07B+29.4% | $1.33B+7.7% | $1.74B+16.3% | $1.63B+16.4% | |
| Reportable segment Adjusted EBITDA by Business | ||||||
| International | $587M+13.3% | $588M+5.6% | $505M+9.5% | $591M+13.0% | $518M-1.1% | |
| U.S. | $119M-26.1% | $310M+90.2% | $51M-12.1% | $400M+53.8% | $161M+519% | |
| Cost of Revenue by Business | ||||||
| International | $1.24B+41.4% | $1.25B+37.2% | $1.17B+29.6% | $1.1B+23.5% | $880M+2.1% | |
| U.S. | $1.04B+9.1% | $1.21B+27.9% | $824M+11.8% | $968M+15.4% | $956M+14.8% | |
| Sales & Marketing by Business | ||||||
| International | $376M+21.7% | $422M+13.4% | $413M+19.0% | $376M+5.0% | $309M-2.5% | |
| U.S. | $379M+1.3% | $419M+28.5% | $307M+10.8% | $219M-13.4% | $374M-11.4% | |
| Research and Development Expense by Business | ||||||
| International | $120M+26.3% | $99M+6.5% | $109M+3.8% | $107M+0.9% | $95M-4.0% | |
| U.S. | $89M+8.5% | $88M+25.7% | $88M+22.2% | $86M+17.8% | $82M+49.1% | |
| Depreciation and amortization excluding amortization of acquired intangibles by Business | ||||||
| International | $152M+58.3% | $145M+43.6% | $144M+53.2% | $118M+26.9% | $96M+2.1% | |
| U.S. | $36M+24.1% | $31M+10.7% | $31M+14.8% | $30M+25.0% | $29M+16.0% | |
| General and Administrative Expense by Business | ||||||
| International | $214M+8.6% | $232M-5.3% | $231M+25.5% | $218M+7.4% | $197M+6.5% | |
| U.S. | $133M+43.0% | $118M+9.3% | $98M-7.5% | $118M+15.7% | $93M+25.7% | |
| Depreciation And Amortization Expense And Share-Based Compensation Expense by Business | ||||||
| International | $161M+41.2% | $166M+44.3% | $169M+48.2% | $142M+22.4% | $114M+3.6% | |
| U.S. | $64M+12.3% | $57M+7.5% | $63M+23.5% | $63M+23.5% | $57M+29.5% | |
| Share-based compensation expense by Business | ||||||
| International | $9M-50.0% | $21M+50.0% | $25M+25.0% | $24M+4.3% | $18M+12.5% | |
| U.S. | $28M0.0% | $26M+4.0% | $32M+33.3% | $33M+22.2% | $28M+47.4% | |
| Revenue by Product | ||||||
| iGaming | $1.95B+28.1% | $2.01B+31.9% | $1.9B+34.6% | $1.78B+31.1% | $1.52B+11.6% | |
| Other | $133M+3.1% | $133M+3.1% | $130M+1.6% | $152M-5.6% | $129M-12.2% | |
| Sportsbook | $2.22B+10.3% | $2.59B+21.3% | $1.77B+3.3% | $2.26B+7.8% | $2.01B+6.8% | |
| Revenue by Geography | ||||||
| Asia Pacific | $305M-2.6% | $350M-10.5% | $363M-12.1% | $402M+4.4% | $313M-12.6% | |
| Australia | $304M+12.2% | $350M+0.6% | $336M-9.4% | $358M+2.6% | $271M-17.6% | |
| Central and Eastern Europe | $160M+14.3% | $175M+17.4% | $151M+14.4% | $138M+7.8% | $140M+14.8% | |
| Ireland | $78M+4.0% | $78M-1.3% | $73M+1.4% | $77M+1.3% | $75M-2.6% | |
| Italy | $841M+108% | $831M+107% | $694M+101% | $602M+62.3% | $405M+11.0% | |
| Other regions | $162M-21.7% | $209M-5.0% | $229M+4.1% | $219M-6.8% | $207M-12.3% | |
| Southern Europe and Africa | $940M+110% | $898M+105% | $743M+101% | $657M+68.5% | $448M+13.7% | |
| UKI | $900M+2.0% | $876M-9.1% | $853M+0.8% | $936M+0.9% | $882M+2.4% | |
| UNITED KINGDOM | $804M+0.6% | $783M-11.4% | $767M+0.3% | $849M+0.1% | $799M+2.2% |
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.
