Flutter Entertainment plc (FLUT)
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The house always wins — everyone who has ever stood in a betting shop knows that. Flutter Entertainment (NYSE: FLUT) is the biggest house of that kind on the planet: FanDuel, Paddy Power, Betfair, Sky Bet, PokerStars, Sportsbet, Sisal, Snai — 15.9 million average monthly players and $16.4 billion of revenue in fiscal 2025. The bottom line was still a $407 million loss. And in the first quarter of 2026, $293 million of the $209 million net income came from a fair-value gain on the Fox Option — a call over 18.6 percent of FanDuel that is carried at a lower value in the books precisely when FanDuel is worth less. Add a country that disappeared overnight and a tax that almost doubles from April 2026. Not investment advice — just the question of who really keeps the house edge in the end.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIFlutter Entertainment setzt maschinelles Lernen, KI-Technologien und Data Science laut Geschäftsbericht 10-K in Produkten, Diensten und Infrastruktur ein und investiert ausdrücklich in den Ausbau dieser Fähigkeiten einschließlich neuer, KI-gestützter Produktfunktionen — erzielt damit aber keinen ausgewiesenen KI-Umsatz: 2025 stammten 53 Prozent des Umsatzes aus Sportwetten und 44 Prozent aus iGaming. In den Risikofaktoren erscheint KI als eigenes Einsatz-, Compliance- und Reputationsthema (inklusive EU-KI-Verordnung mit Bußgeldern bis 35 Mio. Euro oder 7 Prozent des Weltumsatzes), nicht als Bedrohung des eigenen Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence (“AI”), machine learning and similar technologies in our business, which may present business, compliance, and reputational risks."
Wir setzen künstliche Intelligenz („KI“), maschinelles Lernen und ähnliche Technologien in unserem Geschäft ein, was geschäftliche, aufsichtsrechtliche und Reputationsrisiken mit sich bringen kann.
„We use machine learning, AI technologies, data science and similar technologies in our products, services and infrastructure, and we are making investments in expanding our AI capabilities, including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new product features using AI."
Wir setzen maschinelles Lernen, KI-Technologien, Data Science und ähnliche Technologien in unseren Produkten, Diensten und in unserer Infrastruktur ein, und wir investieren in den Ausbau unserer KI-Fähigkeiten — einschließlich der fortlaufenden Einführung und Verbesserung bestehender Technologien für maschinelles Lernen und KI sowie der Entwicklung neuer Produktfunktionen mit KI.
„We use artificial intelligence (“AI”), machine learning and similar technologies in our business. These technologies may present business, compliance, and reputational risks."
Wir setzen künstliche Intelligenz („KI“), maschinelles Lernen und ähnliche Technologien in unserem Geschäft ein. Diese Technologien können geschäftliche, aufsichtsrechtliche und Reputationsrisiken mit sich bringen.
„Flutter’s ability to effectively manage artificial intelligence, machine learning, and related technologies in its operations"
Flutters Fähigkeit, künstliche Intelligenz, maschinelles Lernen und verwandte Technologien im operativen Betrieb wirksam zu steuern
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-12 · 10-Q 2025-08-07 · 10-Q 2025-05-07 · 10-K 2026-02-26 · 10-K 2025-03-04
Rated on July 23, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.73 | – | 3,792 | 14.50 | 3.40 | 652 | 473 |
| 2025: Q1 | 1.84 | – | 3,665 | 7.90 | 9.10 | 188 | 88 |
| 2025: Q2 | 0.14 | -90.40 | 4,187 | 16.00 | 0.60 | 359 | 156 |
| 2025: Q3 | -4.25 | – | 3,794 | 16.80 | -20.00 | 209 | 25 |
| 2025: Q4 | 0.13 | -82.40 | 4,737 | 24.90 | 0.50 | 430 | 394 |
| 2026: Q1 | 1.21 | -34.60 | 4,304 | 17.40 | 5.00 | 330 | 153 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Flutter is the largest betting and gaming group in the world: $16,383 million of revenue in fiscal 2025 (+16.6 percent), 15.9 million average monthly players and, with FanDuel, the number one in the growing U.S. market (segment revenue +20.2 percent to $6,967 million). The first quarter of 2026 grew another 17.4 percent to $4,304 million.
The bottom line was a loss in three of four years (2022 to 2025: −$370 million, −$1,211 million, +$162 million, −$407 million), and operating profit fell in 2025 from $869 million to $36 million. Of the $209 million of net income in the first quarter of 2026, $293 million came from the fair-value gain on the Fox Option liability — an item that rises when FanDuel is worth less.
The business stands or falls with licenses. India banned all online real-money gaming on August 22, 2025, and Flutter wrote off the entire $517 million of goodwill in its Junglee unit. The United Kingdom lifts remote gaming duty from 21 percent to 40 percent on April 1, 2026 and betting duty from 15 percent to 25 percent on April 1, 2027; in Illinois, per the filing, higher levies have already reduced legal betting volume.
Financial debt rose in 2025 from $6,736 million to $12,266 million and interest expense from $419 million to $515 million. It paid for Snai ($2.6 billion), NSX/Betnacional ($674 million), Boyd's FanDuel stake ($1,553 million) and share repurchases ($1,123 million). Goodwill of $15,825 million clearly exceeds equity of $9,038 million.
Operating cash flow is solid ($1,184 million in 2025, $330 million in the first quarter of 2026), but after roughly $777 million of investment only a good $400 million remains free — against more than $5 billion spent on acquisitions and buybacks. The share count is falling (177.9 million to 175.2 million); there is no dividend for Flutter shareholders.
Flutter Entertainment is the house-edge trap in its purest form: the world's largest bookmaker grows at double digits, serves 15.9 million players a month and reports $2,845 million of Adjusted EBITDA for fiscal 2025 — and still shows a $407 million net loss. In between sit $1,517 million of depreciation and amortization, $515 million of interest on nearly doubled debt, $286 million of taxes despite a pre-tax loss, and a $517 million goodwill impairment because India banned online real-money gaming overnight. The quarterly profit in early 2026, meanwhile, largely comes from a remeasurement that grows when FanDuel is worth less. Not investment advice.
- Flutter Entertainment reached our research list not through a metrics scanner but through a mandatory filing: London-based Helikon Investments Ltd reported 1,439,750 Flutter shares worth $146,782,513 in its SEC Form 13F-HR as of March 31, 2026 (filed May 8, 2026) — a brand-new position. A 13F shows only U.S.-listed long positions with a 35 to 45 day delay, without short sales and derivatives: a rear-view mirror, not a road map.
- Classic metrics only go so far here: no price-to-earnings ratio can be built for 2025 without earnings, and balance-sheet scores such as Piotroski or Altman Z systematically misjudge a group carrying $15,825 million of goodwill. The meaningful figures are segment revenue, Adjusted EBITDA and the reconciliation to reported earnings.
- Valuation figures are dated and evergreen: shares held by non-affiliates were worth $50.37 billion as of June 30, 2025 (annual report cover), implying a price-to-sales ratio of roughly 3 and an enterprise value of about twenty times fiscal 2025 Adjusted EBITDA. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Flutter Entertainment plc ist ein Sportwetten- und Glücksspielunternehmen in den USA, dem Vereinigten Königreich, Irland, Australien, Italien und international. Es bietet Sportwetten, iGaming-Produkte wie Blackjack, Roulette, Spielautomaten, Poker und Rummy sowie Lotterieprodukte an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 28,518 |
| Headquarters | New York, NY |
| Website | flutter.com |
| IPO Date | 5. Oct 2017 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jeremy Peter Jackson | CEO & Executive Director | 1975 |
| Robert Coldrake | Chief Financial Officer | 1979 |
| Don H. Liu J.D. | Chief Legal Officer | 1962 |
| Daniel Mark Taylor | President & CEO of Flutter International | 1980 |
| Phil Bishop | Chief Operating Officer | 1968 |
| Paul Tymms | Group Director of Investor Relations | – |
| Kate A. Delahunty | Chief Communications Officer | – |
| Charles Kelly | Head of Retail Operations In Ireland | – |
| Fiona Gildea | Head of Governance & Deputy Company Secretary | – |
| Edward Traynor | Group General Counsel & Company Secretary | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.