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Flutter EntertainmentFLUT

Legal name
Flutter Entertainment plc
Sector
Technology
Industry
Services-Computer Programming, Data Processing, Etc.
Exchange
NYSE

Stock Price $FLUT

Latest filings

You are here#100 of 103 in Technology by market cap

Filing record · 2016–202610-K810-Q98-K280

FLUT filed 8 annual reports (10-K), 9 quarterly reports (10-Q) and 280 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Feb ’20Feb ’20
  2. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  4. $16.38B
YoY changeLargest recent move+24.6%in FY23Latest +16.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All FLUT Financial Metrics56 metrics

Income Statement15

Balance Sheet25

Cash Flow12

Per Share4

02—Overview

Flutter Entertainment Financial Overview 2018–2025

Updated Nov 5, 2026

Flutter's revenue grew roughly eightfold, from $2,029.2 million in FY2018 to $16,383 milliona in FY2025, yet it has not turned that scale into steady profit. The core thesis: growth was bought with acquisitions and debt, and the 2026 results show margins and earnings going the wrong way as the bill comes due.

The FY2025 numbers look healthy at first. Revenue rose 17%, Adjusted EBITDA climbed 21% to $2,845 millionb, and the margin reached 17.4%. U.S. Adjusted EBITDA more than doubled to $922 million. The company also repurchased $1 billion of stock. But net income swung to a $407 million loss, driven by a $517 million Junglee goodwill impairment. Long-term debt nearly doubled to $12,266 million from $6,736 million, as Snai, NSX and the Boyd FanDuel stake were financed with borrowing.

The 2026 quarters show the strain. In Q3 2026, revenue edged up to $3,874 million, but Adjusted EBITDA fell to $360 millionc and the margin dropped to 9.3% from 12.6%. U.S. Adjusted EBITDA was just $3 million. An $873 million Brazil impairment pushed the net loss to $1,148 million. Leverage hit 4.6x, and buybacks are paused.

At the close of FY2025, the shares traded at $215.04d against EPS of -$1.75, so a P/E is not meaningful. Investors were paying for growth, not earnings.

Recent Developments (Q2 and Q3 2026)

Flutter cut full-year guidance twice and replaced its CEO. In Q2 2026, revenue rose 3% to $4,326 millione, but Adjusted EBITDA fell 45% to $508 million as U.S. sales and marketing spend climbed on the FIFA World Cup and FanDuel Predicts. The Q3 2026 update trimmed the 2026 Adjusted EBITDA midpoint again, to $2.495 billion from $2.655 billion. A UK remote gaming duty rise from 21% to 40% hit International, and Flutter ceased Brazil operations on September 26. Dan Taylor succeeds Peter Jackson as CEO on October 1. A UK&I restructuring affects up to 1,400 jobs, and the London listing was cancelled on August 3.

Bull case: Flutter targets $500 million of added cost savings by 2029, and the refinanced credit facilities run to May 2032. Bear case: leverage is 4.6x, and tax disputes in the UK, U.S. and India remain unresolved. At $81.79 as of the November 3, 2026 report date, not today, the shares sit on negative trailing EPS of -$1.75, so no P/E applies.

What to watch: Q4 2026 UK&I restructuring charges and leverage falling from 4.6x; Brazil's Congressional ruling on the betting ban

03—Filings

Recent SEC Filings

  1. 8-KFlutter Entertainment 8-K Report, Material Agreement (Nov 4, 2026)Flutter Entertainment plc (FLUT) disclosed in this Form 8-K that on October 30, 2026, the Company and certain of its subsidiaries entered into a First Amendment and Restatement Agreement to its Term Loan A, Term Loan B and Revolving Credit Facility Agreement dated November 24, 2023. The amendment extends the maturity of the Group's term A facilities and revolving credit facility to May 3, 2032, and increases revolving credit commitments to $1.86 billion while redenominating that facility's base currency from Sterling to U.S. dollars. The agreement also redenominates the term A facilities solely into U.S. dollars and euros. Following the effective date, €382 million of term A2 loans and $1,374 million of term A3 loans are outstanding, and no sterling-denominated term A loans remain outstanding. The net total leverage covenant is replaced with a net first lien leverage covenant, with the covenant level set at 5.70:1.00. After the amendment, term A and revolving loans bear interest at the applicable screen rate (Term SOFR, EURIBOR or SONIA, as applicable) plus a margin of 1.40% to 2.00% per annum, based on the Company's Moody's, S&P and Fitch corporate ratings. The full agreement will be filed as an exhibit to the Company's Form 10-K for the year ending December 31, 2026.
  2. 8-KFlutter Entertainment 8-K Report, Financial Results (Nov 4, 2026)Flutter Entertainment plc (NYSE: FLUT) reported third-quarter 2026 results on November 4, 2026, with group revenue of $3,874 million (+2% year-over-year) and a net loss of $1,148 million, up 46% from the $789 million loss a year earlier. The loss was driven largely by a non-cash impairment charge of $873 million related to Brazil following a Provisional Measure banning sports betting and iGaming, a $105 million increase in legal loss contingencies, and lower segment profitability. Group adjusted EBITDA fell 25% to $360 million, with US adjusted EBITDA down to $3 million and International adjusted EBITDA down 14% to $435 million, the latter reflecting the UK gaming tax increase. Net cash provided by operating activities was $211 million, and the leverage ratio rose to 4.6x from 3.7x at December 2025. In his first shareholder letter as CEO, Dan Taylor set four priorities: building on US leadership, capturing the prediction markets opportunity, driving more value from the International portfolio, and simplifying the operating model. Flutter announced an additional $500 million in gross operating cost and capital expenditure savings by 2029, a UKI restructuring, and the closure of Betfair operations in Brazil. The company has paused its share repurchase program for the foreseeable future to prioritize deleveraging and organic investment, and it completed a refinancing extending its Revolving Credit Facility and Term Loan A maturities to May 2032. Full-year 2026 guidance was reduced at the midpoint to $17.61 billion in group revenue (down $300 million) and $2.495 billion in adjusted EBITDA (down $160 million), reflecting unfavorable sports results in the US and International and the Brazil closure, partially offset by cost actions. Transaction, restructuring and integration costs are now expected to be approximately $620 million, up $120 million.
  3. 8-KFlutter Entertainment 8-K Report, Regulation FD Disclosure (Oct 22, 2026)Flutter Entertainment plc (NYSE: FLUT) filed this Current Report on Form 8-K dated October 22, 2026, under Item 7.01 (Regulation FD Disclosure). The filing furnishes a press release as Exhibit 99.1 announcing that the company will release its third quarter 2026 update before U.S. market open on November 4, 2026, at 7:00 a.m. ET, with all materials available in the Investors section of its website. Management will host a webcast and conference call on November 4, 2026, at 8:30 a.m. ET to review the results and take questions. A replay will be available approximately one hour after the call ends, and dial-in numbers for North America, the United Kingdom, Ireland, Australia and international callers are provided. The filing itself contains no financial results, guidance or other quantitative information. Its main value for investors is the schedule for the third quarter 2026 update, which is the event to watch for operating and financial performance.
  4. 8-KFlutter Entertainment 8-K Report, Exit or Disposal Costs (Oct 20, 2026)Flutter Entertainment plc (NYSE: FLUT) reported in this Form 8-K that on October 20, 2026 it committed to a restructuring plan for its United Kingdom & Ireland (UK&I) business. The plan is designed to mitigate the impact of increases in UK gaming taxation and is expected to entail a reduction in headcount of up to 1,400 employees. Affected roles are in the UK (including Leeds), Ireland (Dublin), and UK&I staff at Flutter hubs in Porto, Portugal and Cluj-Napoca, Romania. The Company began notifying affected employees on October 20, 2026, and the actions remain subject to consultation and applicable legal requirements. The Company estimates aggregate pre-tax charges of approximately $80 to $90 million, consisting primarily of cash expenditure for employee severance, benefits and related costs, with additional non-cash stock-based compensation charges that cannot be reasonably estimated. Management states that these costs were already captured within the updated guidance issued in Flutter's earnings update for the quarter ended June 30, 2026. The charges are expected to be incurred in the fourth quarter of 2026, with the plan substantially completed by the end of 2026. In the accompanying press release (Exhibit 99.1), management states that the restructuring is part of the already guided first-order cost mitigation for UK gaming tax increases. It cites a $540 million adjusted EBITDA impact from 2027 UK iGaming tax changes, which it expects to offset with $201 million of first-order mitigation. Management also says the restructuring is expected to support material second-order mitigation benefits by preserving investment in the customer proposition, and it remains confident in its ability to gain share as the largest-scale UK operator.
  5. 8-KFlutter Entertainment 8-K Report, Executive Changes (Oct 1, 2026)Flutter Entertainment plc, filing under its name as shown in the filing, reported in this Current Report on Form 8-K (Date of Report: September 28, 2026; filed October 1, 2026) a leadership change in its legal function under Item 5.02. Don Liu notified the Board of Directors on September 28, 2026 of his intention to resign as Chief Legal Officer, effective September 30, 2026. The Company has appointed Edward Traynor, Group Company Secretary, as interim Chief Legal Officer effective October 1, 2026. The filing does not disclose the reasons for Mr. Liu's departure, any compensation or severance terms, or whether a permanent successor will be named. The filing contains no financial results, guidance, or operational metrics. For investors, the event is a routine executive transition in a non-financial role, with the continuity provided by an internal interim appointment.
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04—See also

Related Companies

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