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FLUT · Flutter Entertainment

9 filings

10-Q

FLUT 10-Q Quarterly Reports

Flutter Entertainment - 9 quarterly reports

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

2026-Q3
Flutter Entertainment Quarterly Report for Q3 Ended Sep 30, 2026
Flutter Entertainment plc's Form 10-Q for the quarter ended September 30, 2026 shows a widening loss driven largely by impairments tied to Brazil. Revenue for the three months rose to $3,874 million from $3,794 million, but the operating loss deepened to $1,191 million from $834 million, and the net loss grew to $1,148 million from $789 million. The filing attributes the Brazil charges to a $873 million impairment (including $541 million of goodwill), following a provisional government measure announced September 25, 2026 that banned fixed-odds sports betting and online gaming. Adjusted EBITDA fell to $360 million from $478 million, and Adjusted EBITDA margin declined to 9.3% from 12.6%. U.S. segment Adjusted EBITDA was $3 million versus $51 million a year earlier, reflecting higher sales and marketing spend and cost of sales. The balance sheet and cash flow show a company focused on deleveraging. Total assets fell to $27,434 million and total shareholders' equity to $8,156 million, while long-term debt was $12,143 million. Net cash from operating activities was $904 million for the nine months, against $524 million used in investing activities and $243 million used in financing activities. The Board's share repurchase program was paused in the third quarter to prioritize deleveraging. Subsequent events include an amended credit agreement extending term A facilities and the revolver to May 3, 2032, with the revolver increased to $1.86 billion, and a UKI restructuring plan affecting up to 1,400 employees with estimated pre-tax charges of $80 million to $90 million. The filing also discloses significant contingent exposures. These include an HMRC assessment that would result in a tax liability of $383 million (£290 million) excluding interest if upheld, which the company is appealing; proposed IRS adjustments totaling approximately $181 million, excluding interest, for fantasy sports, against which no provision has been recorded; and a Indian GST tax demand of ₹50.6 billion ($527 million) plus interest and penalties, against which a $54 million provision is recorded.
Nov 4, 2026
2026-Q2
Flutter Entertainment Quarterly Report for Q2 Ended Jun 30, 2026
Flutter Entertainment plc reported a net loss of $296 million for the three months ended June 30, 2026, compared with net income of $37 million in the same period of 2025. Revenue rose to $4,326 million from $4,187 million, but cost of sales climbed to $2,613 million, and sales and marketing expenses rose to $1,012 million from $789 million, driven by FIFA World Cup spend and investment in FanDuel Predicts. Operating loss was $144 million versus operating profit of $389 million. Adjusted EBITDA fell to $508 million from $919 million, with the Adjusted EBITDA margin at 11.7% compared with 21.9%. For the six months, revenue was $8,630 million and the net loss was $87 million, against net income of $372 million a year earlier. The U.S. segment's revenue declined 6% in the quarter, with sportsbook revenue down 15% and iGaming revenue up 14%. U.S. Adjusted EBITDA was $119 million versus $400 million. International revenue grew 10% to $2,643 million, helped by the Snai and NSX acquisitions, but International Adjusted EBITDA fell to $476 million from $591 million. Fair value gains on the Fox Option liability ($40 million in the quarter, $333 million year to date) partly offset operating pressure in other income. The filing also discloses several contingencies that bear on the outlook: an accrual for historical U.S. sales and use tax, a $62 million provision tied to Indian GST, an Australian Tax Office amended assessment for which the company paid $53 million as a deposit, a proposed IRS assessment on fantasy sports for which no provision has been recorded, and an Australian class action with trial scheduled for August 2026. Cash and cash equivalents were $1,563 million at June 30, 2026, with long-term debt of $11,872 million (non-current), and the company repurchased 1,252,519 shares in the quarter.
Aug 5, 2026
2026-Q1
Flutter Entertainment Quarterly Report for Q1 Ended Mar 31, 2026
Flutter Entertainment plc's Form 10-Q for the quarter ended March 31, 2026 reports revenue of $4,304 million, up from $3,665 million in the prior-year quarter. Operating profit fell to $79 million from $223 million, and net income decreased to $209 million from $335 million. Net income attributable to Flutter shareholders was $218 million, against $283 million a year earlier. Diluted EPS was $1.23 versus $1.57. Adjusted EBITDA rose to $631 million from $616 million, while Adjusted EBITDA margin declined to 14.7% from 16.8%. The filing attributes the higher revenue largely to the Snai and NSX acquisitions, and cites higher cost of sales (57% of revenue versus 53%), higher depreciation and amortization of $416 million versus $294 million, and higher interest expense of $156 million versus $85 million. Other income of $311 million, driven mainly by a $293 million fair value gain on the Fox Option liability, offset much of the operating decline and helped keep pre-tax income at $234 million versus $354 million. Operating cash flow rose to $330 million from $188 million. Cash and cash equivalents were $1,512 million at quarter end, and long-term debt totaled $11,794 million on the balance sheet, with aggregate principal of about $12 billion. Total shareholders' equity was $9,292 million. The company repurchased 1,152,508 shares in March 2026 under its $5 billion program, which had $3,758,594,161 remaining authorization at quarter end. The filing also discloses several contingent matters, including a pending Indian GST assessment on PokerStars India and Junglee totaling ₹198.5 billion ($2.1 billion) that the company disputes and has not accrued, an Austrian and German player claims exposure with €17 million ($20 million) accrued, and an HMRC discovery assessment that the company is appealing. Management notes that UK remote gaming taxes on online iGaming will rise from 21% to 40% beginning April 2026.
May 6, 2026
2025-Q3
Flutter Entertainment Quarterly Report for Q3 Ended Sep 30, 2025
Flutter Entertainment plc reported a net loss of $789 million for the three months ended September 30, 2025, on revenue of $3,794 million, compared with a net loss of $114 million on revenue of $3,248 million a year earlier. The quarter was driven by a $517 million goodwill impairment tied to the Junglee reporting unit after India's Promotion and Regulation of Online Gaming Act, 2025 banned real-money online gaming, and by a $204 million transaction cost primarily related to the Boyd market access payment. Adjusted EBITDA rose to $478 million from $450 million, though the Adjusted EBITDA margin declined to 12.6% from 13.9%. Other income was $152 million, mainly from a $126 million fair value gain on the Fox Option liability. For the nine months, revenue was $11,646 million and net loss was $417 million, against net income of $6 million a year earlier. The U.S. segment grew revenue 9% in the quarter to $1,368 million, with iGaming revenue up 44%, while International revenue rose 21% to $2,426 million, aided by the Snai and NSX acquisitions. Total debt principal was about $12.2 billion at September 30, 2025, up from $6.8 billion at year-end 2024, reflecting new senior secured notes, term loans and bridge facilities used for the Snai acquisition, the NSX acquisition and the Boyd transaction. Cash and cash equivalents were $1,727 million. The company disclosed that its disclosure controls were not effective due to material weaknesses in internal control over financial reporting that had not been remediated as of September 30, 2025. The filing also flags contingent exposures, including player claims in Austria and Germany and a potential GST liability in India of ₹198.5 billion (about $2.3 billion) under a DGGI notice to PokerStars India, for which no liability has been accrued.
Nov 12, 2025
2025-Q2
Flutter Entertainment Quarterly Report for Q2 Ended Jun 30, 2025
Flutter Entertainment plc's Form 10-Q for the quarter ended June 30, 2025 reports Q2 revenue of $4,187 million, up from $3,611 million a year earlier, with operating profit of $389 million versus $369 million and net income of $37 million versus $297 million. The decline in net income is driven largely by a $81 million fair value loss on the Fox Option liability in the quarter, compared with a $91 million gain in the prior-year quarter, and by income tax expense of $168 million. Adjusted EBITDA rose to $919 million from $738 million, with Adjusted EBITDA margin of 21.9% versus 20.4%. For the six months, revenue was $7,852 million and net income was $372 million, against $120 million a year earlier. The U.S. segment generated revenue of $1,791 million for the quarter, up 17% per the filing, with Adjusted EBITDA of $400 million. The International segment, which now includes the Snai and NSX acquisitions completed in April and May 2025, produced revenue of $2,396 million and Adjusted EBITDA of $591 million. The company reported cash and cash equivalents of $1,691 million and total long-term debt principal of $10,038 million, after issuing senior secured notes and a $750 million incremental term loan in June 2025 to refinance the Snai bridge facility. The filing also discloses that disclosure controls were not effective as of June 30, 2025, due to material weaknesses in internal control over financial reporting that remain unremediated. Subsequent events include the July 2025 agreement to acquire Boyd's 5% redeemable non-controlling interest in FanDuel for $1.76 billion, which closed July 31, 2025, and state tax increases in Maryland, New Jersey, Louisiana and Illinois. The company also disclosed significant contingent exposures, including a GST assessment in India of ₹198.5 billion ($2.3 billion), for which no liability has been accrued.
Aug 7, 2025
2025-Q1
Flutter Entertainment Quarterly Report for Q1 Ended Mar 31, 2025
Flutter Entertainment plc's Form 10-Q for the quarter ended March 31, 2025 reports revenue of $3,665 million, up from $3,397 million a year earlier, with net income of $335 million versus a net loss of $177 million in the prior-year quarter. Operating profit rose to $223 million from $124 million. The swing to net income was driven largely by other income of $216 million, mainly a $205 million fair value gain on the Fox Option liability, compared with a $174 million expense in the prior-year period. Adjusted EBITDA increased to $616 million from $514 million, with Adjusted EBITDA Margin of 16.8%. The U.S. segment drove growth, with revenue up 18% to $1,666 million and Adjusted EBITDA rising to $161 million from $26 million. The International segment's revenue was broadly flat at $1,999 million, and its Adjusted EBITDA was $518 million. Cash position and capital allocation: cash and cash equivalents were $1,537 million at March 31, 2025. Operating cash flow was $188 million, down from $337 million, reflecting a $220 million outflow in player deposit liabilities and a $210 million outflow in other liabilities. The company repurchased 890,999 shares in the quarter under its $5 billion 2024 Share Repurchase Program. Long-term debt principal was $6,873 million including accrued interest. The filing reports that disclosure controls were not effective due to material weaknesses that had not been remediated as of March 31, 2025. Subsequent events are significant. On April 30, 2025, the company completed the acquisition of Pluto (Italia) S.p.A., the holding company of Snaitech S.p.A., for approximately €2.3 billion ($2.6 billion). It also entered into a €2.5 billion bridge credit facility to fund the acquisition, and the NSX (Brazil) acquisition was expected to close in May 2025.
May 7, 2025
2024-Q3
Flutter Entertainment Quarterly Report for Q3 Ended Sep 30, 2024
Flutter Entertainment plc's Form 10-Q for the quarter ended September 30, 2024 reports revenue of $3,248 million for the three months, up from $2,558 million a year earlier, and $10,256 million for the nine months versus $8,477 million. Operating profit was $97 million for the quarter, compared with an operating loss of $137 million in the prior-year quarter, and net loss narrowed to $114 million from $262 million. Adjusted EBITDA rose to $450 million from $258 million for the quarter, with an Adjusted EBITDA Margin of 13.9%. For the nine months, net income was $6 million versus a net loss of $309 million, and Adjusted EBITDA was $1,702 million, with a 16.6% margin. The filing shows continued growth in the U.S. segment, where quarterly revenue was $1,250 million, and strong performance in UKI and International. Other expense, net widened to $122 million for the quarter, driven mainly by a $121 million fair value loss on the Fox Option liability. Cash flow from operating activities for the nine months was $950 million. The Board authorized a share repurchase program of up to $5 billion over three to four years, and the company intends to start a $350 million 10b5-1 repurchase plan running from November 14, 2024 to March 31, 2025. Management concluded that disclosure controls were not effective as of September 30, 2024 because a material weakness in internal control over financial reporting remained unremediated. The filing also discloses several significant contingencies: a Georgian court judgment of GEL 896 million ($330 million) against Atlas Holdings LLC in a trademark dispute, which the company has not accrued for, and Indian GST notices to Junglee of ₹179.1 billion ($2.1 billion), also unaccrued. In September 2024 the company announced acquisitions of a 56% interest in NSX Group (Betnacional, Brazil) for approximately $364 million and of 100% of Snaitech S.p.A. for $2.6 billion, both expected to close in 2025. On October 23, 2024 it obtained commitments for a €2.5 billion term loan to fund the Snaitech acquisition.
Nov 12, 2024
2024-Q2
Flutter Entertainment Quarterly Report for Q2 Ended Jun 30, 2024
Flutter Entertainment plc's Form 10-Q for the quarter ended June 30, 2024 reports revenue of $3,611 million for the three months ended June 30, 2024, up from $3,001 million a year earlier, and $7,008 million for the six months, up from $5,919 million. Operating profit for the quarter was $369 million versus $222 million, and net income was $297 million versus $64 million. The quarter benefited from a $91 million fair value gain on the Fox Option liability. Adjusted EBITDA was $738 million for the quarter ($633 million prior year) and $1,252 million for the six months ($985 million prior year), with Adjusted EBITDA Margin of 20.4% for the quarter and 17.9% for the six months. Group AMPs were 14,344 thousand for the quarter, up from 12,222 thousand. The balance sheet shows cash and cash equivalents of $1,526 million and long-term debt of $6,737 million non-current (total debt $6,790 million) at June 30, 2024. During the six months, operating cash flow was $660 million, compared with $(8) million a year earlier. The company issued $525 million of 6.375% USD senior secured notes and €500 million of 5.000% EUR senior secured notes due 2029, using proceeds to repay the EUR First Lien Term Loan B and borrowings under the GBP revolving credit facility. Management concluded that disclosure controls were not effective as of June 30, 2024 because a material weakness in internal control over financial reporting identified in the 2023 Annual Report had not been remediated. The filing also discloses contingencies, including Austrian and German player claims, an Indian GST notice of ₹179.1 billion ($2.1 billion) which the company disputes, and a Fox Option liability carried at $490 million. The company acquired a 51% stake in MaxBet for $144 million in January 2024 and BeyondPlay for $26 million in May 2024. Illinois raised online sports betting tax rates effective July 1, 2024, which the company estimates equates to a $50 million U.S. Adjusted EBITDA impact for the six months ending December 31, 2024 before mitigation.
Aug 13, 2024
2024-Q1
Flutter Entertainment Quarterly Report for Q1 Ended Mar 31, 2024
Flutter Entertainment plc reported first-quarter 2024 revenue of $3,397 million, up 16% from $2,918 million in the prior-year quarter, driven by AMPs growth of 11% to 13.7 million and a 32% rise in U.S. segment revenue. Operating profit was $124 million, compared with an operating loss of $15 million a year earlier. However, the company posted a net loss of $177 million (net loss margin of 5.2%, versus 3.8% a year earlier), and net loss attributable to Flutter shareholders was $196 million, or $(1.10) per share. The main drag below operating profit was a $184 million fair value loss on the Fox Option liability within other expense, net of $174 million. Adjusted EBITDA, a non-GAAP measure, rose 46% to $514 million, and Adjusted EBITDA Margin improved to 15.1% from 12.1%. Cash generation improved, with net cash from operating activities of $337 million versus a $49 million outflow a year earlier. Investing outflows of $259 million included cash consideration for the MaxBet acquisition, and financing activities used $181 million net. Total debt principal was $6.9 billion as of March 31, 2024. Subsequent to quarter-end, on April 29, 2024, the company issued $525 million of 6.375% senior secured notes and EUR 500 million of 5.000% senior secured notes, both due 2029, and used the proceeds to repay the EUR First Lien Term Loan B due 2026 and borrowings under its revolving credit facility. The filing states that disclosure controls and procedures were not effective as of March 31, 2024, due to a material weakness in internal control over financial reporting identified in the 2023 Annual Report that had not been remediated. Management states that the unaudited condensed financial statements nonetheless fairly present the company's financial position and results. The filing also notes that the shareholders approved a primary listing on the NYSE at the May 1, 2024 Annual General Meeting.
May 14, 2024