Free cash flow generation remains volatile, with margins retreating to 3.6% in 2026Q1, while the company continues to prioritize inorganic growth, including a $2.7 billion acquisition outlay in 2025Q2.
| Cash from Operations | 1.33B | 1.18B | 1.6B | 937M | 1.16B | 553M | 1.36B | 549.9M |
| Operating CF Margin % | - | 7.23% | 11.4% | 7.95% | 12.29% | 6.66% | 22.54% | 20.14% |
| Operating CF Growth % | 24.74% | -26.09% | 70.97% | -19.43% | 110.31% | -59.36% | 147.43% | - |
| Net Income | -457M | -407M | 162M | -1.21B | -370M | -757M | -47.29M | 146.72M |
| Depreciation & Amortization | 1.64B | 1.52B | 1.1B | 1.28B | 1.07B | 1.01B | 879.7M | 337.89M |
| Stock-Based Compensation | 252M | 246M | 202M | 190M | 181M | 488M | 71M | 22.42M |
| Deferred Taxes | -140M | -145M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 289M | 404M | 239M | 638M | -28M | -35M | 50.83M | -47.86M |
| Working Capital Changes | -178.74M | -431M | -98M | 35M | 305M | -153M | 406.39M | 90.73M |
| Change in Receivables | 39.57M | 0 | -11M | 23M | -12M | -17M | 24.67M | 17.18M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -69.79M | -20M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.48B | -5.09B | -811M | -602M | -2.52B | -254M | 320.13M | -307.08M |
| Capital Expenditures | -111M | -105M | -144M | -159M | -122M | -122M | -80.82M | -57.69M |
| CapEx % of Revenue | 0.65% | 0.64% | 1.03% | 1.35% | 1.29% | 1.47% | 1.34% | 2.11% |
| Acquisitions | -2.69B | -2.69B | -160M | 0 | -2.1B | -70M | 596.92M | -139.77M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -720.38M | -2.3B | -517M | -443M | -300M | -62M | -195.97M | -112.63M |
| Cash from Financing | 2.17B | 4.04B | -469M | -113M | 1.78B | 361M | -1.03B | -269.97M |
| Debt Issued (Net) | 4.87B | 5.2B | -264M | 181M | 2.05B | 628M | -1.26B | 108.56M |
| Equity Issued (Net) | -1B | -1.12B | -189M | -199M | 6M | -234M | 2.66B | -109.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -204.8M |
| Share Repurchases | -1.01B | -1.12B | -219M | -212M | -3M | -252M | 0 | -113.81M |
| Other Financing | -1.7B | -48M | -16M | -95M | -269M | -33M | -2.43B | -64.64M |
| Net Change in Cash | 112M | 323M | 238M | 281M | 309M | 530M | 675.01M | -27.01M |
| Free Cash Flow | 728.14M | 1.08B | 941M | 335M | 734M | 194M | 1.07B | 378.4M |
| FCF Margin % | 4.28% | 6.59% | 6.7% | 2.84% | 7.76% | 2.34% | 17.75% | 13.86% |
| FCF Growth % | -13.73% | 14.67% | 180.9% | -54.36% | 278.35% | -81.9% | 183.19% | - |
| FCF per Share | 4.07 | 6.03 | 5.23 | 1.89 | 4.15 | 1.10 | 8.07 | 4.71 |
| FCF Conversion (FCF/Net Income) | -1.59x | -3.82x | 14.70x | -0.77x | -2.69x | -0.60x | 26.25x | 2.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory Tax Rate Volatility
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios swinging from -53.78 in 2025Q4 to 1.53 in 2026Q1, indicating that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash charges, particularly heavy depreciation and amortization, are obscuring the underlying cash performance. Investors should monitor whether this gap narrows as the U.S. segment matures and moves toward more consistent profitability.
Based on quarterly filings, free cash flow margins have remained compressed, peaking at 12.5% in 2024Q4 before retreating to 3.6% in 2026Q1, which highlights the ongoing challenge of balancing aggressive market share acquisition with the need to generate sustainable, self-funding cash flows for the enterprise.
The inconsistency in FCF generation appears tied to the cyclical nature of sports betting and the heavy reinvestment required to maintain a competitive edge. This trajectory suggests that while the business is cash-generative, it remains sensitive to the timing of marketing spend and regulatory-driven cost increases.
According to the cash flow statements, working capital movements have been highly volatile, ranging from a $338 million outflow in 2025Q1 to a $149 million inflow in 2024Q4, reflecting the complex timing of player deposits and regulatory tax settlements across diverse global jurisdictions.
These fluctuations suggest that Flutter's cash position is subject to significant short-term noise driven by the timing of tax payments and seasonal betting volume. Analysts should interpret these swings as operational friction rather than a fundamental shift in the company's ability to manage its short-term liabilities.
As evidenced by the $2.7 billion acquisition outlay in 2025Q2 and consistent share repurchases, Flutter is prioritizing inorganic growth and shareholder returns, even as operating cash flow remains subject to the significant volatility inherent in its global sports betting and gaming operations.
The company's willingness to deploy substantial capital for acquisitions while simultaneously buying back shares suggests management's confidence in long-term scale. However, this strategy warrants investigation into whether such aggressive deployment might limit the company's flexibility should regulatory headwinds intensify in key U.S. markets.
Based on the provided data, stock-based compensation consistently averages over $50 million per quarter, which, when combined with high depreciation and amortization charges, suggests that the company's reported net income significantly understates the true economic cost of maintaining its competitive technological infrastructure.
The reliance on non-cash adjustments to reconcile net income to operating cash flow warrants further investigation into the sustainability of these expenses. Investors should be cautious, as the persistent gap between accounting earnings and cash reality may mask the true cost of talent retention and asset replacement.
Quick answers to the most common questions about buying FLUT stock.
Flutter Entertainment plc (FLUT) generated $1.18B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flutter Entertainment plc (FLUT) generated $1.08B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Flutter Entertainment plc (FLUT) spent $105.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Flutter Entertainment plc (FLUT) spent $1.12B on share repurchases. This shows the company's commitment to returning capital to its equity investors.