Revenue reached $4.3 billion in 2026Q1, though gross margins have compressed from a 49.2% peak in 2024Q2 to 42.7% due to rising point-of-consumption taxes.
| Sales/Revenue | 17.02B | 16.38B | 14.05B | 11.79B | 9.46B | 8.31B | 6.04B | 2.73B |
| Revenue Growth % | 18.9% | 16.62% | 19.15% | 24.59% | 13.9% | 37.64% | 121.1% | - |
| Cost of Goods Sold | 9.49B | 8.98B | 7.35B | 6.2B | 4.81B | 3.88B | 2.1B | 1.16B |
| COGS % of Revenue | - | 54.81% | 52.29% | 52.6% | 50.86% | 46.71% | 34.87% | 42.43% |
| Gross Profit | 7.53B | 7.4B | 6.7B | 5.59B | 4.65B | 4.43B | 3.93B | 1.57B |
| Gross Margin % | 44.25% | 45.19% | 47.71% | 47.4% | 49.14% | 53.29% | 65.13% | 57.57% |
| Gross Profit Growth % | - | 10.47% | 19.94% | 20.17% | 5.04% | 12.6% | 150.16% | - |
| Operating Expenses | 6.78B | 6.38B | 5.83B | 6.14B | 4.74B | 4.88B | 3.79B | 1.36B |
| OpEx % of Revenue | - | 38.94% | 41.52% | 52.05% | 50.07% | 58.69% | 62.79% | 49.66% |
| Selling, General & Admin | 5.75B | -1.5B | 5.01B | 5.37B | 4.19B | 4.24B | 2.69B | 1.29B |
| SG&A % of Revenue | - | -9.13% | 35.68% | 45.56% | 44.24% | 51.06% | 44.63% | 47.18% |
| Research & Development | 1.03B | 991M | 820M | 765M | 552M | 634M | 260.38M | 67.74M |
| R&D % of Revenue | - | 6.05% | 5.84% | 6.49% | 5.83% | 7.63% | 4.31% | 2.48% |
| Other Operating Expenses | 0 | 6.88B | 0 | 0 | 0 | 0 | 835.83M | 0 |
| Operating Income | 749M | 1.02B | 869M | -549M | -88M | -449M | 141.54M | 215.86M |
| Operating Margin % | 4.4% | 6.25% | 6.19% | -4.66% | -0.93% | -5.4% | 2.34% | 7.91% |
| Operating Income Growth % | - | 17.84% | 258.29% | -523.86% | 80.4% | -417.23% | -34.43% | - |
| EBITDA | 2.39B | 2.54B | 1.97B | 736M | 987M | 561M | 962.19M | 544.87M |
| EBITDA Margin % | 14.03% | 15.51% | 13.99% | 6.24% | 10.43% | 6.75% | 15.94% | 19.96% |
| EBITDA Growth % | 15.81% | 29.25% | 167.12% | -25.43% | 75.94% | -41.7% | 76.59% | - |
| D&A (Non-Cash Add-back) | 1.64B | 1.52B | 1.1B | 1.28B | 1.07B | 1.01B | 820.65M | 329.01M |
| EBIT | 415M | 474M | 506M | -661M | -88M | -449M | 355.01M | 189.7M |
| Net Interest Income | -593M | -522M | -427M | -385M | -212M | -215M | -190.5M | -18.62M |
| Interest Income | 64M | 73M | 71M | 45M | 7M | 7M | 1.91M | 1.31M |
| Interest Expense | 657M | 595M | 498M | 430M | 219M | 222M | 191.75M | 19.93M |
| Other Income/Expense | -990M | -1.15B | -853M | -542M | -207M | -114M | -140.03M | -42.74M |
| Pretax Income | -241M | -121M | 16M | -1.09B | -295M | -563M | 1.5M | 173.12M |
| Pretax Margin % | -1.42% | -0.74% | 0.11% | -9.25% | -3.12% | -6.78% | 0.02% | 6.34% |
| Income Tax | 292M | 286M | -146M | 120M | 75M | 194M | 48.96M | 30.36M |
| Effective Tax Rate % | -121.16% | -236.36% | -912.5% | -11% | -25.42% | -34.46% | 3254.55% | 17.54% |
| Net Income | -457M | -310M | 109M | -1.22B | -432M | -923M | 51.83M | 183.71M |
| Net Margin % | -2.68% | -1.89% | 0.78% | -10.36% | -4.57% | -11.11% | 0.86% | 6.73% |
| Net Income Growth % | -175.66% | -384.4% | 108.92% | -182.87% | 53.2% | -1880.85% | -71.79% | - |
| Net Income (Continuing) | -533M | -407M | 162M | -1.21B | -370M | -757M | -47.45M | 142.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 645M | 660M | 1.97B | 1.32B | 154.33M | 50.79M | 42.1M | 271.44M |
| EPS (Diluted) | -2.55 | -1.73 | 0.24 | -6.90 | -2.44 | -5.24 | 0.39 | 2.38 |
| EPS Growth % | -172.13% | -820.83% | 103.48% | -182.79% | 53.44% | -1443.59% | -83.61% | - |
| EPS (Basic) | - | -1.73 | 0.24 | -6.90 | -2.44 | -5.24 | 0.40 | 2.39 |
| Diluted Shares Outstanding | 179M | 179M | 180M | 177M | 177M | 176M | 132.85M | 80.33M |
| Basic Shares Outstanding | 179M | 179M | 178M | 177M | 177M | 176M | 132.85M | 80.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 111.48% |
Regulatory Tax Rate Volatility
As reported in recent financial filings, Flutter's revenue reached $4.3 billion in 2026Q1, reflecting a 17.4% year-over-year growth rate that underscores the company's ability to scale its North American operations while maintaining a diversified global footprint across its mature, high-margin international and Australian market segments.
The revenue trajectory appears to be driven by a combination of volume growth in the U.S. and the successful integration of local brands. Investors should monitor whether the 17.4% growth rate can be sustained as the U.S. market matures and faces increased competition for player share of wallet.
Based on the provided income statement data, Flutter's gross margin contracted to 42.7% in 2026Q1, down from the 49.2% peak observed in 2024Q2, suggesting that rising point-of-consumption taxes and competitive promotional intensity are beginning to weigh on the company's underlying unit economics and pricing power.
The compression in gross margins warrants further investigation into whether this is a permanent shift caused by unfavorable state-level tax changes or a temporary result of aggressive customer acquisition strategies. The decline suggests that the company's ability to maintain high-margin product mixes is being challenged by external regulatory costs.
According to the company's quarterly income statements, operating income fluctuated significantly from a $389 million profit in 2025Q2 to $79 million in 2026Q1, indicating that Flutter has yet to achieve the consistent operating leverage required to decouple revenue growth from its substantial SG&A and marketing expenditures.
The volatility in operating margins suggests that management continues to prioritize market share capture over immediate bottom-line stability. Analysts should evaluate whether the current SG&A spend is truly driving long-term customer lifetime value or if it represents a defensive necessity to maintain the company's competitive position.
As evidenced by the erratic net income figures, which swung from a $332 million profit in 2025Q1 to a $690 million loss in 2025Q3, the quality of reported earnings appears compromised by non-operating items and the ongoing impact of significant stock-based compensation expenses.
The frequent swings between profitability and losses suggest that investors should focus more on cash flow generation than reported net income. The consistent presence of stock-based compensation, averaging roughly $50-70 million per quarter, acts as a persistent drag on shareholder value that requires careful adjustment in valuation models.
Based on recent industry developments, the primary risk to Flutter's income statement is the potential for further state-level tax hikes, which could permanently impair the company's ability to achieve its long-term EBITDA targets and force a structural reduction in the profitability of its core U.S. operations.
Short-sellers may focus on the vulnerability of the U.S. segment to legislative changes that treat operators as tax revenue sources. If these tax pressures persist, the company may find it difficult to maintain its current growth trajectory without sacrificing the very margins that justify its premium valuation.
Quick answers to the most common questions about buying FLUT stock.
For fiscal year 2025, Flutter Entertainment plc (FLUT) reported total revenue of $16.38B. This represents a 500.1% increase compared to $2.73B in 2019.
Flutter Entertainment plc (FLUT) reported a net loss of $310.0M for the fiscal year ending 2025.
Flutter Entertainment plc (FLUT) reported an operating income of $1.02B, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Flutter Entertainment plc (FLUT) generated $7.40B in gross profit for the year, representing a gross profit margin of 45.2%. This demonstrates the company's core pricing power and production efficiency.