$FLUT

Flutter Entertainment plc

CIK:0001635327|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 4,326	$ 4,187	$ 8,630	$ 7,852
Cost of sales	(2,613)	(2,228)	(5,080)	(4,184)
Gross profit	1,713	1,959	3,550	3,668
Technology, research and development expenses	(300)	(256)	(559)	(471)
Sales and marketing expenses	(1,012)	(789)	(1,978)	(1,629)
General and administrative expenses	(545)	(525)	(1,078)	(956)
Operating (loss) profit	(144)	389	(65)	612
Other income (expense), net	7	(74)	318	142
Interest expense, net	(162)	(110)	(318)	(195)
(Loss) income before income taxes	(299)	205	(65)	559
Income tax benefit (expense)	3	(168)	(22)	(187)
Net (loss) income	(296)	37	(87)	372
Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests	(24)	12	(31)	15
Adjustment of redeemable non-controlling interest to redemption value	2	(80)	0	(31)
Net (loss) income attributable to Flutter shareholders	$ (274)	$ 105	$ (56)	$ 388
(Loss) earnings per share
Basic (in USD per share)	$ (1.57)	$ 0.59	$ (0.32)	$ 2.19
Diluted (in USD per share)	$ (1.57)	$ 0.59	$ (0.32)	$ 2.17
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges	$ (2)	$ (67)	$ 15	$ (111)
Fair value of cash flow hedges transferred to the income statement	(1)	65	(12)	101
Changes in excluded components of fair value hedge	0	(1)	1	(1)
Foreign exchange gain (loss) on net investment hedges	46	(30)	47	(44)
Foreign exchange (loss) gain on translation of the net assets of foreign currency denominated entities	(42)	778	(174)	1,146
Income tax expense related to items of other comprehensive loss	1	0	0	0
Other comprehensive income (loss)	2	745	(123)	1,091
Other comprehensive income (loss) attributable to Flutter shareholders	4	711	(137)	1,047
Other comprehensive (loss) income attributable to non-controlling interest and redeemable non-controlling interest	(2)	34	14	44
Total comprehensive (loss) income	$ (294)	$ 782	$ (210)	$ 1,463

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (87)	$ 372
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	815	663
Non-cash interest expense, net	9	14
Non-cash operating lease expense	81	71
Unrealized foreign currency exchange loss (gain), net	8	(33)
Loss on disposals	6	0
Share-based compensation – equity classified	120	126
Share-based compensation – liability classified	(3)	3
Other (income) expense, net	(333)	(124)
Deferred tax (benefit) expense	(90)	(16)
Loss on extinguishment	0	14
Change in operating assets and liabilities:
Player deposits - investments	13	113
Accounts receivable	56	28
Prepaid expenses and other current assets	(49)	57
Accounts payable	(20)	(6)
Other liabilities	188	(289)
Player deposit liability	51	(382)
Operating leases liabilities	(72)	(64)
Net cash provided by operating activities	693	547
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(39)	(56)
Purchases of intangible assets	(57)	(42)
Capitalized software	(255)	(205)
Acquisitions, net of cash acquired	0	(2,688)
Proceeds from disposal of intangible assets	0	5
Cash settlement of derivatives designated in net investment hedge	9	21
Net cash used in investing activities	(342)	(2,965)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share upon exercise of options	6	6
Proceeds from issuance of long-term debt (net of transactions costs with lenders)	856	6,004
Transaction costs with third parties from issuance of long-term debt	(6)	0
Repayment of long-term debt	(1,055)	(3,140)
Distributions to non-controlling interests	(20)	(9)
Payment of contingent consideration	0	(16)
Purchases of intangible assets with extended payment terms	(30)	0
Repurchase of ordinary shares and taxes withheld and paid on employee share awards	(264)	(583)
Net cash (used in) provided by financing activities	(513)	2,262
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(162)	(156)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	3,832	3,509
Effect of foreign exchange on cash, cash equivalents and restricted cash	(49)	162
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,621	3,515
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
Cash and cash equivalents	1,563	1,691
Cash and cash equivalents - restricted	72	79
Player deposits - cash & cash equivalents	1,986	1,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,621	3,515
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	325	217
Income tax paid (net of refunds)	159	252
Operating cash flows from operating leases	91	82
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchase of long lived assets with accrued expense - investing	58	93
Purchase of long lived assets with accrued expense - financing	42	0
Right of use assets obtained in exchange for new operating lease liabilities	44	24
Adjustments to lease balances as a result of remeasurement	18	26
Business acquisitions (including contingent consideration)	0	331
Repurchase of ordinary shares with accrued expense	0	11
Non-cash issuance of common stock upon exercise of options	12	29
Non-cash transaction costs on issuance of long-term debt	$ 0	$ 17

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 1,563	$ 1,828
Cash and cash equivalents – restricted	72	72
Player deposits – cash and cash equivalents	1,986	1,932
Player deposits – investments	5	23
Accounts receivable, net	130	190
Prepaid expenses and other current assets	761	751
TOTAL CURRENT ASSETS	4,517	4,796
Investments	6	7
Property and equipment, net	575	630
Operating lease right-of-use assets	519	550
Intangible assets, net	6,480	7,019
Goodwill	15,622	15,825
Deferred tax assets	297	309
Other non-current assets	194	144
TOTAL ASSETS	28,210	29,280
CURRENT LIABILITIES:
Accounts payable	341	386
Player deposit liability	1,887	1,859
Operating lease liabilities	153	130
Long-term debt due within one year	106	109
Other current liabilities	2,583	2,559
TOTAL CURRENT LIABILITIES	5,070	5,043
Operating lease liabilities – non-current	428	476
Long-term debt	11,872	12,157
Deferred tax liabilities	988	1,105
Other non-current liabilities	497	801
TOTAL LIABILITIES	18,855	19,582
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE NON-CONTROLLING INTERESTS	377	424
SHAREHOLDERS’ EQUITY
Ordinary shares (Authorized 300,000,000 shares of €0.09 (June 30, 2026: $0.10; December 31, 2025: $0.11) par value each; issued June 30, 2026: 173,481,132 shares; December 31, 2025: 175,224,066 shares)	36	36
Additional paid-in capital	2,127	1,989
Accumulated other comprehensive loss	(1,248)	(1,111)
Retained earnings	7,835	8,124
Total Flutter Shareholders’ Equity	8,750	9,038
Non-controlling interests	228	236
TOTAL SHAREHOLDERS’ EQUITY	8,978	9,274
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	$ 28,210	$ 29,280