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Flutter Entertainment (FLUT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Flutter Entertainment (FLUT) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $3.9B · 30¢ of every $1 of revenue lost · operating margin -30.7%

Flutter Entertainment made $3.9B in Q3 2026 (+2% Y/Y): International $2.4B, U.S. $1.5B. Operating margin -30.7%, net loss $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$3.9B

Year over year+2%

Operating margin-30.7%

Net earnings−$1.1B

Operating cash flow$211M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $3.9B in Q3 2026, up 2% year over year and down 10% from the previous quarter. International was the largest line at 62% of revenue. U.S. added $0.09B year over year (up 6%), 109% of the total change.

Gross margin was 39.2%, down 3.7 points from Q3 2025. Operating costs exceeded revenue by $1.2B, an operating margin of -30.7%. Operating expenses grew 10% against revenue growth of 2%. The fastest-growing cost line was Research & development (+27%). The quarter ended with a net loss of $1.1B, wider than the previous quarter's $0.30B loss. Minority interests bore $0.29B of it: to shareholders the quarter was a loss of $0.86B.

Operating cash flow was $0.21B (up 1% year over year). Non-cash charges added back $0.41B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.89B. After capitalized software ($0.14B) and purchases of property and equipment ($0.02B) and purchases of intangible assets ($0.01B), free cash flow as the company reports it was $0.04B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 4, 2026	$3.9B	+2%	-30.7%	−$1.1B	$211M
Q2 2026	10-Q	Aug 5, 2026	$4.3B	+3%	-3.3%	−$296M	$363M
Q1 2026	10-Q	May 6, 2026	$4.3B	+17%	1.8%	$218M	$330M
Q4 2025	10-K	Feb 26, 2026	$4.7B	+25%	5.4%	$10.0M	$428M
Q3 2025	10-Q	Nov 12, 2025	$3.8B	+17%	-22.0%	−$789M	$209M
Q2 2025	10-Q	Aug 7, 2025	$4.2B	+16%	9.3%	$105M	$359M
Q1 2025	10-Q	May 7, 2025	$3.7B	+8%	6.1%	$283M	$188M

Charts

Latest (Q3 2026): Y/Y +2%, Q/Q -10%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income −$1.1B, Operating cash flow $211M.

+0.0% since FY2022: more shares outstanding (issuance, stock pay).

Cash $1.8B, short-term investments $23.0M, long-term debt $12.3B at 2025-12-31.

Services-Computer Programming, Data Processing, Etc.; dot size is quarterly revenue; dashed lines are the industry's medians.