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Flutter Entertainment cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$191M in Q3 2026 · $1.2B over twelve months

Operating cash flow$211M
Capital spending−$20.0M
Free cash flow+$191M
Cash conversion cycle-11 days

Analysis

In Q3 2026, Flutter Entertainment generated $211M of operating cash flow and spent $20.0M on capital projects, leaving free cash flow of $191M. That is $5.0M less than in Q3 2025 ($196M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were other investing ($775M), buybacks ($543M), capital spending ($95.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($284M), shares issued ($6.0M); the cash balance rose by $186M.

Operating cash flow was $211M against net income of −$1.1B. The largest differences: impairments +$541M, depreciation & amortization +$405M, deferred taxes −$149M.

Its cash conversion cycle was -11 days (receivables 3 + inventory 0 − payables 14): suppliers fund its working capital.

Free cash flow

Flutter Entertainment: free cash flow by quarterFlutter Entertainment: free cash flow by quarter$595MQ4 2024$169MQ1 2025$322MQ2 2025$196MQ3 2025$392MQ4 2025$305MQ1 2026$349MQ2 2026$191MQ3 2026
Operating cash flow less capital spending.
Flutter Entertainment: operating cash flow against capital spendingFlutter Entertainment: operating cash flow against capital spendingOperating cash flowCapital spending$652M$57.0MQ4 2024$188M$19.0MQ1 2025$359M$37.0MQ2 2025$209M$13.0MQ3 2025$428M$36.0MQ4 2025$330M$25.0MQ1 2026$363M$14.0MQ2 2026$211M$20.0MQ3 2026
Latest (Q3 2026): Operating cash flow $211M, Capital spending $20.0M.

Capital allocation, year by year

Flutter Entertainment: where the cash came from (up) and went (down), by fiscal yearFlutter Entertainment: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2019: Operating cash flow $671MFY2019: Capital spending −$27.5M$671MFY2019FY2022: Operating cash flow $1.2BFY2022: Net borrowing $2.0BFY2022: Shares issued $9.0MFY2022: Asset sales $7.0MFY2022: Capital spending −$122MFY2022: Acquisitions −$2.1BFY2022: Buybacks −$3.0M$3.2BFY2022FY2023: Operating cash flow $937MFY2023: Net borrowing $181MFY2023: Shares issued $13.0MFY2023: Capital spending −$159MFY2023: Buybacks −$212M$1.1BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing −$264MFY2024: Shares issued $30.0MFY2024: Capital spending −$144MFY2024: Acquisitions −$160MFY2024: Buybacks −$219M$1.6BFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $5.2BFY2025: Shares issued $7.0MFY2025: Asset sales $5.0MFY2025: Capital spending −$105MFY2025: Acquisitions −$2.7BFY2025: Buybacks −$1.1B$6.4BFY2025
Over these 5 years operating cash flow totalled $5.6B; the largest uses were acquisitions ($4.9B) and buybacks ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debt$12.3B
Net debt$10.6B
Due within a year$52.0M

Flutter Entertainment funds itself: free cash flow was $1.2B over the last twelve months, and $1.7B of cash and investments stands against $12.3B of debt ($52.0M due within a year, 32.9× covered by cash).

Flutter Entertainment: debt maturities by year (FY2025)Flutter Entertainment: debt maturities by year (FY2025)$52.0MYear 1$52.0MYear 2$2.6BYear 3$1.2BYear 4$3.7BYear 5$4.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.7B of cash and investments now.

Where the cash came from and went

Flutter Entertainment: sources (+) and uses (−) of cash, Q3 2026Flutter Entertainment: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$299MNet borrowing (+) / repaid (−)$289MOperating cash flow$211MOther investing−$162MCapital spending−$20.0MPartners−$12.0MOther financing−$7.0M
Flutter Entertainment: sources (+) and uses (−) of cash, TTM to Q3 2026Flutter Entertainment: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.3BOther investing−$775MBuybacks−$543MNet borrowing (+) / repaid (−)$284MCash drawn (+) / kept (−)−$186MCapital spending−$95.0MExchange rates$56.0MOther financing−$55.0MPartners−$24.0MShares issued$6.0M

From profit to cash

Flutter Entertainment: net income to operating cash flow, Q3 2026Flutter Entertainment: net income to operating cash flow, Q3 2026Net income−$1.1BDepreciation & amortization$405MStock-based pay$61.0MDeferred taxes−$149MImpairments$541MOther non-cash−$121MPayables$33.0MPrepaid and other assets−$40.0MOther liabilities$110MOperating cash flow$211M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263—14-11
Q2 20263—13-10
Q1 20264—15-11
Q4 20253—14-10
Q3 20254—16-12
Q2 20253—14-12
Q1 20253—14-12
Q4 20242—13-10

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$211M−$20.0M——$289M—−$299M$191M
Q2 2026$363M−$14.0M—−$129M$95.0M$2.0M−$116M$349M
Q1 2026$330M−$25.0M—−$135M−$294M$4.0M$327M$305M
Q4 2025$428M−$36.0M—−$279M$194M—−$98.0M$392M
Q3 2025$209M−$13.0M—−$261M$2.2B$1.0M−$219M$196M
Q2 2025$359M−$37.0M−$2.7B−$339M$2.9B$3.0M−$122M$322M
Q1 2025$188M−$19.0M—−$244M−$10.0M$3.0M$116M$169M
Q4 2024$652M−$57.0M—−$219M−$9.0M$9.0M−$99.0M$595M

Flutter Entertainment: income statement and cash flow

Flutter Entertainment, Q3 2026: revenue $3.9B (+2% year over year), operating margin -30.7%. The chart follows the revenue to costs, profit and cash.

Flutter Entertainment: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.