Filing Flows › Flutter Entertainment (FLUT) › Q1 2025
Flutter Entertainment (FLUT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Flutter Entertainment (FLUT) reported revenue of $3.7B for the first quarter 2025 (Q1 2025), +8% from a year earlier and -3% from the quarter before. Operating margin was 6.1%, net earnings $283M (7.7% of revenue).
Flutter Entertainment, Q1 2025: revenue $3.7B (+8% year over year), operating margin 6.1%, net earnings $283M, operating cash flow $188M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | -3% | +8% |
| Gross profit | $1.7B | -6% | +7% |
| Operating profit | $223M | -20% | +80% |
| Net earnings | $283M | +249% | — |
| Operating cash flow | $188M | -71% | -44% |
| Free cash flow | $88.0M | — | -52% |
What changed
Revenue was $3.7B in Q1 2025, up 8% year over year and down 3% from the previous quarter. International was the largest line at 55% of revenue. U.S. added $0.26B year over year (up 18%), 96% of the total change.
Gross margin was 46.6%, down 0.6 points from a year earlier. Operating profit was $0.22B, a 6.1% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, above the 4% margin then. Operating expenses grew 0% against revenue growth of 8%. The fastest-growing cost line was Research & development (+13%). Net earnings were $0.28B. The effective tax rate was 5.4%. Non-operating items added $0.13B, 37% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.19B (down 44% year over year), 56% of net income including minority interests. Non-cash charges added back $0.29B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.50B. After capitalized software ($0.05B) and purchases of intangible assets ($0.03B) and purchases of property and equipment ($0.02B), free cash flow as the company reports it was $0.09B.
Questions
What was Flutter Entertainment's revenue in the first quarter 2025?
Flutter Entertainment (FLUT) reported revenue of $3.7B for the first quarter 2025 (Q1 2025), +8% from a year earlier and -3% from the quarter before.
Was Flutter Entertainment profitable in the first quarter 2025?
Operating profit was $223M (6.1% of revenue) and net earnings $283M.