Filing Flows › Flutter Entertainment (FLUT) › Q1 2026
Flutter Entertainment (FLUT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Flutter Entertainment (FLUT) reported revenue of $4.3B for the first quarter 2026 (Q1 2026), +17% from a year earlier and -9% from the quarter before. Operating margin was 1.8%, net earnings $218M (5.1% of revenue).
Flutter Entertainment, Q1 2026: revenue $4.3B (+17% year over year), operating margin 1.8%, net earnings $218M, operating cash flow $330M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -9% | +17% |
| Gross profit | $1.8B | -13% | +7% |
| Operating profit | $79.0M | -69% | -65% |
| Net earnings | $218M | — | -23% |
| Operating cash flow | $330M | -23% | +76% |
| Free cash flow | $153M | — | +74% |
What changed
Revenue was $4.3B in Q1 2026, up 17% year over year and down 9% from the previous quarter. International was the largest line at 59% of revenue. International added $0.54B year over year (up 27%), 85% of the total change.
Gross margin was 42.7%, down 3.9 points from Q1 2025. Operating profit was $0.08B, a 1.8% margin (down 4.2 points year over year). Operating profit fell $0.14B even though revenue rose $0.64B versus Q1 2025, so costs grew faster than sales. Operating expenses grew 18% against revenue growth of 17%. The fastest-growing cost line was General & admin (+24%). Net earnings were $0.22B, down 23% year over year ($0.21B including minority interests, which bore $0.01B of losses). The effective tax rate was 10.7%. Non-operating items added $0.15B, 66% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.33B (up 76% year over year), 158% of net income including minority interests. Non-cash charges added back $0.42B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.35B. After capitalized software ($0.12B) and purchases of intangible assets ($0.03B) and purchases of property and equipment ($0.03B), free cash flow as the company reports it was $0.15B.
Questions
What was Flutter Entertainment's revenue in the first quarter 2026?
Flutter Entertainment (FLUT) reported revenue of $4.3B for the first quarter 2026 (Q1 2026), +17% from a year earlier and -9% from the quarter before.
Was Flutter Entertainment profitable in the first quarter 2026?
Operating profit was $79.0M (1.8% of revenue) and net earnings $218M.