Filing Flows › Flutter Entertainment (FLUT) › Q2 2025
Flutter Entertainment (FLUT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Flutter Entertainment (FLUT) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +14% from the quarter before. Operating margin was 9.3%, net earnings $105M (2.5% of revenue).
Flutter Entertainment, Q2 2025: revenue $4.2B (+16% year over year), operating margin 9.3%, net earnings $105M, operating cash flow $359M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +14% | +16% |
| Gross profit | $2.0B | +15% | +10% |
| Operating profit | $389M | +74% | +5% |
| Net earnings | $105M | -63% | -60% |
| Operating cash flow | $359M | +91% | +11% |
| Free cash flow | $156M | — | — |
What changed
Revenue was $4.2B in Q2 2025, up 16% year over year and up 14% from the previous quarter. International was the largest line at 57% of revenue. International added $0.31B year over year (up 15%), 54% of the total change.
Gross margin was 46.8%, down 2.4 points from a year earlier. Operating profit was $0.39B, a 9.3% margin (down 0.9 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 10% margin then. Operating expenses grew 12% against revenue growth of 16%. The fastest-growing cost line was Research & development (+19%). Net earnings were $0.10B, down 60% year over year ($0.04B including minority interests, which bore $0.07B of losses). The effective tax rate was 82.0%.
Operating cash flow was $0.36B (up 11% year over year), 970% of net income including minority interests. Non-cash charges added back $0.37B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.12B. After capitalized software ($0.16B) and purchases of property and equipment ($0.04B) and purchases of intangible assets ($0.01B), free cash flow as the company reports it was $0.16B.
Questions
What was Flutter Entertainment's revenue in the second quarter 2025?
Flutter Entertainment (FLUT) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +14% from the quarter before.
Was Flutter Entertainment profitable in the second quarter 2025?
Operating profit was $389M (9.3% of revenue) and net earnings $105M.