Filing Flows › Flutter Entertainment (FLUT) › Q3 2025
Flutter Entertainment (FLUT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Flutter Entertainment (FLUT) reported revenue of $3.8B for the third quarter 2025 (Q3 2025), +17% from a year earlier and -9% from the quarter before. Operating margin was -22.0%, net loss $789M (20.8% of revenue).
Flutter Entertainment, Q3 2025: revenue $3.8B (+17% year over year), operating margin -22.0%, net loss $789M, operating cash flow $209M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8B | -9% | +17% |
| Operating profit | −$834M | -314% | — |
| Net earnings | −$789M | -851% | — |
| Operating cash flow | $209M | -42% | -28% |
| Free cash flow | $25.0M | — | -78% |
What changed
Revenue was $3.8B in Q3 2025, up 17% year over year and down 9% from the previous quarter. International was the largest line at 64% of revenue. International added $0.43B year over year (up 21%), 78% of the total change.
Gross margin was 42.9%, down 3.2 points from a year earlier. Operating costs exceeded revenue by $0.83B, an operating margin of -22.0%. Operating expenses grew 76% against revenue growth of 17%. The fastest-growing cost line was General & admin (+60%). The quarter ended with a net loss of $0.79B, after a profit of $0.04B the previous quarter. Minority interests bore $0.10B of it: to shareholders the quarter was a loss of $0.69B.
Operating cash flow was $0.21B (down 28% year over year). Non-cash charges added back $0.42B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.52B. After capitalized software ($0.11B) and purchases of intangible assets ($0.06B) and purchases of property and equipment ($0.01B), free cash flow as the company reports it was $0.03B.
Questions
What was Flutter Entertainment's revenue in the third quarter 2025?
Flutter Entertainment (FLUT) reported revenue of $3.8B for the third quarter 2025 (Q3 2025), +17% from a year earlier and -9% from the quarter before.
Was Flutter Entertainment profitable in the third quarter 2025?
Operating loss was $834M (-22.0% of revenue) and net loss $789M.