Filing Flows › Flutter Entertainment (FLUT) › Q4 2025
Flutter Entertainment (FLUT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Flutter Entertainment (FLUT) reported revenue of $4.7B for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +25% from the quarter before. Operating margin was 5.4%, net earnings $10.0M (0.2% of revenue).
Flutter Entertainment, Q4 2025: revenue $4.7B (+25% year over year), operating margin 5.4%, net earnings $10.0M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7B | +25% | +25% |
| Gross profit | $2.1B | +30% | +16% |
| Operating profit | $258M | — | -8% |
| Net earnings | $10.0M | — | -94% |
| Operating cash flow | $428M | +105% | -34% |
| Free cash flow | $138M | — | — |
What changed
Revenue was $4.7B in Q4 2025, up 25% year over year and up 25% from the previous quarter. International was the largest line at 55% of revenue.
Gross margin was 44.5%, down 3.6 points from a year earlier. Operating profit was $0.26B, a 5.4% margin (down 1.9 points year over year). Operating profit fell $0.02B even though revenue rose $0.94B versus a year earlier, so costs grew faster than sales. Operating expenses grew 20% against revenue growth of 25%. The fastest-growing cost line was Sales & marketing (+30%). Net earnings were −$0.01B. The effective tax rate was 93.5%.
Operating cash flow was $0.43B (down 34% year over year), 4280% of net income including minority interests. Non-cash charges added back $0.43B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.08B. After capitalized software ($0.20B) and purchases of intangible assets ($0.06B) and purchases of property and equipment ($0.04B), free cash flow as the company reports it was $0.14B.
Questions
What was Flutter Entertainment's revenue in the fourth quarter 2025?
Flutter Entertainment (FLUT) reported revenue of $4.7B for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +25% from the quarter before.
Was Flutter Entertainment profitable in the fourth quarter 2025?
Operating profit was $258M (5.4% of revenue) and net earnings $10.0M.