Flutter Entertainment (FLUT) Q1 FY2026 earnings: revenue $4.3 billion, up 17.4% on the year

Flutter Entertainment plc (FLUT) reported revenue of $4.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 17.4% on the same quarter a year earlier. Net income was $218 million, down 23.0% on the year, and diluted earnings per share $1.23. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$4.3 billion

+17.4% on the year · -9.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

1.8%

6.1% a year earlier

Q2 FY2024Q1 FY2026

Net income

$218 million

-23.0% on the year

Q2 FY2024Q1 FY2026

Diluted EPS

$1.23

-21.7% on the year

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 7 lowered, 6 kept.

Group revenue up 17% on M&A: Revenue rose 17% to $4,304m, helped by the Snai and Betnacional acquisitions and a positive swing in year-over-year sports results.
Net income down on interest and amortization: Net income fell $126m to $209m, mainly from higher interest expense and depreciation and amortization from acquisitions, partly offset by a non-cash Fox Option gain.
US revenue up 6%, iGaming ahead: US revenue rose 6% to $1,763m, with sportsbook up 1% and iGaming up 19%. Sportsbook AMPs fell 6% while iGaming AMPs rose 10%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	4,304	4,737	3,665	-9.1%	+17.4%
Cost of revenue	2,467	2,627	1,956	-6.1%	+26.1%
Gross profit	1,837	2,110	1,709	-12.9%	+7.5%
Gross margin	42.7%	44.5%	46.6%
Research and development	259	245	215	+5.7%	+20.5%
Operating income	79.0	258	223	-69.4%	-64.6%
Operating margin	1.8%	5.4%	6.1%
Interest expense	164	178	103	-7.9%	+59.2%
Pre-tax income	234	154	354	+51.9%	-33.9%
Income tax	25.0	144	19.0	-82.6%	+31.6%
Effective tax rate	10.7%	93.5%	5.4%
Net income	218	-8.0	283		-23.0%
Net margin	5.1%	-0.2%	7.7%
Diluted EPS	$1.23	-$0.05	$1.57		-21.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	330	428	188	-22.9%	+75.5%
Capital expenditure	25.0	36.0	19.0	-30.6%	+31.6%
Free cash flow	305	392	169	-22.2%	+80.5%
Free cash flow margin	7.1%	8.3%	4.6%
Cash from investing	-172	-346	-100
Cash from financing	-458	-89.0	-271
Depreciation and amortisation	416	435	294	-4.4%	+41.5%
Share-based compensation	53.0	60.0	56.0	-11.7%	-5.4%
Buybacks	135	279	244	-51.6%	-44.7%
Diluted shares, weighted	177m	177m	180m	0.0%	-1.7%
Shares outstanding at period end	174m	175m	177m	-0.8%	-1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	9,064	9,038	9,863	+0.3%	-8.1%
Non-controlling interest	228	236	173	-3.4%	+31.8%
Redeemable equity	417	424	1,737	-1.7%	-76.0%
Debt	11,965	12,266	6,824	-2.5%	+75.3%
Operating lease liabilities	442	476	446	-7.1%	-0.9%
Other liabilities	6,358	6,840	5,782	-7.0%	+10.0%
Total liabilities and equity	28,474	29,280	24,825	-2.8%	+14.7%
Fixed assets	597	630	490	-5.2%	+21.8%
Goodwill	15,649	15,825	13,736	-1.1%	+13.9%
Intangible assets	6,714	7,019	5,456	-4.3%	+23.1%
Investments	29.0	30.0	134	-3.3%	-78.4%
Cash and equivalents	1,512	1,828	1,537	-17.3%	-1.6%
Receivables	155	190	109	-18.4%	+42.2%
Other assets	3,818	3,758	3,363	+1.6%	+13.5%
Total assets	28,474	29,280	24,825	-2.8%	+14.7%

Questions

What was Flutter Entertainment's revenue in Q1 FY2026?

Flutter Entertainment (FLUT) reported revenue of $4.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 17.4% on the same quarter a year earlier.

How much did Flutter Entertainment earn in Q1 FY2026?

Net income for Q1 FY2026 was $218 million, down 23.0% on the year, and diluted earnings per share $1.23.

When did Flutter Entertainment report Q1 FY2026 results?

Flutter Entertainment filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,918	3,001	2,558	3,313	3,397	3,611	3,248	3,792	3,665	4,187	3,794	4,737	4,304	4,326	3,874
Cost of revenue	1,541	1,491	1,386	1,784	1,793	1,835	1,752	1,966	1,956	2,228	2,168	2,627	2,467	2,613	2,356
Gross profit	1,377	1,510	1,172	1,529	1,604	1,776	1,496	1,826	1,709	1,959	1,626	2,110	1,837	1,713	1,518
Gross margin	47%	50%	46%	46%	47%	49%	46%	48%	47%	47%	43%	45%	43%	40%	39%
R&D	168	176	214	207	190	216	213	201	215	256	275	245	259	300	350
Operating income	-15.0	222	-137	-619	124	369	97.0	279	223	389	-834	258	79.0	-144	-1,191
Operating margin	-1%	7%	-5%	-19%	4%	10%	3%	7%	6%	9%	-22%	5%	2%	-3%	-31%
Interest expense	n/a	98.0	101	n/a	126	122	123	109	103	128	167	178	164	171	169
Pre-tax income	-152	150	-273	-816	-162	350	-130	-42.0	354	205	-834	154	234	-299	-1,243
Tax rate	n/a	57%	n/a	n/a	n/a	15%	n/a	n/a	5%	82%	n/a	94%	11%	n/a	n/a
Net income	-111	67.0	-275	-912	-177	261	-103	81.0	283	105	-690	-8.0	218	-274	-862
Net margin	-4%	2%	-11%	-28%	-5%	7%	-3%	2%	8%	3%	-18%	-0%	5%	-6%	-22%
Diluted EPS	-$0.58	$0.37	-$1.55	-$5.13	-$1.10	$1.45	-$0.58	$0.45	$1.57	$0.59	-$3.91	-$0.05	$1.23	-$1.57	-$4.90
Operating cash flow	-49.0	41.0	554	391	337	323	290	652	188	359	209	428	330	363	211
Capital expenditure	18.0	31.0	21.0	89.0	22.0	28.0	37.0	57.0	19.0	37.0	13.0	36.0	25.0	14.0	20.0
Free cash flow	-67.0	10.0	533	302	315	295	253	595	169	322	196	392	305	349	191
Buybacks	n/a	n/a	46.0	n/a	0.0	0.0	0.0	219	244	339	261	279	135	129	0.0
Shares outstanding	178m	178m	178m	177m	178m	178m	178m	177m	177m	176m	175m	175m	174m	174m	174m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.