# Flutter Entertainment plc (FLUT)

> Source: Nexqual · https://nexqual.com/FLUT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Flutter Entertainment plc (FLUT), nexqual.com/FLUT" · informational, not investment advice.

**Price:** USD 81.69 (+4.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.26 · day 77.08–82.04 · 52w 72.56–255.26 · market cap $14.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.2B, net income -$866M (-5.0% margin), free cash flow $1.24B (SEC filings).
- 1 of 80 tracked superinvestors hold FLUT (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 2.24 on a 1–5 scale) (33 analysts), mean target USD 131.27 (range 85–360).
- Total return with dividends: 1Y -67.5% vs S&P 500 +14.9%; 5Y -58.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.27, revenue estimate $4.01B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $9.46B | $11.8B | $14.0B | $16.4B | $17.2B |
| Gross profit | $4.65B | $5.59B | $6.70B | $7.40B | — |
| Operating income | -$88.0M | -$549M | $869M | $36.0M | -$641M |
| Net income | -$370M | -$1.21B | $162M | -$407M | -$866M |
| EPS (diluted) | -$2.44 | -$6.89 | $0.24 | -$1.75 | — |
| Free cash flow | $1.04B | $778M | $1.46B | $1.08B | $1.24B |
| Gross margin | 49.1% | 47.4% | 47.7% | 45.2% | — |
| Operating margin | -0.9% | -4.7% | 6.2% | 0.2% | -3.7% |
| Net margin | -3.9% | -10.3% | 1.2% | -2.5% | -5.0% |
| Revenue growth | — | +24.6% | +19.2% | +16.6% | — |
| Cash + short-term investments | $966M | $1.67B | $1.66B | $1.85B | — |
| Total debt | — | $7.06B | $6.74B | $12.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.8x · EV/EBITDA 23.9x · EV/Sales 1.4x · P/FCF 11.4x · P/B 1.6x · FCF yield 8.76% · Earnings yield -6.11% · Buyback yield (TTM) 5.67% · Net debt $10.4B · EV $24.6B
P/E at fiscal year-ends: Dec 2024 287.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FLUT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.03% | $64.3M | Unchanged |

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 33 analysts; mean target USD 131.27 (low 85, high 360).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Neutral | $114 → $110 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $120 → $100 |
| 2026-10-13 | Citizens | Target lowered | Market Outperform | $145 → $129 |
| 2026-10-08 | Susquehanna | Target lowered | Positive | $115 → $100 |
| 2026-10-08 | Wedbush | Target lowered | Outperform | $126 → $110 |
| 2026-10-07 | Citigroup | Upgrade | Neutral → Buy | $93 → $91 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $150 → $128 |
| 2026-10-01 | BTIG | Target lowered | Buy | $113 → $110 |
| 2026-09-21 | Rothschild & Co | Downgrade | Buy → Neutral | $169 → $119 |
| 2026-09-02 | Wolfe Research | Initiated | Outperform | $150 |
| 2026-08-12 | JP Morgan | Initiated | Neutral | $114 |
| 2026-08-07 | Citigroup | Upgrade | Sell → Neutral | $93.26 → $93 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -67.5% | -58.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -67.6% | -16.1% |
| Volatility (annualized) | 50.4% | 44.2% |
| Max drawdown | -70.5% (Oct 2025→Oct 2026) | -75.7% (Aug 2025→Sep 2026) |

## Peers (Gambling)
DKNG (DraftKings Inc.) USD 20.94 +2.00% · CHDN (Churchill Downs, Incorporated) USD 84.45 +2.01% · SGHC (Super Group (SGHC) Limited) USD 11.35 +1.98% · RSI (Rush Street Interactive, Inc.) USD 16.36 -2.91% · BRSL (Brightstar Lottery PLC Trading ) USD 9.56 +3.58% · ACEL (Accel Entertainment, Inc.) USD 10.97 +1.76%

## More
Full page: https://nexqual.com/FLUT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FLUT's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1635327/000163532726000005/flut-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FanDuel Group Parent | "Our sportsbook offerings, such as FanDuel, Sportsbet or Sky Betting & Gaming, involve a customer placing a bet (wager) on various types of sporting events at fixed odds determined by us." |
| Customer | Netflix (NFLX) | "In addition, the entrance of alternative media licensing and broadcasting organizations into the sport broadcasting industry (e.g., Netflix, Amazon, DAZN Group and YouTube), which may not attract the volume of viewers tr…" |
| Customer | Amazon (AMZN) | "In addition, the entrance of alternative media licensing and broadcasting organizations into the sport broadcasting industry (e.g., Netflix, Amazon, DAZN Group and YouTube), which may not attract the volume of viewers tr…" |
| Customer | FSG Services | "In addition, the entrance of alternative media licensing and broadcasting organizations into the sport broadcasting industry (e.g., Netflix, Amazon, DAZN Group and YouTube), which may not attract the volume of viewers tr…" |
| Customer | Paddy Power | "In addition, in June 2025, the Paddy Power and Betfair businesses suffered a data incident, when an unauthorized third party gained access to the personal information of some of our customers." |
| Customer | Boyd Interactive Holdings | "The movement in our cash flows from operating activities was primarily driven by (i) a cash outflow in player deposit liabilities of $439 million due to timing of sports events, customer friendly sports results in the US…" |
| Partner | FanDuel Prediction Markets | "We offer prediction markets contracts trading in the United States through our partnership with CME Group, which operates FanDuel Prediction Markets LLC, a futures commission merchant ("FCM")." |
| Partner | BOYD GAMING CORP (BYD) | "Additionally, FanDuel has a strategic partnership with Boyd Gaming Corporation, one of the largest and most experienced gaming companies in the United States." |

Other companies that name FLUT in their own reports (relationship from FLUT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | CME GROUP INC. (CME) | 10-K 2026-02-26 | "Our joint venture with FanDuel, a part of Flutter Entertainment plc, launched in December 2025." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International | $2.64B | 61.1% | +10.3% |
| U.S. | $1.68B | 38.9% | -6.0% |
| Total revenue | $4.33B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sportsbook | $1.04B | 24.0% | -14.8% |
| iGaming | $577.0M | 13.3% | +13.8% |
| Other | $67.0M | 1.5% | +3.1% |
| Total revenue | $4.33B | 100% | — |
The lines above cover 38.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $1.59B | 36.8% | -8.5% |
| UNITED KINGDOM | $882.0M | 20.4% | +3.9% |
| Italy | $783.0M | 18.1% | +30.1% |
| Rest of the world | $590.0M | 13.6% | +4.8% |
| Australia | $401.0M | 9.3% | +12.0% |
| Ireland | $80.0M | 1.8% | +3.9% |
| Total revenue | $4.33B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Early Q3 trading was ahead of expectations benefiting from good engagement in the knockout stages of the FIFA World Cup and slightly favorable sports results."
- "Our updated outlook for 2026 now includes the following midpoints: Group: revenue and adjusted EBITDA of $17.91bn and $2.655bn, representing 9% year-over-year growth, and a reduction of 7% year-over-year, respectively."
- "We expect approximately 20% of full year revenue to arise in Q3 with adjusted EBITDA expected to be approximately breakeven in the quarter."
- "We expect approximately 24% of full year revenue and 23% of full year adjusted EBITDA to arise in Q3."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.77 | -65.0% | $4.01B | 13 |
| Next quarter (ends 2026-12-31) | $2.88 | $3.26 | -11.5% | $5.20B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.74 | $5.77 | -17.8% | $17.86B | 25 |
| Next fiscal year (ends 2027-12-31) | $1.73 | $3.66 | -52.7% | $19.30B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.4%; last 8 reports averaged ±6.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.4% | ±14.4% |
| 2026-12-18 | 56 | 56.0% | ±17.5% |
| 2027-01-15 | 84 | 55.8% | ±21.2% |
| 2027-03-19 | 147 | 53.3% | ±26.7% |
| 2027-06-17 | 237 | 55.2% | ±34.8% |