Full year 2025
Figures below are in US dollars, millions, for the year ended 31 December 2025. These are reported US GAAP measures.
| Measure | FY2025, USD million | Reading the number |
|---|---|---|
| Revenue | 16,383 | FY2024 revenue was 14,048. |
| Operating profit | 36 | A much smaller figure than revenue. |
| Net interest expense | 515 | A financing cost below operating profit. |
| Income tax expense | 286 | A further cost in the reported result. |
| Other income, net | 358 | Another component between operating and net results. |
| Net loss | 407 | A loss, not a positive net profit. |
Quarter ended 30 June 2026
For Q2 2026, Flutter reported revenue of $4,326 million, a net loss of $296 million and $363 million of cash provided by operating activities. This is one quarter, not a full year. Source: Flutter's Q2 2026 results release, 5 August 2026.
What the comparison tells us
Our reading of the annual figures: the revenue base expanded, but the group still reported a net loss. The bridge from revenue to operating profit, and then from operating profit to net earnings, deserves attention. A valuation based only on sales would leave out both operating costs and financing.
Do not annualise one quarter without examining seasonality and changes in the business. Likewise, a cash-flow measure cannot be substituted for the net result simply because it is positive.
Sources and periods
Annual figures: Flutter Entertainment 2025 annual financial statements, also discussed in History & Deals. Quarterly figures: SEC, Exhibit 99.1, Q2 2026 results, 5 August 2026; sec.gov/Archives/edgar/data/1635327/000119312526333800/d127369dex991.htm.
Snapshot checked on 25 October 2026. Share-price movements belong to the separate market page; they are not financial-statement figures.