Flutter Entertainment plc

03/12/2026 | Press release | Distributed by Public on 03/12/2026 10:56

2025 Q4 KPI Pack

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FLUTTER ENTERTAINMENT PLC Q4 2025 KPI Pack

1. Qtr Inc. Statement US GAAP

US GAAP - Consolidated Group income statement
$m Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Sportsbook 1,055 1,212 1,105 1,140 4,512 1,111 1,341 1,215 1,649 5,316 1,667 1,725 1,286 1,907 6,585 1,886 2,095 1,709 2,139 7,829 2,014 2,260 1,765 2,593 8,632
iGaming 813 796 736 770 3,115 853 798 879 1,043 3,573 1,113 1,122 1,134 1,252 4,621 1,364 1,354 1,411 1,525 5,654 1,522 1,775 1,899 2,011 7,207
Other 179 184 150 169 682 144 148 133 150 574 138 154 138 154 584 147 161 128 129 565 129 152 130 133 544
Total revenue 2,047 2,191 1,992 2,079 8,308 2,108 2,287 2,227 2,842 9,463 2,918 3,001 2,558 3,313 11,790 3,397 3,611 3,248 3,792 14,048 3,665 4,187 3,794 4,737 16,383
Cost of sales (918) (970) (962) (1,031) (3,881) (1,085) (1,100) (1,176) (1,452) (4,813) (1,541) (1,491) (1,386) (1,784) (6,202) (1,793) (1,835) (1,752) (1,966) (7,346) (1,956) (2,228) (2,168) (2,627) (8,979)
Gross profit 1,129 1,221 1,030 1,047 4,427 1,023 1,186 1,051 1,390 4,650 1,377 1,510 1,172 1,529 5,588 1,604 1,776 1,496 1,826 6,702 1,709 1,959 1,626 2,110 7,404
Technology, research and development expenses (133) (215) (129) (156) (634) (133) (156) (109) (154) (552) (168) (176) (214) (207) (765) (190) (216) (213) (201) (820) (215) (256) (275) (245) (991)
Sales & marketing expenses (726) (706) (653) (735) (2,819) (751) (685) (681) (897) (3,014) (882) (667) (701) (1,526) (3,776) (881) (746) (748) (830) (3,205) (840) (789) (966) (1,083) (3,678)
General and administrative expenses (157) (547) (476) (244) (1,423) (272) (236) (349) (315) (1,172) (342) (445) (394) (415) (1,596) (409) (445) (438) (516) (1,808) (431) (525) (702) (524) (2,182)
Goodwill impairment - - - - - - - - - - - - - - (517) - (517)
Operating profit (loss) 113 (246) (229) (87) (449) (133) 109 (88) 24 (88) (15) 222 (137) (619) (549) 124 369 97 279 869 223 389 (834) 258 36
Other (expense) income, net 88 (16) 97 (68) 101 91 (27) 31 (91) 5 (45) 10 (44) (78) (157) (174) 89 (122) (227) (434) 216 (74) 152 64 358
Interest expense, net (53) (54) (107) (0) (215) (41) (35) (52) (84) (212) (92) (82) (92) (119) (385) (112) (108) (105) (94) (419) (85) (110) (152) (168) (515)
Income (loss) before tax 148 (316) (239) (156) (563) (84) 48 (109) (150) (295) (152) 150 (273) (816) (1,091) (162) 350 (130) (42) 16 354 205 (834) 154 (121)
Income tax (expense) benefit (46) (128) (2) (19) (194) 1 (48) (52) 24 (75) 41 (86) 11 (86) (120) (15) (53) 16 198 146 (19) (168) 45 (144) (286)
Net income (loss) 102 (444) (241) (175) (757) (83) (0) (161) (126) (370) (111) 64 (262) (902) (1,211) (177) 297 (114) 156 162 335 37 (789) 10 (407)
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.

2. Qtrly Segments US GAAP

Quarterly Group information
Group - revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Average monthly players ('000s) 7,868 8,191 7,811 8,715 8,146 9,522 9,747 9,596 12,114 10,245 12,349 12,222 11,139 13,588 12,325 13,722 14,344 12,920 14,605 13,898 14,880 15,978 14,133 15,072 15,911
Sportsbook stakes 11,997 11,643 11,590 14,180 49,410 15,045 13,593 12,105 17,583 58,327 18,589 15,582 14,165 21,966 70,302 20,860 18,398 17,002 23,764 80,024 21,518 19,669 18,555 25,724 85,466
Sportsbook net revenue margin 8.8% 10.4% 9.5% 8.0% 9.1% 7.4% 9.9% 10.0% 9.4% 9.1% 9.0% 11.1% 9.1% 8.7% 9.4% 9.0% 11.4% 10.1% 9.0% 9.8% 9.4% 11.5% 9.5% 10.1% 10.1%
Sportsbook 1,055 1,212 1,105 1,140 4,513 1,111 1,341 1,215 1,649 5,316 1,667 1,725 1,286 1,907 6,585 1,886 2,096 1,709 2,138 7,829 2,014 2,260 1,765 2,593 8,632
iGaming 813 796 736 770 3,115 853 798 879 1,043 3,572 1,113 1,122 1,134 1,252 4,621 1,364 1,354 1,411 1,525 5,654 1,522 1,775 1,899 2,011 7,207
Other 179 184 150 169 681 144 147 133 150 575 138 154 138 154 584 147 161 128 129 565 129 152 130 133 544
Total revenue 2,047 2,191 1,992 2,078 8,308 2,108 2,287 2,227 2,842 9,463 2,918 3,001 2,558 3,313 11,790 3,397 3,611 3,248 3,792 14,048 3,665 4,187 3,794 4,737 16,383
Adjusted EBITDA1 387 430 286 266 1,369 178 430 276 405 1,288 352 633 258 632 1,875 514 738 450 655 2,357 616 919 478 832 2,845
Adjusted EBITDA margin1 18.9% 19.6% 14.4% 12.8% 16.5% 8.4% 18.8% 12.4% 14.3% 13.6% 12.1% 21.1% 10.1% 19.1% 15.9% 15.1% 20.4% 13.9% 17.3% 16.8% 16.8% 21.9% 12.6% 17.6% 17.4%
US - revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Average monthly players ('000s) 1,548 1,205 1,234 1,889 1,469 2,275 1,950 1,795 2,970 2,248 3,378 2,731 2,512 3,983 3,152 3,898 3,466 3,211 4,561 3,784 4,312 3,519 3,476 4,804 4,028
Sportsbook stakes 3,630 3,213 2,843 5,427 15,113 7,582 6,513 5,245 9,499 28,839 10,909 8,158 7,378 14,571 41,016 13,484 10,976 10,037 16,379 50,876 14,606 11,699 10,653 16,864 53,822
Sportsbook net revenue margin 4.5% 8.3% 6.4% 6.7% 6.4% 4.2% 7.9% 8.6% 8.6% 7.3% 7.0% 9.6% 6.9% 7.0% 7.5% 7.3% 10.0% 8.2% 6.8% 7.9% 7.8% 10.4% 7.4% 8.9% 8.6%
Sportsbook 162 268 182 362 973 316 516 453 816 2,100 759 781 506 1,026 3,072 986 1,099 822 1,106 4,013 1,134 1,219 783 1,497 4,633
iGaming 108 113 109 138 469 164 162 161 201 687 241 243 252 309 1,045 358 357 368 441 1,524 472 507 530 586 2,095
Other 94 96 74 98 362 78 77 73 88 316 71 73 70 73 287 66 71 60 64 261 60 65 55 59 239
Total revenue 364 477 365 598 1,804 558 755 687 1,105 3,103 1,071 1,097 828 1,408 4,404 1,410 1,527 1,250 1,611 5,798 1,666 1,791 1,368 2,142 6,967
Adjusted EBITDA1 (90) 38 (134) (26) (212) (162) 37 (59) 10 (175) (53) 172 (55) 168 232 26 260 58 163 507 161 400 51 310 922
Adjusted EBITDA margin1 (24.7%) 8.0% (36.7%) (4.3%) (11.8%) (29.0%) 4.9% (8.6%) 0.9% (5.6%) (4.9%) 15.7% (6.6%) 11.9% 5.3% 1.8% 17.0% 4.6% 10.1% 8.7% 9.7% 22.3% 3.7% 14.5% 13.2%
Additional information: Segment operating expenses
Cost of sales 206 244 201 300 951 368 426 419 575 1,787 648 607 497 782 2,534 833 839 737 944 3,353 956 968 824 1,207 3,955
Technology, research and development expenses 26 21 22 43 112 25 28 3 52 108 48 32 58 58 196 55 73 72 70 270 82 86 88 88 344
Sales & marketing expenses 220 146 223 264 853 285 219 242 396 1,142 364 213 246 327 1,150 422 253 277 326 1,278 374 219 307 419 1,319
General and administrative expenses 2 28 52 18 101 42 45 82 72 241 64 73 82 73 292 74 102 106 108 390 93 118 98 118 427
International - revenue and Adjusted EBITDA US GAAP
$m (except AMPS and %) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Average monthly players ('000s) 6,320 6,986 6,577 6,826 6,677 7,247 7,797 7,801 9,144 7,997 8,971 9,491 8,627 9,605 9,173 9,824 10,878 9,709 10,044 10,114 10,568 12,459 10,657 10,268 11,884
Sportsbook stakes 8,367 8,430 8,747 8,753 34,297 7,463 7,080 6,860 8,084 29,488 7,680 7,424 6,787 7,395 29,286 7,376 7,422 6,965 7,385 29,148 6,912 7,970 7,902 8,860 31,644
Sportsbook net revenue margin 10.7% 11.2% 10.6% 8.9% 10.3% 10.7% 11.7% 11.1% 10.3% 10.9% 11.8% 12.7% 11.5% 11.9% 12.0% 12.2% 13.4% 12.7% 14.0% 13.1% 12.7% 13.1% 12.4% 12.4% 12.6%
Sportsbook 893 944 923 778 3,540 795 825 762 833 3,216 908 944 780 881 3,513 900 997 887 1,032 3,816 880 1,041 982 1,096 3,999
Gaming 705 683 627 632 2,646 689 636 718 842 2,885 872 879 882 943 3,576 1,006 997 1,043 1,084 4,130 1,050 1,268 1,369 1,425 5,112
Other 85 88 76 71 319 66 70 60 62 259 67 81 68 81 297 81 90 68 65 304 69 87 75 74 305
Total revenue 1,683 1,714 1,627 1,480 6,504 1,550 1,532 1,540 1,737 6,360 1,847 1,904 1,730 1,905 7,386 1,987 2,084 1,998 2,181 8,250 1,999 2,396 2,426 2,595 9,416
Revenue by region
UKI 772 788 673 585 2,817 699 722 600 643 2,665 736 789 721 801 3,047 861 928 846 964 3,599 882 936 853 876 3,547
Southern Europe and Africa 69 59 49 52 229 58 50 224 344 676 387 358 314 371 1,430 394 390 370 439 1,593 448 657 743 898 2,746
Asia Pacific 393 447 534 476 1,850 416 433 408 423 1,680 389 429 381 400 1,599 358 385 413 391 1,547 313 402 363 350 1,428
Central and Eastern Europe 39 43 57 64 204 54 54 66 70 243 62 70 71 83 286 122 128 132 149 531 140 138 151 175 604
Brazil 6 8 10 10 34 12 15 13 14 54 15 16 17 16 64 16 18 17 18 69 9 44 87 87 227
Other 404 369 304 293 1,370 312 258 229 243 1,042 258 242 226 234 960 236 235 220 220 911 207 219 229 209 864
Total revenue 1,683 1,714 1,627 1,480 6,504 1,550 1,532 1,540 1,737 6,360 1,847 1,904 1,730 1,905 7,386 1,987 2,084 1,998 2,181 8,250 1,999 2,396 2,426 2,595 9,416
Adjusted EBITDA1 519 425 449 324 1,718 378 423 381 407 1,589 440 502 366 522 1,830 524 523 461 557 2,065 518 591 505 588 2,202
Adjusted EBITDA margin1 30.8% 24.8% 27.6% 21.9% 26.4% 24.4% 27.6% 24.7% 23.4% 25.0% 23.8% 26.4% 21.2% 27.4% 24.8% 26.4% 25.1% 23.1% 25.5% 25.0% 25.9% 24.7% 20.8% 22.7% 23.4%
Additional information: Segment operating expenses
Cost of sales 640 685 683 653 2,661 645 625 654 759 2,683 806 801 775 836 3,218 862 894 901 914 3,571 880 1,104 1,168 1,254 4,406
Technology, research and development expenses 89 89 80 81 339 82 86 80 83 331 89 108 94 102 393 99 106 105 93 403 95 107 109 99 410
Sales & marketing expenses 316 372 281 320 1,288 312 301 282 360 1,255 337 322 320 293 1,272 317 358 347 372 1,394 309 376 413 422 1,520
General and administrative expenses 119 142 135 102 498 133 97 143 129 502 175 171 175 152 673 185 203 184 245 817 197 218 231 232 878
Unallocated corporate overhead - US GAAP
$m (except AMPS and %) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Unallocated corporate overhead costs excluding share-based compensation expenses1 (42) (33) (29) (32) (137) (38) (30) (46) (12) (126) (35) (41) (53) (58) (187) (36) (45) (69) (65) (215) (63) (72) (78) (66) (279)
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.
1 Adjusted EBITDA and Adjusted EBITDA margin on a Group basis are non-GAAP financial measures. See the '4. Non-GAAP Adj. EBITDA Rec' section of this pack for reconciliations to the most directly comparable financial measures calculated in accordance with U.S. GAAP.

3. Cash Flow US GAAP

US GAAP - Group consolidated cash flow statement1
$m FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Cash flows from operating activities:
Net income (loss) (757) (370) (111) 64 (262) (902) (1,211) (177) 297 (114) 156 162 335 37 (789) 10 (407)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization 1,010 1,075 297 304 316 368 1,285 297 272 258 270 1,097 294 369 419 435 1,517
Impairment loss - - - - - 725 725 - - - - - - - 559 2 561
Change in fair value of derivatives (141) (152) 17 (29) (19) 24 (7) (15) (7) 26 (2) 2 - - (11) - (11)
Non-cash interest (income) expense, net 17 7 (8) 4 (35) 27 (12) (1) 17 12 (9) 19 12 2 73 (34) 53
Non-cash operating lease expense 70 96 31 36 26 24 117 32 33 31 46 142 43 28 35 35 141
Unrealized foreign currency exchange (gain) / loss, net 101 196 (36) (188) 233 (234) (225) 8 2 (34) 9 (15) (8) (25) (27) (28) (88)
Loss (gain) on disposal (16) - - 1 - 4 5 - (1) 7 1 7 (3) 3 1 10 11
Share-based compensation - equity classified 63 132 32 55 48 45 180 40 57 52 47 196 56 70 60 60 246
Share-based compensation - liability classified 425 49 14 7 (21) 10 10 1 2 1 2 6 1 2 11 - 14
Other (expense) income, net 69 (89) 64 53 (18) 64 163 186 (91) 121 212 428 (205) 81 (126) (50) (300)
Deferred taxes (12) (145) (113) (79) 11 49 (132) (48) (35) (34) (231) (348) 1 (17) 11 (140) (145)
Loss (gain) on extinguishment of long-term debt (130) 65 - - 1 5 6 - 5 - 2 7 - 14 9 - 23
Change in contingent consideration 7 (6) (2) 2 - (2) (2) - (3) - - (3) - - - - -
Change in operating assets and liabilities:
Player deposits - (72) (7) 2 (12) 16 (1) - (2) 18 17 33 9 104 4 3 120
Accounts receivable (17) (12) 45 2 (14) (10) 23 19 (3) (10) (17) (11) (9) 37 3 (31) -
Prepaid expenses and other current assets (41) (97) (73) 14 303 (98) 146 13 19 (61) (44) (73) (1) 58 (86) (31) (60)
Accounts payable (1) (24) 25 (8) (10) (11) (4) (18) (28) 28 11 (7) 84 (90) 53 (67) (20)
Other current liabilities (117) 207 (119) 220 (39) 304 366 (40) (115) (43) 94 (104) (236) (53) (96) 279 (106)
Player deposit liability 80 376 (77) (385) 73 7 (382) 73 (59) 67 131 212 (147) (235) 138 17 (227)
Operating leases liabilities (57) (73) (28) (34) (27) (24) (113) (33) (37) (35) (43) (148) (38) (26) (32) (42) (138)
Net cash provided by (used in) operating activities 553 1,163 (49) 41 554 391 937 337 323 290 652 1,602 188 359 209 428 1,184
Cash flows from investing activities:
Purchases of property and equipment (122) (122) (18) (31) (21) (89) (159) (22) (28) (37) (57) (144) (19) (37) (13) (36) (105)
Purchases of intangible assets (85) (100) (43) (36) (34) (62) (175) (57) (40) (52) 13 (136) (33) (9) (63) (57) (162)
Capitalized software (152) (207) (66) (69) (65) (68) (268) (73) (84) (89) (135) (381) (48) (157) (108) (197) (510)
Acquisitions, net of cash acquired (70) (2,095) - - - - - (107) (25) (28) - (160) - (2,688) - - (2,688)
Proceeds from disposal of property and equipment 175 7 - - - - - - - - - - - - - - 5
Proceeds from disposal of intangible assets - - - - - - - - - - - - 5 - - - -
Cash settlement of derivatives designated in net investment hedge - - - - - - - - - (5) 15 10 4 17 14 (56) (21)
Other advances - - - - - - - - - - - - (9) 9 - - -
Net cash used in investing activities (254) (2,517) (127) (136) (120) (219) (602) (259) (177) (211) (164) (811) (100) (2,865) (170) (346) (3,481)
Cash flows from financing activities:
Proceeds from issue of ordinary share upon exercise of options 18 9 1 3 3 6 13 14 7 - 9 30 3 3 1 - 7
Proceeds from issuance of long-term debt (net of transaction costs) 1,661 4,692 609 4 91 1,314 2,018 639 1,045 - - 1,684 - 6,004 4,080 746 10,830
Transaction costs with third parties from issuance of long-term debt - - - - - - - - - - - - - - (20) (2) (22)
Repayment of long-term debt (1,033) (2,646) (608) (103) (102) (1,024) (1,837) (834) (1,095) (10) (9) (1,948) (10) (3,130) (1,914) (552) (5,606)
Acquisition of non-controlling interests - (251) - - (95) - (95) - - - - - - - (1,620) - (1,620)
Distributions to non-controlling interests (23) (7) - - - - - - (6) (4) (6) (16) (4) (5) (11) (9) (29)
Payment of contingent consideration (10) (11) - - - - - - - - - - (16) - - (3) (19)
Repurchase of ordinary shares and taxes withheld and paid on employee share awards (252) (3) - (166) (46) - (212) - - - (219) (219) (244) (339) (261) (279) (1,123)
Proceeds from sale of non-controlling interests - - - - - - - - - - - - - - - 10 10
Net cash (used in) provided by financing activities 361 1,783 2 (262) (149) 296 (113) (181) (49) (14) (225) (469) (271) 2,533 255 (89) 2,428
Net increase (decrease) in cash, cash equivalents and restricted cash 660 429 (174) (357) 285 468 222 (103) 97 65 263 322 (183) 27 294 (7) 131
Cash, cash equivalents and restricted cash - Beginning of the period 2,151 2,681 2,990 2,841 2,598 2,701 2,990 3,271 3,157 3,235 3,410 3,271 3,509 3,393 3,515 3,734 3,509
Foreign currency exchange gain (loss) on cash and cash equivalents (130) (120) 25 114 (182) 102 59 (11) (19) 110 (164) (84) 67 95 (75) 105 192
Cash, cash equivalents and restricted cash - End of the period 2,681 2,990 2,841 2,598 2,701 3,271 3,271 3,157 3,235 3,410 3,509 3,509 3,393 3,515 3,734 3,832 3,832
Cash, cash equivalents and restricted cash comprise of:
Cash and cash equivalents 1,286 966 821 1,020 918 1,497 1,497 1,353 1,526 1,483 1,531 1,531 1,537 1,691 1,727 1,828 1,828
Cash and cash equivalents - restricted 10 16 28 15 16 22 22 22 25 56 48 48 54 79 68 72 72
Player deposits - cash and cash equivalents 1,385 2,008 1,992 1,563 1,767 1,752 1,752 1,782 1,684 1,871 1,930 1,930 1,802 1,745 1,939 1,932 1,932
Cash, cash equivalents and restricted cash - End of the period 2,681 2,990 2,841 2,598 2,701 3,271 3,271 3,157 3,235 3,410 3,509 3,509 3,393 3,515 3,734 3,824 3,824
Supplemental disclosures of cash flow information:
Interest paid 214 222 97 113 149 49 408 123 108 112 119 462 91 126 104 210 531
Income taxes paid (net of refunds) 191 199 52 118 39 46 255 29 86 63 77 255 21 231 74 119 445
Operating cash flows from operating leases 67 92 32 38 33 30 133 38 43 43 50 174 38 44 42 43 167
Non-cash investing and financing activities:
Right of use assets obtained in exchange for new operating lease liabilities 135 148 20 20 3 30 73 20 54 66 15 155 15 9 4 66 94
Adjustments to lease balances as a result of remeasurement 20 18 6 4 - 12 22 (2) (1) 31 19 47 25 1 14 10 50
Business acquisitions (including deferred consideration) 24 - - - - - - 26 2 (26) - 2 - 331 - (4) 327
Asset retirement obligation - - - - - - - - - - - - - - 10 23 33
Sale of non-controlling interests - - - - - - - - - - - - - - - 17 17
Cancellation of Treasury Shares 60 - - - - - - - - - - - - - - - -
Reduction in capital 13,631 - - - - - - - - - - - - - - - -
Proceeds from issuance as part of debt restructuring - - - - - 5,267 5,267 - - - - - - - - - -
Principal amount of extinguishment as part of debt restructuring - - - - - 4,622 4,622 - - - - - - - - - -
Purchase of intangible assets with accrued expense - Investing2 - 21 - - - - - - - - 15 15 91 77 52 75 75
Purchase of intangible assets with accrued expense - Financing2 - - - - - - - - - - - - - - - 72 72
Capitalized software with accrued expense2 - - - - - - - - - - - - - 8 23 - -
Purchase of property and equipment with accrued expense2 - - - - - - - - - - - - - 8 9 - -
Repurchase of ordinary shares with accrued expense2 - - - - - - - - - - - - - 11 - - -
Non-cash issuance of common stock upon exercise of options2 - - - - - - - - - - - - - 29 29 29 29
Non-cash transaction costs on issuance of long-term debt2 - - - - - - - - - - - - - 17 8 6 6
1 The Condensed Consolidated Statements of Cash Flows for relevant three month periods are derived by subtracting the year to date cash flows to the previous quarter end, from the year to date cash flows for the current quarter end. As such it does not reflect the settlement of pre-existing relationships for which Flutter has recognized an asset.
2 Figures represent the closing position at the end of the relevant reporting period and not the movement during the reporting period

Appendices

4. Non-GAAP Adj. EBITDA Rec

Non-GAAP reconciliations
Group Adjusted EBITDA reconciliation
$m Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Net income (loss) 102 (444) (241) (175) (757) (83) (0) (161) (126) (370) (111) 64 (262) (902) (1,211) (177) 297 (114) 156 162 335 37 (789) 10 (407)
Add back:
Income taxes 46 128 2 19 194 (1) 48 52 (24) 75 (41) 86 (11) 86 120 15 53 (16) (198) (146) 19 168 (45) 144 286
Other (expense) income, net (88) 16 (97) 68 (101) (91) 27 (32) 91 (5) 45 (10) 44 78 157 174 (89) 122 227 434 (216) 74 (152) (64) (358)
Interest expense, net 53 54 107 - 215 41 35 52 84 212 92 82 92 119 385 112 108 105 94 419 85 110 152 168 515
Depreciation and amortization 250 257 252 247 1,010 244 263 255 315 1,075 297 304 316 368 1,285 297 272 258 270 1,097 294 369 419 435 1,517
Share-based compensation expense1 7 402 47 27 484 34 27 41 46 147 46 64 25 55 190 41 59 53 49 202 57 72 71 60 260
Transaction fees and associated costs2 - - - 29 29 5 8 12 18 43 3 17 26 46 92 29 16 - 9 54 1 19 204 - 224
Restructuring and integration costs3 14 14 17 20 63 29 24 57 45 155 21 26 28 57 132 23 22 42 48 135 41 70 59 77 247
Legal settlements (loss contingencies)4 3 3 198 19 223 - - - (44) (44) - - - - - - - - - - - - - - -
Gaming tax expenses5 - - - 10 10 - - - - - - - - - - - - - - - - - - - -
Impairment6 - - - - - - - - - - - - - 725 725 - - - - - - - 559 2 561
Adjusted EBITDA 387 430 286 266 1,369 178 430 276 405 1,289 352 633 258 632 1,875 514 738 450 655 2,357 616 919 478 832 2,845
Revenue 2,047 2,191 1,992 2,078 8,308 2,108 2,287 2,227 2,842 9,463 2,918 3,001 2,558 3,313 11,790 3,397 3,611 3,248 3,792 14,048 3,665 4,187 3,794 4,737 16,383
Adjusted EBITDA margin 18.9% 19.6% 14.3% 12.8% 16.5% 8.5% 18.8% 12.4% 14.2% 13.6% 12.1% 21.1% 10.1% 19.1% 15.9% 15.1% 20.4% 13.9% 17.3% 16.8% 16.8% 21.9% 12.6% 17.6% 17.4%
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.
1 For the periods 2021 through 2023, restructuring and integration costs included share-based compensation expense relating to specific share-based compensation plan in our International division. The information for 2023 has been updated to align with copmpartive period reporting in 2024 financial statements. The 2021 and 2022 periods have not been restated to conform to the change in the definition of Adjusted EBITDA effective January 1, 2024 which excludes all share-based compensation expense. For details of share-based compensation expense included in restructuring and integration costs, see "9. Supplemental Non-GAAP Info"
2 2025 fees primarily associated with Boyd market access payments and the transaction costs for the acquisitions of Snaitech and NSX. 2024 fees mostly associated with transaction fees incurred for the listing, and subsequent primary listing, of Flutter's shares in the US, and transaction fees related to the proposed transactions for Snaitech and NSX. 2023 fees primarily associated with the US share listing also. Fox Option arbitration proceedings and acquisition-related costs in connection with tombola and Sisal drove these costs for 2022, with 2021 fees related to the potential listing of a minority stake of FanDuel in the U.S., Fox Option arbitration proceedings and acquisition-related costs in connection with Junglee Games, Singular, Sisal and tombola.
3 Costs primarily relate to various restructuring and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system.
4 Relates to (i) release of legacy TSG legal provisions of $44 million for fiscal 2022 and (ii) settlement of a historic case in the Commonwealth of Kentucky against certain subsidiaries of legacy TSG of $223 million for fiscal 2021.
5 Relates to the late payment interest regarding a historical German tax assessment on Betfair Exchange in 2012.
6 In the third quarter of 2025 to Junglee, the Group recognized an impairment in Junglee as the company stopped real-money operations in India to comply with the Promotion and Regulation of Online Gaming Bill (the Act), which was passed by the upper house of the Indian Parliament and received Presidential assent on August 22, 2025. The Act bans all forms of online real money gaming while promoting and regulating e-sports, educational games, and social gaming. In the fourth quarter of 2023, the Group recognized an intangible asset impairment loss of $725 million in sales and marketing expenses related to PokerStars trademark within the International segment. The impairment was primarily driven by an assessment of strategy and operational model aimed at maximizing the value of PokerStars' proprietary poker assets consistent with our International segment strategy to combine global scale with local presence.

5. Non-GAAP Adj. Net income Rec

Non-GAAP reconciliations
Adjusted net income attributable to Flutter shareholders
$m FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Net income (loss) (757) (370) (111) 64 (262) (902) (1,211) (177) 297 (114) 156 162 335 37 (789) 10 (407)
Add (Less):
Transaction fees and associated costs1 29 43 3 17 26 46 92 29 16 - 9 54 1 19 204 - 224
Restructuring and integration costs1 63 155 21 26 28 57 132 23 22 42 48 135 41 70 59 77 247
Legal settlements/loss contingencies1 223 (44) - - - - - - - - - - - - - - -
Gaming tax dispute1 10 - - - - - - - - - - - - - - - -
Impairment1 - - - - - 725 725 - - - - - - - 559 2 561
Amortization of acquired intangibles 738 749 192 195 199 205 791 172 147 128 134 581 158 209 235 255 857
Accelerated amortization - - - - - 30 30 - - - - - - - - - -
(Gain) loss on settlement of long-term debt (130) 65 - - 1 5 6 - 5 - 2 7 - 14 9 - 23
Financing related fees not eligible for capitalization 27 9 - - - 29 29 - - 2 6 8 1 1 2 3 7
Gain from disposal of Oddschecker Global Media (17) - - - - - - - - - - - - - - - -
Share-based compensation1 484 147 46 64 25 55 190 41 59 53 49 202 57 72 71 60 260
Fair value (gain) loss on derivative instruments (141) (152) 17 (29) (19) 24 (7) (15) (7) 25 (2) 2 - - (11) - (11)
Fair value (gain) loss on contingent consideration 4 - - - - - - - (3) - - (3) - - - - -
Fair value (gain) loss on Fox Option Liability 71 (83) 64 53 (18) 66 165 184 (91) 121 212 426 (205) 81 (126) (50) (300)
Fair value (gain) loss on investment (2) (6) - - - 2 2 2 - - - 2 - - - - -
Tax impact of above adjustments1 (67) (199) (37) (68) (23) (22) (150) (51) (42) (46) (9) (148) (50) (45) (26) (32) (153)
Adjusted net income (loss) 535 314 195 322 (43) 320 794 208 403 211 605 1,428 338 458 187 325 1,308
Less:
Net gain (loss) attributable to non-controlling interests and redeemable non-controlling interests2 (13) (1) (9) 2 1 19 13 4 18 5 26 53 3 12 (29) (13) (27)
Adjustment of redeemable non-controlling interest to redemption value3 179 63 - (5) 12 (9) (2) 15 18 (16) 49 66 49 (80) (70) 31 (70)
Adjusted net income (loss) attributable to Flutter shareholders 369 252 204 325 (56) 310 783 189 367 222 530 1,309 286 526 286 307 1,405
Diluted weighted average number of shares 176 177 177 180 178 177 177 178 180 178 180 180 180 179 176 176 177
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.
1 See worksheet '4. Non-GAAP Adj. EBITDA Rec' for additional information 2 Tax rates used in calculated adjusted net profit attributable to Flutter shareholders is the statutory tax rate applicable of the geographies in which the adjustments were incurred. 3 Represents net loss attributed to the non-controlling interest in Sisal and the redeemable non-controlling interest in FanDuel, MaxBet, Junglee and NSX. 4 Represents the adjustment made to the carrying value of the redeemable non-controlling interests in Junglee and MaxBet to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.

6. Non-GAAP Adj. EPS Rec

Non-GAAP reconciliations
Adjusted earnings per share reconciliation
$m FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Earnings (loss) per share to Flutter shareholders (5.25) (2.44) (0.58) 0.37 (1.55) (5.14) (6.89) (1.10) 1.45 (0.58) 0.45 0.24 1.57 0.59 (3.91) (0.05) (1.75)
Add/ (Less):
Transaction fees and associated costs 0.16 0.24 0.02 0.09 0.15 0.26 0.52 0.16 0.09 - 0.05 0.30 0.01 0.11 1.16 - 1.27
Restructuring and integration costs 0.36 0.88 0.12 0.14 0.16 0.32 0.75 0.13 0.12 0.24 0.27 0.75 0.23 0.39 0.34 0.44 1.39
Legal settlements loss contingencies 1.27 (0.25) - - - - - - - - - - - - - - -
Gaming tax dispute 0.06 - - - - - - - - - - - - - - - -
Impairment - - - - - 4.10 4.10 - - - - - - - 3.18 0.01 3.18
Amortization of acquired intangibles 4.20 4.24 1.08 1.08 1.12 1.16 4.47 0.97 0.82 0.72 0.74 3.23 0.88 1.17 1.34 1.45 4.84
Accelerated amortization - - - - - 0.17 0.17 - - - - - - - - - -
(Gain) loss on settlement of long-term debt (0.74) 0.37 - - 0.01 0.03 0.03 - 0.03 - 0.01 0.04 - 0.08 0.05 - 0.13
Financing related fees not eligible for capitalization 0.15 0.05 - - - 0.16 0.16 - - 0.01 0.03 0.04 0.01 0.01 0.01 0.02 0.04
Gain from disposal of Oddschecker Global Media (0.10) - - - - - - - - - - - - - - - -
Share - based compensation 2.75 0.83 0.26 0.36 0.14 0.31 1.07 0.23 0.33 0.30 0.27 1.12 0.31 0.40 0.40 0.34 1.47
Fair value (gain) loss on derivative instruments (0.80) (0.86) 0.10 (0.16) (0.11) 0.14 (0.04) (0.08) (0.04) 0.14 (0.01) 0.01 - - (0.06) - (0.06)
Fair value (gain) loss on contingent consideration 0.02 - - - - - - - (0.02) - - (0.02) - - - - -
Fair value (gain) loss on Fox Option Liability 0.40 (0.47) 0.36 0.29 (0.10) 0.37 0.93 1.04 (0.51) 0.68 1.18 2.37 (1.14) 0.45 (0.72) (0.29) (1.70)
Fair value (gain) loss on investment (0.01) (0.03) - - - 0.01 0.01 0.01 - - - 0.01 - - - - -
Tax impact of above adjustments (0.38) (1.12) (0.21) (0.38) (0.13) (0.12) (0.85) (0.28) (0.23) (0.26) (0.05) (0.82) (0.28) (0.25) (0.15) (0.18) (0.87)
Adjusted earning (loss) per share 2.10 1.44 1.15 1.79 (0.31) 1.76 4.42 1.07 2.04 1.25 2.94 7.27 1.59 2.95 1.64 1.74 7.94
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.
Tax rates used in calculated adjusted net profit attributable to Flutter shareholders is the statutory tax rate applicable of the geographies in which the adjustments were incurred.

7. Non-GAAP FCF Rec

Non-GAAP reconciliations
Group Free Cash Flow reconciliation
$m FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Net cash provided by (used in) operating activities 553 1,163 (49) 41 554 391 937 337 323 290 652 1,602 188 359 209 428 1,184
Less cash impact of:
Purchases of property and equipment (122) (122) (18) (31) (21) (89) (159) (22) (28) (37) (57) (144) (19) (37) (13) (36) (105)
Purchases of intangible assets (85) (100) (43) (36) (34) (62) (175) (57) (40) (52) 13 (136) (33) (9) (63) (57) (162)
Capitalized software (152) (207) (66) (69) (65) (68) (268) (73) (84) (89) (135) (381) (48) (157) (108) (197) (510)
Free cash flow 194 734 (176) (95) 434 172 335 185 171 112 473 941 88 156 25 138 407
Free Cash Flow is defined as net cash provided by operating activities less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period. From Q2 2024, this metric is updated from the previously reported measure of Adjuted Free Cash Flow.

8. Non-GAAP Net Debt Rec

Non-GAAP reconciliations
Group adjusted net debt reconciliation
$m FY 2021 FY 2022 Q1 2023 Q2 2023 Q3 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 FY 2025
Long-term debt 4,797 6,707 6,763 6,702 6,602 7,005 6,790 6,737 6,843 6,683 6,756 9,882 11,953 12,157
Long-term debt due within one year 30 43 42 42 43 51 46 53 67 53 68 70 146 109
Total Debt 4,827 6,750 6,805 6,744 6,645 7,056 6,836 6,790 6,910 6,736 6,824 9,952 12,099 12,266
Add:
Transactions costs, premiums or discount included in the carrying value of debt 57 41 30 23 19 54 52 61 59 52 49 86 98 93
Less:
Unrealized foreign exchange on translation of foreign currency debt 1 (32) (151) (83) 163 101 182 149 154 83 (97) (7) 175 132 60
Cash and cash equivalents (1,287) (966) (820) (1,020) (918) (1,497) (1,353) (1,526) (1,483) (1,531) (1,537) (1,691) (1,727) (1,828)
Net Debt 3,565 5,674 5,932 5,910 5,847 5,795 5,684 5,478 5,569 5,160 5,329 8,522 10,602 10,591
1 Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.

9. Supplemental Non-GAAP Info

Supplemental Non-GAAP Information
Group
$m Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Share-based compensation expense included in restructuring and integration costs in Quarterly Non-GAAP Recs1 8 3 18 5 34 3 - (10) - (6) - - - - - - - - - -
Share-based compensation expense 34 27 41 46 147 43 64 35 54 196 41 59 53 49 202 57 72 71 60 260
Total share-based compensation expense 42 30 59 51 181 46 64 25 55 190 41 59 53 49 202 57 72 71 60 260
Depreciation and amortisation expense 243 263 255 314 1,075 297 303 316 368 1,285 297 272 258 270 1,097 294 369 419 435 1,517
Less: Amortization of acquired intangibles (177) (194) (178) (200) (749) (192) (195) (198) (206) (791) (172) (147) (128) (134) (581) (158) (209) (235) (255) (857)
Less: Accelerated amortisation - - - - - - - - (30) (30) - - - - - - - - - -
Adjusted depreciation and amortization 67 69 76 114 326 106 108 118 132 464 125 125 130 136 516 136 160 184 180 660
US
$m Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Share-based compensation expense 22 6 26 27 82 24 31 22 25 102 19 27 24 25 95 28 33 32 26 119
Depreciation and amortisation expense 18 21 19 22 80 25 26 28 38 118 29 28 31 31 120 33 34 35 55 157
Less: Amortization of acquired intangibles (6) (5) (5) (5) (22) (5) (5) (5) (5) (20) (4) (4) (4) (4) (16) (4) (4) (4) (24) (36)
Adjusted depreciation and amortization 12 16 14 17 58 20 21 24 33 98 25 24 27 27 104 29 30 31 31 121
International2
$m Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Share-based compensation expense included in restructuring and integration costs in Quarterly Non-GAAP Recs1 8 3 18 5 34 3 - (10) - (6) - - - - - - - - - -
Share-based compensation expense 8 16 11 16 52 16 27 4 20 67 16 23 20 15 73 18 24 25 21 88
Total share-based compensation expense 16 19 29 21 86 19 27 (6) 20 61 16 23 20 15 73 18 24 25 21 88
Depreciation and amortisation expense 223 240 234 289 986 271 282 272 324 1,151 262 236 218 230 947 250 324 375 375 1,324
Less: Amortization of acquired intangibles (171) (189) (173) (195) (727) (187) (190) (193) (201) (771) (168) (143) (124) (130) (565) (154) (205) (231) (231) (821)
Less: Accelerated amortisation - - - - - - - - (30) (30) - - - - - - - - - -
Adjusted depreciation and amortization 53 51 61 95 259 86 92 79 93 350 94 93 94 100 382 96 119 144 144 503
Unallocated Corporate Overhead
$m Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Share-based compensation expense 3 4 4 3 14 3 6 8 9 27 6 11 8 9 34 11 14 14 14 53
Depreciation and amortisation expense 2 2 2 2 8 0 (5) 15 6 16 6 8 9 9 30 11 11 9 5 36
Less: Amortization of acquired intangibles - - - - - - - - - - - - - - - - - - - -
Adjusted depreciation and amortization 2 2 2 2 8 0 (5) 15 6 16 6 8 9 9 30 11 11 9 5 36
Note: Due to rounding, these numbers may not add up precisely to the total provided within this document and the relevant 10-K and 10-Q filings.
1 For the periods 2021 through 2023, restructuring and integration costs include share-based compensation expense relating to specific share-based compensation plan in our International division. The information for these periods has not been restated to conform to the change in the definition of Adjusted EBITDA effective January 1, 2024 which now excludes all share-based compensation expense.
2 From Q1 2025 Flutter International comprises all Flutter brands excluding FanDuel, and incorporates the previously reported UKI, Australia and International segments. Historical information has been updated to align with these updated reporting segments. These changes have no impact on Flutter's historical consolidated financial position or results.

10. Non-GAAP Measures

Non-GAAP Measures
Non-GAAP financial measures disclaimer This pack includes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted net income attributable to Flutter shareholders, Adjusted earnings per share (Adjusted EPS), Net Debt, Free Cash Flow and Adjusted depreciation and amortization, which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial, institutional and retail investors as measures of performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted net income attributable to Flutter shareholders, Adjusted earnings per share (Adjusted EPS), Segment Adjusted EBITDA, Net Debt and Free Cash Flow, are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
Definitions of non-GAAP financial measures
Adjusted EBITDA is defined on a Group basis as net income (loss) before income taxes; other (expense)/ income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; legal settlements (loss contingencies); gaming taxes expenses; impairment of PPE and intangible assets and share-based compensation charge.
Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue.
Adjusted Net Income Attributable to Flutter Shareholders is defined as net income (loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss (gain) on settlement of long-term debt; impairment of PPE and intangible assets; financing related fees not eligible for capitalization; gain from disposal of businesses, fair value (gain)/loss on derivative instruments, fair value (gain)/loss on contingent consideration, fair value (gain)/loss on Fox Option Liability and fair value (gain)/loss on investment and share-based compensation.
Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.
Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expenses, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.
Free Cash Flow is defined as net cash provided by (used in) operating activities less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period.
Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles
Usefulness of non-GAAP financial measures
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted net income attributable to Flutter shareholders, Adjusted earnings per share (Adjusted EPS) and Adjusted depreciation and amortization are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit/(loss), net income/(loss) measures or earnings per share, or as alternatives to cash flows from operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP. Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business
We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure.
Adjusted free cash flow may be useful to investors and other users of our financial statements as a supplemental measure of our cash performance, but should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Adjusted free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Our calculation of adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as a comparative measure.
Flutter Entertainment plc published this content on March 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 12, 2026 at 16:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]