Flutter Entertainment plc (FLUT) Cash Flow Statement
Where FLUT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.18B −26.1% vs 2024
- Capital expenditures
- $105.0M 0.6% of revenue
- Free cash flow
- $1.08B 6.6% margin
- Returned to shareholders
- $1.12B 104% of free cash flow
- Change in cash
- $323.0M cash at year-end $3.83B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FLUT operating cash flow, capex and free cash flow
FLUT cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.36B2020 | $1.18B2025 | −2.7%/yr | |
| Capital expenditures | $289.1M2020 | $105.0M2025 | −18.3%/yr | |
| Free cash flow | $1.07B2020 | $1.08B2025 | +0.1%/yr | |
| Free cash flow margin | 17.8%2020 | 6.6%2025 | −11.2 pts | |
| Stock-based compensation | $71.0M2020 | $246.0M2025 | +28.2%/yr | |
| Share buybacks (net) | $02020 | $1.12B2025 | — | |
| Capex / revenue | 4.8%2020 | 0.6%2025 | −4.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FLUT cash flow by activity
FLUT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FLUT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$407.0M | $162.0M | −$1.21B | −$370.0M | −$757.0M | −$47.3M |
| Depreciation & amortization | $1.52B | $1.10B | $1.28B | $1.07B | $1.01B | $879.7M |
| Stock-based compensation | $246.0M | $202.0M | $190.0M | $181.0M | $488.0M | $71.0M |
| Change in working capital | −$431.0M | −$98.0M | $35.0M | $305.0M | −$153.0M | $406.4M |
| Other non-cash items | $259.0M | $239.0M | $638.0M | −$28.0M | −$35.0M | $50.8M |
| Cash from operating activities | $1.18B | $1.60B | $937.0M | $1.16B | $553.0M | $1.36B |
| Investing activities | ||||||
| Capital expenditures | −$105.0M | −$661.0M | −$602.0M | −$429.0M | −$359.0M | −$289.1M |
| Investments (net) | −$21.0M | −$811.0M | −$602.0M | −$2.52B | −$254.0M | $320.1M |
| Acquisitions & other investing | −$4.96B | $661.0M | $602.0M | $429.0M | $359.0M | $289.1M |
| Cash from investing activities | −$5.09B | −$811.0M | −$602.0M | −$2.52B | −$254.0M | $320.1M |
| Financing activities | ||||||
| Share repurchases & issuance (net) | −$1.12B | −$219.0M | −$212.0M | −$3.0M | −$252.0M | $0 |
| Net borrowing (repayment) | $5.22B | −$264.0M | $181.0M | $2.05B | $628.0M | — |
| Shares issued | $7.0M | $30.0M | $13.0M | $9.0M | $18.0M | $2.66B |
| Other financing | −$70.0M | −$16.0M | −$95.0M | −$269.0M | −$33.0M | −$3.69B |
| Cash from financing activities | $4.04B | −$469.0M | −$113.0M | $1.78B | $361.0M | −$1.03B |
| Summary | ||||||
| Net change in cash | $323.0M | $238.0M | $281.0M | $309.0M | $530.0M | $675.0M |
| Cash at end of period | $3.83B | $3.51B | $3.27B | $2.99B | $2.68B | $822.3M |
| Free cash flow | $1.08B | $941.0M | $335.0M | $734.0M | $194.0M | $1.07B |
| Free cash flow margin | 6.6% | 6.7% | 2.8% | 7.8% | 2.3% | 17.8% |
| Capex / revenue | 0.6% | 4.7% | 5.1% | 4.5% | 4.3% | 4.8% |
| Operating cash flow / net income | — | 9.89 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$296.0M | $209.0M | $10.0M | −$789.0M | $37.0M | $335.0M | $156.0M | −$114.0M | $297.0M | −$177.0M | −$902.0M | −$262.0M |
| Depreciation & amortization | $399.0M | $416.0M | $435.0M | $419.0M | $369.0M | $294.0M | $270.0M | $258.0M | $272.0M | $297.0M | $368.0M | $316.0M |
| Stock-based compensation | $68.0M | $49.0M | $60.0M | $71.0M | $72.0M | $57.0M | $49.0M | $53.0M | $59.0M | $41.0M | $55.0M | $27.0M |
| Change in working capital | $265.0M | −$98.0M | $140.3M | −$16.0M | −$205.0M | −$338.0M | $149.0M | −$36.0M | −$225.0M | $14.0M | $184.0M | $274.0M |
| Other non-cash items | −$73.0M | −$246.0M | −$215.0M | $524.0M | $86.0M | −$160.0M | $28.0M | $129.0M | −$80.0M | $162.0M | $686.0M | $199.0M |
| Cash from operating activities | $363.0M | $330.0M | $430.3M | $209.0M | $359.0M | $188.0M | $652.0M | $290.0M | $323.0M | $337.0M | $391.0M | $554.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$174.0M | −$177.0M | −$36.1M | −$184.0M | −$203.0M | −$100.0M | −$179.0M | −$178.0M | −$152.0M | −$152.0M | −$219.0M | −$120.0M |
| Investments (net) | $4.0M | $5.0M | −$56.0M | −$170.0M | −$2.87B | −$100.0M | −$164.0M | −$211.0M | −$177.0M | −$259.0M | −$219.0M | −$120.0M |
| Acquisitions & other investing | $0 | $0 | −$184.3M | $184.0M | $203.0M | $100.0M | $179.0M | $178.0M | $152.0M | $152.0M | $219.0M | $120.0M |
| Cash from investing activities | −$170.0M | −$172.0M | −$276.4M | −$170.0M | −$2.87B | −$100.0M | −$164.0M | −$211.0M | −$177.0M | −$259.0M | −$219.0M | −$120.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$129.0M | −$135.0M | −$275.3M | −$245.0M | −$355.0M | −$244.0M | −$219.0M | $0 | $0 | $0 | −$22.4M | −$46.0M |
| Net borrowing (repayment) | $95.0M | −$294.0M | $194.0M | $2.17B | $2.87B | −$10.0M | −$9.0M | −$10.0M | — | — | — | — |
| Shares issued | $2.0M | $4.0M | $0 | $1.0M | $3.0M | $3.0M | $9.0M | $0 | $7.0M | $14.0M | $6.0M | $3.0M |
| Other financing | −$23.0M | −$33.0M | −$81.8M | −$1.67B | $11.0M | −$20.0M | −$6.0M | −$4.0M | −$56.0M | −$195.0M | $312.4M | −$106.0M |
| Cash from financing activities | −$55.0M | −$458.0M | −$163.1M | $255.0M | $2.53B | −$271.0M | −$225.0M | −$14.0M | −$49.0M | −$181.0M | $296.0M | −$149.0M |
| Summary | ||||||||||||
| Net change in cash | $116.0M | −$327.0M | $98.0M | $219.0M | $122.0M | −$116.0M | $99.0M | $175.0M | $78.0M | −$114.0M | $570.0M | $103.0M |
| Cash at end of period | $3.62B | $3.50B | $3.83B | $3.73B | $3.52B | $3.39B | $3.51B | $3.41B | $3.23B | $3.16B | $3.27B | $2.70B |
| Free cash flow | $189.0M | $153.0M | $394.1M | $25.0M | $156.0M | $88.0M | $473.0M | $112.0M | $171.0M | $185.0M | $172.0M | $434.0M |
| Free cash flow margin | 4.4% | 3.6% | 8.3% | 0.7% | 3.7% | 2.4% | 12.5% | 3.4% | 4.7% | 5.4% | 5.2% | 17.0% |
| Capex / revenue | 4.0% | 4.1% | 0.8% | 4.8% | 4.8% | 2.7% | 4.7% | 5.5% | 4.2% | 4.5% | 6.6% | 4.7% |
| Operating cash flow / net income | — | 1.58 | 43.03 | — | 9.70 | 0.56 | 4.18 | — | 1.09 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FLUT cash generation
In fiscal 2025 (ended December 31, 2025), Flutter Entertainment generated $1.2 billion of cash from operations (down 26.1%) and spent $105.0 million on capital expenditures, leaving free cash flow of $1.1 billion, 6.6% of revenue. It returned $1.1 billion to shareholders through dividends ($0) and net share buybacks ($1.1 billion). Cash and equivalents rose by $323.0 million over the year.
Related: FLUT income statement, FLUT balance sheet. See the FLUT stock overview for the latest quote and news.
FLUT cash flow FAQ
What is Flutter Entertainment's free cash flow?
Flutter Entertainment's free cash flow was $1.1 billion in fiscal 2025: $1.2 billion of operating cash flow minus $105.0 million of capital expenditures It was $941.0 million a year earlier..
How much cash does Flutter Entertainment generate from operations?
Flutter Entertainment generated $1.2 billion of cash from operating activities in fiscal 2025.
How much does Flutter Entertainment spend on capital expenditures?
Flutter Entertainment spent $105.0 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $661.0 million the year before.
How much stock does Flutter Entertainment buy back?
Flutter Entertainment spent $1.1 billion on net share repurchases in fiscal 2025.