Flutter Entertainment plc
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
FLUT$82.51+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| ($ in millions) | Year ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net (loss) income | $(407) | $162 | $(1,211) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
| Depreciation and amortization | 1,517 | 1,097 | 1,285 |
| Impairment loss | 561 | — | 725 |
| Change in fair value of derivatives | (11) | 2 | (7) |
| Non-cash interest expense (income), net | 53 | 19 | (12) |
| Non-cash operating lease expense | 141 | 142 | 117 |
| Unrealized foreign currency exchange gain, net | (88) | (15) | (225) |
| Loss on disposals | 11 | 7 | 5 |
| Share-based compensation – equity classified | 246 | 196 | 180 |
| Share-based compensation – liability classified | 14 | 6 | 10 |
| Other (income) expense, net | (300) | 428 | 163 |
| Deferred tax benefit | (145) | (348) | (132) |
| Loss on extinguishment | 23 | 7 | 6 |
| Change in contingent consideration | — | (3) | (2) |
| Change in operating assets and liabilities: | |||
| Player deposits - investments | 120 | 33 | (1) |
| Accounts receivable | — | (11) | 23 |
| Prepaid expenses and other current assets | (60) | (73) | 146 |
| Accounts payable | (20) | (7) | (4) |
| Other liabilities | (106) | (104) | 366 |
| Player deposit liability | (227) | 212 | (382) |
| Operating leases liabilities | (138) | (148) | (113) |
| Net cash provided by operating activities | 1,184 | 1,602 | 937 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchases of property and equipment | (105) | (144) | (159) |
| Purchases of intangible assets | (162) | (136) | (175) |
| Capitalized software | (510) | (381) | (268) |
| Acquisitions, net of cash acquired | (2,688) | (160) | — |
| Proceeds from disposal of long lived assets | 5 | — | — |
| Cash settlement of derivatives designated in net investment hedge | (21) | 10 | — |
| Net cash used in investing activities | (3,481) | (811) | (602) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issue of ordinary share upon exercise of options | 7 | 30 | 13 |
| Proceeds from issuance of long-term debt (net of transactions costs with lenders) | 10,830 | 1,684 | 2,018 |
| Transaction costs with third parties from issuance of long-term debt | (22) | — | — |
| Repayment of long-term debt | (5,606) | (1,948) | (1,837) |
| Acquisition of redeemable non-controlling interests | (1,620) | — | (95) |
| Distributions to non-controlling interests | (29) | (16) | — |
| Payment of contingent consideration | (19) | — | — |
| Repurchase of ordinary shares and taxes withheld and paid on employee share awards | (1,123) | (219) | (212) |
| Proceeds from sale of non-controlling interests | 10 | — | — |
| Net cash provided by (used in) financing activities | 2,428 | (469) | (113) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 131 | 322 | 222 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year | 3,509 | 3,271 | 2,990 |
| Effect of foreign exchange on cash, cash equivalents and restricted cash | 192 | (84) | 59 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year | $3,832 | $3,509 | $3,271 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
($ in millions)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of: | |||
| Cash and cash equivalents | $1,828 | $1,531 | $1,497 |
| Cash and cash equivalents - restricted | 72 | 48 | 22 |
| Player deposits - cash and cash equivalents | 1,932 | 1,930 | 1,752 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH End of year | $3,832 | $3,509 | $3,271 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Interest paid | 531 | 462 | 408 |
| Income tax paid (net of refunds) | 445 | 255 | 255 |
| Operating cash flows from operating leases | 167 | 174 | 133 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Purchase of long lived assets with accrued expense- investing | 75 | 15 | — |
| Purchase of long lived assets with accrued expense- financing | 72 | — | — |
| Right of use assets obtained in exchange for new operating lease liabilities | 94 | 155 | 73 |
| Adjustments to lease balances as a result of remeasurement | 50 | 47 | 22 |
| Business acquisitions (including contingent consideration) | 327 | 2 | — |
| Proceeds from issuance as part of debt restructuring | — | — | 5,267 |
| Principal amount of extinguishment as part of debt restructuring | — | — | 4,622 |
| Non-cash issuance of common stock upon exercise of options | 29 | — | — |
| Non-cash transaction costs on issuance of long-term debt | 6 | — | — |
| Asset retirement obligation | 33 | — | — |
| Sale of non-controlling interests | 17 | — | — |
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