Flutter Entertainment (FLUT) Operating Expenses (2023 - 2026)
Flutter Entertainment (FLUT) reported Operating Expenses of $845 million for Q2 2026, up 8.2% from $781 million a year earlier and up 6.7% from the prior quarter.
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Analysis
Flutter Entertainment (FLUT) Operating Expenses (2023 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Flutter Entertainment's Operating Expenses came in at $3.38 billion, up 21.0% year-over-year; for FY2025, it came in at $3.17 billion, up 20.7% from FY2024.
- Operating Expenses has increased for three consecutive years, with a three-year compound annual growth rate of 22.5% (FY2022 to FY2025).
- By year, Operating Expenses came in at $2.63 billion in FY2024 (+11.3%), $2.36 billion in FY2023 (+36.9%) and $1.72 billion in FY2022.
- Five-year quarterly Operating Expenses spans a low of $510 million in Q1 2023 and a high of $977 million in Q3 2025.
- Year over year, Operating Expenses has now increased in each of the last ten quarters, with growth averaging 17.1% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 6.4% (Q2 2024) to 50.1% (Q3 2025).
- Per Business Quant data, the three quarters before Q2 2026 came in at $792 million (Q1 2026), $769 million (Q4 2025) and $977 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 24.82 Bn | 11.24 Bn | 1.48 Bn | 2.54 Bn |
| 2 | DraftKings | 17.42 Bn | 13.08 Bn | 551.45 Mn | 297.09 Mn |
| 3 | Flutter Entertainment | 12.92 Bn | 6.67 Bn | 1.71 Bn | 845.00 Mn |
| 4 | Madison Square Garden Sports | 9.97 Bn | 9.56 Bn | 119.21 Mn | 86.28 Mn |
| 5 | Life Time Group Holdings | 8.95 Bn | 8.18 Bn | 412.26 Mn | 716.29 Mn |
| 6 | Wynn Resorts | 8.09 Bn | 1.64 Bn | 758.95 Mn | 1.56 Bn |
| 7 | MGM Resorts International | 7.93 Bn | -255.39 Mn | 1.98 Bn | 3.97 Bn |
| 8 | Caesars Entertainment | 6.03 Bn | 2.66 Bn | 1.50 Bn | 2.48 Bn |
| 9 | Super Group (SGHC) | 5.86 Bn | 3.85 Bn | - | -50.00 Mn |
| 10 | Churchill Downs | 5.31 Bn | 4.58 Bn | 419.00 Mn | 623.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 845.00 Mn |
| Mar 31, 2026 | 792.00 Mn |
| Dec 31, 2025 | 769.00 Mn |
| Sep 30, 2025 | 977.00 Mn |
| Jun 30, 2025 | 781.00 Mn |
| Mar 31, 2025 | 646.00 Mn |
| Dec 31, 2024 | 717.00 Mn |
| Sep 30, 2024 | 651.00 Mn |
| Jun 30, 2024 | 661.00 Mn |
| Mar 31, 2024 | 599.00 Mn |
| Dec 31, 2023 | 622.00 Mn |
| Sep 30, 2023 | 608.00 Mn |
| Jun 30, 2023 | 621.00 Mn |
| Mar 31, 2023 | 510.00 Mn |
API Access
Flutter Entertainment Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FLUT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FLUT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FLUT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();