Flutter Entertainment (FLUT) Research & Development (2023 - 2026)
Flutter Entertainment (FLUT) recorded Research & Development of $300 million in Q2 2026, up 17.2% from $256 million a year earlier and up 15.8% from the prior quarter.
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Analysis
Flutter Entertainment (FLUT) Research & Development (2023 - 2026) Analysis & Trends
On a TTM basis, Flutter Entertainment's Research & Development came in at $1.08 billion as of Jun 30, 2026, up 21.9% year-over-year; for FY2025, it came in at $991 million, up 20.9% from FY2024.
- Annual Research & Development has increased for three straight years, with a three-year compound annual growth rate of 21.5% (FY2022 to FY2025).
- Across earlier years, Research & Development came in at $820 million in FY2024 (+7.2%), $765 million in FY2023 (+38.6%) and $552 million in FY2022.
- The Q2 2026 figure is the highest quarterly Research & Development in data going back to Q1 2023.
- On a year-over-year basis, Research & Development has increased for six consecutive quarters, with growth averaging 14.6% over the last eight quarters.
- Peak year-over-year performance for Research & Development in the last five years was growth of 29.1% in Q3 2025, against a decline of 2.9% in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $259 million (Q1 2026), $245 million (Q4 2025) and $275 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 24.50 Bn | 10.92 Bn | 1.48 Bn | 43.00 Mn |
| 2 | DraftKings | 16.89 Bn | 12.55 Bn | 551.45 Mn | 127.65 Mn |
| 3 | Flutter Entertainment | 12.94 Bn | 6.68 Bn | 1.71 Bn | 300.00 Mn |
| 4 | Madison Square Garden Sports | 9.77 Bn | 9.37 Bn | 119.21 Mn | - |
| 5 | Life Time Group Holdings | 8.91 Bn | 8.14 Bn | 412.26 Mn | - |
| 6 | Wynn Resorts | 8.21 Bn | 1.77 Bn | 758.95 Mn | - |
| 7 | MGM Resorts International | 7.81 Bn | -371.12 Mn | 1.98 Bn | - |
| 8 | Caesars Entertainment | 6.04 Bn | 2.66 Bn | 1.50 Bn | - |
| 9 | Super Group (SGHC) | 5.74 Bn | 3.73 Bn | - | - |
| 10 | Churchill Downs | 5.27 Bn | 4.55 Bn | 419.00 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 300.00 Mn |
| Mar 31, 2026 | 259.00 Mn |
| Dec 31, 2025 | 245.00 Mn |
| Sep 30, 2025 | 275.00 Mn |
| Jun 30, 2025 | 256.00 Mn |
| Mar 31, 2025 | 215.00 Mn |
| Dec 31, 2024 | 201.00 Mn |
| Sep 30, 2024 | 213.00 Mn |
| Jun 30, 2024 | 216.00 Mn |
| Mar 31, 2024 | 190.00 Mn |
| Dec 31, 2023 | 207.00 Mn |
| Sep 30, 2023 | 214.00 Mn |
| Jun 30, 2023 | 176.00 Mn |
| Mar 31, 2023 | 168.00 Mn |
API Access
Flutter Entertainment Research & Development 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=research-and-development&ticker=FLUT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=FLUT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();