0001635327-26-000059 | 10-Q | XBRL Viewer | Flutter Entertainment PLC

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COMMITMENTS AND CONTINGENCIES - Additional Information (Details) € in Millions, $ in Millions, $ in Millions, ₨ in Billions	1 Months Ended		3 Months Ended			9 Months Ended
	Aug. 31, 2026 USD ($)	Aug. 31, 2026 AUD ($)	Sep. 30, 2026 USD ($) bank_guarantee customer	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) bank_guarantee customer	Oct. 31, 2026 USD ($)	Oct. 31, 2026 INR (₨)	Sep. 30, 2026 EUR (€) bank_guarantee customer	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Number of indefinite-lived bank guarantees \| bank_guarantee			21			21			21
Loss contingency, number us customers filed and consolidated into single case \| customer			3			3			3
Provision	$ 109	$ 157.5	$ 105		$ 0
Other commitments			4,998			$ 4,998
Income tax expense (benefit), goods and services tax						54
Income tax examination, estimate of possible loss						181
Austria And German Payer Claims
Other Commitments [Line Items]
Loss contingency estimate of possible loss			52			52			€ 46
Austria And German Payer Claims \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesCurrent
Other Commitments [Line Items]
Loss contingency accrual current			18			18			€ 16
Austria And German Payer Claims \| Austrian Players
Other Commitments [Line Items]
Loss contingency, monetary damage				$ 27
Counter Indemnities \| Bank Guarantee
Other Commitments [Line Items]
Guarantee obligation maximum exposure			620			620				$ 664
Claims against the guarantee			0			0				0
Security deposit			35			35				39
Goods And Service Tax Claim Pending In Respect Of Online Gaming Business \| Subsequent Event
Other Commitments [Line Items]
Other commitments							$ 527	₨ 50.6
Bank Overdrafts \| Letter Of Guarantee
Other Commitments [Line Items]
Off balance sheet commitment liability			$ 22			$ 22				$ 22

OTHER INCOME, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
OTHER INCOME, NET (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Other Income and Expenses [Abstract]
Foreign exchange (loss) gain, net	$ (13)	$ 27	$ (21)	$ 60
Fair value (loss) gain on derivative instruments	(4)	11	(4)	11
Loss on settlement of long-term debt	0	(9)	0	(23)
Financing related fees not eligible for capitalization	0	(2)	(1)	(3)
Gain (loss) on disposals	3	(1)	(3)	(1)
Fair value gain on Fox Option liability	122	126	455	250
Fair value loss on investment	(1)	0	(1)	0
Total other income, net	$ 107	$ 152	$ 425	$ 294

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

SEGMENTS AND DISAGGREGATION OF REVENUE

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

SEGMENTS AND DISAGGREGATION OF REVENUE

3. SEGMENTS AND DISAGGREGATION OF REVENUE

The Group has two reportable segments:

•U.S.; and

•International

The Group’s chief operating decision maker (“CODM”) is the Group’s Chief Executive Officer.

The CODM uses Adjusted EBITDA to allocate resources for each operating segment, which is derived predominantly from the annual budget and forecasting processes. The CODM evaluates performance based on the Adjusted EBITDA of each operating segment by comparing actual results to previously forecasted financial information on a monthly basis. Adjusted EBITDA of each segment is defined 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) and gaming tax disputes; impairment of property and equipment, intangible assets, right-of-use assets and goodwill and share-based compensation charges.

The Group manages its assets on a total company basis, not by operating segment. As the CODM does not regularly review any asset information by operating segment, the Group therefore does not report asset information by operating segment.

The following table presents the Group’s segment revenue information:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Revenue
U.S.
Sportsbook	$	817	$	783	$	3,000	$	3,136
iGaming1	572		530		1,713		1,509
Other	66		55		188		180
U.S. segment revenue	1,455		1,368		4,901		4,825
International
Sportsbook	963		982		3,230		2,903
iGaming1	1,379		1,369		4,123		3,687
Other	77		75		250		231
International segment revenue	2,419		2,426		7,603		6,821
Total reportable segment revenue	$	3,874	$	3,794	$	12,504	$	11,646

1.iGaming revenue for US includes iGaming and Poker and for International includes iGaming, Poker and Lottery.

The following table presents disaggregated revenue for the International segment:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
UKI 1	$	889	$	853	$	2,760	$	2,671
Southern Europe and Africa 2	836		743		2,672		1,848
Asia Pacific 3	349		363		1,052		1,078
Central and Eastern Europe 4	166		151		496		429
Brazil 5	60		87		206		140
Other regions 6	119		229		417		655
Total International segment revenue	$	2,419	$	2,426	$	7,603	$	6,821

1.UKI represents Sky Betting & Gaming, Paddy Power and Betfair UK and Ireland operations as well as the tombola brand.

2.Southern Europe and Africa comprises the Italian operations of our Sisal, Snai (effective from the acquisition date of April 30, 2025) and PokerStars brands as well as Sisal’s business in Türkiye and Morocco and PokerStars’ Southern European operations (beginning January 1, 2026).

3.Asia Pacific includes our Sportsbet business in Australia and Junglee in India (until August 22, 2025).

4.Central and Eastern Europe comprises Adjarabet in Georgia and Armenia together with MaxBet in Serbia, Bosnia and Herzegovina, North Macedonia and Montenegro.

5.Brazil reflects our Betfair and Betnacional (effective from the acquisition date of May 14, 2025) operations in the region. Following the Provisional Measure No. 1,394 (the “Measure”) announced on September 25, 2026 banning fixed-odds sports betting and online gaming, our operations in Brazil are currently ceased. In October 2026, the Group announced the closure of Betfair Brazil and the decision to focus on a single-brand strategy in Brazil intended to ensure an agile operating model to navigate the future regulatory environment.

6.Other regions comprise PokerStars’ non-Italian and Southern European operations (beginning January 1, 2026, PokerStars Southern Europe operations formed part of the Southern Europe and Africa region, and beginning April 1, 2026, PokerStars’ North America operations formed part of the US region, respectively) and Betfair’s International business excluding Betfair Brazil.

The information below summarizes revenue from external customers by country for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.	$	1,380	$	1,330	$	4,660	$	4,697
UK	799		767		2,485		2,415
Italy	728		694		2,352		1,701
Australia	348		336		1,053		965
Ireland	72		73		230		225
Rest of the world	547		594		1,724		1,643
Total revenue	$	3,874	$	3,794	$	12,504	$	11,646

The information below shows the reconciliation of reportable segment Adjusted EBITDA to income before income taxes for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.	$	3	$	51	$	241	$	612
International	435		505		1,498		1,614
Reportable segment Adjusted EBITDA	438		556		1,739		2,226
Unallocated corporate overhead 1	(78)		(78)		(240)		(213)
Depreciation and amortization	(405)		(419)		(1,220)		(1,082)
Share-based compensation expense	(59)		(71)		(176)		(200)
Transaction fees and associated costs 2	(1)		(204)		(32)		(224)
Restructuring and integration costs 3	(108)		(59)		(254)		(170)
Legal loss contingencies 4	(105)		—		(200)		—
Other income, net	107		152		425		294
Interest expense, net	(159)		(152)		(477)		(347)

Impairment 5	(873)		(559)		(873)		(559)
Loss before income taxes	$	(1,243)	$	(834)	$	(1,308)	$	(275)

1.Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.

2.During the nine months ended September 30, 2026, transaction costs of $32 million primarily relate to the Group’s contribution to a super political action committee. During the three months ended September 30, 2025, transaction costs of $204 million primarily relate to the Boyd market access payment. During the nine months ended September 30, 2025, transaction costs of $224 million mainly relate to the Boyd market access payment and the Snai and NSX acquisitions.

3.During the three and nine months ended September 30, 2026, costs of $108 million and $254 million, respectively (three and nine months ended September 30, 2025: $59 million and $170 million, respectively) primarily relate to various restructuring, acquisition integration and other strategic initiatives to drive synergies. The programs are expected to run until 2029. 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. The costs primarily include severance expenses, advisory fees and temporary staffing costs.

4.During the three months ended September 30, 2026, $105 million relates to a provision recognized to facilitate a potential resolution of the Fast Code Class Action, partially offset by an adjustment in connection with the Indian GST matter (three months ended September 30, 2025: Nil). During the nine months ended September 30, 2026, $200 million relates to provisions recognized in connection with (i) a historical U.S. sales and use tax matter, (ii) the Fast Code Class Action and (iii) the Indian GST matter (nine months ended September 30, 2025: Nil).

5.During the three and nine months ended September 30, 2026, the Group recognized impairment charges of $873 million related to Brazil within the International segment, due to the previously disclosed challenging trading environment driven by government implemented socio-economic measures together with the Measure announced on September 25, 2026 banning fixed-odds sports betting and online gaming. Out of the total impairment charge of $873 million, $296 million is related to long-lived assets and $541 million is related to goodwill. Long-lived asset impairment charges primarily included $122 million related to the trademark, $108 million related to customer relationships, $31 million related to technology, and $22 million related to capitalized development costs. Trademark and customer relationships impairment charges were recognized in sales and marketing expenses; technology and capitalized development costs in technology, research and development expenses; and license cost in cost of sales. The impairment charges related to property, plant and equipment and right-of-use assets were recognized in general and administrative expenses.

During the three and nine months ended September 30, 2025, the Group recognized impairment charges of $559 million mainly related to Junglee. The Promotion and Regulation of Online Gaming Act, 2025 (the “Act”), which was passed by the Indian Parliament and received Presidential assent on August 22, 2025, banned all forms of online real money gaming in India. As a result of the Act, from August 22, 2025, Junglee ceased offering all real-money games in India. The Junglee impairment charge is $556 million before income taxes. The assets impaired substantially consists of goodwill of $517 million, acquired and developed intangibles of $32 million and other long-lived assets of $7 million. The $517 million of goodwill impaired is not deductible for tax purposes, and therefore there was no income tax benefit. Income tax impacts arising for acquired and developed intangibles and other long-lived assets are not material.

The following table includes the significant segment expense categories that are regularly provided to the CODM and included in segment profit and loss for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.
Revenue	$	1,455	$	1,368	$	4,901	$	4,825
Cost of sales1	(903)		(824)		(2,941)		(2,748)
Technology, research and development expenses2	(88)		(88)		(286)		(256)
Sales and marketing expenses3	(357)		(307)		(1,089)		(900)
General and administrative expenses4	(104)		(98)		(344)		(309)
Total U.S. Adjusted EBITDA	3		51		241		612
International
Revenue	2,419		2,426		7,603		6,821
Cost of sales1	(1,281)		(1,168)		(3,896)		(3,152)
Technology, research and development expenses2	(124)		(109)		(372)		(311)
Sales and marketing expenses3	(372)		(413)		(1,194)		(1,098)
General and administrative expenses4	(207)		(231)		(643)		(646)
Total International Adjusted EBITDA	$	435	$	505	$	1,498	$	1,614

1. Reportable segment cost of sales excludes amortization of certain capitalized development costs, impairment charges, share-based compensation of revenue-associated personnel and restructuring and integration cost directly associated with revenue-generating activities.

2. Reportable segment technology, research and development expenses excludes share-based compensation for technology developers and product management employees, depreciation and amortization related to computer equipment and software not directly associated with revenue earning activities, impairment charges, and restructuring and integration costs.

3. Reportable segment sales and marketing expenses exclude amortization of trademarks and customer relations, impairment charges, share-based compensation expenses of sales and marketing personnel and restructuring and integration costs.

4. Reportable segment general and administrative expenses exclude share-based compensation for executive management, finance administration, legal and compliance, and human resources, impairment charges, depreciation and amortization, transaction fees and associated costs and restructuring and integration costs.

The following table shows depreciation and amortization (excluding amortization of acquired intangibles), and share-based compensation expenses (excluding share-based compensation for the Group’s executive management, finance, legal and compliance, centralized operations, technology and human resources functions) by reportable segment that are regularly provided to the CODM for review for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.
Depreciation and amortization excluding amortization of acquired intangibles	$	30	$	31	$	97	$	90
Share-based compensation expense	25		32		85		93
Total U.S.	55		63		182		183
International
Depreciation and amortization excluding amortization of acquired intangibles	140		144		432		358
Share-based compensation expense	17		25		46		67
Total International	$	157	$	169	$	478	$	425

- Definition

The entire disclosure for segment reporting.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — These Unaudited Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim reporting and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Group’s audited consolidated financial statements as of and for the year ended December 31, 2025. Accordingly, these Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 26, 2026 (the “2025 Annual Report”). These Unaudited Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Group’s Unaudited Condensed Consolidated Financial Statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Group’s revenue as a result of the timing of various sports seasons, sporting events and other factors. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to consolidated financial statements, of specified information about certain costs and expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Group is finalizing its assessment of the potential impacts of ASU 2024-03, which are expected to be limited to disclosure in the notes to the consolidated financial statements. In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which implements improvements to the internal-use software guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within annual reporting periods beginning after December 15, 2027 with early adoption permitted at the beginning of an annual reporting period. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-06. In November 2025, the FASB issued ASU 2025-09 Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, with the objective to more closely align hedge accounting with the economics of an entity’s risk management activities. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods with early adoption permitted on any date on or after the issuance of ASU 2025-09. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-09. The Group does not expect material impacts resulting from the amendments. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements, with the objective to improve the navigability and applicable guidance of the required interim disclosures. The ASU’s amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the consolidated financial statements. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-11.

DERIVATIVES - Schedule of Long-Term Borrowings Designated as Hedges (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount	$ 1,664	$ 1,648
Cumulative basis adjustment included in the carrying amount	$ (5)	$ 3

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions		9 Months Ended
	Nov. 07, 2022	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2020 USD ($)	Oct. 02, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities at fair value		$ 100	$ 560
Redeemable noncontrolling interest, exit revenue multiple		1.3
Redeemable noncontrolling interest, revenue multiple		1.4
Median
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Redeemable noncontrolling interest, equity to debt, ratio		1.6315789
Arithmetic Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Redeemable noncontrolling interest, equity to debt, ratio		1.8571428
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities at fair value		$ 100	$ 560
Fox Options \| Discount Rate \| Valuation Technique, Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.225	0.180
Fox Options \| Discount For Lack Of Marketability And Control
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.300	0.300
Fox Options \| Discount for Lack of Marketability \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.127	0.127
Fox Options \| Discount for Lack of Marketability \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.202	0.202
Fox Options \| Discount For Lack Of Control Based On Fan Duels Equity Ownership And Data Based On Megarstat Studies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.200	0.200
Fox Options \| Price Volatility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.400	0.320
Fox Options \| Probabiltiy Of Market Participant Submitting And Obtaining License
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.750	0.750
Fox Options \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities at fair value		$ 100	$ 560
Fox Corporation \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights outstanding		4,900	4,800	$ 3,700
Warrants and rights outstanding, annual escalator percentage of option price	5.00%
Warrants and rights outstanding, term				10 years
FanDuel Group Parent LLC \| FSG Services, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Option to acquire ownership percentage					18.60%
FanDuel Group Parent LLC \| Flutter Entertainment plc
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subsidiary, ownership percentage, parent				37.20%
USD Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		2,074	2,190
Euro Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		1,479	1,603
GBP Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value		$ 891	$ 952

INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Interest Income (Expense), Operating [Abstract]
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$ (169)	$ (167)	$ (504)	$ (398)
Other interest expense	(3)	(3)	(9)	(7)
Interest income	13	18	36	58
Interest expense, net	$ (159)	$ (152)	$ (477)	$ (347)

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

8. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2026 and 2025:


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for-sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2026	$	(9)	$	7	$	(1)	$	(1,245)	$	(1,248)
Other comprehensive (loss) income before reclassifications	—		4		—		3		7
Amounts reclassified from accumulated other comprehensive income (loss)	1		(2)		—		—		(1)
Net current period other comprehensive income (before tax)	1		2		—		3		6
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	1		2		—		3		6
Balance as of September 30, 2026	$	(8)	$	9	$	(1)	$	(1,242)	$	(1,242)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2025	$	(10)	$	4	$	(1)	$	(1,104)	$	(1,111)
Other comprehensive income (loss) before reclassifications	—		19		—		(138)		(119)
Amounts reclassified from accumulated other comprehensive income (loss)	2		(14)		—		—		(12)
Net current period other comprehensive income (loss) (before tax)	2		5		—		(138)		(131)
Tax effect 1	—		—		—		—		—
Net current period other comprehensive income (loss), net of tax	2		5		—		(138)		(131)
Balance as of September 30, 2026	$	(8)	$	9	$	(1)	$	(1,242)	$	(1,242)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2025	$	(2)	$	4	$	(1)	$	(881)	$	(880)
Other comprehensive (loss) income before reclassifications	5		12		—		(185)		(168)
Amounts reclassified from accumulated other comprehensive income	—		(13)		—		—		(13)
Net current period other comprehensive (loss) income, before tax	5		(1)		—		(185)		(181)
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	5		(1)		—		(185)		(181)
Balance as of September 30, 2025	$	3	$	3	$	(1)	$	(1,066)	$	(1,061)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2024	$	(1)	$	14	$	(1)	$	(1,939)	$	(1,927)
Other comprehensive (loss) income before reclassifications	1		(99)		(1)		873		774
Amounts reclassified from accumulated other comprehensive income	3		88		1		—		92
Net current period other comprehensive (loss) income, before tax	4		(11)		—		873		866
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	4		(11)		—		873		866
Balance as of September 30, 2025	$	3	$	3	$	(1)	$	(1,066)	$	(1,061)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation — These Unaudited Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim reporting and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Group’s audited consolidated financial statements as of and for the year ended December 31, 2025. Accordingly, these Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 26, 2026 (the “2025 Annual Report”). These Unaudited Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Group’s Unaudited Condensed Consolidated Financial Statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Group’s revenue as a result of the timing of various sports seasons, sporting events and other factors.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to consolidated financial statements, of specified information about certain costs and expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Group is finalizing its assessment of the potential impacts of ASU 2024-03, which are expected to be limited to disclosure in the notes to the consolidated financial statements. In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which implements improvements to the internal-use software guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within annual reporting periods beginning after December 15, 2027 with early adoption permitted at the beginning of an annual reporting period. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-06. In November 2025, the FASB issued ASU 2025-09 Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, with the objective to more closely align hedge accounting with the economics of an entity’s risk management activities. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods with early adoption permitted on any date on or after the issuance of ASU 2025-09. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-09. The Group does not expect material impacts resulting from the amendments. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements, with the objective to improve the navigability and applicable guidance of the required interim disclosures. The ASU’s amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. The amendments can be applied either prospectively or retrospectively to any or all prior periods presented in the consolidated financial statements. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2025-11.

LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Ordinary Share

The following table sets forth the computation of the Group’s basic and diluted net earnings per ordinary share attributable to the Group:


	Three months ended September 30,				Nine months ended September 30,
($ in millions except per share amounts)	2026		2025		2026		2025
Numerator
Net loss	(1,148)		(789)		(1,235)		(417)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	(286)		(29)		(317)		(14)
Adjustment of redeemable non-controlling interest to redemption value	—		(70)		—		(101)
Net loss attributable to Flutter shareholders – basic and diluted	(862)		(690)		(918)		(302)

Denominator
Basic weighted average outstanding shares	176		176		175		175
Effect of dilutive stock awards	—		—		—		—
Diluted weighted average outstanding shares	176		176		175		175

Earnings per share
Basic	$	(4.90)	$	(3.91)	$	(5.25)	$	(1.72)
Diluted	$	(4.90)	$	(3.91)	$	(5.25)	$	(1.72)

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Revenue by Geographical Market (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 3,874	$ 3,794	$ 12,504	$ 11,646
U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,380	1,330	4,660	4,697
UK
Disaggregation of Revenue [Line Items]
Revenue	799	767	2,485	2,415
Italy
Disaggregation of Revenue [Line Items]
Revenue	728	694	2,352	1,701
Australia
Disaggregation of Revenue [Line Items]
Revenue	348	336	1,053	965
Ireland
Disaggregation of Revenue [Line Items]
Revenue	72	73	230	225
Rest of the world
Disaggregation of Revenue [Line Items]
Revenue	$ 547	$ 594	$ 1,724	$ 1,643

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 91
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 91
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the Group's outstanding derivative instruments designated as cash flow hedges:

As of September 30, 2026

As of December 31, 2025

Hedged Item

Notional ($ in millions)

Expiration date

Notional ($ in millions)

Expiration date

Cross-currency interest rate swaps

USD Senior Secured Notes

525

April 18, 2028

525

April 15, 2026

Interest rate swaps

Term Loan B

1,489

June 30, 2027

1,994

September 30, 2026 to June 30, 2027

The following table summarizes the gain (loss) of the Company’s designated cash flow hedges for the three and nine months ended September 30, 2026 and 2025:


	Amount of gain (loss) recognized in OCI				Location of (gain) loss recognized from AOCI into income (loss)	Amount of (gain) loss reclassified from AOCI into net income (loss)
	Three months ended September 30,
($ in millions)	2026		2025			2026		2025
Cross-currency interest rate swaps	$	—	$	11	Interest expense, net	$	(1)	$	—
					Other income, net*	1		(10)
Interest rate swaps	4		1		Interest expense, net	(2)		(3)
Total	$	4	$	12		$	(2)	$	(13)


	Amount of gain (loss) recognized in OCI				Location of (gain) loss recognized from AOCI into income (loss)	Amount of (gain) loss reclassified from AOCI into net income (loss)
	Nine months ended September 30,
($ in millions)	2026		2025			2026		2025
Cross-currency interest rate swaps	$	2	$	(97)	Interest expense, net	$	(1)	$	3
					Other income, net*	(7)		94
Interest rate swaps	17		(2)		Interest expense, net	(6)		(9)
Total	$	19	$	(99)		$	(14)	$	88

* Included in foreign exchange (loss) gain, net, which is a component of Other income, net.

The following table summarizes the hedging instruments designated in net investment hedge relationships, which were considered highly effective:

As of September 30, 2026

As of December 31, 2025

Notional ($ in millions)

Expiration date

Notional ($ in millions)

Expiration date

Euro denominated debt

1,959

November 30, 2028 to June 4, 2031

2,031

November 30, 2028 to June 4, 2031

USD denominated debt

—

200

November 30, 2030

Cross-currency interest rate swaps

981

June 4, 2027

1,017

September 30, 2026 to June 30, 2027

Gain (loss) on derivatives designated as net investment hedge recognized in Other comprehensive income (loss) for the three and nine months ended September 30, 2026 and 2025 are summarized below:


	Gain (loss) recognized in OCI
($ in millions)	Three months ended September 30,
	2026		2025
Euro denominated debt	$	17	$	(32)
USD denominated debt	—		(4)
Cross-currency interest rate swaps	13		(30)
Total	$	30	$	(66)


	Gain (loss) recognized in OCI
($ in millions)	Nine months ended September 30,
	2026		2025
Euro denominated debt	$	42	$	(52)
USD denominated debt	—		8
Cross-currency interest rate swaps	35		(66)
Total	$	77	$	(110)

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents amounts recorded in Long-term debt in the Unaudited Condensed Consolidated Balance Sheets related to the cumulative basis adjustment for fair value hedges ($ in millions):


	As of September 30, 2026				As of December 31, 2025
	Carrying amount		Cumulative basis adjustment included in the carrying amount		Carrying amount		Cumulative basis adjustment included in the carrying amount

Long-term debt	$	1,664	$	(5)	$	1,648	$	3

Schedule of the Fair Value of Derivatives Assets and Liabilities

The following table summarizes the fair value of derivatives as of September 30, 2026 and December 31, 2025:


($ in millions)	As of September 30, 2026				As of December 31, 2025
	Assets 1		Liabilities 2		Assets 1		Liabilities 2
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps	$	34	$	(16)	$	7	$	(43)
Interest rate swaps	11		—		1		(2)
Total derivatives designated as cash flow hedges	45		(16)		8		(45)

Derivatives designated as fair value hedges:
Cross-currency interest rate swaps	25		—		7		(7)
Interest rate swaps	13		(2)		13		(4)
Total derivatives designated as fair value hedges	38		(2)		20		(11)

Derivatives designated as net investment hedges:
Cross-currency interest rate swaps	14		(8)		15		(30)
Total derivatives designated as net investment hedges	14		(8)		15		(30)

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	—		(4)		—		—
Total derivatives not designated as hedging instruments	—		(4)		—		—
Total derivatives	$	97	$	(30)	$	43	$	(86)

1.Derivative assets are recorded within Prepaid expenses and other current assets and other non-current assets in the Unaudited Condensed Consolidated Balance Sheets.

2.Derivative liabilities are recorded within Other current liabilities and other non-current liabilities in the Unaudited Condensed Consolidated Balance Sheets

SEGMENTS AND DISAGGREGATION OF REVENUE - Additional Information (Details)	9 Months Ended
	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of the Group's Financial Assets, Financial Liabilities and Redeemable Non-Controlling Interests

The following tables set forth the fair value of the Group’s financial assets, financial liabilities and redeemable non-controlling interests measured at fair value based on the three-tier fair value hierarchy:


	As of September 30, 2026
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Equity securities – Investments1	—		—		5		5
Derivative financial assets	—		97		—		97
Total	—		97		5		102
Financial liabilities measured at fair value:
Derivative financial liabilities	—		30		—		30
Fox Option liability	—		—		100		100

Total	—		30		100		130
Redeemable non-controlling interests at fair value	$	—	$	—	$	—	$	—

1.Excludes an investment in equity measured at cost amounting to $10 million.


	As of December 31, 2025
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	17	$	6	$	—	$	23
Equity securities – Investments	—		—		7		7
Derivative financial assets	—		43		—		43
Total	17		49		7		73
Financial liabilities measured at fair value:
Derivative financial liabilities	—		86		—		86
Fox Option Liability	—		—		560		560

Total	—		86		560		646
Redeemable non-controlling interests at fair value	$	—	$	—	$	309	$	309

Schedule of Fair Value, Assets, Liabilities And Noncontrolling Interest, Unobservable Input Reconciliation

The movements in respect of the financial assets and liabilities carried at fair value are as follows:


($ in millions)	Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2026	$	6	$	(220)	$	(214)	$	(269)
Total gains or losses for the period:
Included in earnings	(1)		122		121		—
Included in other comprehensive (loss) income	—		(2)		(2)		—
Attribution of net income and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		302
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		—
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—
Settlements	—		—		—		—
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		(33)
Balance as of September 30, 2026	5		(100)		(95)		—
Change in unrealized gains or losses for the period included in earnings	(1)		122		121		—
Change in unrealized gains or losses for the period included in other comprehensive (loss) income	$	—	$	(2)	$	(2)	$	—


($ in millions)	Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2025	$	7	$	(560)	$	(553)	$	(309)
Total gains or losses for the period:	—		—				—
Included in earnings	(1)		455		454		—
Included in other comprehensive income	(1)		5		4		—
Attribution of net loss and other comprehensive income:	—		—				—
Net loss attributable to redeemable non-controlling interest	—		—		—		345
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		(21)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—
Settlements	—		—		—		—
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		(15)
Balance as of September 30, 2026	5		(100)		(95)		—
Change in unrealized gains or losses for the period included in earnings	(1)		455		454		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	(1)	$	5	$	4	$	(21)


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2025	$	—	$	7	$	(750)	$	(743)	$	(2,016)
Total gains or losses for the period:
Included in earnings	—		—		126		126		—
Included in other comprehensive income	—		—		14		14		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		31
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		—		(21)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—		—
Settlements	—		—		—		—		1,553
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		59
Balance as of September 30, 2025	—		7		(610)		(603)		(394)
Change in unrealized gains or losses for the period included in earnings	—		—		126		126		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	—	$	—	$	14	$	14	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2024	$	(18)	$	6	$	(810)	$	(822)	$	(1,567)
Total gains or losses for the period:
Included in earnings	—		—		250		250		—
Included in other comprehensive income (loss)	2		1		(50)		(47)		—
Attribution of net income and other comprehensive income:
Net income attributable to redeemable non-controlling interest	—		—		—		—		26
Other comprehensive loss attributable to redeemable non-controlling interest	—		—		—		—		(31)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—		(256)
Settlements	16		—		—		16		1,553
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(119)
Balance as of September 30, 2025	—		7		(610)		(603)		(394)
Change in unrealized gains or losses for the period included in earnings	—		—		250		250		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	2	$	1	$	(50)	$	(47)	$	—

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Activity

The following table provides a summary of the activity under the 2024 Incentive Plan:


	Restricted Share Awards			Options
	Number of Units	Weighted- Average Fair Value		Number of Units	Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value ($ in millions)
Outstanding at December 31, 2025	984,221	$	260	30,834
Granted	2,615,447	$	109	78,815
Exercised/vested	(391,218)	$	253	(8,733)		1
Cancelled/lapsed	(298,801)	$	170	(6,483)
Outstanding as of September 30, 2026	2,909,649	$	132	94,433	14	$	7

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized

Total compensation costs included in our Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2026 and September 30, 2025 were as follows:


	Three months ended September 30,
(in millions $)	2026		2025
Cost of sales	$	8	$	6
Sales and marketing expenses	4		4
Technology, research and development expenses	9		11
General and administrative expenses	38		50
Total	$	59	$	71


	Nine months ended September 30,
(in millions $)	2026		2025
Cost of sales	$	27	$	19
Sales and marketing expenses	11		12
Technology, research and development expenses	32		33
General and administrative expenses	106		136
Total	$	176	$	200

OTHER INCOME, NET

9 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

OTHER INCOME, NET

4. OTHER INCOME, NET

The following table shows the detail of other income, net for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Foreign exchange (loss) gain, net	$	(13)	$	27	$	(21)	$	60
Fair value (loss) gain on derivative instruments	(4)		11		(4)		11
Loss on settlement of long-term debt	—		(9)		—		(23)
Financing related fees not eligible for capitalization	—		(2)		(1)		(3)
Gain (loss) on disposals	3		(1)		(3)		(1)
Fair value gain on Fox Option liability	122		126		455		250
Fair value loss on investment	(1)		—		(1)		—
Total other income, net	$	107	$	152	$	425	$	294

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Expenses and Other Current Assets Consisted

Prepaid expenses and other current assets consisted of the following as of September 30, 2026, and December 31, 2025:


($ in millions)	As of September 30, 2026		As of December 31, 2025
Prepayments and accrued income	$	338	$	299
Derivative financial assets	78		29
Income taxes receivable	197		159
Value-added tax and goods and services tax	94		53
Other receivables	192		211
Total prepaid expenses and other current assets	$	899	$	751

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Group's Segment Revenue Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total reportable segment revenue	$ 3,874	$ 3,794	$ 12,504	$ 11,646
U.S.
Segment Reporting [Line Items]
Total reportable segment revenue	1,455	1,368	4,901	4,825
International
Segment Reporting [Line Items]
Total reportable segment revenue	2,419	2,426	7,603	6,821
Sportsbook \| U.S.
Segment Reporting [Line Items]
Total reportable segment revenue	817	783	3,000	3,136
Sportsbook \| International
Segment Reporting [Line Items]
Total reportable segment revenue	963	982	3,230	2,903
iGaming \| U.S.
Segment Reporting [Line Items]
Total reportable segment revenue	572	530	1,713	1,509
iGaming \| International
Segment Reporting [Line Items]
Total reportable segment revenue	1,379	1,369	4,123	3,687
Other \| U.S.
Segment Reporting [Line Items]
Total reportable segment revenue	66	55	188	180
Other \| International
Segment Reporting [Line Items]
Total reportable segment revenue	$ 77	$ 75	$ 250	$ 231

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Other Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
U.S.
Segment Reporting [Line Items]
Depreciation and amortization excluding amortization of acquired intangibles	$ 30	$ 31	$ 97	$ 90
Share-based compensation expense	25	32	85	93
Total segment depreciation and amortization and share-based compensation expense	55	63	182	183
International
Segment Reporting [Line Items]
Depreciation and amortization excluding amortization of acquired intangibles	140	144	432	358
Share-based compensation expense	17	25	46	67
Total segment depreciation and amortization and share-based compensation expense	$ 157	$ 169	$ 478	$ 425

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Tax Rates

The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2026:


	Three months ended September 30,						Nine months ended September 30,
($ in millions)	2026			2025			2026			2025
Loss before income taxes	$	(1,243)		$	(834)		$	(1,308)		$	(275)
Income tax (benefit) expense	(95)			(45)			(73)			142
Effective tax rate	7.6		%	5.4		%	5.6		%	(51.6)		%

DERIVATIVES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Derivative [Line Items]
Gain (loss) on foreign currency fair value hedge derivatives	$ 0	$ (43)	$ 15	$ (107)
Derivative, excluded component, gain (loss), recognized in earnings	0	5	0	1
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	$ 0	(2)	$ (3)
Cash Flow Hedging
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net			9
Fair Value Hedging \| USD Senior Secured Notes \| Cross-currency interest rate swaps
Derivative [Line Items]
Derivative, notional amount	1,000		1,000		$ 1,000
Fair Value Hedging \| USD Senior Secured Notes \| Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 500		$ 500		$ 500

DERIVATIVES - Schedule of the Fair Value of Derivatives Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivative [Line Items]
Derivative financial assets	$ 97	$ 43
Derivative financial liabilities	(30)	(86)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	0	0
Derivative financial liabilities	(4)	0
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	45	8
Derivative financial liabilities	(16)	(45)
Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	38	20
Derivative financial liabilities	(2)	(11)
Net Investment Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	14	15
Derivative financial liabilities	(8)	(30)
Cross-currency interest rate swaps \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	34	7
Derivative financial liabilities	(16)	(43)
Cross-currency interest rate swaps \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	25	7
Derivative financial liabilities	0	(7)
Cross-currency interest rate swaps \| Net Investment Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	14	15
Derivative financial liabilities	(8)	(30)
Interest rate swaps \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	11	1
Derivative financial liabilities	0	(2)
Interest rate swaps \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	13	13
Derivative financial liabilities	(2)	(4)
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative financial assets	0	0
Derivative financial liabilities	$ (4)	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 2026 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates	100

DERIVATIVES - Schedule of Net Investment Hedges Outstanding (Details) - Net Investment Hedging - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Euro denominated debt
Derivative [Line Items]
Derivative, notional amount	$ 1,959	$ 2,031
USD denominated debt
Derivative [Line Items]
Derivative, notional amount	0	200
Cross-currency interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 981	$ 1,017

INCOME TAXES - Additional Information (Details) £ in Millions, $ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025	Sep. 30, 2026 USD ($)	Sep. 30, 2026 AUD ($)	Sep. 30, 2025	Sep. 30, 2026 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)
Income Tax Contingency [Line Items]
Effective income tax expense (benefit) rate reconciliation, percent, total	7.60%	5.40%	5.60%	5.60%	(51.60%)
Unrecognized tax benefits, period increase (decrease)			$ 34
Unrecognized tax benefits, income tax penalties and interest expense			$ 11
Unrecognized tax benefits							$ 9	£ 7
Loss contingency, income tax paid, percentage			50.00%	50.00%
Loss contingency, income tax paid			$ 53	$ 74
His Majesty's Revenue and Customs (HMRC)
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 383		$ 383			£ 290

BUSINESS COMBINATIONS	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
BUSINESS COMBINATIONS	11. BUSINESS COMBINATIONS Acquisition of Snai On April 30, 2025, we completed the acquisition of 100% of the outstanding shares of Pluto (Italia) S.p.A, the holding company that owns Snaitech S.p.A (“Snai”), one of Italy’s leading omni-channel operators in the sports betting and iGaming market, for a consideration of approximately $2.6 billion (€2.3 billion). The acquisition of Snai was funded by the net proceeds from the issuance of the Senior Notes due 2031, and the Term Loan B due 2032 borrowings under the Third Incremental Assumption Agreement amending the existing Credit Agreement dated November 24, 2023 (as amended). We allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on their preliminary estimated fair values, which were determined using generally accepted valuation techniques based on estimates and assumptions made by management at the time of acquisition. These estimates and assumptions are believed to be reasonable, but they are inherently uncertain and may be subject to material change as additional information becomes available. Intangible assets acquired in the transaction included trademarks of $717 million, online customer relationships of $490 million and a point of sale network of $125 million. Goodwill of $1.5 billion was also recognized. The accounting for the transaction was finalized during the second quarter of 2026. Acquisition-related costs during the three and nine months ended September 30, 2026 were not material. Acquisition-related costs incurred during the three and nine months ended September 30, 2025 were $17 million and $18 million, respectively. These are included in general and administrative expenses in the Group’s Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income. Acquisition of NSX On May 14, 2025, we completed the acquisition of a 56% interest in NSX, a leading Brazilian operator of the Betnacional brand. The total purchase consideration amounted to $674 million (BRL 3,799 million) comprising of a cash consideration of $348 million (BRL 1,961 million), contribution of a portion of the Group’s existing Betfair Brazil business having a fair value of $40 million (BRL 230 million), fair value of non-controlling interest of $254 million (BRL 1,430 million) and settlement of a pre-existing relationship in the amount of $32 million (BRL 178 million). We allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on their preliminary estimated fair values, which were determined using generally accepted valuation techniques based on estimates and assumptions made at the time of acquisition. These estimates and assumptions are believed to be reasonable, but they are inherently uncertain and may be subject to material change. Intangible assets acquired in the transaction included trademarks of $123 million and online customer relationships of $212 million. Goodwill of $429 million was also recognized. The fair value of the non-controlling interest was $254 million. The accounting for the transaction was finalized during the second quarter of 2026. Acquisition-related costs during the three and nine months ended September 30, 2026 and September 30, 2025 were not material and are included in general and administrative expenses in the Group’s Condensed Consolidated Statements of Comprehensive (Loss) Income. During the nine months ended September 30, 2026, the Group recognized an impairment in relation to the Brazil business. See Note 3. Segments and Disaggregation of Revenue.

- Definition

The entire disclosure for business combination.

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+ Details

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Reconciliation of Reportable Segment Adjusted EBITDA to Income (Loss) Before Taxes (Details) $ in Millions, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2026 USD ($)	Aug. 31, 2026 AUD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Segment Reporting [Line Items]
Depreciation and amortization					$ (1,220)	$ (1,082)
Share-based compensation expense			$ (59)	$ (71)	(176)	(200)
Transaction fees and associated costs				(204)	(32)	(224)
Legal loss contingencies	$ (109)	$ (157.5)	(105)	0
Other income, net			107	152	425	294
Interest expense, net			(159)	(152)	(477)	(347)
Impairment					(873)	(559)
Loss before income taxes			(1,243)	(834)	(1,308)	(275)
Restructuring and other strategic initiative fees			108	59	254	170
Excise and sales taxes						0
Goodwill, impairment loss			541	517	541	517
Long-lived asset, held and used, impairment loss					296
Junglee
Segment Reporting [Line Items]
Goodwill, impairment loss						517
Long-lived asset, held and used, impairment loss						7
Impairment charge before income tax						556
Intangible asset, finite-lived, impairment loss						32
Trademarks
Segment Reporting [Line Items]
Long-lived asset, held and used, impairment loss					122
Customer Relationships
Segment Reporting [Line Items]
Long-lived asset, held and used, impairment loss					108
Technology
Segment Reporting [Line Items]
Long-lived asset, held and used, impairment loss					31
Capitalized Development Cost
Segment Reporting [Line Items]
Long-lived asset, held and used, impairment loss					22
U.S.
Segment Reporting [Line Items]
Reportable segment Adjusted EBITDA			3	51	241	612
International
Segment Reporting [Line Items]
Reportable segment Adjusted EBITDA			435	505	1,498	1,614
Operating Segments
Segment Reporting [Line Items]
Reportable segment Adjusted EBITDA			438	556	1,739	2,226
Operating Segments \| U.S.
Segment Reporting [Line Items]
Reportable segment Adjusted EBITDA			3	51	241	612
Operating Segments \| International
Segment Reporting [Line Items]
Reportable segment Adjusted EBITDA			435	505	1,498	1,614
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting [Line Items]
Unallocated corporate overhead			(78)	(78)	(240)	(213)
Depreciation and amortization			(405)	(419)	(1,220)	(1,082)
Share-based compensation expense			(59)	(71)	(176)	(200)
Transaction fees and associated costs			(1)	(204)	(32)	(224)
Restructuring and integration costs			(108)	(59)	(254)	(170)
Legal loss contingencies			(105)	0	(200)	0
Other income, net			107	152	425	294
Interest expense, net			(159)	(152)	(477)	(347)
Impairment			$ (873)	(559)	$ (873)	(559)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment \| Junglee
Segment Reporting [Line Items]
Impairment				$ (559)		$ (559)

LONG-TERM DEBT - Additional Information (Details) £ in Millions, $ in Millions	9 Months Ended			12 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2026 GBP (£)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)
GBP Credit Facility
Debt Instrument [Line Items]
Proceeds from (repayments of) debt	$ 1,621	£ 1,208	$ 750
Repayments of debt	1,492	1,108	$ 427
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum amount outstanding during period	782	590		$ 929	£ 690
Line of credit facility issuance guarantees	$ 13	£ 10		$ 13	£ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments and accrued income	$ 338	$ 299
Derivative financial assets	78	29
Income taxes receivable	197	159
Value-added tax and goods and services tax	94	53
Other receivables	192	211
Total prepaid expenses and other current assets	$ 899	$ 751

LONG-TERM DEBT - Schedule of Group's Debt Comprised (Details) € in Millions, £ in Millions, $ in Millions	9 Months Ended			12 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2026 GBP (£)	Sep. 30, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 EUR (€)
Debt Instrument [Line Items]
Outstanding balance	$ 12,390			$ 12,359
Less: unamortized debt issuance costs	(77)			(93)
Total debt	12,313			12,266
Less: current portion of long-term debt	(170)			(109)
Long-term debt	12,143			12,157
GBP First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| £		£ 1,034			£ 1,034
Outstanding balance	1,370			1,392
EUR First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €			€ 380			€ 380
Outstanding balance	431			447
USD First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	166			166
Outstanding balance	166			166
GBP Revolving Credit Facility due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| £		500			400
Outstanding balance	663			538
USD First Lien Term Loan B due 2030
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	3,807			3,836
Outstanding balance	3,808			3,836
USD First Lien Term Loan B due 2032
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	1,234			1,244
Outstanding balance	1,234			1,244
EUR Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €			500			500
Outstanding balance	579			593
USD Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	525			525
Outstanding balance	540			532
EUR Senior Secured Notes due 2031
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €			€ 850			€ 850
Outstanding balance	981			1,007
USD Senior Secured Notes due 2031
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	1,625			1,625
Outstanding balance	1,664			1,649
GBP Senior Secured Notes due 2031
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| £		£ 700			£ 700
Outstanding balance	$ 954			$ 955

LOSS PER SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
LOSS PER SHARE - Narrative (Details) - shares	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,328,633	1,908,444	1,542,924	1,682,313

OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2026

Other Liabilities, Current [Abstract]

OTHER CURRENT LIABILITIES

10. OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following as of September 30, 2026, and December 31, 2025:


($ in millions)	As of September 30, 2026		As of December 31, 2025
Accrued expenses	$	1,137	$	1,030
Betting duty, excise tax, data rights, and racefield fees	683		670
Employee benefits and social security	454		444
Liability-classified share-based awards	1		19
Sports betting open positions	130		95
Derivative financial liabilities	30		54
Income taxes payable	11		120
Loss contingencies	206		72
Value-added tax and goods and services tax	100		55


Total other current liabilities	$	2,752	$	2,559

Loss contingencies include accruals related to regulatory investigations and proceedings including those relating to gaming taxes to the extent to which they may apply to our business and industry.

The Group includes the contract liability in relation to sports betting open positions in the Unaudited Condensed Consolidated Balance Sheets. The contract liability balance was as follows:


			As of September 30, 2026
($ in millions)
Contract liability, beginning of the period 1			96
Contract liability, end of the period			130

1. Includes $1 million included in Other non-current liabilities.

Due to the short term nature of our contract liabilities, a substantial portion of the contract liability at the beginning of the period is recognized in revenue in the immediate subsequent reporting period.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-37403
Entity Registrant Name	Flutter Entertainment plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1782229
Entity Address, Address Line One	One Madison Avenue,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	(646)
Local Phone Number	930-0950
Title of 12(b) Security	Ordinary Shares, nominal value of €0.09 per share
Trading Symbol	FLUT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		173,871,245
Entity Central Index Key	0001635327
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3

INCOME TAXES - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (1,243)	$ (834)	$ (1,308)	$ (275)
Income tax (benefit) expense	$ (95)	$ (45)	$ (73)	$ 142
Effective tax rate	7.60%	5.40%	5.60%	(51.60%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

DERIVATIVES

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

13. DERIVATIVES

In the normal course of the Group’s business operations, the Group is exposed to certain risks, including changes in interest rates and foreign currency rates. In order to manage these risks, the Group uses derivative instruments such as cross-currency interest rate swaps, interest rate swaps, foreign exchange forward contracts, options and other instruments with similar characteristics. None of the Group’s derivative instruments are used for speculative purposes.

Cash flow hedges

Interest rate risk arising from a portion of the Group’s floating interest rate USD First Lien Term Loan B maturing in 2030 and 2032, along with foreign currency risk arising from the Group’s fixed rate USD Senior Secured Notes maturing in 2029 are managed using interest rate swaps and cross-currency interest rate swaps, which are designated as cash flow hedges with the objective of reducing the volatility of interest expense in the case of the USD First Lien Term Loan B and foreign currency risk in the case of fixed rate USD Senior Secured Notes. During the year ended December 31, 2025, the Group also hedged foreign currency risk arising from the Group’s floating interest rate USD First Lien Term Loan B maturing in 2030 and 2032.

Cross-currency interest rate swaps

The cross-currency interest rate swaps designated as a hedge of the foreign currency risk arising from the USD Senior Secured Notes effectively convert the fixed rate USD Senior Secured Notes to fixed rate GBP Senior Secured Notes.

Foreign currency risk is managed by exchanging contractual amounts at exchange rates and interest rates determined at swap contract inception.

Interest rate swaps

The interest rate swaps designated as a hedge of the interest risk arising from the USD First Lien Term Loan B effectively converts the variable rate term loan into a fixed rate term loan. Interest risk is managed by exchanging contractual amounts at interest rates determined at swap contract inception.

The following table summarizes the Group's outstanding derivative instruments designated as cash flow hedges:

As of September 30, 2026

As of December 31, 2025

Hedged Item

Notional ($ in millions)

Expiration date

Notional ($ in millions)

Expiration date

Cross-currency interest rate swaps

USD Senior Secured Notes

525

April 18, 2028

525

April 15, 2026

Interest rate swaps

Term Loan B

1,489

June 30, 2027

1,994

September 30, 2026 to June 30, 2027

Changes in the fair value of the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows.

The following table summarizes the gain (loss) of the Company’s designated cash flow hedges for the three and nine months ended September 30, 2026 and 2025:


	Amount of gain (loss) recognized in OCI				Location of (gain) loss recognized from AOCI into income (loss)	Amount of (gain) loss reclassified from AOCI into net income (loss)
	Three months ended September 30,
($ in millions)	2026		2025			2026		2025
Cross-currency interest rate swaps	$	—	$	11	Interest expense, net	$	(1)	$	—
					Other income, net*	1		(10)
Interest rate swaps	4		1		Interest expense, net	(2)		(3)
Total	$	4	$	12		$	(2)	$	(13)


	Amount of gain (loss) recognized in OCI				Location of (gain) loss recognized from AOCI into income (loss)	Amount of (gain) loss reclassified from AOCI into net income (loss)
	Nine months ended September 30,
($ in millions)	2026		2025			2026		2025
Cross-currency interest rate swaps	$	2	$	(97)	Interest expense, net	$	(1)	$	3
					Other income, net*	(7)		94
Interest rate swaps	17		(2)		Interest expense, net	(6)		(9)
Total	$	19	$	(99)		$	(14)	$	88

* Included in foreign exchange (loss) gain, net, which is a component of Other income, net.

The Group expects to reclassify a gain of $9 million from accumulated other comprehensive income (loss) into earnings within the next 12 months.

Fair value hedges

Cross-currency interest rate swaps

Foreign currency risk arising from a portion of the Group's USD Senior Secured Notes due 2031 is managed using receive fixed rate, pay variable rate and pay variable rate, receive variable rate cross-currency interest rate swaps with the objective of reducing the volatility of foreign currency gains and losses. During the year ended December 31, 2025, the Group also hedged foreign currency risk arising from the Group’s floating rate USD First Lien Term Loan B.

Foreign currency risk is eliminated by exchanging contractual amounts at exchange rates which are determined at swap contract inception.

As of September 30, 2026 and as of December 31, 2025, the notional amount of cross-currency interest rate swaps designated in a fair value hedge of the USD Senior Secured Notes was $1,000 million (maturing June 4, 2027).

The Group recorded a foreign currency gain of nil and a gain of $15 million in earnings for the three and nine months ended September 30, 2026, respectively (three and nine months ended September 30, 2025: $43 million gain and $107 million loss, respectively), which offset the respective foreign currency loss in respect of the USD Senior Secured Notes, for the three and nine months ended September 30, 2026, respectively.

The Group excludes the cross-currency basis spread in the swaps from the hedge effectiveness assessment and recognizes the excluded component into earnings through the periodic interest settlements on the swaps. Changes in the fair value of the excluded components recognized in other comprehensive income (loss) were nil for the three and nine months ended September 30, 2026 (three and nine months ended September 30, 2025: $5 million gain and $1 million gain, respectively). The amount recognized in earnings in foreign exchange (loss) gain, net, which is a component of other income (expense), net was $1 million loss and $2 million loss for three and nine months ended September 30, 2026 respectively (three and nine months ended September 30, 2025: nil and $3 million loss, respectively).

Interest rate swaps

Interest rate risk from changes in three month SOFR arising from the fixed rate USD Senior Secured Notes due 2031 is managed using interest rate swaps that effectively convert the fixed rate senior secured notes into variable rate senior secured notes. Interest risk is managed by exchanging contractual amounts at interest rates determined at swap contract inception.

The notional amount of interest rate swaps designated as fair value hedges of interest rate risk on the USD Senior Secured Notes was $500 million (maturing June 4, 2027) as of September 30, 2026 and as of December 31, 2025.


	As of September 30, 2026				As of December 31, 2025
	Carrying amount		Cumulative basis adjustment included in the carrying amount		Carrying amount		Cumulative basis adjustment included in the carrying amount

Long-term debt	$	1,664	$	(5)	$	1,648	$	3

Net investment hedges

The Group has investments in various subsidiaries with Euro and USD functional currencies. As a result, the Group is exposed to the risk of fluctuations between the Euro and GBP and USD and GBP exchange rates. The Group designated its Euro denominated Term Loan A and Senior Secured Notes due 2029 and 2031, and a portion of its USD Term Loan B (fully discontinued on December 31, 2025) and receive variable rate, pay variable rate cross-currency interest rate swaps whereby the Group will receive GBP from, and pay Euro to, the counterparties at contractual amounts and exchange rates which are determined at swap contract inception, as net investment hedges which are intended to mitigate foreign currency exposure related to non-GBP net investments in certain Euro and USD functional currency subsidiaries.

The following table summarizes the hedging instruments designated in net investment hedge relationships, which were considered highly effective:

As of September 30, 2026

As of December 31, 2025

Notional ($ in millions)

Expiration date

Notional ($ in millions)

Expiration date

Euro denominated debt

1,959

November 30, 2028 to June 4, 2031

2,031

November 30, 2028 to June 4, 2031

USD denominated debt

—

200

November 30, 2030

Cross-currency interest rate swaps

981

June 4, 2027

1,017

September 30, 2026 to June 30, 2027

Gain (loss) on derivatives designated as net investment hedge recognized in Other comprehensive income (loss) for the three and nine months ended September 30, 2026 and 2025 are summarized below:


	Gain (loss) recognized in OCI
($ in millions)	Three months ended September 30,
	2026		2025
Euro denominated debt	$	17	$	(32)
USD denominated debt	—		(4)
Cross-currency interest rate swaps	13		(30)
Total	$	30	$	(66)


	Gain (loss) recognized in OCI
($ in millions)	Nine months ended September 30,
	2026		2025
Euro denominated debt	$	42	$	(52)
USD denominated debt	—		8
Cross-currency interest rate swaps	35		(66)
Total	$	77	$	(110)

There were no amounts reclassified out of accumulated other comprehensive income (loss) pertaining to the net investment hedges during the three and nine months ended September 30, 2026 and 2025 as the Group had not sold or liquidated (or substantially liquidated) any of its hedged subsidiaries.

The following table summarizes the fair value of derivatives as of September 30, 2026 and December 31, 2025:


($ in millions)	As of September 30, 2026				As of December 31, 2025
	Assets 1		Liabilities 2		Assets 1		Liabilities 2
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps	$	34	$	(16)	$	7	$	(43)
Interest rate swaps	11		—		1		(2)
Total derivatives designated as cash flow hedges	45		(16)		8		(45)

Derivatives designated as fair value hedges:
Cross-currency interest rate swaps	25		—		7		(7)
Interest rate swaps	13		(2)		13		(4)
Total derivatives designated as fair value hedges	38		(2)		20		(11)

Derivatives designated as net investment hedges:
Cross-currency interest rate swaps	14		(8)		15		(30)
Total derivatives designated as net investment hedges	14		(8)		15		(30)

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	—		(4)		—		—
Total derivatives not designated as hedging instruments	—		(4)		—		—
Total derivatives	$	97	$	(30)	$	43	$	(86)

1.Derivative assets are recorded within Prepaid expenses and other current assets and other non-current assets in the Unaudited Condensed Consolidated Balance Sheets.

2.Derivative liabilities are recorded within Other current liabilities and other non-current liabilities in the Unaudited Condensed Consolidated Balance Sheets

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Ordinary Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Numerator
Net loss	$ (1,148)	$ (296)	$ 209	$ (789)	$ 37	$ 335	$ (1,235)	$ (417)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	(286)			(29)			(317)	(14)
Adjustment of redeemable non-controlling interest to redemption value	0			(70)			0	(101)
Net loss attributable to Flutter shareholders	(862)			(690)			(918)	(302)
Net (loss) income attributable to Flutter shareholders – diluted	$ (862)			$ (690)			$ (918)	$ (302)
Denominator
Basic weighted average outstanding shares (in shares)	176			176			175	175
Effective of dilutive stock awards (in shares)	0			0			0	0
Diluted weighted average outstanding shares (in shares)	176			176			175	175
Earnings per share
Basic (in USD per share)	$ (4.90)			$ (3.91)			$ (5.25)	$ (1.72)
Diluted (in USD per share)	$ (4.90)			$ (3.91)			$ (5.25)	$ (1.72)

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Credit Agreement Amendment On October 30, 2026 the Company and certain of its subsidiaries entered into the “First Amendment and Restatement Agreement” to the Term Loan A, Term Loan B and Revolving Credit Facility Agreement dated as of November 24, 2023 (the “Credit Agreement”). The First Amendment and Restatement Agreement, among other things: •extends the maturity date of the Group’s term A facilities and the revolving credit facility to May 3, 2032; •increases the commitments under the revolving credit facility to $1.86 billion and redenominates the base currency of the revolving credit facility from Sterling to U.S. dollars; •redenominates the term A facilities solely into U.S. dollars and Euros, such that, following the effective date of the First Amendment and Restatement Agreement, an aggregate principal amount of €382 million of term A2 loans and $1,374 million of term A3 loans are outstanding and no Sterling-denominated term A loans remain outstanding; and •replaces the net total leverage financial covenant with a net first lien leverage financial covenant and the financial covenant level increased to 5.70:1.00. After giving effect to the First Amendment and Restatement Agreement, the term A loans and revolving credit facility loans will bear interest at the applicable screen rate (Term SOFR, EURIBOR or SONIA, as applicable) plus a margin ranging from 1.40% to 2.00% per annum determined by reference to the Company’s corporate ratings from Moody’s, S&P and Fitch. UKI Restructuring On October 20, 2026, the Group committed to a restructuring plan affecting the Group’s UKI reporting unit (the “Restructuring Plan”). The Restructuring Plan is designed to mitigate the impact of increases in UK gaming taxation, in accordance with the Group’s previously announced UK gaming tax mitigation plans. The Restructuring Plan is expected to entail a reduction in headcount of up to 1,400 employees. The Group currently estimates that it will incur aggregate pre-tax charges of approximately $80 million to $90 million in connection with the Restructuring Plan, consisting primarily of cash expenditure related to employee severance, benefits, and related costs. The Group also expects to record certain non-cash charges in respect of stock-based compensation; however, such charges cannot be reasonably estimated at this time.

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Disaggregated Revenue for International Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 3,874	$ 3,794	$ 12,504	$ 11,646
International
Segment Reporting [Line Items]
Revenue	2,419	2,426	7,603	6,821
UKI \| International
Segment Reporting [Line Items]
Revenue	889	853	2,760	2,671
Southern Europe and Africa \| International
Segment Reporting [Line Items]
Revenue	836	743	2,672	1,848
Asia Pacific \| International
Segment Reporting [Line Items]
Revenue	349	363	1,052	1,078
Central and Eastern Europe \| International
Segment Reporting [Line Items]
Revenue	166	151	496	429
Brazil \| International
Segment Reporting [Line Items]
Revenue	60	87	206	140
Other regions \| International
Segment Reporting [Line Items]
Revenue	$ 119	$ 229	$ 417	$ 655

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Significant Segment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 3,874	$ 3,794	$ 12,504	$ 11,646
Cost of sales	(2,356)	(2,168)	(7,436)	(6,352)
Technology, research and development expenses	(350)	(275)	(909)	(746)
Sales and marketing expenses	(1,168)	(966)	(3,146)	(2,595)
General and administrative expenses	(650)	(702)	(1,728)	(1,658)
U.S.
Segment Reporting [Line Items]
Revenue	1,455	1,368	4,901	4,825
Cost of sales	(903)	(824)	(2,941)	(2,748)
Technology, research and development expenses	(88)	(88)	(286)	(256)
Sales and marketing expenses	(357)	(307)	(1,089)	(900)
General and administrative expenses	(104)	(98)	(344)	(309)
Significant segment expenses	3	51	241	612
International
Segment Reporting [Line Items]
Revenue	2,419	2,426	7,603	6,821
Cost of sales	(1,281)	(1,168)	(3,896)	(3,152)
Technology, research and development expenses	(124)	(109)	(372)	(311)
Sales and marketing expenses	(372)	(413)	(1,194)	(1,098)
General and administrative expenses	(207)	(231)	(643)	(646)
Significant segment expenses	$ 435	$ 505	$ 1,498	$ 1,614

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

14. SHARE-BASED COMPENSATION

The Group maintains various share plans for employees (and, where the specific rules permit, non-executive directors and/or non-employee contractors). Details of material activity within the share plans, for the nine months ended September 30, 2026, are included below.

Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan (the “2024 Incentive Plan”)

The following table provides a summary of the activity under the 2024 Incentive Plan:


	Restricted Share Awards			Options
	Number of Units	Weighted- Average Fair Value		Number of Units	Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value ($ in millions)
Outstanding at December 31, 2025	984,221	$	260	30,834
Granted	2,615,447	$	109	78,815
Exercised/vested	(391,218)	$	253	(8,733)		1
Cancelled/lapsed	(298,801)	$	170	(6,483)
Outstanding as of September 30, 2026	2,909,649	$	132	94,433	14	$	7

In addition to the plan disclosed above, there were 95,986 awards granted, 729,153 awards vested, 260,527 stock options exercised and 367,164 awards cancelled/lapsed across the Group’s other plans during the nine months ended September 30, 2026.

During the nine months ended September 30, 2026, certain vesting conditions were modified for certain awards. The resulting incremental compensation costs were immaterial to these Unaudited Condensed Consolidated Financial Statements.

As of September 30, 2026, 4,633,590 restricted awards and options were outstanding across all employee share plans.

During the three and nine months ended September 30, 2026, liability-classified awards, amounting to nil and $12 million, respectively, were settled by the issuance of ordinary shares of equivalent value.


	Three months ended September 30,
(in millions $)	2026		2025
Cost of sales	$	8	$	6
Sales and marketing expenses	4		4
Technology, research and development expenses	9		11
General and administrative expenses	38		50
Total	$	59	$	71


	Nine months ended September 30,
(in millions $)	2026		2025
Cost of sales	$	27	$	19
Sales and marketing expenses	11		12
Technology, research and development expenses	32		33
General and administrative expenses	106		136
Total	$	176	$	200

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2026 and 2025:


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for-sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2026	$	(9)	$	7	$	(1)	$	(1,245)	$	(1,248)
Other comprehensive (loss) income before reclassifications	—		4		—		3		7
Amounts reclassified from accumulated other comprehensive income (loss)	1		(2)		—		—		(1)
Net current period other comprehensive income (before tax)	1		2		—		3		6
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	1		2		—		3		6
Balance as of September 30, 2026	$	(8)	$	9	$	(1)	$	(1,242)	$	(1,242)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2025	$	(10)	$	4	$	(1)	$	(1,104)	$	(1,111)
Other comprehensive income (loss) before reclassifications	—		19		—		(138)		(119)
Amounts reclassified from accumulated other comprehensive income (loss)	2		(14)		—		—		(12)
Net current period other comprehensive income (loss) (before tax)	2		5		—		(138)		(131)
Tax effect 1	—		—		—		—		—
Net current period other comprehensive income (loss), net of tax	2		5		—		(138)		(131)
Balance as of September 30, 2026	$	(8)	$	9	$	(1)	$	(1,242)	$	(1,242)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2025	$	(2)	$	4	$	(1)	$	(881)	$	(880)
Other comprehensive (loss) income before reclassifications	5		12		—		(185)		(168)
Amounts reclassified from accumulated other comprehensive income	—		(13)		—		—		(13)
Net current period other comprehensive (loss) income, before tax	5		(1)		—		(185)		(181)
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	5		(1)		—		(185)		(181)
Balance as of September 30, 2025	$	3	$	3	$	(1)	$	(1,066)	$	(1,061)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2024	$	(1)	$	14	$	(1)	$	(1,939)	$	(1,927)
Other comprehensive (loss) income before reclassifications	1		(99)		(1)		873		774
Amounts reclassified from accumulated other comprehensive income	3		88		1		—		92
Net current period other comprehensive (loss) income, before tax	4		(11)		—		873		866
Tax effect 1	—		—		—		—		—
Net current period other comprehensive (loss) income, net of tax	4		(11)		—		873		866
Balance as of September 30, 2025	$	3	$	3	$	(1)	$	(1,066)	$	(1,061)

1. The Group uses the portfolio approach for releasing income tax effects from accumulated other comprehensive income (loss).

INCOME TAXES

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

6. INCOME TAXES

The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2026:


	Three months ended September 30,						Nine months ended September 30,
($ in millions)	2026			2025			2026			2025
Loss before income taxes	$	(1,243)		$	(834)		$	(1,308)		$	(275)
Income tax (benefit) expense	(95)			(45)			(73)			142
Effective tax rate	7.6		%	5.4		%	5.6		%	(51.6)		%

The provision for income taxes for the three and nine months ended September 30, 2026 and 2025 is based on our projected annual effective tax rate for the applicable fiscal year, adjusted for specific items that are required to be recognized in the interim period in which they are incurred. The Group’s effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes.

The change between the Group’s effective income tax rate of 7.6% and 5.4% for the three months ended September 30, 2026 and 2025, respectively, was primarily due to the net impact of jurisdictional mix of earnings and certain discrete items. The discrete items for these periods primarily comprised of the change in the fair value gain on the Fox Option liability, the loss making jurisdictions for which no tax benefit is recognized, and an increase in our liabilities for unrecognized tax benefits. For the three months ended September 30, 2026, discrete items also included the deferred tax benefits related to both the Brazil impairment of long-lived assets and the Australia Fast Code class action legal provision. For the three months ended September 30, 2025 discrete items also included deferred tax expense arising from the PokerStars transformation, income tax expense resulting from the reorganization of our Betfair Brazil business, and the Junglee goodwill impairment which was non-deductible for tax purposes.

The change between the Group’s effective income tax rate of 5.6% and (51.6%) for the nine months ended September 30, 2026 and 2025, respectively, was primarily due to the net impact of jurisdictional mix of earnings and certain discrete items. The discrete items for these periods primarily comprised of the change in the fair value gain on the Fox Option liability, the loss making jurisdictions for which no tax benefit is recognized, and an increase in our liabilities for unrecognized tax benefits. For the nine months ended September 30, 2026, discrete items also included the deferred tax benefit related to both the Brazil impairment of long-lived assets and the Australia Fast Code class action legal provision. For the nine months ended September 30, 2025, discrete items also included deferred tax expense arising from the PokerStars transformation, income tax expense resulting from the reorganization of our Betfair Brazil business, and the Junglee goodwill impairment which is non-deductible for tax purposes. Additionally, the Group’s effective income tax rate was affected by a share-based compensation tax shortfall for the nine months ended September 30, 2026, compared with an excess tax benefit for the nine months ended September 30, 2025.

Each year the Group files hundreds of tax returns in various national, state, and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. The Group has ongoing income tax audits in various jurisdictions and evaluates tax positions that may be challenged by tax authorities in accordance with accounting for income taxes and accounting for uncertainty in income taxes. As of September 30, 2026, we have recorded an additional $34 million of income tax expense and $11 million of interest and penalties related to unrecognized tax benefits.

As previously reported, we have received a discovery assessment from His Majesty’s Revenue and Customs authority (“HMRC”) relating to an intragroup transfer of intellectual property from the United Kingdom to the United States for the year ended December 31, 2020. The Group previously recognized an unrecognized tax benefit of $9 million (£7 million) for the estimated settlement based on an affirmative adjustment submitted to HMRC in fiscal year 2023, which is included in Other non-current liabilities in the Unaudited Condensed Consolidated Balance Sheets. On September 30, 2026, HMRC issued a position paper setting out its view to adjust the Group’s UK taxable income. If HMRC’s position is ultimately upheld, this would result in an income tax liability of $383 million (£290 million) excluding interest. The Group disagrees with HMRC’s position, and is appealing this assessment. We do not expect to resolve this matter in the near term and will continue to assess the recognition and measurement criteria of the tax position. While the Group believes that we have strong arguments, there can be no assurance this matter will be resolved favorably.

As previously reported, in May 2026, we received notices of amended assessments from the Australian Tax Office (“ATO”) relating to the valuation of intragroup royalties for fiscal years 2014 to 2021. The Group disputes the ATO’s amended assessment notices. In accordance with the ATO’s dispute resolution practices, the Group paid 50% of the assessed income tax (exclusive of interest and penalties) of $53 million (A$74 million) in the second quarter of 2026 to facilitate the formal appeal of the ATO’s assessment, with the balance of the assessments remaining unpaid pending final resolution of this matter. As of September 30, 2026, we recognized an unrecognized tax benefit that partially offset the 50% deposit payment; the remaining amount was recorded in Other non-current assets as a tax assessment deposit on the Unaudited Condensed Consolidated Balance Sheet. If the Group is ultimately successful, amounts prepaid to the ATO would be refunded. The Group does not expect to resolve this matter in the near term and will continue to reassess the recognition and measurement criteria of the tax position.

Effective from fiscal 2024, the Organization for Economic Co-operation and Development (OECD) Global Anti-Base Erosion (GLoBE) rules under Pillar Two have been enacted by various countries in which the Group operates. The Group currently does not expect a material impact to the effective tax rate in connection with Pillar Two for the current year ending December 31, 2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DERIVATIVES - Gains and Losses of Net Investment Hedges (Details) - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 30	$ (66)	$ 77	$ (110)
Euro denominated debt
Derivative [Line Items]
Gain (loss) recognized in OCI	17	(32)	42	(52)
USD denominated debt
Derivative [Line Items]
Gain (loss) recognized in OCI	0	(4)	0	8
Cross-currency interest rate swaps
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 13	$ (30)	$ 35	$ (66)

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,978	$ 9,292	$ 9,274	$ 10,406	$ 10,036	$ 9,459	$ 9,274	$ 9,459
Amounts reclassified from accumulated other comprehensive income (loss)	1			0			2	3
Other comprehensive income (loss)	5			(144)			(118)	947
Ending balance	8,156	8,978	9,292	9,434	10,406	10,036	8,156	9,434
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,248)	(1,252)	(1,111)	(880)	(1,591)	(1,927)	(1,111)	(1,927)
Other comprehensive income (loss) before reclassifications	7			(168)			(119)	774
Amounts reclassified from accumulated other comprehensive income (loss)	(1)			(13)			(12)	92
Net current period other comprehensive income (loss) (before tax)	6			(181)			(131)	866
Tax effect	0			0			0	0
Other comprehensive income (loss)	6			(181)			(131)	866
Ending balance	(1,242)	(1,248)	(1,252)	(1,061)	(880)	(1,591)	(1,242)	(1,061)
Fair value hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(9)		(10)	(2)		(1)	(10)	(1)
Other comprehensive income (loss) before reclassifications	0			5			0	1
Amounts reclassified from accumulated other comprehensive income (loss)	1			0			2	3
Net current period other comprehensive income (loss) (before tax)	1			5			2	4
Tax effect	0			0			0	0
Other comprehensive income (loss)	1			5			2	4
Ending balance	(8)	(9)		3	(2)		(8)	3
Gains and loss on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7		4	4		14	4	14
Other comprehensive income (loss) before reclassifications	4			12			19	(99)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)			(13)			(14)	88
Net current period other comprehensive income (loss) (before tax)	2			(1)			5	(11)
Tax effect	0			0			0	0
Other comprehensive income (loss)	2			(1)			5	(11)
Ending balance	9	7		3	4		9	3
Unrealized gains and losses on available- for- sale debt securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)		(1)	(1)		(1)	(1)	(1)
Other comprehensive income (loss) before reclassifications	0			0			0	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	0			0			0	1
Net current period other comprehensive income (loss) (before tax)	0			0			0	0
Tax effect	0			0			0	0
Other comprehensive income (loss)	0			0			0	0
Ending balance	(1)	(1)		(1)	(1)		(1)	(1)
Foreign currency translation, net of net investment hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,245)		$ (1,104)	(881)		$ (1,939)	(1,104)	(1,939)
Other comprehensive income (loss) before reclassifications	3			(185)			(138)	873
Amounts reclassified from accumulated other comprehensive income (loss)	0			0			0	0
Net current period other comprehensive income (loss) (before tax)	3			(185)			(138)	873
Tax effect	0			0			0	0
Other comprehensive income (loss)	3			(185)			(138)	873
Ending balance	$ (1,242)	$ (1,245)		$ (1,066)	$ (881)		$ (1,242)	$ (1,066)

SHARE-BASED COMPENSATION - Schedule of Share-Based Payment Arrangement, 2024 Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2026
Options
Granted (in shares)	95,986
Exercised/Vested (in shares)	(260,527)
Cancelled/Lapsed (in shares)	(367,164)
2024 Incentive Plan
Options
Outstanding at beginning of period (in shares)	30,834
Granted (in shares)	78,815
Exercised/Vested (in shares)	(8,733)
Cancelled/Lapsed (in shares)	(6,483)
Outstanding at end of period (in shares)	94,433
Weighted Average Remaining Term (Years)	14 years
Aggregate intrinsic value, exercises	$ 1
Aggregate intrinsic value, outstanding	$ 7
Restricted Stock \| 2024 Incentive Plan
Number of Units
Outstanding at beginning of period (in shares)	984,221
Granted (in shares)	2,615,447
Exercised/Vested (in shares)	(391,218)
Cancelled/Lapsed (in shares)	(298,801)
Outstanding at end of period (in shares)	2,909,649
Weighted- Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 260
Granted (in dollars per share)	109
Exercised/Vested (in dollars per share)	253
Cancelled/Lapsed (in dollars per share)	170
Outstanding at end of period (in dollars per share)	$ 132

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Other Liabilities, Current [Abstract]
Accrued expenses	$ 1,137	$ 1,030
Betting duty, excise tax, data rights, and racefield fees	683	670
Employee benefits and social security	454	444
Liability-classified share-based awards	1	19
Sports betting open positions	130	95
Derivative financial liabilities	30	54
Income taxes payable	11	120
Loss contingencies	206	72
Value-added tax and goods and services tax	100	55
Total other current liabilities	$ 2,752	$ 2,559

OTHER CURRENT LIABILITIES - Schedule of Contract Liability in Relation to Sports Betting Open Positions (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Other Liabilities, Current [Abstract]
Contract liability, beginning and end of period	$ 130	$ 96
Contract with customer, liability, noncurrent	$ 1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 1,708	$ 1,828
Cash and cash equivalents – restricted	95	72
Player deposits – cash and cash equivalents	2,117	1,932
Player deposits – investments	0	23
Accounts receivable, net	129	190
Prepaid expenses and other current assets	899	751
TOTAL CURRENT ASSETS	4,948	4,796
Investments	15	7
Property and equipment, net	544	630
Operating lease right-of-use assets	498	550
Intangible assets, net	5,952	7,019
Goodwill	15,046	15,825
Deferred tax assets	281	309
Other non-current assets	150	144
TOTAL ASSETS	27,434	29,280
CURRENT LIABILITIES:
Accounts payable	364	386
Player deposit liability	1,987	1,859
Operating lease liabilities	142	130
Long-term debt due within one year	170	109
Other current liabilities	2,752	2,559
TOTAL CURRENT LIABILITIES	5,415	5,043
Operating lease liabilities – non-current	417	476
Long-term debt	12,143	12,157
Deferred tax liabilities	819	1,105
Other non-current liabilities	372	801
TOTAL LIABILITIES	19,166	19,582
COMMITMENTS AND CONTINGENCIES (Note 17)
REDEEMABLE NON-CONTROLLING INTERESTS	112	424
SHAREHOLDERS’ EQUITY
Ordinary shares (Authorized 300,000,000 shares of €0.09 (September 30, 2026: $0.10; December 31, 2025: $0.11) par value each; issued September 30, 2026: 173,820,519 shares; December 31, 2025: 175,224,066 shares)	36	36
Additional paid-in capital	2,188	1,989
Accumulated other comprehensive loss	(1,242)	(1,111)
Retained earnings	6,940	8,124
Total Flutter Shareholders’ Equity	7,922	9,038
Non-controlling interests	234	236
TOTAL SHAREHOLDERS’ EQUITY	8,156	9,274
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	$ 27,434	$ 29,280

LONG-TERM DEBT - Schedule of Contractual Principal Repayments (Details) $ in Millions	Sep. 30, 2026 USD ($)
Debt Disclosure [Abstract]
2026	$ 13
2027	52
2028	2,681
2029	1,143
2030	3,692
Thereafter	4,696
Total	$ 12,277

SHARE-BASED COMPENSATION - Share-Based Payment Arrangement, Expensed and Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 59	$ 71	$ 176	$ 200
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	8	6	27	19
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	38	50	106	136
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	9	11	32	33
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 4	$ 4	$ 11	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Revenue	$ 3,874	$ 3,794	$ 12,504	$ 11,646
Cost of sales	(2,356)	(2,168)	(7,436)	(6,352)
Gross profit	1,518	1,626	5,068	5,294
Technology, research and development expenses	(350)	(275)	(909)	(746)
Sales and marketing expenses	(1,168)	(966)	(3,146)	(2,595)
General and administrative expenses	(650)	(702)	(1,728)	(1,658)
Goodwill impairment	(541)	(517)	(541)	(517)
Operating loss	(1,191)	(834)	(1,256)	(222)
Other income, net	107	152	425	294
Interest expense, net	(159)	(152)	(477)	(347)
Loss before income taxes	(1,243)	(834)	(1,308)	(275)
Income tax benefit (expense)	95	45	73	(142)
Net loss	(1,148)	(789)	(1,235)	(417)
Net loss attributable to non-controlling interests and redeemable non-controlling interest	(286)	(29)	(317)	(14)
Adjustment of redeemable non-controlling interest to redemption value	0	(70)	0	(101)
Net loss attributable to Flutter shareholders	$ (862)	$ (690)	$ (918)	$ (302)
Loss per share
Basic (in USD per share)	$ (4.90)	$ (3.91)	$ (5.25)	$ (1.72)
Diluted (in USD per share)	$ (4.90)	$ (3.91)	$ (5.25)	$ (1.72)
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges	$ 4	$ 12	$ 19	$ (99)
Fair value of cash flow hedges transferred to the income statement	(2)	(13)	(14)	88
Changes in excluded components of fair value hedge	1	5	2	4
Foreign exchange gain (loss) on net investment hedges	30	(66)	77	(110)
Foreign exchange (loss) gain on translation of the net assets of foreign currency denominated entities	(28)	(82)	(202)	1,064
Fair value movements on available for sale debt instruments	0	0	0	0
Other comprehensive income (loss)	5	(144)	(118)	947
Other comprehensive income (loss) attributable to Flutter shareholders	6	(181)	(131)	866
Other comprehensive (loss) income attributable to non-controlling interest and redeemable non-controlling interest	(1)	37	13	81
Total comprehensive (loss) income	$ (1,143)	$ (933)	$ (1,353)	$ 530

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of September 30, 2026, and December 31, 2025:


($ in millions)	As of September 30, 2026		As of December 31, 2025
Prepayments and accrued income	$	338	$	299
Derivative financial assets	78		29
Income taxes receivable	197		159
Value-added tax and goods and services tax	94		53
Other receivables	192		211
Total prepaid expenses and other current assets	$	899	$	751

COMMITMENTS AND CONTINGENCIES - Other Purchase Obligations (Details) $ in Millions	Sep. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
From September 30, 2026 to December 31, 2026	$ 483
2027	2,054
2028	1,009
2029	743
2030	207
Thereafter	502
Total commitment	$ 4,998

LOSS PER SHARE

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

LOSS PER SHARE

7. LOSS PER SHARE

The following table sets forth the computation of the Group’s basic and diluted net earnings per ordinary share attributable to the Group:


	Three months ended September 30,				Nine months ended September 30,
($ in millions except per share amounts)	2026		2025		2026		2025
Numerator
Net loss	(1,148)		(789)		(1,235)		(417)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	(286)		(29)		(317)		(14)
Adjustment of redeemable non-controlling interest to redemption value	—		(70)		—		(101)
Net loss attributable to Flutter shareholders – basic and diluted	(862)		(690)		(918)		(302)

Denominator
Basic weighted average outstanding shares	176		176		175		175
Effect of dilutive stock awards	—		—		—		—
Diluted weighted average outstanding shares	176		176		175		175

Earnings per share
Basic	$	(4.90)	$	(3.91)	$	(5.25)	$	(1.72)
Diluted	$	(4.90)	$	(3.91)	$	(5.25)	$	(1.72)

The number of options and restricted shares excluded from the diluted weighted average number of ordinary shares calculation due to their effect being anti-dilutive was 2,328,633 and 1,542,924 for the three and nine months ended September 30, 2026, respectively (1,908,444 and 1,682,313 for the three and nine months ended September 30, 2025, respectively).

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

16. COMMITMENTS AND CONTINGENCIES

Guarantees

The Group had uncommitted working capital overdraft facilities as of September 30, 2026 of $22 million (December 31, 2025: $22 million) with Allied Irish Banks p.l.c. These facilities are secured by a Letter of Guarantee from Flutter Entertainment plc.

The Group has bank guarantees: (i) in favor of certain gaming regulatory authorities to guarantee the payment of player funds, player prizes, and certain taxes and fees due by a number of Group companies; and (ii) in respect of certain third-party rental and other property commitments, merchant facilities and third-party letter of credit facilities. The bank guarantees have various expected terms up to November 30, 2039; 21 of the bank guarantees are indefinite lived. The maximum amount of the guarantees as of September 30, 2026 was $620 million (December 31, 2025: $664 million). No claims had been made against the guarantees as of September 30, 2026 (December 31, 2025: nil). The guarantees are secured by counter indemnities from Flutter Entertainment plc and certain of its subsidiary companies. The value of cash deposits over which the guaranteeing banks hold security was $35 million as of September 30, 2026 (December 31, 2025: $39 million).

Other purchase obligations

The Group is a party to several non-cancelable contracts with vendors where the Group is obligated to make future minimum payments under the terms of these contracts as follows:


($ in millions)	Year Ending December 31,
From September 30, 2026 to December 31, 2026	$	483
2027	2,054
2028	1,009
2029	743
2030	207
Thereafter	502
	$	4,998

Legal Contingencies

The Group is involved, from time to time, in various litigation, administrative and other legal proceedings, including regulatory actions, incidental or related to its business. The Group establishes an accrued liability for legal claims and indemnification claims when the Group determines that a loss is both probable and the amount of the loss can be reasonably estimated. The estimates are based on all known facts at the time and our assessment of the ultimate outcome. As additional information becomes available, the Group reassesses the potential liability related to our pending claims and litigation, which may also revise our estimates. The amount of any loss ultimately incurred in relation to these matters may be higher or lower than the amounts accrued. Due to the unpredictable nature of litigation, there can be no assurance that our accruals will be sufficient to cover the extent of our potential exposure to losses. Any fees, expenses, fines, penalties, judgments, or settlements which might be incurred by us in connection with the various proceedings could affect our results of operations and financial condition.

Austrian and German player claims

As previously reported, the Group has seen a number of player claims in Austria and Germany for reimbursement of historic gaming losses. The basis of these claims is rooted in the Group having provided remote services in Austria and Germany (outside of Schleswig-Holstein) from Maltese entities on the basis of multi-jurisdictional Maltese licenses, which the Group continues to believe is compliant in accordance with EU law. A significant number of German courts have ruled against the German players based on procedural factors. However, the Austrian Courts and German Courts generally consider the Group’s services non-compliant with their respective local laws. The Group strongly disputes the basis of these claims and judgments made by Austrian and German courts in awarding the player’s claims.

As of September 30, 2026, the Group has recorded an amount of €16 million ($18 million) within loss contingencies forming part of other current liabilities in respect of the German player cases. It is reasonably possible that the actual losses could be in excess of the Group’s accrual. The Group is unable to estimate a reasonably possible loss or range of loss in excess of its accrual due to the complexities and uncertainty around the judicial process.

In addition, there are further claims made against the Group in Austria amounting to €46 million ($52 million) as of September 30, 2026, the settlement of which is predicated on the merits of the case and whether the enforcement proceedings are successful in laying claim over the Group’s Maltese assets for settlement of these claims. The Group, based on advice from its legal counsel, believes such cross-border enforcement of judgments is in contravention to Maltese public policy and Regulation (EU) 1215/2012 and has not accrued any liability for these claims. The Group has filed countersuits before the Maltese Civil Court challenging the enforceability of these claims. The defendants have also filed garnishee orders with the Maltese Civil Court to attach the Group’s Maltese assets, which are then held pending the outcome of proceedings in Malta. Enforcement has already been declined by a Maltese Civil Court, with other cases pending. Should the Maltese Courts continue to decide in favor of the Group, the Group believes that there would be grounds for dismissal of all pending player claims instituted against the Group.

Furthermore, during the first quarter of 2026, a claim by Austrian players was issued in Belgium, which included a claim for $27 million. While the Group believes that it has strong arguments, at this time, the Group is unable to reasonably estimate the likelihood of the outcome of these claims due to the complexities and uncertainty around the judicial process.

Cybersecurity Incident

As previously reported, the Group received notice in 2023 that certain customer and employee data was involved in the global incident involving the MOVEit file transfer software, which began when the third-party provider administering the software announced that it had identified a previously unknown vulnerability in MOVEit. The Group had previously used MOVEit to share data and manage file transfers similar to many companies globally. Once the Group was informed of the incident, the Group promptly undertook responsive measures, including restricting access to the affected application, launching an internal investigation in partnership with outside independent cybersecurity forensic consultants and notifying the relevant regulators and law enforcement agencies, as well as our employees and customers, impacted by the incident. Three US customers filed class action suits for US customers after the incident and later consolidated these into a single case.

As of September 30, 2026, the Group has recorded an immaterial provision (December 31, 2025: Nil) within loss contingencies forming part of other current liabilities, based on management’s best estimate of the expected settlement amount.

Fast Code Class Action

In January 2025, a class action was initiated on behalf of customers who placed losing bets on live sporting events using Sportsbet’s Fast Codes Service. The suit alleges that the Fast Codes Service did not comply with the Interactive Gambling Act (Cth) and consequently, that Sportsbet engaged in breach of contract, and / or misleading and deceptive conduct in offering it to customers. Sportsbet denies these allegations.

The trial concluded in August 2026, and the matter is now before the court awaiting judgment. While the Group remains confident in its position, it has recognized a provision of $109 million (A$157.5 million) to facilitate a potential resolution of the matter. At this time, the Group cannot reasonably estimate any loss in excess of the amount provisioned or a range thereof.

Goods and Services Tax (“GST”) rate applicable to operations in India

As previously reported, Junglee and PokerStars India have been subject to investigations and notices from India’s Directorate General of Goods & Services Tax Intelligence in relation to the historical characterization of real-money games of skill for Goods & Services Tax (“GST”) purposes. While both entities ceased offering real-money gaming in India following the enactment of the Promotion and Regulation of Online Gaming Act in August 2025; the retrospective assessment relates to the period from GST implementation in 2017 through to 2023. Following the Supreme Court of India’s judgement in May 2026, final tax demands were issued against Junglee and PokerStars India in October 2026 in an amount of ₹50.6 billion ($527 million) plus interest and penalties. As previously disclosed, the Group has recorded a provision forming part of non-current liabilities representing the expected realizable value of the assets of Junglee and PokerStars India. As of September 30, 2026, the amount recorded is $54 million. The Group is closely monitoring developments and will continue to evaluate its available options.

Proposed tax assessments related to fantasy sports operations

In August 2020, the Office of the Chief Counsel of the U.S. Internal Revenue Service (the “IRS”) issued a Generic Legal Advice Memorandum expressing the view that fantasy sports entry fees are wagers. Consistent with this view, in June 2026, the IRS issued Notices of Proposed Adjustments (“NOPAs”) proposing additional tax assessments for tax years 2018 to 2021. The proposed adjustments primarily relate to the IRS’s assertion that the Group had withholding tax obligations with respect to certain fantasy sports winnings, together with related information reporting matters, including, the alleged failure to timely or accurately furnish Forms W-2G. While the subsequent tax years remain open to possible examination by the IRS, the IRS has not yet proposed any adjustments for those years.

The proposed adjustments in connection with the NOPAs total approximately $181 million, excluding interest. The Group disagrees with the IRS’s position and intends to pursue all available administrative and judicial remedies. In September 2026, the Group timely filed a protest to the proposed adjustments.

As of the date of issue of these Unaudited Condensed Consolidated Financial Statements, the Group has determined that it is not probable that the IRS’s position will ultimately be sustained, and as a result, no provision has been recorded. However, there can be no assurance as to the outcome of these or related examinations, any subsequent challenge, or the impact of adverse judicial rulings in other cases. In addition, if Group is ultimately unsuccessful in its administrative challenge of the NOPAs, it may be required to make a protective payment to pursue further judicial remedies; any such payment would not constitute an admission of liability and would be recorded as a tax assessment deposit within Other non-current assets in the Unaudited Condensed Consolidated Balance Sheets.

DERIVATIVES - Gains and Losses of Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Derivative [Line Items]
Amount of gain (loss) recognized in OCI	$ 4	$ 12	$ 19	$ (99)
Amount of (gain) loss reclassified from AOCI into net income (loss)	(2)	(13)	(14)	88
Cross-currency interest rate swaps
Derivative [Line Items]
Amount of gain (loss) recognized in OCI	0	11	2	(97)
Cross-currency interest rate swaps \| Location, Statement of Income, Balance [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet
Derivative [Line Items]
Amount of (gain) loss reclassified from AOCI into net income (loss)	(1)	0	(1)	3
Cross-currency interest rate swaps \| Location, Statement of Income, Balance [Axis]: us-gaap:OtherNonoperatingIncomeExpense
Derivative [Line Items]
Amount of (gain) loss reclassified from AOCI into net income (loss)	1	(10)	(7)	94
Interest rate swaps
Derivative [Line Items]
Amount of gain (loss) recognized in OCI	4	1	17	(2)
Amount of (gain) loss reclassified from AOCI into net income (loss)	$ (2)	$ (3)	$ (6)	$ (9)

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Purchase Obligations

The Group is a party to several non-cancelable contracts with vendors where the Group is obligated to make future minimum payments under the terms of these contracts as follows:


($ in millions)	Year Ending December 31,
From September 30, 2026 to December 31, 2026	$	483
2027	2,054
2028	1,009
2029	743
2030	207
Thereafter	502
	$	4,998

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Group's Debt Comprised

The Group’s debt comprised of the following as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026				As of December 31, 2025
	Principal outstanding balance in currency of debt (in millions)		Outstanding Balance ($ in millions)		Principal outstanding balance in currency of debt (in millions)		Outstanding Balance ($ in millions)



TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034	$	1,370	£	1,034	$	1,392
EUR First Lien Term Loan A due 2028	€	380	431		€	380	447
USD First Lien Term Loan A due 2028	$	166	166		$	166	166
GBP Revolving Credit Facility due 2028	£	500	663		£	400	538
USD First Lien Term Loan B due 2030	$	3,807	3,808		$	3,836	3,836
USD First Lien Term Loan B due 2032	$	1,234	1,234		$	1,244	1,244
Senior Secured Notes
EUR Senior Secured Notes due 2029	€	500	579		€	500	593
USD Senior Secured Notes due 2029	$	525	540		$	525	532
EUR Senior Secured Notes due 2031	€	850	981		€	850	1,007
USD Senior Secured Notes due 2031*	$	1,625	1,664		$	1,625	1,649
GBP Senior Secured Notes due 2031	£	700	954		£	700	955
Total debt principal including accrued interest			12,390				12,359
Less: unamortized debt issuance costs			(77)				(93)
Total debt			12,313				12,266
Less: current portion of long-term debt			(170)				(109)
Total long-term debt			$	12,143			$	12,157

*Includes a net fair value basis adjustment related to receive-fixed, pay variable interest rate swap agreements designated as fair value hedges.

Schedule of Contractual Principal Repayments

As of September 30, 2026, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($ in millions)
2026	$	13
2027	52
2028	2,681
2029	1,143
2030	3,692
Thereafter	4,696
Total	$	12,277

SUBSEQUENT EVENTS (Details) - Subsequent Event € in Millions, $ in Millions	Oct. 30, 2026 USD ($)	Oct. 20, 2026 USD ($) employee	Oct. 30, 2026 EUR (€)
Subsequent Event [Line Items]
Number of positions eliminated \| employee		1,400
Term Loan A
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,860
Leverage ratio	5.70		5.70
Term Loan A2
Subsequent Event [Line Items]
Debt instrument face value \| €			€ 382
Term Loan A 3
Subsequent Event [Line Items]
Debt instrument face value	$ 1,374
Minimum \| UK And I Rstructuring Plan
Subsequent Event [Line Items]
Restructuring costs		$ 80
Minimum \| Term Loan A
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.40%
Maximum \| UK And I Rstructuring Plan
Subsequent Event [Line Items]
Restructuring costs		$ 90
Maximum \| Term Loan A
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.00%

DERIVATIVES - Schedule of Cash Flow Hedges Outstanding (Details) - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Cross-currency interest rate swaps \| USD Senior Secured Notes
Derivative [Line Items]
Derivative, notional amount	$ 525	$ 525
Interest rate swaps \| Term Loan B
Derivative [Line Items]
Derivative, notional amount	$ 1,489	$ 1,994

INTEREST EXPENSE, NET

9 Months Ended

Sep. 30, 2026

Interest Income (Expense), Operating [Abstract]

INTEREST EXPENSE, NET

5. INTEREST EXPENSE, NET

The following table shows the detail of interest expense, net for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	(169)	$	(167)	$	(504)	$	(398)
Other interest expense	(3)		(3)		(9)		(7)
Interest income	13		18		36		58
Interest expense, net	$	(159)	$	(152)	$	(477)	$	(347)

- Definition

The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(2))
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(10))
-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Flutter Entertainment plc (the “Company” or “Flutter”) and its subsidiaries (together referred to as the “Group”) is a global online sports betting and iGaming entity, operating some of the world’s most innovative, diverse and distinctive online sports betting and gaming brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, Adjarabet, MaxBet, Snai and Betnacional. As of September 30, 2026, the Group offers its products in approximately 100 countries. The Company is a public limited company incorporated and domiciled in the Republic of Ireland with operational headquarters in New York.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,235)	$ (417)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,220	1,082
Impairment loss	873	559
Change in fair value of derivatives	4	(11)
Non-cash interest expense, net	74	87
Non-cash operating lease expense	118	106
Unrealized foreign currency exchange loss (gain), net	21	(60)
Loss on disposals	3	1
Share-based compensation – equity classified	181	186
Share-based compensation – liability classified	(5)	14
Other (income) expense, net	(454)	(250)
Deferred tax benefit	(239)	(5)
Loss on extinguishment	0	23
Change in operating assets and liabilities:
Player deposits - investments	18	117
Accounts receivable	56	31
Prepaid expenses and other current assets	(89)	(29)
Accounts payable	13	47
Other liabilities	298	(385)
Player deposit liability	158	(244)
Operating leases liabilities	(111)	(96)
Net cash provided by operating activities	904	756
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(59)	(69)
Purchases of intangible assets	(71)	(105)
Capitalized software	(397)	(313)
Acquisitions, net of cash acquired	0	(2,688)
Proceeds from disposal of intangible assets	0	5
Cash settlement of derivatives designated in net investment hedge	13	35
Investment in equity securities	(10)	0
Net cash used in investing activities	(524)	(3,135)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share upon exercise of options	6	7
Proceeds from issuance of long-term debt (net of transactions costs with lenders)	1,621	10,084
Transaction costs with third parties from issuance of long-term debt	(6)	(20)
Repayment of long-term debt	(1,531)	(5,054)
Acquisition of redeemable non-controlling interests	0	(1,620)
Distributions to non-controlling interests	(32)	(20)
Payment of contingent consideration	0	(16)
Purchases of intangible assets with extended payment terms	(44)	0
Repurchase of ordinary shares and taxes withheld and paid on employee share awards	(264)	(844)
Proceeds from issuance of equity to non-controlling interest	7	0
Net cash (used in) provided by financing activities	(243)	2,517
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	137	138
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	3,832	3,509
Effect of foreign exchange on cash, cash equivalents and restricted cash	(49)	87
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,920	3,734
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
Cash and cash equivalents	1,708	1,727
Cash and cash equivalents - restricted	95	68
Player deposits - cash & cash equivalents	2,117	1,939
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,920	3,734
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	426	321
Income tax paid (net of refunds)	293	326
Operating cash flows from operating leases	139	124
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchase of long lived assets with accrued expense - investing	46	84
Purchase of long lived assets with accrued expense - financing	28	0
Right of use assets obtained in exchange for new operating lease liabilities	61	28
Adjustments to lease balances as a result of remeasurement	25	40
Business acquisitions (including contingent consideration)	0	331
Non-cash issuance of common stock upon exercise of options	12	29
Non-cash transaction costs on issuance of long-term debt	0	8
Asset retirement obligation	$ 0	$ 10

FAIR VALUE MEASUREMENTS - Schedule Of Financial Assets And Liabilities Carried At Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Acquisitions and settlements:
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net	Other income, net	Other income, net	Other income, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6	$ 7	$ 7	$ 6
Total gains or losses for the period:
Included in earnings	(1)	0	(1)	0
Included in other comprehensive (loss) income	0	0	(1)	1
Acquisitions and settlements:
Settlements				0
Ending balance	5	7	5	7
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(214)	(743)	(553)	(822)
Total gains or losses for the period:
Included in earnings	121	126	454	250
Included in other comprehensive (loss) income	(2)	14	4	(47)
Acquisitions and settlements:
Settlements				16
Ending balance	(95)	(603)	(95)	(603)
Attribution of net loss and other comprehensive (loss):
Other comprehensive gain (loss) attributable to redeemable non-controlling interest	(1)	37	13	81
Adjustment of redeemable non-controlling interest at redemption at fair value	0	(70)	0	(101)
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0		(18)
Total gains or losses for the period:
Included in earnings		0		0
Included in other comprehensive (loss) income		0		2
Acquisitions and settlements:
Settlements				16
Ending balance		0		0
Fox option liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(220)	(750)	(560)	(810)
Total gains or losses for the period:
Included in earnings	122	126	455	250
Included in other comprehensive (loss) income	(2)	14	5	(50)
Acquisitions and settlements:
Settlements				0
Ending balance	(100)	(610)	(100)	(610)
Level 3
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	(269)	(2,016)	(309)	(1,567)
Attribution of net loss and other comprehensive (loss):
Net (loss) income attributable to redeemable non-controlling interest	302	31	345	26
Other comprehensive gain (loss) attributable to redeemable non-controlling interest		(21)	(21)	(31)
Acquisition of redeemable non-controlling interest				(256)
Settlements		1,553		1,553
Adjustment of redeemable non-controlling interest at redemption at fair value	$ (33)	59	(15)	(119)
Ending balance		$ (394)		$ (394)
Change in unrealized gains or losses for the period included in other comprehensive (loss) income			$ (21)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Sep. 30, 2026 € / shares shares	Sep. 30, 2026 $ / shares shares	Dec. 31, 2025 € / shares shares	Dec. 31, 2025 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	300,000,000	300,000,000	300,000,000	300,000,000
Common stock, par value (in USD per share and Euro per share) \| (per share)	€ 0.09	$ 0.10	€ 0.09	$ 0.11
Common stock, shares issued (in shares)	173,820,519	173,820,519	175,224,066	175,224,066

INTEREST EXPENSE, NET (Tables)

9 Months Ended

Sep. 30, 2026

Interest Income (Expense), Operating [Abstract]

Schedule of the Details in Interest Expense

The following table shows the detail of interest expense, net for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	(169)	$	(167)	$	(504)	$	(398)
Other interest expense	(3)		(3)		(9)		(7)
Interest income	13		18		36		58
Interest expense, net	$	(159)	$	(152)	$	(477)	$	(347)

SEGMENTS AND DISAGGREGATION OF REVENUE (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table presents the Group’s segment revenue information:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Revenue
U.S.
Sportsbook	$	817	$	783	$	3,000	$	3,136
iGaming1	572		530		1,713		1,509
Other	66		55		188		180
U.S. segment revenue	1,455		1,368		4,901		4,825
International
Sportsbook	963		982		3,230		2,903
iGaming1	1,379		1,369		4,123		3,687
Other	77		75		250		231
International segment revenue	2,419		2,426		7,603		6,821
Total reportable segment revenue	$	3,874	$	3,794	$	12,504	$	11,646

1.iGaming revenue for US includes iGaming and Poker and for International includes iGaming, Poker and Lottery.

Schedule of Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue

The following table presents disaggregated revenue for the International segment:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
UKI 1	$	889	$	853	$	2,760	$	2,671
Southern Europe and Africa 2	836		743		2,672		1,848
Asia Pacific 3	349		363		1,052		1,078
Central and Eastern Europe 4	166		151		496		429
Brazil 5	60		87		206		140
Other regions 6	119		229		417		655
Total International segment revenue	$	2,419	$	2,426	$	7,603	$	6,821

1.UKI represents Sky Betting & Gaming, Paddy Power and Betfair UK and Ireland operations as well as the tombola brand.

3.Asia Pacific includes our Sportsbet business in Australia and Junglee in India (until August 22, 2025).

4.Central and Eastern Europe comprises Adjarabet in Georgia and Armenia together with MaxBet in Serbia, Bosnia and Herzegovina, North Macedonia and Montenegro.

The information below summarizes revenue from external customers by country for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.	$	1,380	$	1,330	$	4,660	$	4,697
UK	799		767		2,485		2,415
Italy	728		694		2,352		1,701
Australia	348		336		1,053		965
Ireland	72		73		230		225
Rest of the world	547		594		1,724		1,643
Total revenue	$	3,874	$	3,794	$	12,504	$	11,646

Schedule of Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The information below shows the reconciliation of reportable segment Adjusted EBITDA to income before income taxes for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.	$	3	$	51	$	241	$	612
International	435		505		1,498		1,614
Reportable segment Adjusted EBITDA	438		556		1,739		2,226
Unallocated corporate overhead 1	(78)		(78)		(240)		(213)
Depreciation and amortization	(405)		(419)		(1,220)		(1,082)
Share-based compensation expense	(59)		(71)		(176)		(200)
Transaction fees and associated costs 2	(1)		(204)		(32)		(224)
Restructuring and integration costs 3	(108)		(59)		(254)		(170)
Legal loss contingencies 4	(105)		—		(200)		—
Other income, net	107		152		425		294
Interest expense, net	(159)		(152)		(477)		(347)

Impairment 5	(873)		(559)		(873)		(559)
Loss before income taxes	$	(1,243)	$	(834)	$	(1,308)	$	(275)

1.Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.
Revenue	$	1,455	$	1,368	$	4,901	$	4,825
Cost of sales1	(903)		(824)		(2,941)		(2,748)
Technology, research and development expenses2	(88)		(88)		(286)		(256)
Sales and marketing expenses3	(357)		(307)		(1,089)		(900)
General and administrative expenses4	(104)		(98)		(344)		(309)
Total U.S. Adjusted EBITDA	3		51		241		612
International
Revenue	2,419		2,426		7,603		6,821
Cost of sales1	(1,281)		(1,168)		(3,896)		(3,152)
Technology, research and development expenses2	(124)		(109)		(372)		(311)
Sales and marketing expenses3	(372)		(413)		(1,194)		(1,098)
General and administrative expenses4	(207)		(231)		(643)		(646)
Total International Adjusted EBITDA	$	435	$	505	$	1,498	$	1,614

Schedule of Segment Reporting, Reconciliation of Other Item by Segment to Consolidated


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
U.S.
Depreciation and amortization excluding amortization of acquired intangibles	$	30	$	31	$	97	$	90
Share-based compensation expense	25		32		85		93
Total U.S.	55		63		182		183
International
Depreciation and amortization excluding amortization of acquired intangibles	140		144		432		358
Share-based compensation expense	17		25		46		67
Total International	$	157	$	169	$	478	$	425

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

12. LONG-TERM DEBT

The Group’s debt comprised of the following as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026				As of December 31, 2025
	Principal outstanding balance in currency of debt (in millions)		Outstanding Balance ($ in millions)		Principal outstanding balance in currency of debt (in millions)		Outstanding Balance ($ in millions)



TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034	$	1,370	£	1,034	$	1,392
EUR First Lien Term Loan A due 2028	€	380	431		€	380	447
USD First Lien Term Loan A due 2028	$	166	166		$	166	166
GBP Revolving Credit Facility due 2028	£	500	663		£	400	538
USD First Lien Term Loan B due 2030	$	3,807	3,808		$	3,836	3,836
USD First Lien Term Loan B due 2032	$	1,234	1,234		$	1,244	1,244
Senior Secured Notes
EUR Senior Secured Notes due 2029	€	500	579		€	500	593
USD Senior Secured Notes due 2029	$	525	540		$	525	532
EUR Senior Secured Notes due 2031	€	850	981		€	850	1,007
USD Senior Secured Notes due 2031*	$	1,625	1,664		$	1,625	1,649
GBP Senior Secured Notes due 2031	£	700	954		£	700	955
Total debt principal including accrued interest			12,390				12,359
Less: unamortized debt issuance costs			(77)				(93)
Total debt			12,313				12,266
Less: current portion of long-term debt			(170)				(109)
Total long-term debt			$	12,143			$	12,157

*Includes a net fair value basis adjustment related to receive-fixed, pay variable interest rate swap agreements designated as fair value hedges.

As of September 30, 2026, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($ in millions)
2026	$	13
2027	52
2028	2,681
2029	1,143
2030	3,692
Thereafter	4,696
Total	$	12,277

The Group is obligated to make periodic interest payments at variable rates, depending on the terms of the applicable debt agreements. Actual future interest payments may differ from these amounts based on changes in floating interest rates or other factors or events.

During the nine months ended September 30, 2026, the Group drew £1,208 million ($1,621 million) (September 30, 2025: $750 million) and repaid £1,108 million ($1,492 million) (September 30, 2025: $427 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $782 million (£590 million) as of September 30, 2026 (December 31, 2025: $929 million (£690 million)), of which $13 million (£10 million) (December 31, 2025: $13 million (£10 million)) was reserved for issuing guarantees.

As of September 30, 2026, the Group was in compliance with all debt covenants.

Subsequent to September 30, 2026, the Group entered into the First Amendment and Restatement Agreement (the “First Amendment and Restatement Agreement”) to the Credit Agreement dated November 24, 2023. For additional information regarding the First Amendment and Restatement Agreement see Note 17. Subsequent events.

OTHER INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2026

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

The following table shows the detail of other income, net for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2026		2025		2026		2025
Foreign exchange (loss) gain, net	$	(13)	$	27	$	(21)	$	60
Fair value (loss) gain on derivative instruments	(4)		11		(4)		11
Loss on settlement of long-term debt	—		(9)		—		(23)
Financing related fees not eligible for capitalization	—		(2)		(1)		(3)
Gain (loss) on disposals	3		(1)		(3)		(1)
Fair value gain on Fox Option liability	122		126		455		250
Fair value loss on investment	(1)		—		(1)		—
Total other income, net	$	107	$	152	$	425	$	294

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS - USD ($) $ in Millions	Total	Total Flutter shareholders’ equity	Redeemable non- controlling interests	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Non- controlling interests
Beginning balance at Dec. 31, 2024			$ 1,808
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income			46
Adjustment of redeemable non-controlling interest to fair value			(122)
Other comprehensive income (loss)			5
Ending balance at Mar. 31, 2025			1,737
Beginning balance (in shares) at Dec. 31, 2024				177,895,367
Beginning balance at Dec. 31, 2024	$ 9,459	$ 9,293		$ 36	$ 1,611	$ (1,927)	$ 9,573	$ 166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	289	283					283	6
Adjustment of redeemable non-controlling interest to fair value	122	122					122
Stock options exercised (in shares)				182,515
Shares issued on exercise of employee share options	3	3		$ 0	3
Equity-settled transactions – expense recorded in the income statement	56	56			56
Repurchase of shares (in shares)				(890,999)
Repurchase of shares	(230)	(230)		$ 0			(230)
Dividend distributed to non-controlling interests	(4)							(4)
Other comprehensive income (loss)	341	336				336		5
Ending balance (in shares) at Mar. 31, 2025				177,186,883
Ending balance at Mar. 31, 2025	10,036	9,863		$ 36	1,670	(1,591)	9,748	173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	335
Beginning balance at Dec. 31, 2024			1,808
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)	947					866
Ending balance at Sep. 30, 2025			485
Beginning balance (in shares) at Dec. 31, 2024				177,895,367
Beginning balance at Dec. 31, 2024	9,459	9,293		$ 36	1,611	(1,927)	9,573	166
Ending balance (in shares) at Sep. 30, 2025				175,899,661
Ending balance at Sep. 30, 2025	9,434	9,244		$ 36	1,929	(1,061)	8,340	190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	(417)
Beginning balance at Mar. 31, 2025			1,737
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income			(74)
Adjustment of redeemable non-controlling interest to fair value			300
Acquisition of NSX			256
Other comprehensive income (loss)			17
Ending balance at Jun. 30, 2025			2,236
Beginning balance (in shares) at Mar. 31, 2025				177,186,883
Beginning balance at Mar. 31, 2025	10,036	9,863		$ 36	1,670	(1,591)	9,748	173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	111	105					105	6
Adjustment of redeemable non-controlling interest to fair value	(300)	(300)					(300)
Stock options exercised (in shares)				312,002
Shares issued on exercise of employee share options	3	3		$ 0	3
Equity-settled transactions – expense recorded in the income statement	70	70			70
Settlement of liability-classified share-based awards in equity (in shares)				121,770
Settlement of liability-classified share-based awards in equity	29	29		$ 0	29
Acquisition of NSX	38	38			38
Repurchase of shares (in shares)				(1,249,950)
Repurchase of shares	(304)	(304)		$ 0			(304)
Dividend distributed to non-controlling interests	(5)							(5)
Other comprehensive income (loss)	728	711				711		17
Ending balance (in shares) at Jun. 30, 2025				176,370,705
Ending balance at Jun. 30, 2025	10,406	10,215		$ 36	1,810	(880)	9,249	191
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	37
Net (loss) income			(107)
Adjustment of redeemable non-controlling interest to fair value			(59)
Acquisition of redeemable non-controlling interests			(1,620)
Dividend distributed to non-controlling interests			(2)
Other comprehensive income (loss)	(144)		37			(181)
Ending balance at Sep. 30, 2025			485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(682)	(690)					(690)	8
Adjustment of redeemable non-controlling interest to fair value	1	1					1
Stock options exercised (in shares)				298,643
Shares issued on exercise of employee share options	1	1		$ 0	1
Equity-settled transactions – expense recorded in the income statement	60	60			60
Acquisition of redeemable non-controlling interests	58	58			58
Repurchase of shares (in shares)				(769,687)
Repurchase of shares	(220)	(220)		$ 0			(220)
Dividend distributed to non-controlling interests	(9)							(9)
Other comprehensive income (loss)	(181)	(181)				(181)		0
Ending balance (in shares) at Sep. 30, 2025				175,899,661
Ending balance at Sep. 30, 2025	9,434	9,244		$ 36	1,929	(1,061)	8,340	190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	(789)
Beginning balance at Dec. 31, 2025			424
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income			(16)
Adjustment of redeemable non-controlling interest to fair value			(10)
Other comprehensive income (loss)			19
Ending balance at Mar. 31, 2026			417
Beginning balance (in shares) at Dec. 31, 2025				175,224,066
Beginning balance at Dec. 31, 2025	9,274	9,038		$ 36	1,989	(1,111)	8,124	236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	225	218					218	7
Adjustment of redeemable non-controlling interest to fair value	10	10					10
Stock options exercised (in shares)				328,870
Shares issued on exercise of employee share options	4	4		$ 0	4
Equity-settled transactions – expense recorded in the income statement	53	53			53
Settlement of liability-classified share-based awards in equity	3	3			3
Repurchase of shares (in shares)				(1,152,508)
Repurchase of shares	(121)	(121)		$ 0			(121)
Dividend distributed to non-controlling interests	(12)							(12)
Other comprehensive income (loss)	(144)	(141)				(141)		(3)
Ending balance (in shares) at Mar. 31, 2026				174,400,428
Ending balance at Mar. 31, 2026	9,292	9,064		$ 36	2,049	(1,252)	8,231	228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	209
Beginning balance at Dec. 31, 2025			424
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)	(118)					(131)
Ending balance at Sep. 30, 2026			112
Beginning balance (in shares) at Dec. 31, 2025				175,224,066
Beginning balance at Dec. 31, 2025	$ 9,274	9,038		$ 36	1,989	(1,111)	8,124	236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)	260,527
Ending balance (in shares) at Sep. 30, 2026				173,820,519
Ending balance at Sep. 30, 2026	$ 8,156	7,922		$ 36	2,188	(1,242)	6,940	234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	(1,235)
Beginning balance at Mar. 31, 2026			417
Increase (Decrease) in Temporary Equity [Roll Forward]
Net (loss) income			(33)
Adjustment of redeemable non-controlling interest to fair value			(8)
Other comprehensive income (loss)			1
Ending balance at Jun. 30, 2026			377
Beginning balance (in shares) at Mar. 31, 2026				174,400,428
Beginning balance at Mar. 31, 2026	9,292	9,064		$ 36	2,049	(1,252)	8,231	228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(263)	(274)					(274)	11
Adjustment of redeemable non-controlling interest to fair value	8	8					8
Stock options exercised (in shares)				333,223
Shares issued on exercise of employee share options	2	2		$ 0	2
Equity-settled transactions – expense recorded in the income statement	67	67			67
Settlement of liability-classified share-based awards in equity	9	9			9
Repurchase of shares (in shares)				(1,252,519)
Repurchase of shares	(130)	(130)		$ 0			(130)
Dividend distributed to non-controlling interests	(8)							(8)
Other comprehensive income (loss)	1	4				4		(3)
Ending balance (in shares) at Jun. 30, 2026				173,481,132
Ending balance at Jun. 30, 2026	8,978	8,750		$ 36	2,127	(1,248)	7,835	228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	(296)
Net (loss) income			(298)
Adjustment of redeemable non-controlling interest to fair value			33
Other comprehensive income (loss)	5					6
Ending balance at Sep. 30, 2026			$ 112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(850)	(862)					(862)	12
Adjustment of redeemable non-controlling interest to fair value	(33)	(33)					(33)
Stock options exercised (in shares)				339,387
Shares issued on exercise of employee share options	0	0		$ 0
Equity-settled transactions – expense recorded in the income statement	61	61			61
Dividend distributed to non-controlling interests	(12)							(12)
Proceeds from non-controlling interests	7							7
Other comprehensive income (loss)	5	6				6		(1)
Ending balance (in shares) at Sep. 30, 2026				173,820,519
Ending balance at Sep. 30, 2026	8,156	$ 7,922		$ 36	$ 2,188	$ (1,242)	$ 6,940	$ 234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	$ (1,148)

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2026

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of September 30, 2026, and December 31, 2025:


($ in millions)	As of September 30, 2026		As of December 31, 2025
Accrued expenses	$	1,137	$	1,030
Betting duty, excise tax, data rights, and racefield fees	683		670
Employee benefits and social security	454		444
Liability-classified share-based awards	1		19
Sports betting open positions	130		95
Derivative financial liabilities	30		54
Income taxes payable	11		120
Loss contingencies	206		72
Value-added tax and goods and services tax	100		55


Total other current liabilities	$	2,752	$	2,559

Schedule of Contract Liability in Relation to Sports Betting Open Positions

The Group includes the contract liability in relation to sports betting open positions in the Unaudited Condensed Consolidated Balance Sheets. The contract liability balance was as follows:


			As of September 30, 2026
($ in millions)
Contract liability, beginning of the period 1			96
Contract liability, end of the period			130

1. Includes $1 million included in Other non-current liabilities.

FAIR VALUE MEASUREMENTS - Schedule of the Group's Financial Assets, Financial Liabilities and Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		$ 23
Equity securities – Investments	$ 5	7
Derivative financial assets	97	43
Total	102	73
Financial liabilities measured at fair value:
Derivative financial liabilities	30	86
Fox Option liability	100	560
Total	130	646
Redeemable non-controlling interests at fair value	0	309
Investment in equity Excludes	10
Level 1
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		17
Equity securities – Investments	0	0
Derivative financial assets	0	0
Total	0	17
Financial liabilities measured at fair value:
Derivative financial liabilities	0	0
Fox Option liability	0	0
Total	0	0
Redeemable non-controlling interests at fair value	0	0
Level 2
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		6
Equity securities – Investments	0	0
Derivative financial assets	97	43
Total	97	49
Financial liabilities measured at fair value:
Derivative financial liabilities	30	86
Fox Option liability	0	0
Total	30	86
Redeemable non-controlling interests at fair value	0	0
Level 3
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		0
Equity securities – Investments	5	7
Derivative financial assets	0	0
Total	5	7
Financial liabilities measured at fair value:
Derivative financial liabilities	0	0
Fox Option liability	100	560
Total	100	560
Redeemable non-controlling interests at fair value	$ 0	$ 309

BUSINESS COMBINATIONS (Details) R$ in Millions, $ in Millions, € in Billions					3 Months Ended		9 Months Ended
	May 14, 2025 USD ($)	May 14, 2025 BRL (R$)	Apr. 30, 2025 USD ($)	Apr. 30, 2025 EUR (€)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	May 14, 2025 BRL (R$)
Business Combination [Line Items]
Goodwill					$ 15,046		$ 15,046		$ 15,825
Snai
Business Combination [Line Items]
Business acquisition percentage of voting interests acquired			100.00%
Purchase consideration			$ 2,600	€ 2.3
Goodwill			1,500
Business combination, acquisition-related cost, expense					$ 0	$ 17	$ 0	$ 18
Snai \| Trademarks
Business Combination [Line Items]
Intangible assets, net			717
Snai \| Customer Relationships
Business Combination [Line Items]
Intangible assets, net			490
Snai \| Sale Network
Business Combination [Line Items]
Intangible assets, net			$ 125
NSX
Business Combination [Line Items]
Business acquisition percentage of voting interests acquired	56.00%									56.00%
Purchase consideration	$ 674	R$ 3,799
Goodwill	429
Cash payment	348	1,961
Business combination, consideration transferred and preacquisition equity interest in acquiree	40	R$ 230
Non-controlling interest	254									R$ 1,430
Business combination, preacquisition contingency, settlement, amount	32									R$ 178
NSX \| Trademarks
Business Combination [Line Items]
Finite lived intangible assets acquired	123
NSX \| Customer Relationships
Business Combination [Line Items]
Finite lived intangible assets acquired	$ 212

SHARE-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2026 USD ($) shares	Sep. 30, 2026 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		95,986
Stock options vested (in shares)		729,153
Stock options exercised (in shares)		260,527
Shares called/lapsed (in shares)		367,164
Restricted Stock Units and Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, outstanding, number (in shares)	4,633,590	4,633,590
Liability-Classified Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, equity instruments other than options, share-based liabilities paid \| $	$ 0	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

15. FAIR VALUE MEASUREMENTS

The Group’s consolidated financial instruments including cash and cash equivalents, player deposits, accounts receivable, other current assets, accounts payable, player deposit liability, and other current liabilities are carried at amortized cost. As of September 30, 2026 and December 31, 2025, the carrying amounts of these financial instruments approximated their fair values because of their short-term nature.

The carrying amount of long-term debt outstanding under the Credit Agreement dated November 24, 2023, (as amended), approximates its fair values, as interest rates on these borrowings approximate current market rates. The fair value of the USD Senior Secured Notes, Euro Senior Secured Notes, and GBP Senior Secured Notes was $2,074 million, $1,479 million and $891 million, respectively, as of September 30, 2026 (December 31, 2025: $2,190 million, $1,603 million and $952 million, respectively). The fair values are based on quoted market prices.


	As of September 30, 2026
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Equity securities – Investments1	—		—		5		5
Derivative financial assets	—		97		—		97
Total	—		97		5		102
Financial liabilities measured at fair value:
Derivative financial liabilities	—		30		—		30
Fox Option liability	—		—		100		100

Total	—		30		100		130
Redeemable non-controlling interests at fair value	$	—	$	—	$	—	$	—

1.Excludes an investment in equity measured at cost amounting to $10 million.


	As of December 31, 2025
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	17	$	6	$	—	$	23
Equity securities – Investments	—		—		7		7
Derivative financial assets	—		43		—		43
Total	17		49		7		73
Financial liabilities measured at fair value:
Derivative financial liabilities	—		86		—		86
Fox Option Liability	—		—		560		560

Total	—		86		560		646
Redeemable non-controlling interests at fair value	$	—	$	—	$	309	$	309

Valuation of Level 2 financial instruments

Available for sale – Player deposits – investments

The Group has determined the fair value of available for sale – player deposits – investments by using observable quoted prices or observable input parameters derived from comparable bonds/markets. Although the Group has determined that a number of the bonds fall within Level 1 of the fair value hierarchy, there are a class of bonds which have been classified as Level 2 due to the existence of relatively inactive trading markets for those bonds.

Derivative financial assets and liabilities – Swap agreements

The Group uses derivative financial instruments to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis of the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, such as yield curves, spot and forward foreign exchange rates.

As of September 30, 2026, the Group assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Group determined that its valuations of its derivatives in their entirety are classified in Level 2 of the fair value hierarchy.

Valuation of Level 3 financial instruments

Non-derivative financial instruments

Fox Option liability

On October 2, 2019, the Group entered into an arrangement with Fox Corporation (“Fox”), pursuant to which FSG Services LLC, a wholly-owned subsidiary of Fox, has an option (the Fox Option) to acquire an 18.6% equity interest of the then outstanding investor units (the “Fastball Units”) in FanDuel Group Parent LLC (“FanDuel”). In April 2021, Fox filed an arbitration claim against the Group with respect to its option to acquire an 18.6% equity interest in FanDuel seeking the same price that the Group paid for the acquisition of the Fastball Units (37.2% of FanDuel) from Fastball Holdings LLC in December 2020. On November 7, 2022, the arbitration tribunal determined the option price as of December 2020 to be $3.7 billion plus an annual escalator of 5.0%. Fox has a ten-year period from December 2020 within which to exercise the Fox Option, should it wish to do so, and should Fox not exercise within this timeframe, the Fox Option shall lapse. Cash payment is required at the time of exercise and the Fox Option can only be exercised in full. Exercise of the Fox Option requires Fox to be licensed.

The fair value of the Fox Option liability amounted to $100 million as of September 30, 2026 and $560 million as of December 31, 2025 which was determined using an option pricing model. As of September 30, 2026 and December 31, 2025, the option exercise price was $4.9 billion and $4.8 billion respectively. The significant unobservable inputs were the enterprise value of FanDuel, the discount for lack of marketability (“DLOM”), the discount for lack of control (“DLOC”), implied volatility and probability of Fox getting licensed.

The enterprise value of FanDuel was determined using an equal weight to the value indications of the discounted cash flow analysis and the guideline public company analysis. The discount rate used in the discounted cash flow analysis was 22.5% and 18.0% as of each of September 30, 2026 and December 31, 2025, respectively.

Additionally, management applied a combined 30.0% discount for lack of marketability and lack of control as of each of September 30, 2026, and December 31, 2025. A range of DLOMs obtained using various securities-based approaches was 12.7% to 20.2%. DLOC was estimated at 20.0% using implied discounts in previous observable transactions involving FanDuel’s equity ownership and data based on Mergerstat studies as of each of September 30, 2026 and December 31, 2025.

Management selected a discount rate of 30.0%, which lies in the first quartile based on the ranges considered by management.

The volatility was 40.0% and 32.0% as of each of September 30, 2026 and December 31, 2025, which was within the range of selected comparable companies. In developing the fair value measurement, the probability of a market participant submitting to and obtaining a license was estimated at 75.0% as of each of September 30, 2026 and December 31, 2025.

Changes in discount rates, revenue multiples, DLOM, DLOC, implied volatility and probability of Fox getting licensed, each in isolation, may change the fair value of the Fox Option liability. Generally, an increase in discount rates, DLOM and DLOC or decrease in revenue multiples, volatility and probability of Fox getting licensed may result in a decrease in the fair value of the Fox Option liability. Due to the inherent uncertainty of determining the fair value of the Fox Option liability, the fair value of the Fox Option liability may fluctuate from period to period. Additionally, the fair value of the Fox Option liability may differ significantly from the value that would have been used had a readily available market existed for FanDuel Group LLC. In addition, changes in the market environment and other events that may occur over the life of the Fox Option may cause the losses ultimately realized on the Fox Option liability to be different than the unrealized losses reflected in the valuations currently assigned.

Redeemable non-controlling interests at fair value

Following the Measure announced on September 25, 2026 banning fixed-odds sports betting and online gaming, our operations in Brazil were ceased. Accordingly, the enterprise value of the Brazil reporting unit and the associated redeemable non-controlling interests at fair value were determined to be nil as of September 30, 2026.

Movements in the three months period in respect of Level 3 financial instruments carried at fair value

The movements in respect of the financial assets and liabilities carried at fair value are as follows:


($ in millions)	Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2026	$	6	$	(220)	$	(214)	$	(269)
Total gains or losses for the period:
Included in earnings	(1)		122		121		—
Included in other comprehensive (loss) income	—		(2)		(2)		—
Attribution of net income and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		302
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		—
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—
Settlements	—		—		—		—
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		(33)
Balance as of September 30, 2026	5		(100)		(95)		—
Change in unrealized gains or losses for the period included in earnings	(1)		122		121		—
Change in unrealized gains or losses for the period included in other comprehensive (loss) income	$	—	$	(2)	$	(2)	$	—


($ in millions)	Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2025	$	7	$	(560)	$	(553)	$	(309)
Total gains or losses for the period:	—		—				—
Included in earnings	(1)		455		454		—
Included in other comprehensive income	(1)		5		4		—
Attribution of net loss and other comprehensive income:	—		—				—
Net loss attributable to redeemable non-controlling interest	—		—		—		345
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		(21)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—
Settlements	—		—		—		—
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		(15)
Balance as of September 30, 2026	5		(100)		(95)		—
Change in unrealized gains or losses for the period included in earnings	(1)		455		454		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	(1)	$	5	$	4	$	(21)


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2025	$	—	$	7	$	(750)	$	(743)	$	(2,016)
Total gains or losses for the period:
Included in earnings	—		—		126		126		—
Included in other comprehensive income	—		—		14		14		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		31
Other comprehensive gain attributable to redeemable non-controlling interest	—		—		—		—		(21)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—		—
Settlements	—		—		—		—		1,553
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		59
Balance as of September 30, 2025	—		7		(610)		(603)		(394)
Change in unrealized gains or losses for the period included in earnings	—		—		126		126		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	—	$	—	$	14	$	14	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2024	$	(18)	$	6	$	(810)	$	(822)	$	(1,567)
Total gains or losses for the period:
Included in earnings	—		—		250		250		—
Included in other comprehensive income (loss)	2		1		(50)		(47)		—
Attribution of net income and other comprehensive income:
Net income attributable to redeemable non-controlling interest	—		—		—		—		26
Other comprehensive loss attributable to redeemable non-controlling interest	—		—		—		—		(31)
Acquisitions and settlements:
Acquisition of redeemable non-controlling interest	—		—		—		—		(256)
Settlements	16		—		—		16		1,553
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(119)
Balance as of September 30, 2025	—		7		(610)		(603)		(394)
Change in unrealized gains or losses for the period included in earnings	—		—		250		250		—
Change in unrealized gains or losses for the period included in other comprehensive income (loss)	$	2	$	1	$	(50)	$	(47)	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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+ Details