Flutter Entertainment plcFLUT

Flutter Entertainment plc Leases Disclosure

10-KFiled Feb 26, 20262 min read
LEASES
The Group’s lease arrangements for its offices, retail stores, data centers and marketing arrangements expire at various dates through 2039. Certain leases are cancelable upon notification by the Group to the landlord and others are renewable. Additionally, the Group subleases certain leases to third parties. Security deposits under letters of credit or cash deposited with banks as of December 31, 2025 and 2024 were $18 million and $18 million, respectively.
Substantially all leases are long-term operating leases for facilities with fixed payment terms between 1 and 15 years. The current portion of operating lease liabilities are presented within total current liabilities, and the non-current portion of operating lease liabilities are presented within total liabilities on the Consolidated Balance Sheets.
Lease Cost — The components of lease cost consisted of the following for the years ended December 31, 2025, 2024 and 2023:
($ in millions)202520242023
Operating lease cost$167 $155 $140 
Short term lease cost21 15 13 
Sublease income(4)(4)(1)
Total lease cost$184 $166 $152 
Lease Term and Discount Rate — The weighted-average remaining lease term (in years) and discount rate related to the operating leases consisted of the following as of December 31, 2025:
Year ended December 31,
2025
Weighted-average remaining lease term (years)5.58
Weighted-average discount rate5.14%
As most of the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments, which equates to the rates of interest that it would pay to borrow funds, on a fully collateralized basis, over a similar term.
Maturity of Lease Liabilities — The present value of the Group’s operating leases consisted of the following as of December 31, 2025:
($ in millions)Year Ending
December 31
2026$173 
2027147 
2028116 
202993 
203064 
Thereafter137 
Total undiscounted future cash flows730 
Less: imputed interest(124)
Present value of undiscounted future cash flows606 
Operating lease liabilities – current130 
Operating lease liabilities – noncurrent476 
Total operating lease liabilities$606 
Other Information — Supplemental cash flow and other information for the years ended December 31, 2025, 2024 and 2023 related to operating leases was as follows:
For the year ended
December 31,
($ in millions)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$167 $174 $133 
Right-of-use assets obtained in exchange for new operating lease liabilities$94 $155 $73 
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 4, 2025

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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