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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $4.7B, roughly 1.7× Flutter Entertainment plc). Athene Holding Ltd. runs the higher net margin — 6.4% vs 0.2%, a 6.2% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 24.9%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 18.1%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
ATHS vs FLUT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $4.7B |
| Net Profit | $523.0M | $10.0M |
| Gross Margin | — | 44.5% |
| Operating Margin | 16.9% | 5.4% |
| Net Margin | 6.4% | 0.2% |
| Revenue YoY | 115.1% | 24.9% |
| Net Profit YoY | -48.5% | -93.6% |
| EPS (diluted) | — | $0.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $4.7B | ||
| Q3 25 | $8.0B | $3.8B | ||
| Q2 25 | $5.4B | $4.2B | ||
| Q1 25 | $4.2B | $3.7B | ||
| Q4 24 | $3.8B | $3.8B | ||
| Q3 24 | $6.5B | $3.2B | ||
| Q2 24 | $4.7B | $3.6B | ||
| Q1 24 | $5.7B | $3.4B |
| Q4 25 | $523.0M | $10.0M | ||
| Q3 25 | $1.3B | $-789.0M | ||
| Q2 25 | $464.0M | $37.0M | ||
| Q1 25 | $465.0M | $335.0M | ||
| Q4 24 | $1.0B | $156.0M | ||
| Q3 24 | $625.0M | $-114.0M | ||
| Q2 24 | $629.0M | $297.0M | ||
| Q1 24 | $1.2B | $-177.0M |
| Q4 25 | — | 44.5% | ||
| Q3 25 | — | 42.9% | ||
| Q2 25 | — | 46.8% | ||
| Q1 25 | — | 46.6% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | 46.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 47.2% |
| Q4 25 | 16.9% | 5.4% | ||
| Q3 25 | 26.8% | -22.0% | ||
| Q2 25 | 12.2% | 9.3% | ||
| Q1 25 | 22.3% | 6.1% | ||
| Q4 24 | 30.4% | 7.4% | ||
| Q3 24 | 25.7% | 3.0% | ||
| Q2 24 | 22.0% | 10.2% | ||
| Q1 24 | 31.1% | 3.7% |
| Q4 25 | 6.4% | 0.2% | ||
| Q3 25 | 15.7% | -20.8% | ||
| Q2 25 | 8.7% | 0.9% | ||
| Q1 25 | 11.1% | 9.1% | ||
| Q4 24 | 26.8% | 4.1% | ||
| Q3 24 | 9.6% | -3.5% | ||
| Q2 24 | 13.5% | 8.2% | ||
| Q1 24 | 20.8% | -5.2% |
| Q4 25 | — | $0.00 | ||
| Q3 25 | — | $-3.91 | ||
| Q2 25 | — | $0.59 | ||
| Q1 25 | — | $1.57 | ||
| Q4 24 | — | $0.47 | ||
| Q3 24 | — | $-0.58 | ||
| Q2 24 | — | $1.45 | ||
| Q1 24 | — | $-1.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.8B |
| Total DebtLower is stronger | $7.8B | $12.3B |
| Stockholders' EquityBook value | $20.5B | $9.0B |
| Total Assets | $442.2B | $29.3B |
| Debt / EquityLower = less leverage | 0.38× | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | $15.3B | $1.4B |
| Q4 25 | $7.8B | $12.3B | ||
| Q3 25 | $7.9B | $12.1B | ||
| Q2 25 | $7.9B | $10.0B | ||
| Q1 25 | $6.3B | $6.8B | ||
| Q4 24 | $6.3B | $6.7B | ||
| Q3 24 | $5.7B | $6.9B | ||
| Q2 24 | $5.7B | $6.8B | ||
| Q1 24 | $5.7B | $6.8B |
| Q4 25 | $20.5B | $9.0B | ||
| Q3 25 | $20.4B | $9.2B | ||
| Q2 25 | $18.1B | $10.2B | ||
| Q1 25 | $17.5B | $9.9B | ||
| Q4 24 | $16.4B | $9.3B | ||
| Q3 24 | $17.4B | $10.2B | ||
| Q2 24 | $15.0B | $9.9B | ||
| Q1 24 | $14.8B | $9.5B |
| Q4 25 | $442.2B | $29.3B | ||
| Q3 25 | $429.9B | $29.3B | ||
| Q2 25 | $405.3B | $29.9B | ||
| Q1 25 | $381.5B | $24.8B | ||
| Q4 24 | $363.3B | $24.5B | ||
| Q3 24 | $355.0B | $25.5B | ||
| Q2 24 | $332.6B | $24.3B | ||
| Q1 24 | $320.6B | $24.4B |
| Q4 25 | 0.38× | 1.36× | ||
| Q3 25 | 0.38× | 1.31× | ||
| Q2 25 | 0.43× | 0.97× | ||
| Q1 25 | 0.36× | 0.69× | ||
| Q4 24 | 0.39× | 0.72× | ||
| Q3 24 | 0.33× | 0.67× | ||
| Q2 24 | 0.38× | 0.69× | ||
| Q1 24 | 0.39× | 0.72× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $428.0M |
| Free Cash FlowOCF − Capex | — | $392.0M |
| FCF MarginFCF / Revenue | — | 8.3% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | 5.82× | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $428.0M | ||
| Q3 25 | $636.0M | $209.0M | ||
| Q2 25 | $1.1B | $359.0M | ||
| Q1 25 | $426.0M | $188.0M | ||
| Q4 24 | $386.0M | $652.0M | ||
| Q3 24 | $780.0M | $290.0M | ||
| Q2 24 | $525.0M | $323.0M | ||
| Q1 24 | $185.0M | $337.0M |
| Q4 25 | — | $392.0M | ||
| Q3 25 | — | $196.0M | ||
| Q2 25 | — | $322.0M | ||
| Q1 25 | — | $169.0M | ||
| Q4 24 | — | $595.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | — | $295.0M | ||
| Q1 24 | — | $315.0M |
| Q4 25 | — | 8.3% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 9.3% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | 5.82× | 42.80× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 2.28× | 9.70× | ||
| Q1 25 | 0.92× | 0.56× | ||
| Q4 24 | 0.38× | 4.18× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.83× | 1.09× | ||
| Q1 24 | 0.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
