Flutter Entertainment PLC

Latest Results (31.08.2026):

Flutter Entertainment PLC's Q2 2026 results: Group revenue $4,326m (+3% YoY), adjusted EBITDA $508m (-45% YoY) and a reported net loss of $296m (Q2 2025: $37m profit). Average monthly players were 14.287m (-11%), adjusted EPS $0.49 (Q2 2025: $2.95) and loss per share $1.57. US revenue was $1,683m (-6%) and International revenue $2,643m (+10%). The company updated 2026 guidance (midpoint Group revenue $17.91bn; adjusted EBITDA $2.655bn) and reported a leverage ratio of 4.3x at June 30, 2026.

Financial snapshot

Key Q2 2026 metrics: revenue $4,326m (+3%), adjusted EBITDA $508m (-45%), adjusted EBITDA margin 11.7% (vs 21.9% a year earlier), net loss $296m, net loss margin (6.8)%. AMPs 14.287m (-11%; India exit drove a 17pp impact). Free cash flow $189m (+21%); free cash flow including financing capex and excluding player funds $125m (-56%).

US performance

US revenue $1,683m (-6%) with sportsbook down 15% and iGaming up 14%; US adjusted EBITDA $119m (-70%) but ahead of expectations. FanDuel retains #1 sportsbook and iGaming positions; prediction markets and market-making are scaling (c.$50m revenue expected in 2026). Management plans proactive H2 investment to accelerate FanDuel sportsbook momentum.

International performance

International revenue $2,643m (+10%; organic +4%) and adjusted EBITDA $476m (-19%). Growth led by SEA/Italy/UKI/CEE iGaming strength and recent M&A (Snai, Betnacional), while higher UK iGaming tax and FIFA World Cup marketing weighed on margins. Brazil showing integration progress but facing market headwinds.

Guidance & outlook

Updated 2026 midpoints: Group revenue $17.91bn and adjusted EBITDA $2.655bn (both reduced from prior guidance). Changes reflect Q2 trading, expected US market-making revenues, NFL schedule phasing, and planned US investment to regain market share. Early Q3 trading was ahead, helped by the FIFA World Cup knockout stages.

Capital structure & one-off items

Net cash from operations $363m (+1%); available cash roughly $1.6bn; net debt $10,480m and leverage 4.3x. Q2 included historical tax provisions (India GST $62m; US Sales & Use Tax accrual $33m), higher interest expense from M&A financing and purchase of Boyd’s FanDuel stake, and a $30m rise in depreciation & amortization—all contributing to the reported loss.

Leadership & cost transformation

CEO transition announced: Peter Jackson will hand over to Dan Taylor on October 1, 2026. Management launched phase two of cost transformation targeting an additional $500m gross savings by 2029 (on top of earlier savings) to offset tax/inflation headwinds and provide capacity for growth investments.