Flutter Entertainment PLC

Latest Results (21.07.2026):

Flutter Entertainment PLC Q1 2026 results: Group revenue rose 17% to $4,304m while adjusted EBITDA edged up 2% to $631m; net income fell to $209m (down 38%) and EPS was $1.23 (down 22%). Average monthly players were 14.378m (-3%), iGaming growth drove most of the revenue upside, and the company updated 2026 guidance to $18.305bn revenue and $2.865bn adjusted EBITDA at the midpoint.

Top-line and margins

Group revenue +17% YoY; iGaming +28% and sportsbook +10%. Adjusted EBITDA margin was 14.7% (‑210bps YoY) and net income margin 4.9% (‑420bps) reflecting M&A-related costs, investment in FanDuel Predicts and new state launch expenses.

United States performance

US revenue $1,763m (+6%): sportsbook +1%, iGaming +19%. FanDuel remains #1 in sportsbook and iGaming by GGR share; US adjusted EBITDA was $119m (‑26% YoY) after Predicts and Arkansas launch investment. Management is executing a sportsbook improvement plan (loyalty roll‑out started April) and guidance was adjusted to reflect a $45m sports‑results headwind and $35m Arkansas launch cost.

International performance

International revenue $2,541m (+27% / +18% CC) and adjusted EBITDA $587m (+13% / +5% CC). Growth benefited from Snai and Betnacional M&A and strong SEA and Italy iGaming momentum; on an organic basis revenue was broadly in line with the prior year while organic adjusted EBITDA was down ~5% due to mix and higher cost-of-sale.

Cash, capex and leverage

Net cash from operations rose 76% to $330m; free cash flow $153m (+74%). However, the new metric (free cash flow including financing capex and excluding player funds) declined 46% YoY. Net debt $10,575m and leverage 3.7x (unchanged from Dec 2025); management expects leverage to fall toward the 2.0–2.5x target in the medium term and has returned $190m in the current buyback tranche.

Profitability drivers

Net income fell mainly due to higher interest expense (+$71m) and higher depreciation & amortization (+$122m) from recent acquisitions; partly offset by a larger non‑cash Fox Option fair‑value gain. Adjusted EPS was $1.22 (‑23%).

FanDuel Predicts and innovation spending

FanDuel Predicts revenues were immaterial in Q1; group expects Predicts investment losses toward the top end of prior guidance ($250–300m adjusted EBITDA impact). Nationwide expansion and early market‑making trials show positive early indicators but remain an investment priority through 2026.

Management and corporate actions

Leadership changes: Dan Taylor named President of Flutter Entertainment (oversight including FanDuel); Christian Genetski to lead FanDuel; Amy Howe departed. The company has commenced a review of its LSE listing that could lead to LSE delisting (NYSE unaffected).

Updated 2026 guidance

Updated midpoints: Group revenue $18.305bn and adjusted EBITDA $2.865bn (down vs prior guidance). US midpoint revenue $7.795bn / adj. EBITDA $0.97bn; International midpoint revenue $10.51bn / adj. EBITDA $2.205bn. H2 and Q4 are expected to be weighted to performance and adjusted EBITDA.

Other operational notes

Average monthly players down 3% (impacted by closure of real‑money gaming in India). Early state launches (Arkansas, Missouri) outperformed expectations and iGaming continues to deliver strong direct‑casino growth (US AMPs +10% for iGaming).