Flutter Entertainment PLC

Latest Results (10.06.2026):

Flutter Entertainment PLC — Q1 2026: Group revenue rose 17% year‑over‑year to $4,304m, while adjusted EBITDA increased 2% to $631m. Net income fell to $209m and adjusted EPS declined to $1.22, reflecting higher interest, depreciation/amortization and investments (notably FanDuel Predicts and new state launches). Management changes were announced and full‑year 2026 guidance was updated.

Top-line and profit metrics

Revenue: $4,304m (+17% YoY). Adjusted EBITDA: $631m (+2% YoY) with margin 14.7% (-210bps). Net income: $209m (-38% YoY) with net income margin 4.9%. Earnings per share $1.23 (reported) and adjusted EPS $1.22 (-23% YoY).

US segment

US revenue $1,763m (+6% YoY): sportsbook +1%, iGaming +19%. FanDuel retains leading positions (≈39% sportsbook and 27% iGaming GGR share). US adjusted EBITDA $119m (-26% YoY) after Predicts investment and Arkansas launch costs. Management reports encouraging underlying sportsbook trends through March and rollout of a loyalty program and FanDuel Predicts “One App”.

International segment

International revenue $2,541m (+27% YoY; +18% CC) and adjusted EBITDA $587m (+13%). Growth benefited from Snai and Betnacional acquisitions and strong SEA and UKI iGaming; organic revenue was broadly in line with prior year. Closure of India real‑money gaming reduced AMPs and affected comparability.

Cash flow and balance sheet

Net cash from operations $330m (+76% YoY). Reported free cash flow $153m (+74% YoY), but free cash flow including financing capex and excluding player funds was $123m (-46% YoY). Net debt $10,575m; leverage ratio 3.7x (unchanged from Dec 2025). Share repurchase program ongoing (H1 $250m tranche; $190m returned as of May 1).

Updated 2026 guidance and drivers

Group 2026 guidance midpoint updated to revenue $18.305bn and adjusted EBITDA $2.865bn (reduced vs prior). Changes reflect unfavorable Q1 sports results, Arkansas launch costs (~$35m), and reporting changes for PokerStars North America. Management expects H2 to be weighted for revenue and EBITDA and targets medium‑term leverage of 2.0–2.5x.

Strategy, investment and risks

Flutter continues to invest in FanDuel Predicts and market‑making (Q1 revenue immaterial; Predicts investment expected toward top end of prior $250–300m adjusted EBITDA loss guidance). The group is also progressing a $300m cost efficiency program and accelerating local‑hero M&A integration. Management notes regulatory, sports‑results and FX risks.

Leadership and listing review

Management changes: Dan Taylor appointed President of Flutter Entertainment, Christian Genetski to lead FanDuel (Amy Howe departed). The company is also reviewing its London Stock Exchange listing, which could lead to LSE delisting; the NYSE listing would remain unaffected.