Companies /Consumer Cyclical

Flutter Entertainment plc

NYSE: FLUT Gambling
$95.01
▼ $3.05 (−3.11%) today
Markets closed · 1:52am ET

Q2 2026 Earnings

Reported Aug 5, 2026, 6:58am ET · SEC source
$0.49
Miss −11.65%
EPS · est. $0.55
$4.3B
Beat +2.11%
Revenue · est. $4.2B
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−10%−5%0+5%Aug 5Aug 6report 6:58am ETearnings−0.7%−6.1%
−10%−5%0+5%Aug 5Aug 6earnings−0.7%−6.1%
FLUT −6.1%S&P 500 −0.7%
−10%−5%0+5%Aug 5Aug 6report 6:58am ETearnings−1.1%−6.1%
−10%−5%0+5%Aug 5Aug 6earnings−1.1%−6.1%
FLUT −6.1%NASDAQ −1.1%
−10%−5%0+5%Aug 4Aug 12report 6:58am ETearnings−0.3%−1.9%
−10%−5%0+5%Aug 4Aug 12earnings−0.3%−1.9%
FLUT −1.9%S&P 500 −0.3%
−10%−5%0+5%Aug 4Aug 12report 6:58am ETearnings+0.0%−1.9%
−10%−5%0+5%Aug 4Aug 12earnings+0.0%−1.9%
FLUT −1.9%NASDAQ +0.0%
−11.48%
Day of report
+0.11%
Next session
+5.56%
One week

Did FLUT Beat Earnings? Q2 2026 Results

Flutter Entertainment delivered a mixed second quarter for 2026, posting revenue of $4.33 billion, a 3.3% year-over-year gain that edged past the $4.24 billion consensus by 2.11%, while adjusted EPS of $0.49 fell short of the $0.55 estimate by 11.65%, snapping a four-consecutive-quarter streak of EPS beats. The profit shortfall tells the deeper story: an adverse swing in US sports results created a six-percentage-point drag on US revenue growth, US adjusted EBITDA collapsed 70% to $119 million, and $95 million in historical tax provisions, including a $62 million India GST charge and a $33 million US Sales and Use Tax accrual, pushed the group to a net loss of $296 million against net income of $37 million a year earlier. Looking ahead, Flutter cut full-year group revenue guidance by $395 million to a $17.91 billion midpoint and adjusted EBITDA by $210 million to $2.65 billion, with management citing a deliberate $270 million EBITDA investment to reinforce FanDuel's market position ahead of 2027. The company also completed its secondary London Stock Exchange listing cancellation, consolidating its profile as a pure NYSE-listed stock.

Key Takeaways
  • FIFA World Cup driving strong customer engagement with >10.5 million active customers and >$3bn handle
  • US iGaming direct casino AMPs grew 26%, underpinning 14% iGaming revenue growth
  • Adverse swing in US sports results created 6 percentage-point headwind to US revenue growth
  • M&A contributions from Snai and Betnacional boosted International revenue
  • UK remote gaming duty increase from 21% to 40% effective April compressed International margins
  • Italy market share reached record levels following Snai platform migration
  • FanDuel maintained #1 US sportsbook (39% GGR share) and iGaming (27% GGR share) positions
  • Historical tax provisions of $95m (India GST $62m and US Sales and Use Tax $33m)

“After nearly nine years as CEO, I believe this is the right point in Flutter's journey for me to hand over the leadership of the business to Dan. In my time as CEO Flutter has changed beyond recognition, transitioning from a UK-focused Paddy Power Betfair, into the world's leading online sports betting and iGaming operator, with market leading positions in the US and around the world.”

Flutter Entertainment CEO, on the earnings call

Forward Guidance & Outlook

Flutter updated its full-year 2026 guidance, reducing Group revenue midpoint by $395m to $17.91bn (range $17.435bn-$18.385bn) and adjusted EBITDA midpoint by $210m to $2.655bn (range $2.395bn-$2.915bn). US revenue and adjusted EBITDA midpoints are now $7.4bn and $760m respectively, reflecting proactive investment in customer acquisition (~$385m revenue, ~$270m EBITDA impact), a $75m revenue phasing impact from a one-week NFL season delay, partially offset by $50m in market-making revenue and $45m in operating cost savings. US Q3 revenue is expected to be approximately 20% of the full year, with adjusted EBITDA approximately breakeven. International revenue and adjusted EBITDA guidance is unchanged at $10.51bn and $2.205bn. Capital expenditure guidance reduced to $815m. Early Q3 trading was ahead of expectations benefiting from FIFA World Cup knockout stages and slightly favorable sports results. Phase two of cost transformation targets $500m gross savings by 2029.

FLUT YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$2.0B$4.0B$4.2B$4.3BRevenue$2.0B$1.7BGross Profit
$0$2.0B$4.0BRevenueGross Profit

FLUT Revenue by Segment

International$2.6B+10.0%
Group Sportsbook$2.2B−1.0%
US$1.7B−6.0%
Group iGaming$1.9B+9.0%
US Sportsbook$1.0B−15.0%
International iGaming$1.4B+7.0%
International Sportsbook$1.2B+14.0%
US iGaming$577.0M+14.0%

FLUT Revenue by Geography

United States$1.7B−6.0%
United Kingdom$971.0M+4.0%
Southern Europe and Africa$896.0M+36.0%
Asia Pacific$398.0M−1.0%
Rest of World$136.0M−38.0%
Central Europe$170.0M+23.0%
Central and Eastern Europe
Eastern Europe

Figures from SEC filings and company reports. Not investment advice.