Flutter Entertainment plc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.75%.
Did FLUT Beat Earnings? Q1 2026 Results
Flutter Entertainment posted a stronger-than-expected first quarter for 2026, with earnings per share of $1.22 beating the $1.09 consensus estimate by 12.34% and revenue of $4.30 billion edging past the $4.24 billion forecast while climbing 17.4% year-over-year. The headline growth was powered by M&A contributions from the Snai and Betnacional acquisitions alongside 28% iGaming expansion, though net income fell 38% to $209.00 million as higher interest expense and acquisition-related depreciation weighed heavily on the bottom line. In the US, FanDuel's sportsbook struggled with lingering customer churn from Q4, holding segment revenue to 6% growth and dragging US adjusted EBITDA down 26% to $119.00 million. Looking ahead, Flutter trimmed its full-year 2026 guidance, now targeting Group revenue of $18.31 billion and adjusted EBITDA of $2.87 billion at the midpoints, reflecting those sports result headwinds and Arkansas launch costs. At least one Wall Street firm moved to the sidelines ahead of the print, cutting its price target to $127 on valuation concerns, a note of caution the company will need to address as leverage sits at 3.7x heading into a seasonally softer first half.
- Snai and Betnacional acquisitions driving International revenue growth
- Positive year-over-year swing in sports results
- Strong iGaming growth of 28% driven by direct casino engagement in US and market-leading performance in Italy
- US sportsbook improvement plan showing encouraging signs with AMP trends recovering from -5% in January to +1% in March
- Southern Europe and Africa organic revenue growth of 23% driven by Italy market leadership
- FanDuel maintained #1 US sportsbook (39% GGR share) and iGaming (27% GGR share) positions
“Flutter's Q1 performance was encouraging, with Group revenue increasing 17% year-on-year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. Group performance also benefited from our local hero acquisitions in Italy and Brazil, and excellent underlying SEA growth.”
Flutter Entertainment CEO, on the earnings call
Forward Guidance & Outlook
Flutter updated full-year 2026 guidance downward to reflect unfavorable Q1 sports results, Arkansas launch costs, and PokerStars North America reporting changes. Group revenue is now expected at $18.305bn (midpoint, down from $18.4bn), representing 12% YoY growth. Group adjusted EBITDA is expected at $2.865bn (midpoint, down from $2.97bn), representing 1% YoY growth. US revenue and adjusted EBITDA guided at $7.795bn and $0.97bn midpoints (12% and 5% YoY growth). International revenue and adjusted EBITDA guided at $10.51bn and $2.205bn midpoints (12% YoY revenue growth, adjusted EBITDA flat). FanDuel Predicts investment expected toward top end of $250-300m adjusted EBITDA loss range. Interest expense, net expected at approximately $640m. 56% of full-year revenue and 77% of full-year adjusted EBITDA expected in H2, with vast majority of H2 adjusted EBITDA in Q4. April underlying performance was in line with expectations across both US and International. The company expects leverage to increase in Q2 and Q3 before reducing in Q4.
FLUT YoY Financials
FLUT Revenue by Segment
FLUT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.