Q2 26 EPS
$0.49
MISS 11.65%
Est. $0.55
Q2 26 Revenue
$4.33B
BEAT +2.11%
Est. $4.24B
vs S&P Since Q2 26
-10.4%
TRAILING MARKET
FLUT -10.0% vs S&P +0.5%
Market Reaction
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%… Read more 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)
FLUT 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, source: SEC Filings
FLUT Revenue by Segment
With YoY comparisons, source: SEC Filings
FLUT Revenue by Geography
With YoY comparisons, source: SEC Filings
“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.”
— Peter Jackson, Q2 2026 Earnings Press Release
FLUT Earnings Trends
FLUT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FLUT EPS Trend
Earnings per share: estimate vs actual
FLUT Revenue Trend
Quarterly revenue: estimate vs actual
FLUT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.55 | $0.49 | -11.65% | $4.33B | +2.11% |
| Q1 26 BEAT | $1.09 | $1.22 | +12.34% | $4.30B | +1.46% |
| Q4 25 BEAT FY | $1.61 | $1.74 | +8.09% | $4.74B | -2.63% |
| FY Full Year | $7.68 | $7.94 | +3.43% | $16.38B | -1.49% |
| Q3 25 BEAT | $0.59 | $1.64 | +178.91% | $3.79B | +31.77% |
| Q2 25 BEAT | $2.11 | $2.95 | +39.55% | $4.19B | +36.13% |
| Q1 25 MISS | $1.89 | $1.59 | -15.72% | $3.67B | +27.49% |