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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Flutter Entertainment
Flutter Entertainment (FLUT) investor relations material
Flutter Entertainment Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 revenue rose 2% YoY to $3.874bn; adjusted EBITDA fell 25% to $360m amid unfavorable sports results, higher taxes and growth investment.
U.S. sportsbook trends improved and International gained share in core markets, while Brazil’s September suspension of operations and $873m impairment weighed on results.
CEO Dan Taylor’s priorities include U.S. leadership, prediction markets, International growth, simpler operations, lower costs and stronger cash generation.
Financial highlights
Q3 revenue was $3.874bn, up 2%; adjusted EBITDA was $360m, down 25%, with margin at 9.3% versus 12.6%.
Net loss was $1.148bn versus $789m; diluted loss per share was $4.90 versus $3.91, and adjusted loss per share was $0.18.
Free cash flow including financing capex and excluding player funds was negative $91m, improving 22% YoY; operating cash flow was $211m, up 1%.
Brazil impairment was $873m, including $541m of goodwill and $296m of long-lived assets; a $105m legal contingency also affected Q3.
9M revenue increased 7% to $12.504bn; adjusted EBITDA declined to $1.499bn from $2.013bn, and net loss reached $1.235bn.
Outlook and guidance
FY2026 midpoint guidance was cut by $300m for revenue to $17.61bn and by $160m for adjusted EBITDA to $2.495bn; Q4 underlying trading was in line with expectations, but sports results were unfavorable.
FY2026 U.S. midpoint guidance is $7.34bn revenue and $715m adjusted EBITDA; International midpoint is $10.27bn revenue and $2.09bn adjusted EBITDA.
International 2027 adjusted EBITDA growth is expected at the higher end of 5%–10%, with slightly lower revenue growth; long-term annual revenue growth target remains 5%–10%.
An additional $500m of gross operating cost and capex savings is targeted by 2029; Phase I targets $300m in 2027 annual run-rate operating cost and generosity savings.
U.S. 2027 promotional spend is expected near Q4 2026 levels, with broadly flat net revenue margin YoY; prediction-market investment may remain similar or rise, and cost of sales is expected at 58% of revenue.
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Latest events from Flutter Entertainment
- Revenue rose 7%, but US investment and regulatory taxes weighed on EBITDA.FLUT
Q4 2018 - Revenue grew 14%, but tax, regulation and US investment cut underlying EBITDA 15%.FLUTQ4 2019
- Online-led growth and transformational deals outweighed Covid disruption, with US investment and litigation risks.FLUTQ4 2020
- Revenue and player growth continued, while investment and market headwinds pressured adjusted EBITDA.FLUTQ4 2021
- US expansion lifted revenue, while acquisitions, regulation and financing costs pressured earnings and leverage.FLUTQ4 2022
- Long-term growth driven by innovation, regulatory adaptation, and global market leadership.FLUTFireside chat
- Q2 2026 revenue up 3%, net loss $296m, margins down, guidance cut, CEO transition ahead.FLUTQ2 2026
- Targets $21B revenue, $2.5B free cash flow, and $5B in returns by 2027, leveraging global scale.FLUTInvestor Day 2024
- Q1 revenue up 8% to $3.67B, net income $335M, US leads, SNAI and NSX acquisitions boost outlook.FLUTQ1 2025 TU
Next Flutter Entertainment earnings date
Fireside chat13 Nov, 2026
Flutter Entertainment
Next Flutter Entertainment earnings date
Fireside chat13 Nov, 2026
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Frequently asked questions
A core player in the online gambling industry
Flutter Entertainment is one of the biggest players in the online gambling industry, offering a range of betting and gaming products to customers around the world. With a strong presence in both the sports betting and casino gaming markets, Flutter operates through a variety of channels, including online and mobile platforms, as well as retail locations.
Diversification of revenue streams
One of the key strategies that Flutter Entertainment has employed to grow its revenue base is diversification of its product portfolio. The company offers a range of betting options, from traditional sports betting to in-play betting and live streaming, as well as casino games, poker, and bingo. This diversification has helped Flutter to mitigate risks associated with fluctuations in individual markets or sports events. Flutter's competitors, such as 888 Holdings, Caesars Entertainment, DraftKings and Betsson, have also employed similar strategies to broaden their revenue streams.
Expanding into new markets
Flutter has been actively expanding its presence in new markets, particularly in the US, where it has made several high-profile acquisitions in recent years. The company acquired FanDuel in 2018, which has since become a leading player in the US sports betting market. Flutter also acquired The Stars Group in 2019, giving it a foothold in the fast-growing US online gaming industry. By expanding into new markets, Flutter is able to tap into new sources of revenue and diversify its revenue base even further.
Emphasis on digital platforms
Another key factor in Flutter Entertainment's revenue growth is its focus on digital platforms. The company has invested heavily in developing and enhancing its online and mobile platforms, which offer customers a seamless and user-friendly experience. With the increasing popularity of online and mobile betting and gaming, Flutter is well-positioned to capitalize on this trend.