Flutter Entertainment (FLUT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 3% year-over-year to $4.33 billion, but net loss was $296 million versus $37 million profit last year, driven by lower segment profitability, tax provisions, and higher costs.

• Adjusted EBITDA declined 45% to $508 million, with margin dropping from 21.9% to 11.7%.

• CEO transition announced: Peter Jackson to step down, Dan Taylor to assume CEO role on October 1, 2026.

• Record World Cup engagement and platform innovation drove strong growth in key markets, especially US, Italy, and Brazil.

• Average monthly players declined 11% year-over-year, mainly due to the closure of Indian operations.

Financial highlights

• Q2 2026 revenue: $4.33 billion (+3% YoY); H1 2026 revenue: $8.63 billion (+10% YoY).

• Adjusted EBITDA fell 45% to $508 million; margin dropped to 11.7% from 21.9%.

• Net loss of $296 million (vs. $37 million net income in Q2 2025), driven by reduced segment profitability and $95 million in one-off historical tax costs.

• US revenue declined 6% to $1.68 billion; International revenue rose 10% to $2.64 billion, boosted by acquisitions.

• Free cash flow reduced by 56% year-over-year; net cash from operations increased by $4 million.

Outlook and guidance

• Full-year 2026 revenue guidance reduced by $395 million to $17.91 billion at midpoint; adjusted EBITDA guidance reduced by $210 million to $2.655 billion.

• US 2026 revenue expected at $7.4 billion (+6% YoY), adjusted EBITDA at $760 million (-18% YoY); International revenue guidance unchanged at $10.51 billion.

• Updated guidance reflects positive Q2 trading, $50 million expected market-making revenue, and $75 million revenue/$50 million EBITDA impact from NFL season delay.

• Capital expenditure guidance improved to $815 million; depreciation and amortization guidance reduced to $730 million.

• Transaction, restructuring, and integration costs expected at $500 million, up $200 million from prior guidance.