Flutter Entertainment (FLUT) Q3 2026 earnings summary

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.