Flutter Entertainment reported second-quarter 2026 results on 5 August. Group revenue rose 3% to $4.326bn, beating consensus, and adjusted EBITDA came in at $508m, 5% ahead of expectations. But the company swung to a net loss of $296m from a $37m profit a year earlier, and margin collapsed 1,020 basis points to 11.7%. Shares closed at $92.91, down 11.5% on the day.
The US division bore the brunt. Revenue fell 6% to $1.683bn, with sportsbook down 15% to $1.039bn. US EBITDA dropped 70% to $119m and margin contracted from 22.3% to 7.1%. Flutter blamed unfavourable sports results — the Knicks' June win alone cost $21m in revenue — and sluggish market growth, which it pegged at just 5% for the first half. FanDuel held first place with 39% of sportsbook GGR and 27% of iGaming.
Flutter cut full-year revenue guidance by $395m to $17.91bn and EBITDA by $210m to $2.655bn. Management framed the revision as a deliberate choice: $385m of revenue and $270m of EBITDA will be reinvested into sportsbook generosity and retention. CEO Peter Jackson likened the move to 2019–2020, when Flutter poured capital into FanDuel despite criticism. Without the reinvestment, guidance would have risen.
Jackson steps down on 30 September after nine years. Dan Taylor, president of Flutter and CEO of Flutter International, takes over on 1 October. Citizens JMP kept its Market Outperform rating but lowered the price target to $145 from $159. Debt stood at $10.48bn with leverage at 4.3x, well above the 2.0–2.5x target.
