Flutter cut 2026 revenue midpoint guidance by $300 million to $17.61 billion and adjusted EBITDA guidance by $160 million to $2.495 billion after sports headwinds and Brazil closure. It recorded a $873 million non-cash impairment and paused share repurchases.
FLUT · Flutter Entertainment plc
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Flutter Entertainment reported revenue of $3,874 million for the three months ended September 30, 2026, up 2%, while net loss widened to $1,148 million and Adjusted EBITDA fell to $360 million. A $541 million Brazil goodwill impairment followed the September 2026 cessation of operations.
Flutter Entertainment plc amended its credit agreement, extending the term A facilities and revolving credit facility to May 3, 2032, increasing revolving commitments to $1.86 billion, and setting the net first lien leverage covenant at 5.70:1.00.
Flutter Entertainment plc reported $3,874m revenue, $1,148m net loss and $360m adjusted EBITDA for the quarter ended September 30, 2026. It cut 2026 guidance to $17.61bn revenue and $2.495bn adjusted EBITDA due to sports results and Brazil.
Flutter Entertainment will release its third quarter 2026 update and host a management conference call with questions and answers on November 4, 2026.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted earnings per share non-GAAP | $0.49 | Q2 2026 | — |
| Adjusted EBITDA margin non-GAAP | 7.1% | Q2 2026 | — |
| Adjusted EBITDA margin (International) non-GAAP | 18% | Q2 2026 | — |
| Adjusted net income attributable to Flutter shareholders non-GAAP | $85M | Q2 2026 | — |
| AMPs | 3.8M | Q2 2026 | — |
| AMPs change | 16% | Q2 2026 | — |
| Available cash | $1.6B | Q2 2026 | — |
| Free cash flow non-GAAP | $189M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 363M
-14M Purchases of property and equipment
-25M Purchases of intangible assets
-135M Capitalized software
= Free cash flow 189M
|
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| Free cash flow including financing capex and excluding player funds non-GAAP | $125M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Free cash flow 189M
-15M Purchases of intangible assets with extended payment terms
-18M Player deposits - investments
-31M Player deposit liability
= Free cash flow including financing capex and excluding player funds 125M
|
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| Group adjusted EBITDA non-GAAP | $508M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income -296M
-3M Income taxes
-7M Other (expense) income, net
+162M Interest expense, net
+399M Depreciation and amortization
+68M Share-based compensation expense
+10M Transaction fees and associated costs
+80M Restructuring and integration costs
+95M Legal loss contingencies
= Group Adjusted EBITDA 508M
|
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| Group Adjusted EBITDA Margin non-GAAP | 11.7% | Q2 2026 | — |
| Handle growth | 2% | Q2 2026 | — |
| iGaming AMPs | 7.79M | Three months ended June 30, 2026 filing | — |
| iGaming AMPs growth | 14% | Q2 2026 | — |
| International adjusted EBITDA non-GAAP | $476M | Q2 2026 | — |
| International Adjusted EBITDA margin non-GAAP | 18% | the three months ended June 30, 2026 filing | — |
| International AMPs - iGaming | 6.75M | the three months ended June 30, 2026 filing | — |
| International AMPs - Other | 197K | the three months ended June 30, 2026 filing | — |
| International AMPs - Sportsbook | 6.25M | the three months ended June 30, 2026 filing | — |
| International Sportsbook net revenue margin | 13.2% | the three months ended June 30, 2026 filing | — |
| International Stakes | $9.02B | the three months ended June 30, 2026 filing | — |
| Net Debt non-GAAP | $10.48B | As of June 30, 2026 | — |
| Other AMPs | 795K | Three months ended June 30, 2026 filing | — |
| Promotional spend | 5.4% | Q2 2026 | — |
| Reportable segment Adjusted EBITDA non-GAAP | $595M | the three months ended June 30, 2026 filing | — |
| Shares repurchased | 2.4M | H1 2026 | — |
| Sportsbook AMPs | 9.15M | Three months ended June 30, 2026 filing | — |
| Sportsbook AMPs growth | 8% | Q2 2026 | — |
| Sportsbook net revenue margin | 13.2% | Q2 2026 | — |
| Structural revenue margin | 14% | Q2 2026 | — |
| Total Group AMPs | 14.29M | Three months ended June 30, 2026 filing | — |
| Total International AMPs | 10.45M | the three months ended June 30, 2026 filing | — |
| Total U.S. AMPs | 3.84M | the three months ended June 30, 2026 filing | — |
| U.S. Adjusted EBITDA margin non-GAAP | 7.1% | the three months ended June 30, 2026 filing | — |
| U.S. AMPs - iGaming | 1.04M | the three months ended June 30, 2026 filing | — |
| U.S. AMPs - Other | 598K | the three months ended June 30, 2026 filing | — |
| U.S. AMPs - Sportsbook | 2.91M | the three months ended June 30, 2026 filing | — |
| U.S. Sportsbook net revenue margin | 8.7% | the three months ended June 30, 2026 filing | — |
| U.S. Stakes | $11.96B | the three months ended June 30, 2026 filing | — |
| US adjusted EBITDA non-GAAP | $119M | Q2 2026 | — |
| US iGaming GGR market share | 27% | Q2 2026 | — |
| US sportsbook GGR market share | 39% | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Gambling — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FLUT
this stock
Flutter Entertainment plc
|
$14.11B | -62.3% | +16.6% | — | 9.8% |
|
GRKZF
Greek Organisation of Football Prognostics S.A.
|
$18.00B | — | — | — | 0.0% |
|
DKNG
DraftKings Inc.
|
$16.84B | -45.2% | +27.0% | — | 4.8% |
|
LOTMY
Lottomatica Group S.p.A.
|
$7.09B | +16.5% | — | — | 0.0% |
|
CHDN
Churchill Downs Inc
|
$6.84B | -12.4% | +13.3% | 15.2 | 7.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 4, 2026
- This year
- 43
Flutter Entertainment reported revenue of $3,874 million for the three months ended September 30, 2026, up 2%, while net loss widened to $1,148 million and Adjusted EBITDA fell to $360 million. A $541 million Brazil goodwill impairment followed the September 2026 cessation of operations.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FLUT | -0.7% | +7.3% | -13.5% | -1.8% | -62.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -3.3% | +8.5% | -14.0% | -1.6% | -72.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.