Q1 2026 Financial Results
Rhea-AI Summary
Flutter Entertainment (NYSE: FLUT) reported Q1 2026 results on May 6, 2026: Group revenue $4,304m (+17% YoY), net income $209m (down 38% YoY) and adjusted EBITDA $631m (+2% YoY). Q1 guidance was updated: FY 2026 revenue expected at $18.305bn and adjusted EBITDA at $2.865bn midpoint.
Key drivers: US revenue $1,763m (+6%), International revenue $2,541m (+27%), management changes appointed to strengthen US focus, and FanDuel Predicts and Arkansas launch investments impacting margins.
Positive
- Group revenue +17% YoY to $4,304m
- International revenue +27% YoY to $2,541m
- US revenue +6% YoY to $1,763m
- Net cash from operations +76% YoY to $330m
- Adjusted EBITDA +2% YoY to $631m
Negative
- Net income down 38% YoY to $209m
- Net income margin fell 420bps to 4.9%
- Adjusted EBITDA margin down 210bps to 14.7%
- Free cash flow including financing capex excluding player funds declined 46%
- Updated FY 2026 adjusted EBITDA mid-point reduced versus prior guidance ($2.865bn vs prior $2.97bn)
Key Figures
Market Reality Check
Peers on Argus
FLUT was down 1.07% pre‑results while peers were mixed: DKNG, RSI and SGHC up, LNW and SBET down. Momentum scans only flagged DKNG moving up, supporting a stock‑specific read on this earnings/guidance update.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | FY25 earnings, guidance | Positive | -13.8% | Strong FY25 growth and 2026 guidance despite India‑related non‑cash impairment loss. |
| May 07 | Q1 2025 letter | Positive | -0.5% | Q1 2025 shareholder letter highlighting sharp net income and EBITDA growth. |
| May 07 | Q1 2025 results | Positive | -0.5% | Q1 2025 beat with revenue, EBITDA and US segment growth plus raised guidance. |
| Mar 04 | Q4 2024 results | Positive | +1.4% | Q4 2024 revenue and EBITDA growth with strong US and international performance. |
| Nov 12 | Q3 2024 results | Positive | +7.0% | Q3 2024 revenue +27% and EBITDA +74% with new buyback and higher guidance. |
Earnings updates have often seen muted or negative reactions despite generally positive operational metrics, with several prior reports selling off on good news.
Across the last five earnings releases from Q3 2024 through FY 2025, Flutter consistently reported strong revenue and adjusted EBITDA growth, reinforcing US and international leadership and providing multi‑year guidance. However, results also included a sizeable $407m FY 2025 net loss from India‑related impairment. Market reactions were mixed: two earnings events saw gains, including a +6.99% move on strong Q3 2024 results, while three—including FY 2025—saw selling pressure despite solid fundamentals.
Historical Comparison
Over the last five earnings‑tagged releases, FLUT’s average next‑day move was -1.27%, showing a tendency toward cautious or negative reactions even on strong reports.
Earnings updates have shown consistent double‑digit revenue and adjusted EBITDA growth, expanding US leadership and integrating acquisitions, but also highlight margin pressure and one‑off items like the India‑related impairment.
Market Pulse Summary
This announcement highlighted 17% Group revenue growth in Q1 2026, modest adjusted EBITDA expansion, but lower net income, margins and EPS alongside trimmed full‑year 2026 guidance. US and international iGaming remained strong, while sportsbook results and India’s closure weighed on AMPs and profitability. Investors may focus on execution of the US improvement plan, integration of recent M&A, and the balance between growth investments and margin trends in upcoming quarters.
Key Terms
adjusted EBITDA financial
free cash flow financial
leverage ratio financial
iGaming technical
prediction markets financial
market-making financial
AI-generated analysis. Not financial advice.
NEW YORK and DUBLIN and TORONTO, May 06, 2026 (GLOBE NEWSWIRE) -- Flutter Entertainment plc (NYSE: FLUT; LSE: FLTR) (“Flutter”), the world’s leading online sports betting and iGaming operator, today announces Q1 2026 results.
Key financial highlights:
| In $ millions except where stated otherwise | Three months ended March 31, | ||
| 2026 | 2025 | YOY | |
| Average monthly players (AMPs) (‘000s')1 | 14,378 | 14,880 | (3)% |
| Revenue | 4,304 | 3,665 | + |
| Net income | 209 | 335 | (38)% |
| Net income margin | 4.9% | (420)bps | |
| Adjusted EBITDA2 | 631 | 616 | + |
| Adjusted EBITDA margin2 | 14.7% | (210)bps | |
| Earnings per share ($) | 1.23 | 1.57 | (22)% |
| Adjusted earnings per share ($)2 | 1.22 | 1.59 | (23)% |
| Net cash provided by operating activities | 330 | 188 | + |
| Free cash flow2 | 153 | 88 | + |
| Free cash flow including financing capex and excluding player funds2 | 123 | 226 | (46)% |
| Leverage ratio2(December 2025 3.7x) | 3.7x | ||
Overview
- Group revenue +
17% year-over-year benefiting from M&A3, a positive swing in year-over-year sports results, and strong iGaming growth. AMPs down3% reflecting India market closure4 - Management changes implemented to best position the Group for future growth:
- Dan Taylor, CEO of International, appointed President of Flutter Entertainment
- Christian Genetski, President of FanDuel, will now lead the US business
- US sportsbook improvement plan driving encouraging signs of recovery, in line with our expectations, with good progress made on generosity effectiveness, and phased roll-out of loyalty program commenced in April
- US revenue
$1,763m : +6% year-over-year with sportsbook +1% and iGaming +19% :
- Continued #1 sportsbook and iGaming positions,
39% and27% respective GGR market shares5 - Revenue c.
$90m ahead of Q1 guidance excluding$45m sports results headwind6- Sportsbook revenue growth reflected:
- Continuing impact from Q4 unfavorable recycling and customer churn
- Less unfavorable sports results year-over-year
- Customer growth and underlying revenue growth improving through the quarter
- Strong launch in Arkansas despite accelerated timeline
- Continued strong iGaming growth driven by direct casino engagement
- FanDuel Predicts:
- "One App" experience launched in non-sportsbook states where FanDuel Predicts can now be accessed through the FanDuel sportsbook app
- Initial phase of market-making commenced with positive early indicators
- Adjusted EBITDA of
$119m ,26% lower year-over-year after investment in prediction markets7 and Arkansas launch
- Sportsbook revenue growth reflected:
- International revenue
$2,541m : +27% year-over-year (+18% constant currency (CC)8) with sportsbook +22% and iGaming +32% benefiting from M&A, offset by an adverse year-over-year swing in sports results. On an organic basis2,9, revenue was in line with the prior year:- Sportsbook organic revenue -
7% with a strong underlying performance in SEA offset by unfavorable sports results in UKI and SEA6 - iGaming organic revenue +
8% , driven by performances in SEA, UKI and CEE - Adjusted EBITDA of
$587m , +13% (+5% CC). Organic adjusted EBITDA was5% lower driven by the shift in revenue mix toward higher cost-of-sale products and regions
- Sportsbook organic revenue -
- Group Q1 net income of
$209m was$126m lower year-over-year due to increases in interest expense, net, and depreciation and amortization, primarily as a result of M&A, partly offset by a higher non-cash Fox Option10 benefit. Net income margin was4.9%
- Group Q1 adjusted EBITDA of
$631m +2% and adjusted EBITDA margin of14.7% , -210bps, driven by revenue growth, investment in FanDuel Predicts and new state launch costs - Earnings per share of
$1.23 and adjusted earnings per share of$1.22 were -22% and -23% year-over-year, respectively, reflecting the above profitability drivers and a year-over-year benefit from non-controlling interests - Net cash provided by operating activities +
76% year-over-year reflecting a positive swing in the movement in player deposit liabilities. Free cash flow including financing capex and excluding player funds11 declined by46% , due to increased capital expenditure and tax payments - Review of London Stock Exchange listing commenced
Updated full year 2026 guidance12,13
April performance on an underlying basis was in line with our expectations across both the US and International. Additionally, we have been pleased with the performance of our early Arkansas state launch, which was not incorporated in our prior outlook and therefore will add
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in Arkansas, and (iii) the change in reporting for PokerStars North America which has no impact from an overall Group basis.
Group revenue is now expected to be
Peter Jackson, CEO, commented:
"Flutter’s Q1 performance was encouraging, with Group revenue increasing
While we made good progress during the quarter, there remains more to do to ensure the improving US sportsbook trends continue and we announced today the management changes we are making to best position us for our next phase of growth. The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalize on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026.”
To our shareholders
Flutter delivered Q1 revenue growth of
I have been reflecting for some time on how to ensure we remain as agile, focused and well-positioned as possible as a Group. The US market, and FanDuel's leading position within it, represents one of the most significant growth opportunities in our industry, and it is essential that we have the right structure and leadership in place to fully capitalize on it. To that end, I am pleased to announce that Dan Taylor, currently CEO of Flutter International, will assume the newly created role of President of Flutter Entertainment, taking on oversight of the FanDuel business in addition to his existing responsibilities. Dan's track record of driving growth and executing complex strategies make him ideally suited for this expanded role.
At the same time, Amy Howe has left the company, and Christian Genetski, President of FanDuel, will assume leadership of the FanDuel business. Christian joined FanDuel in 2015 and has been instrumental in scaling the business to its current number 1 position in the market. I would like to thank Amy for her contribution to Flutter and FanDuel, and recognize the impact she has had on the business since joining in 2021. We wish her every success for the future. Within the US business we have also narrowed ownership of the drivers of sportsbook performance. These changes will sharpen focus on US sportsbook, strengthen the connection between our US and International operations, and fully leverage the Group's expertise and strategic ambition.
US update
US Q1 revenue grew by
US core sports betting and iGaming
We have a clear sportsbook improvement plan focused on strengthening our reward and product proposition to ensure we maintain our leadership position in these areas. During Q1 we restructured the sportsbook team to ensure we are best positioned to deliver our plans.
From a generosity perspective, we have been focused on delivering a customer-first proposition. This approach helped to drive better customer engagement with our early-win promotional campaign during March Madness, and opportunistic payouts to capture the social side of betting which have resonated well. In April we began the roll-out of our sportsbook loyalty program, allowing players to earn points, unlock levels and enjoy rewards. Although initially available to a small cohort of customers, engagement has been very positive as customers note that their overall FanDuel experience has improved with the addition of the program. We also launched Bet Protect+, an industry-first generosity mechanic where customers can insure their bets for the full game for a small fee, balancing disciplined investment with customer demand for parlay guarantees. The initial response has been very positive, with adoption rates doubling our expectations and continuing to grow.
Sportsbook product enhancements included expansion of our popular "Pass the Leg" feature to Super Bowl, more personalized and simplified Same Game Parlay (SGP) building for NBA with "Bet it again" and full-screen streaming for key sports. We continued to leverage our leading outcome-based pricing capabilities to further expand cash-out functionality and establish the core foundations for our product roadmap for the rest of the year.
These changes are gaining traction with our customers and underlying trends across our headline KPIs have been positive. AMPs, handle and structural revenue margin all improved during the quarter. January AMP declines of
As we look ahead for the rest of the year, we have a strong pipeline of enhancements planned. These include significant expansion of our new loyalty program through Q2 and Q3 ahead of a full roll-out for the NFL 2026/2027 season. We are also very excited about the opportunity that the FIFA World Cup presents in Q2 and in Q3, with a number of new soccer product features in the pipeline to strengthen FanDuel's product leadership and position us well for customer engagement during the tournament.
We continued to see only a limited cannibalization impact from prediction market operators on our sportsbook growth, consistent with our prior estimate of a low single-digit percentage effect on handle growth. This estimate is primarily based on a comprehensive tracking of deposit data along with download data and monitoring of trends we are observing within the FanDuel customer database. We believe this limited impact reflects the fundamental differences in product propositions between sportsbooks and prediction market platforms, customer age profiles and concentration of prediction market activity among entertainment-first and low-value users. While the direct cannibalization impact has been limited, we do believe prediction market operators may be attracting some new, incremental entertainment-first recreational customer cohorts, and we continue to monitor the impact of prediction market operators on the broader sports-betting ecosystem. Our recent launches in Missouri and Arkansas were both ahead of expectations, further validating that demand for sports betting products remains strong in states where it has been previously unavailable.
In iGaming, FanDuel delivered another strong quarter of growth with AMPs up
While organic investment to generate long-term value remains our top priority, we are equally focused on cost efficiency. Cost savings have been realized across a variety of initiatives including ongoing delivery of payment provider cost efficiencies, improved supplier rates, and a focus on process improvements. We will also be closing down our FanDuel TV racing network and FanDuel Picks product in 2026 to optimize costs and ensure investment is focused on those areas that are expected to generate the greatest returns.
Prediction markets
We continue to view prediction markets as a very attractive, incremental opportunity providing an avenue to acquire customers ahead of sports betting regulation in new states. Our in-house expertise and capabilities place us in a strong position to capitalize on this opportunity in the long-term. We are making good progress on FanDuel Predicts, with further improvements to be delivered during the year. However, while the fast moving and complex regulatory environment means that product delivery timescales have at times been challenging, we are prioritizing new product roll-out, and we are focused on building the operational flexibility required to deliver our ambitions.
In Q1, FanDuel Predicts was expanded nationwide across financial, economic and commodities contracts, with sports available for trading in 18 non-sportsbook states including California, Texas and Florida. During March and April, we widened our range of sports markets and the first real testing of our generosity capabilities saw encouraging returns with strong app downloads through March Madness.
At the start of April, we launched the FanDuel "One App", dynamically delivering sports betting to those customers in sportsbook states or prediction markets to customers in non-sportsbook states. This will allow us to leverage FanDuel's strong nationwide brand awareness and significant existing nationwide marketing investment. It also provides a simplified discovery and onboarding experience for new customers where just one download provides access to an increasingly compelling sports experience.
While revenues in Q1 were modest, reflecting the relatively early stage of our journey, we are focused on delivering the improvements needed during 2026 to serve customers a compelling, truly sports-led experience by Q4. The 2026/2027 NFL season launch will be a major milestone, with many improvements also planned for the FIFA World Cup.
We believe our world-class, proprietary pricing capabilities can also unlock a significant market-making opportunity. In April, we began trialing market-making services on a major, third-party prediction market platform. It is early days, and our initial focus has been on optimizing spreads across a range of contract types and testing capabilities to ensure we are well positioned to balance growing market share while scaling risk management. Early indicators have been encouraging and we expect to launch our market-making platform in the coming months.
As outlined at our Q4 earnings, we continue to expect investment in prediction markets to be toward the top end of our previous guidance (
International update
International Q1 performance delivered revenue growth of
SEA delivered strong revenue growth of
In UKI, iGaming AMPs were
The previously announced increase in iGaming taxes from
In Brazil, performance remained encouraging with Betnacional AMPs over
In APAC, we continue to see modest year-over-year growth in both sportsbook AMPs and handle. Performance in racing excluding greyhounds, while still down year-over-year, was ahead of our expectations. We welcome the long-awaited advertising restrictions announced at the beginning of April and believe that Sportsbet is well placed to build on its market-leading position. We believe this strikes the right balance between safeguarding customers and allowing operators to continue offering sports betting products in a responsible way.
The Flutter Edge continued to drive tangible benefits across CEE and other regions. CEE revenue grew
Final thoughts and outlook
I am encouraged by the progress we have made during the quarter. We have a clear improvement plan for US sportsbook and we are making good progress, with early signs our execution is gaining traction. The progress we are building in FanDuel Predicts is positive and I am excited about the potential opportunities within market-making.
Internationally, the integration of Snai and NSX is progressing well, our core markets continue to deliver underlying growth, and we are investing with conviction behind the significant opportunities that both Brazil and the FIFA World Cup present this year.
Looking ahead, the organizational changes we are making ensure we have the right structure in place to deliver continued execution against our strategic priorities. We are confident in the outlook for the year and our ability to deliver sustainable, long-term value for shareholders.
Sincerely,
Peter Jackson
Flutter CEO
| In $ millions unless stated, unaudited | US | International | Group | |||||||||||
| Three months ended March 31, | 2026 | 2025 | YoY | 2026 | 2025 | YoY | 2026 | 2025 | YoY | |||||
| Average monthly players ('000s) | 4,267 | 4,312 | (1)% | 10,111 | 10,568 | (4)% | 14,378 | 14,880 | (3)% | |||||
| Handle | 13,357 | 14,606 | (9)% | 9,035 | 6,912 | + | 22,392 | 21,518 | + | |||||
| Net revenue margin | +80bps | (80)bps | +50bps | |||||||||||
| Sportsbook revenue | 1,144 | 1,134 | +1 | 1,077 | 880 | + | 2,221 | 2,014 | + | |||||
| iGaming revenue | 564 | 472 | + | 1,386 | 1,050 | + | 1,950 | 1,522 | + | |||||
| Other revenue | 55 | 60 | (8)% | 78 | 69 | + | 133 | 129 | + | |||||
| Total revenue | 1,763 | 1,666 | + | 2,541 | 1,999 | + | 4,304 | 3,665 | + | |||||
| Cost of sales | (1,043) | (956) | + | (1,244) | (880) | + | ||||||||
| Technology, research and development expenses | (89) | (82) | + | (120) | (95) | + | ||||||||
| Sales and marketing expenses | (379) | (374) | + | (376) | (309) | + | ||||||||
| General and administrative expenses | (133) | (93) | + | (214) | (197) | + | ||||||||
| Reportable segment adjusted EBITDA | 119 | 161 | (26)% | 587 | 518 | + | ||||||||
| Net income | 209 | 335 | (38)% | |||||||||||
| Unallocated corporate overhead15 | (75) | (63) | + | |||||||||||
| Group adjusted EBITDA | 631 | 616 | + | |||||||||||
| Adjusted EBITDA margin | (300)bps | (280)bps | (210)bps | |||||||||||
Group
The Group delivered Q1 revenue growth of
Net income of
- A
$71m increase in interest expense, net to$156m (Q1 2025:$85m ) due to additional financing for the acquisitions of Snai and NSX and to purchase Boyd's5% interest in FanDuel - A
$122m increase in depreciation and amortization cost to$416m in Q1 2026 (Q1 2025:$294m ), primarily due to the acquisitions of Snai and NSX (adjusted depreciation and amortization Q1 2026:$202m , Q1 2025:$136m ) - An
$88m year-over-year non-cash benefit relating to the Fox Option fair value adjustment, with a gain in Q1 2026 of$293m (Q1 2025 gain of$205m )
Net income attributable to Flutter shareholders was
Adjusted EBITDA of
From a cash flow perspective we have introduced a new non-GAAP liquidity measure: free cash flow including financing capex and excluding player funds. This measure includes purchases of intangible assets with extended payment terms which are recognized within cashflows from financing activities ('financing capex'), and excludes changes in player deposits and related liabilities from the existing free cash flow calculation. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
The Group’s net cash provided by operating activities increased by
US
Revenue grew
Sportsbook revenue performance was driven by a handle decline of
The increase in net revenue margin included:
- Structural revenue margin of
13.7% , which was 40bps lower than the prior year due to a reduced proportion of higher margin NFL and NBA volume in the quarter. We expect growth in structural revenue margin year-over-year in H2, and we remain confident in our structural revenue margin expectations of15% in 2027, and16% in the long term - A positive sports results impact year-over-year of 170bps (Q1 2026: 30bps unfavorable, Q1 2025: 200bps unfavorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately
$33m - Promotional spend of
4.9% , which was 50bps higher than the prior year due to the increase in investment in state launches in Missouri in December 2025, and Arkansas in March 2026
iGaming revenue grew
Cost of sales increased by 180bps, primarily driven by tax rate increases of approximately 220bps, partly offset by market access savings and a year-over-year benefit from less unfavorable sports results.
Sales and marketing expenses were
Adjusted EBITDA was
International
We have revised our definition of organic revenue and organic adjusted EBITDA to better capture foreign currency fluctuations and one-off events affecting year-over-year comparability. We believe that the revised definitions provide a more meaningful basis for comparison of period-over-period underlying performance.
The specific events impacting comparability in Q1 are as follows:
- Acquisitions of Snai on April 30, 2025 and NSX on May 14, 2025
- Closure of real money gaming in India in August 2025; and
- Foreign currency fluctuations
Our revised organic measures are therefore presented on a constant currency basis, exclude the contribution from the Snai and NSX acquisitions in the current period, and treat the market closure in India as if they had been in place during the prior year period.
Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
| ($ millions except percentages) | Three months ended March 31, | ||||||||||||
| Total | Sports | iGaming | |||||||||||
| Unaudited | 2026 | 2025 | YoY | YoY CC | YoY organic | YoY | YoY CC | YoY organic | YoY | YoY CC | YoY organic | ||
| UK and Ireland | 900 | 882 | +2 | (5)% | (5)% | (11)% | (17)% | (17)% | + | + | + | ||
| Southern Europe and Africa | 940 | 448 | + | + | + | + | + | + | + | + | + | ||
| Asia Pacific | 305 | 313 | (3)% | (10)% | + | + | + | + | |||||
| Central and Eastern Europe | 160 | 140 | + | + | + | ||||||||
| Brazil | 74 | 9 | + | + | + | ||||||||
| Other regions | 162 | 207 | (22)% | (27)% | (27)% | ||||||||
| International revenue16 | 2,541 | 1,999 | + | + | + | + | + | (7)% | + | + | + | ||
| International adjusted EBITDA | 587 | 518 | + | + | (5)% | ||||||||
International revenue was
International revenue was
Sportsbook revenue grew
- A 40bps reduction in structural revenue margin to
16.6% , due to faster growth in regions with currently lower structural revenue margins including SEA, CEE and Brazil - An adverse sports results impact year-over-year of 120bps (Q1 2026: 100bps unfavorable, Q1 2025 20bps favorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately
$100m - An 80bps reduction in promotional spend to
3.6% driven by the impact of M&A, where the acquired businesses currently have an inherently lower level of promotional spend, and efficiency improvements across UKI and CEE
On an organic basis, sportsbook revenue declined
iGaming revenue was
International regions' year-over-year revenue performance during Q1 was as follows:
- UKI revenue grew
2% (-5% CC) with iGaming growth of14% (+6% CC) driven by a10% increase in AMPs. Sportsbook revenue declined11% (-17% CC) and reflected a2% increase in handle (-5% CC), combined with a 230bps unfavorable swing in year-over-year sports results - SEA revenue increased
110% (+95% CC), benefiting from the acquisition of Snai, and a 10 percentage point growth benefit from PokerStars migrations during the period. On an organic basis revenue was up23% . This was driven by iGaming growth of33% driven by Sisal's strong performance in Italy and Türkiye. Organic sportsbook revenue grew +5% including the benefit from PokerStars migrations during the period of 3 percentage points, as organic handle growth of29% was offset by a 310bps adverse swing in sports results - APAC revenue declined
3% (-10% CC) driven by the impact of the closure of real money gaming in India. Revenue grew2% on an organic basis reflecting performance of Sportsbet. This was driven by an improvement in net revenue margin of 60bps due to a positive swing in sports results, offsetting a decline in handle of4% primarily driven by greyhound softness in racing - CEE revenue grew
14% (+7% CC), supported by iGaming growth of17% (+10% CC), as a26% increase in sportsbook handle (+15% CC) reflecting Flutter Edge driven product improvements in MaxBet and lapping the impact of Armenian credit card restrictions, largely offset by an unfavorable 260bps swing in sports results - Brazil revenue grew
722% benefiting from the acquisition of NSX. Betnacional revenue grew1% year-over-year as strong growth in handle and iGaming revenue were offset by very unfavorable sports results. Organic growth of10% reflected improved trends in Betfair Brazil as we lapped re-registration friction in the prior year following the regulation of the Brazilian market in January 2025. - Other regions revenue was
22% lower (-27% CC), primarily reflecting a 16 percentage point growth impact from the transfer of PokerStars' Southern European customers to the SEA region and continued declines in activity on the PokerStars global platform
Adjusted EBITDA increased by
Cost of sales as a percentage of revenue increased by 500bps to
Sales and marketing expenses increased by
Technology, research and development costs were
Unallocated corporate overhead increased by
Capital structure
Available cash decreased
At our Q4 earnings in February we communicated our plan to return
Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. We continue to prioritize organic investment in our core business, and strategic investment including emerging opportunities such as prediction markets, while also ensuring the deleveraging profile of the business is maintained. There will be no additional buyback tranche this quarter, this position will continue to be assessed. While now is the time to prioritize deleveraging, buybacks remain an important part of our long-term capital allocation policy.
Given the Group's robust growth profile, we expect to return to our target leverage range of 2.0 - 2.5x in the medium-term consistent with our stated policy, with exact timing dependent upon the cadence of our strategic investments and share repurchases.
Review of London Stock Exchange listing
We are undertaking a review of our London Stock Exchange listed ordinary shares. The conclusion of this review may result in the delisting of Flutter's ordinary shares from the LSE. It is anticipated that this review will be completed during Q2 2026 and an update to shareholders will be provided in due course. The NYSE listing of Flutter ordinary shares will not be impacted by the possible cancellation of the LSE listing.
Guidance
April performance on an underlying basis was in line with our expectations across both the US and International. Additionally, we have been pleased with the performance of our early Arkansas state launch, which was not incorporated in our prior outlook and therefore will add
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in Arkansas, and (iii) the change in reporting for PokerStars North America which has no impact from an overall Group basis.
Our updated outlook for 2026 now includes the following midpoints:
Group: revenue and adjusted EBITDA of
US: revenue and adjusted EBITDA of
- Unfavorable sports results since guidance issued of
$45m revenue and$30m adjusted EBITDA - Arkansas launch investment cost of
$35m and a slightly unfavorable revenue impact - PokerStars North America, which will now be operated as part of the FanDuel business (
$40m revenue,$15m adjusted EBITDA loss)
FanDuel Predicts Q1 revenue was not material, Q2 - Q4 revenue has not been included in our guidance.
This results in 2026 US revenue and adjusted EBITDA year-over-year growth of
International: revenue and adjusted EBITDA of
This results in 2026 International revenue growth of
We expect approximately
Interest expense, net: now expected to be
All other guidance items remained unchanged from Q4 guidance
| Updated 2026 guidance | Previous guidance | |||
| Low | Midpoint | High | Midpoint | |
| Group revenue | ||||
| Group adjusted EBITDA | ||||
| US new states adjusted EBITDA | Approximately | |||
| FanDuel Predicts adjusted EBITDA | Approximately | |||
| US total revenue | ||||
| US total adjusted EBITDA | ||||
| International revenue | ||||
| International adjusted EBITDA | ||||
| Unallocated corporate overhead | Approximately | |||
| Interest expense, net | Approximately | |||
| Depreciation and amortization excl. acquired intangibles | Approximately | |||
| Capital expenditure17 | Approximately | |||
| Share repurchases | Approximately | |||
Guidance is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at stated foreign exchange rates13 and (iii) on the basis of a consistent regulatory and tax framework except where otherwise stated.
A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.
Conference call:
Flutter management will host a conference call today at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and be available for questions, with access via webcast and telephone.
A public audio webcast of management’s call and the related Q&A can be accessed by registering here or via www.flutter.com/investors. For those unable to listen to the live broadcast, a replay will be available approximately one hour after the conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.
Analysts and investors who wish to participate in the live conference call must do so by dialing any of the numbers below and using conference ID 105296569. Please dial in 10 minutes before the conference call begins.
+1 833 461 5787 (North America)
+44 808 196 8935 (United Kingdom)
+353 1800 851 901 (Ireland)
+61 1800 849 752 (Australia)
+1 585 542 9983 (International)
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements related to our share repurchase program, our cost efficiency program, the potential delisting of Flutter’s ordinary shares from the London Stock Exchange, our sportsbook improvement plan, planned deleveraging, our expectations regarding market share, impact of management changes, the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy (including our plans and expectations related to new product offerings and enhancements). In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” ”expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “goal,” “target,” “aspire,” “will likely result,” and or the negative version of these words or other comparable words of a future or forward looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: Flutter’s ability to effectively compete in the global entertainment and gaming industries; Adverse changes to the regulation (including taxation) of online betting and iGaming; Flutter’s ability to retain existing customers and to successfully acquire new customers; Flutter’s ability to accurately determine the odds in relation to any particular event exposes us to trading, liability management and pricing risk; Flutter’s ability to develop new product offerings; Flutter’s ability to successfully acquire and integrate new businesses; Flutter’s ability to maintain relationships with third-parties; Flutter’s ability to maintain its reputation; Public sentiment towards online betting and iGaming generally; The potential impact of general economic conditions, including inflation, tariffs and/or trade disputes, fluctuating interest rates and instability in the banking system, on Flutter’s liquidity, operations and personnel; Flutter’s ability to obtain and maintain licenses with gaming authorities; The failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter’s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter’s ability to raise financing in the future; Flutter’s success in retaining or recruiting officers, key employees or directors; Litigation and the ability to adequately protect Flutter’s intellectual property rights; The impact of data security breaches or cyber-attacks on Flutter’s systems; and Flutter’s ability to remediate material weaknesses in its internal control over financial reporting.
Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026 and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Flutter Entertainment plc
Flutter is the world’s leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our size and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global advantages of the Flutter Edge, which gives our brands access to group-wide benefits, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and Betnacional. We are the industry leader with
Contacts:
| Investor Relations: | Media Relations: |
| Paul Tymms, Investor Relations | Kate Delahunty, Corporate Communications |
| Ciara O'Mullane, Investor Relations | Lindsay Dunford, Corporate Communications |
| Rob Allen, Corporate Communications | |
| Email: investor.relations@flutter.com | Email: corporatecomms@flutter.com |
Notes
| 1 | Average Monthly Players (“AMPs”) is defined as the average over the applicable reporting period of the total number of players who have had a bet settled and/or contributed to rake or tournament fees during the month. This measure does not include individuals who have only used new player or player retention incentives, and this measure is for online players only and excludes retail player activity. In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level is greater than the total AMPs presented at the Group level. See Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Operational Metrics” of Flutter’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026 for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data. |
| 2 | Organic revenue, Group adjusted EBITDA, organic adjusted EBITDA, Group adjusted EBITDA margin, free cash flow, free cash flow including financing capex and excluding player funds, net debt, leverage ratio, constant currency, adjusted net income attributable to Flutter shareholders and adjusted earnings per share are non-GAAP financial measures. See “Definitions of non-GAAP financial measures” and “Reconciliations of Non-GAAP Financial Measures” sections of this announcement for definitions of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP. Due to rounding, these numbers may not add up precisely to the totals provided. |
| 3 | The Group acquired Snai in April 2025 and NSX in May 2025. Both are reported within our International segment from their respective completion dates. |
| 4 | Flutter has ceased all real-money gaming operations in India following the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which required Junglee and all other operators to immediately stop real-money gaming services. |
| 5 | US market position based on available market share data for states in which FanDuel is active. Online sportsbook market share is the gross gaming revenue (GGR) and net gaming revenue (NGR) market share of our FanDuel brand for the three months to March 31, 2026 in the states in which FanDuel was live (excluding Tennessee as they no longer report this data), based on published gaming regulator reports in those states. iGaming market share is the GGR market share of FanDuel for the three months to March 31, 2026 in the states in which FanDuel was live, based on published gaming regulator reports in those states. US iGaming GGR market share including PokerStars US (which is reported in the International segment) for the three months to March 31, 2026 was |
| 6 | Impact of US sports results:
|
| 7 | Investment represents expected adjusted EBITDA impact of FanDuel Predicts, for FanDuel only. FanDuel will consolidate the results of FanDuel Predicts fully in its reported results. Under the terms of the partnership with CME Group, CME Group will receive a revenue share of approximately |
| 8 | Constant currency growth rates are calculated by retranslating the non-US dollar denominated component of Q1 2025 at Q1 2026 exchange rates. See reconciliation below. |
| 9 | Following a review of events in the current and prior periods, the Company has revised its definitions of organic revenue and organic adjusted EBITDA to better capture one-off events affecting year-over-year comparability. We believe that the revised definitions provide a more meaningful basis for comparison of period-over-period underlying performance of the Group’s segments and regions. The specific events which are adjusted for the periods under review are as follows:
|
| 10 | Fox has an option to acquire an |
| 11 | Beginning this quarter, the Group presents non-GAAP free cash flow further adjusted to include purchases of intangible assets with extended payment terms which are recognized within cashflows from financing activities ('financing capex'), and exclude changes in player deposits and related liabilities. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations. |
| 12 | A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted. |
| 13 | The impact of changes in foreign exchange rates versus those used in the guidance issued on February 26, 2026 is not significant. Therefore, foreign exchange rates assumed for 2026 guidance remain unchanged versus those used for guidance issued on February 26, 2026 of USD:GBP of 0.741, USD:EUR of 0.849 and USD:AUD of 1.412. |
| 14 | Italian market position and share based on regulator GGR data from Agenzia delle dogane e dei Monopoli |
| 15 | Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to a specific segment. |
| 16 | Total International revenue by region and year-over-year movements includes Other revenue in addition to Sports and iGaming revenue separately identified. |
| 17 | Capital expenditure is defined as payments for the purchase of property and equipment, the purchase of intangible assets and capitalized software. |
Definitions of non-GAAP financial measures
This press release includes organic revenue, organic adjusted EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Flutter shareholders, adjusted Earnings Per Share (“adjusted EPS”), leverage ratio, net debt, free cash flow including financing capex and excluding player funds, adjusted depreciation and amortization and constant currency which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial institutional and investors as measures of performance. These non-GAAP measures are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
Constant currency reflects certain operating results on a constant currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refer to the exchange rates used to translate our operating results for all countries where the functional currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global company, foreign currency exchange rates used for translation may have a significant effect on our reported results. In general, our financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar. References to operating results on a constant currency basis mean operating results without the impact of foreign currency exchange rate fluctuations. We believe the disclosure of constant currency results is helpful to investors because it facilitates period-to-period comparisons of our results by increasing the transparency of our underlying performance by excluding the impact of fluctuating foreign currency exchange rates. We calculate constant currency revenue, adjusted EBITDA and segment adjusted EBITDA by translating prior-period revenue, adjusted EBITDA and segment adjusted EBITDA, as applicable, using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period.
Organic revenue is a non-GAAP measure presented on a segmental and regional basis in constant currency terms. It excludes: (i) acquisitions (calculated by excluding the impact of material acquisitions that are not fully consolidated in both current and comparative periods) and (ii) market exits resulting from significant regulatory changes.
Organic adjusted EBITDA is a non-GAAP measure presented on a segmental basis in constant currency terms, applying the same adjustments as organic revenue to adjusted EBITDA.
Organic revenue and adjusted EBITDA growth rates are also presented to show period-over-period movement. We believe the disclosure of organic revenue, organic adjusted EBITDA, and their growth rates are helpful to investors because they facilitate period-to-period comparisons by increasing transparency of our underlying performance.
The International segment has experienced a number of changes that impact period-to-period comparability. The following adjustments have been made in arriving at organic revenue and organic adjusted EBITDA:
- Contributions from the acquisitions of Snai on April 30, 2025 and NSX on May 14, 2025 are excluded from the current period;
- Junglee contributions are excluded from the comparative period following the closure of real money gaming in India in August 2025; and
- Foreign currency fluctuations.
Adjusted EBITDA is defined on a Group basis as net income (loss) before income taxes; other income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; impairment of property and equipment, intangible assets, right-of-use assets and goodwill and share based compensation expense.
Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue, respectively.
Adjusted net income is defined as net income (loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss (gain) on settlement of long-term debt; impairment of property and equipment, intangible assets, right-of-use assets and goodwill; financing related fees not eligible for capitalization; gain from disposal of businesses, fair value (gain)/loss on derivative instruments, fair value (gain)/loss on contingent consideration, fair value (gain)/loss on Fox Option Liability and fair value (gain)/loss on investment and share-based compensation.
Adjusted net income attributable to Flutter shareholders is defined as adjusted net income, adjusted for net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests, and adjustment of redeemable non-controlling interest to redemption value.
Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Flutter shareholders and adjusted EPS are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit (loss), net income (loss) measures or earnings per share, or as alternatives to net cash provided by (used in) operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP.
Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these limitations are:
- it does not reflect the Group’s cash expenditures or future requirements for capital expenditure or contractual commitments;
- it does not reflect changes in, or cash requirements for, the Group’s working capital needs;
- it does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on the Group’s debt;
- it does not reflect share-based compensation expense which is primarily a non-cash charge that is part of our employee compensation;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items that are reflected in the Group’s statements of cash flows; and
- the further adjustments made in calculating Adjusted EBITDA are those that management consider not to be representative of the underlying operations of the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expense, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by last twelve months adjusted EBITDA. We use this non-GAAP financial measure to evaluate our financial leverage. We present net debt to adjusted EBITDA because we believe it is more representative of our financial position as it is reflective of our ability to cover our net debt obligations with results from our core operations, and is an indicator of our ability to obtain additional capital resources for our future cash needs. We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. The Leverage Ratio is not a substitute for, and should be used in conjunction with, GAAP financial ratios. Other companies may calculate leverage ratios differently.
Free cash flow is defined as net cash provided by (used in) operating activities less payments for property and equipment, intangible assets and capitalized software. Free cash flow including financing capex and excluding player funds is defined as free cash flow less purchases of intangible assets with extended payment terms recognized within cashflows from financing activities, and excluding movements in player deposits - investments and player deposit liabilities. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. These non-GAAP measures may be useful to investors and other users of our financial statements as supplemental measures of our cash performance, but should not be considered in isolation as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Free cash flow and free cash flow including financing capex and excluding player funds do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs. Our calculation of free cash flow and free cash flow including financing capex and excluding player funds may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.
Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.
Condensed Consolidated Balance Sheets
| ($ in millions except share and per share amounts) | As of March 31, | As of December 31, | |
| 2026 | 2025 | ||
| Current assets: | |||
| Cash and cash equivalents | 1,512 | 1,828 | |
| Cash and cash equivalents – restricted | 73 | 72 | |
| Player deposits – cash and cash equivalents | 1,920 | 1,932 | |
| Player deposits – investments | 23 | 23 | |
| Accounts receivable, net | 155 | 190 | |
| Prepaid expenses and other current assets | 817 | 751 | |
| Total current assets | 4,500 | 4,796 | |
| Investments | 6 | 7 | |
| Property and equipment, net | 597 | 630 | |
| Operating lease right-of-use assets | 538 | 550 | |
| Intangible assets, net | 6,714 | 7,019 | |
| Goodwill | 15,649 | 15,825 | |
| Deferred tax assets | 295 | 309 | |
| Other non-current assets | 175 | 144 | |
| Total assets | 28,474 | 29,280 | |
| Liabilities, redeemable non-controlling interests and shareholders’ equity | |||
| Current liabilities: | |||
| Accounts payable | 427 | 386 | |
| Player deposit liability | 1,863 | 1,859 | |
| Operating lease liabilities | 153 | 130 | |
| Long-term debt due within one year | 171 | 109 | |
| Other current liabilities | 2,366 | 2,559 | |
| Total current liabilities | 4,980 | 5,043 | |
| Operating lease liabilities – non-current | 442 | 476 | |
| Long-term debt | 11,794 | 12,157 | |
| Deferred tax liabilities | 1,038 | 1,105 | |
| Other non-current liabilities | 511 | 801 | |
| Total liabilities | 18,765 | 19,582 | |
| Commitments and contingencies | |||
| Redeemable non-controlling interests | 417 | 424 | |
| Shareholders’ equity | |||
| Ordinary shares (Authorized 300,000,000 shares of | 36 | 36 | |
| Additional paid-in capital | 2,049 | 1,989 | |
| Accumulated other comprehensive loss | (1,252) | (1,111) | |
| Retained earnings | 8,231 | 8,124 | |
| Total Flutter Shareholders’ Equity | 9,064 | 9,038 | |
| Non-controlling interests | 228 | 236 | |
| Total shareholders’ equity | 9,292 | 9,274 | |
| Total liabilities, redeemable non-controlling interests and shareholders’ equity | 28,474 | 29,280 |
Condensed Consolidated Statements of Comprehensive Income
| ($ in millions except share and per share amounts) | Three months ended March 31, | ||
| 2026 | 2025 | ||
| Revenue | 4,304 | 3,665 | |
| Cost of sales | (2,467) | (1,956) | |
| Gross profit | 1,837 | 1,709 | |
| Technology, research and development expenses | (259) | (215) | |
| Sales and marketing expenses | (966) | (840) | |
| General and administrative expenses | (533) | (431) | |
| Operating profit | 79 | 223 | |
| Other income (expense), net | 311 | 216 | |
| Interest expense, net | (156) | (85) | |
| Profit before income taxes | 234 | 354 | |
| Income tax expense | (25) | (19) | |
| Net income | 209 | 335 | |
| Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests | (7) | 3 | |
| Adjustment of redeemable non-controlling interest to redemption value | (2) | 49 | |
| Net income attributable to Flutter shareholders | 218 | 283 | |
| Earnings per share | |||
| Basic | 1.24 | 1.59 | |
| Diluted | 1.23 | 1.57 | |
| Other comprehensive income (loss), net of tax: | |||
| Effective portion of changes in fair value of cash flow hedges | 17 | (44) | |
| Fair value of cash flow hedges transferred to the income statement | (11) | 36 | |
| Changes in excluded components of fair value hedge | 1 | (1) | |
| Foreign exchange gain (loss) on net investment hedges | 1 | (14) | |
| Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities | (132) | 369 | |
| Income tax expense related to items of other comprehensive loss | (1) | — | |
| Other comprehensive (loss) income | (125) | 346 | |
| Other comprehensive income (loss) attributable to Flutter shareholders | (141) | 336 | |
| Other comprehensive income attributable to non-controlling interest and redeemable non-controlling interest | 16 | 10 | |
| Total comprehensive income | 84 | 681 | |
Condensed Consolidated Statements of Cash Flows
| Three months ended March 31, | |||
| ($ in millions) | 2026 | 2025 | |
| Cash flows from operating activities | |||
| Net income | 209 | 335 | |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation and amortization | 416 | 294 | |
| Change in fair value of derivatives | — | — | |
| Non-cash interest expense, net | 67 | 12 | |
| Non-cash operating lease expense | 35 | 43 | |
| Unrealized foreign currency exchange gain, net | (20) | (8) | |
| Loss (gain) on disposals | 2 | (3) | |
| Share-based compensation – equity classified | 53 | 56 | |
| Share-based compensation – liability classified | (4) | 1 | |
| Other (income) expense, net | (293) | (205) | |
| Deferred tax (benefit) expense | (37) | 1 | |
| Change in operating assets and liabilities: | |||
| Player deposits - investments | (5) | 9 | |
| Accounts receivable | 32 | (9) | |
| Prepaid expenses and other current assets | (43) | (1) | |
| Accounts payable | 65 | 84 | |
| Other liabilities | (140) | (236) | |
| Player deposit liability | 20 | (147) | |
| Operating leases liabilities | (27) | (38) | |
| Net cash provided by operating activities | 330 | 188 | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (25) | (19) | |
| Purchases of intangible assets | (32) | (33) | |
| Capitalized software | (120) | (48) | |
| Proceeds from disposal of intangible assets | — | 5 | |
| Cash settlement of derivatives designated in net investment hedge | 5 | 4 | |
| Other advances | — | (9) | |
| Net cash used in investing activities | (172) | (100) | |
| Cash flows from financing activities: | |||
| Proceeds from issue of ordinary share upon exercise of options | 4 | 3 | |
| Proceeds from issuance of long-term debt (net of transactions costs) | 450 | — | |
| Transaction costs with third parties from issuance of long-term debt | (6) | — | |
| Repayment of long-term debt | (744) | (10) | |
| Distributions to non-controlling interests | (12) | (4) | |
| Payment of contingent consideration | — | (16) | |
| Purchases of intangible assets with extended payment terms | (15) | — | |
| Repurchase of ordinary shares and taxes withheld and paid on employee share awards | (135) | (244) | |
| Net cash (used in) financing activities | (458) | (271) | |
| Net decrease in cash, cash equivalents and restricted cash | (300) | (183) | |
| Cash, cash equivalents and restricted cash – Beginning of the period | 3,832 | 3,509 | |
| Foreign currency exchange gain (loss) on cash and cash equivalents | (27) | 67 | |
| Cash, cash equivalents and restricted cash – End of the period | 3,505 | 3,393 | |
| Cash, cash equivalents and restricted cash comprise of: | |||
| Cash and cash equivalents | 1,512 | 1,537 | |
| Cash and cash equivalents - restricted | 73 | 54 | |
| Player deposits - cash & cash equivalents | 1,920 | 1,802 | |
| Cash, cash equivalents and restricted cash – End of the period | 3,505 | 3,393 | |
| Supplemental disclosures of cash flow information: | |||
| Interest paid | 97 | 91 | |
| Income tax paid (net of refunds) | 77 | 21 | |
| Operating cash flows from operating leases | 36 | 38 | |
| Non-cash investing and financing activities: | |||
| Purchase of long lived assets with accrued expense - investing1 | 52 | 91 | |
| Purchase of long lived assets with accrued expense - financing1 | 57 | — | |
| Right of use assets obtained in exchange for new operating lease liabilities | 17 | 15 | |
| Adjustments to lease balances as a result of remeasurement | 13 | 25 | |
| Non-cash issuance of common stock upon exercise of options1 | 3 | — | |
- Figures represent the closing position at the end of the reporting period and not the movement during the period.
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation
See below a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net income, the most comparable GAAP measure.
| Three months ended March 31, | |||
| ($ in millions) | 2026 | 2025 | |
| Net income | 209 | 335 | |
| Add back: | |||
| Income taxes | 25 | 19 | |
| Other (expense) income, net | (311) | (216) | |
| Interest expense, net | 156 | 85 | |
| Depreciation and amortization | 416 | 294 | |
| Share-based compensation expense | 49 | 57 | |
| Transaction fees and associated costs1 | 21 | 1 | |
| Restructuring and integration costs2 | 66 | 41 | |
| Group Adjusted EBITDA | 631 | 616 | |
| Group Revenue | 4,304 | 3,665 | |
| Group Adjusted EBITDA Margin | 14.7% | 16.8% | |
- Fees primarily relate to the Group’s contribution to a super political action committee.
- Costs primarily relate to various restructuring, acquisition integration and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.
Adjusted net income attributable to Flutter shareholders
See below a reconciliation of Adjusted net income attributable to Flutter shareholders to net income/ (loss), the most comparable GAAP measure.
| Three months ended March 31, | |||
| ($ in millions) | 2026 | 2025 | |
| Net income | 209 | 335 | |
| Less: | |||
| Transaction fees and associated costs | 21 | 1 | |
| Restructuring and integration costs | 66 | 41 | |
| Amortization of acquired intangibles | 214 | 158 | |
| Share-based compensation | 49 | 57 | |
| Financing related fees not eligible for capitalization | — | 1 | |
| Fair value gain on Fox Option Liability | (293) | (205) | |
| Tax impact of above adjustments1 | (58) | (50) | |
| Adjusted net income | 208 | 338 | |
| Less: | |||
| Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests2 | (7) | 3 | |
| Adjustment of redeemable non-controlling interest3 | (2) | 49 | |
| Adjusted net income attributable to Flutter shareholders | 217 | 286 | |
| Weighted average number of shares | 177 | 180 | |
- Tax rates used in calculated adjusted net income attributable to Flutter shareholders is the statutory tax rate applicable to the geographies in which the adjustments were incurred.
- Represents net income attributed to the non-controlling interest in Sisal offset by the net loss attributed to the redeemable non-controlling interest in MaxBet, Junglee and Betnacional.
- Represents the adjustment made to the carrying value of the redeemable non-controlling interests in MaxBet and Junglee to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.
Adjusted earnings per share reconciliation
See below a reconciliation of adjusted earnings per share to diluted earnings per share, the most comparable GAAP measure.
| Three months ended March 31, | |||
| $ | 2026 | 2025 | |
| Earnings per share to Flutter shareholders | 1.23 | 1.57 | |
| Add/ (Less): | |||
| Transaction fees and associated costs | 0.12 | 0.01 | |
| Restructuring and integration costs | 0.37 | 0.23 | |
| Amortization of acquired intangibles | 1.21 | 0.88 | |
| Share-based compensation | 0.28 | 0.31 | |
| Financing related fees not eligible for capitalization | — | 0.01 | |
| Fair value gain on Fox Option Liability | (1.66) | (1.14) | |
| Tax impact of above adjustments | (0.33) | (0.28) | |
| Adjusted earnings per share | 1.22 | 1.59 | |
Net debt reconciliation
See below a reconciliation of net debt to long-term debt, the most comparable GAAP measure.
| ($ in millions) | As of March 31, 2026 | As of December 31, 2025 | |
| Long-term debt | 11,794 | 12,157 | |
| Long-term debt due within one year | 171 | 109 | |
| Total Debt | 11,965 | 12,266 | |
| Add: | |||
| Transactions costs, premiums or discount included in the carrying value of debt | 87 | 93 | |
| Less: | |||
| Unrealized foreign exchange on translation of foreign currency debt1 | 35 | 60 | |
| Cash and cash equivalents | (1,512) | (1,828) | |
| Net Debt | 10,575 | 10,591 | |
- Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.
Free cash flow including financing capex and excluding player funds
See below a reconciliation of free cash flow and free cash flow including financing capex and excluding player funds to net cash provided by operating activities, the most comparable GAAP measure.
| Three months ended March 31, | |||
| ($ in millions) | 2026 | 2025 | |
| Net cash provided by operating activities | 330 | 188 | |
| Less cash impact of: | |||
| Purchases of property and equipment | (25) | (19) | |
| Purchases of intangible assets | (32) | (33) | |
| Capitalized software | (120) | (48) | |
| Free cash flow | 153 | 88 | |
| Less: Purchases of intangible assets with extended payment terms | (15) | 0 | |
| Less movements in: | |||
| Player deposits - investments | 5 | (9) | |
| Player deposit liability | (20) | 147 | |
| Free cash flow including financing capex and excluding player funds | 123 | 226 | |
Constant currency and organic reconciliation
See below a reconciliation of constant currency and organic revenue and adjusted EBITDA to nominal currency revenue and segment adjusted EBITDA, the most comparable GAAP measure.
| Q1 2026 | Reported | FX impact1 | Constant currency | Acquisitions2 | India exit3 | Organic | |||
| US revenue | 1,763 | 1,763 | |||||||
| UKI sportsbook revenue | 361 | 361 | 361 | ||||||
| UKI iGaming revenue | 502 | 502 | 502 | ||||||
| UKI revenue | 900 | 900 | 900 | ||||||
| SEA sportsbook revenue | 341 | 341 | 181 | ||||||
| SEA iGaming revenue | 586 | 586 | 401 | ||||||
| SEA revenue | 940 | 940 | (350) | 590 | |||||
| APAC revenue | 305 | 305 | 305 | ||||||
| CEE revenue | 160 | 160 | 160 | ||||||
| Brazil revenue | 74 | 74 | (63) | 11 | |||||
| Other regions revenue | 162 | 162 | 162 | ||||||
| International sportsbook revenue | 1,077 | 1,077 | 894 | ||||||
| International iGaming revenue | 1,386 | 1,386 | 1,160 | ||||||
| International revenue | 2,541 | 2,541 | (413) | 2,128 | |||||
| Group revenue | 4,304 | 4,304 | |||||||
| US adjusted EBITDA | 119 | 119 | |||||||
| International adjusted EBITDA | 587 | 587 | (69) | 518 | |||||
| Unallocated corporate overhead | (75) | (75) | |||||||
| Group adjusted EBITDA4 | 631 | 631 | |||||||
| Q1 2025 | Reported | FX impact1 | Constant currency | Acquisitions2 | India exit3 | Organic | ||||
| US revenue | 1,666 | 3 | 1,669 | |||||||
| UKI sportsbook revenue | 404 | 31 | 435 | 435 | ||||||
| UKI iGaming revenue | 441 | 32 | 473 | 473 | ||||||
| UKI revenue | 882 | 67 | 949 | 949 | ||||||
| SEA sportsbook revenue | 155 | 18 | 173 | 173 | ||||||
| SEA iGaming revenue | 287 | 15 | 302 | 302 | ||||||
| SEA revenue | 448 | 33 | 481 | 481 | ||||||
| APAC revenue | 313 | 26 | 339 | (40 | ) | 299 | ||||
| CEE revenue | 140 | 10 | 150 | 150 | ||||||
| Brazil revenue | 9 | 1 | 10 | 10 | ||||||
| Other regions revenue | 207 | 16 | 223 | 223 | ||||||
| International sportsbook revenue | 880 | 83 | 963 | 963 | ||||||
| International iGaming revenue | 1,050 | 64 | 1,114 | (40 | ) | 1,074 | ||||
| International revenue | 1,999 | 153 | 2,152 | (40 | ) | 2,112 | ||||
| Group revenue | 3,665 | 156 | 3,821 | |||||||
| US adjusted EBITDA | 161 | (3 | ) | 158 | ||||||
| International adjusted EBITDA | 518 | 40 | 558 | (13 | ) | 545 | ||||
| Unallocated corporate overhead | (63 | ) | (6 | ) | (69 | ) | ||||
| Group adjusted EBITDA4 | 616 | 30 | 646 | |||||||
- Representing adjustments to identify the year-over-year movement driven by changes to foreign currency exchange rates, calculated by translating prior period amounts using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period. The resulting figures are referred to as constant currency comparatives. The subsequent amounts adjusted for acquisitions, India market exit and internal reorganizations are likewise shown on a constant currency basis.
- Representing adjustments to exclude the impacts from businesses acquired after the start of the prior comparative period. The Snai and NSX acquisitions were completed on April 30, 2025, and May 14, 2025, respectively. As such, any revenue or adjusted EBITDA generated between January 1, 2026, and March 31, 2026 has been excluded from organic figures to facilitate meaningful analysis and comparison of our underlying growth year-over-year.
- Representing adjustments to exclude the impacts resulting from the enactment of the Promotion and Regulation of Online Gaming Act 2025, which required Junglee and all other operators to immediately stop real-money gaming services. As such, any revenue or adjusted EBITDA generated between January 1, 2025, and March 31, 2025 has been excluded from organic figures to facilitate meaningful analysis and comparison of our underlying growth year-over-year.
- Group adjusted EBITDA has been reconciled to net income above, the most directly comparable financial measures calculated in accordance with GAAP.
This results in the following year-over-year growth rates:
| Q1 2026 | YoY reported | FX impact | YoY CC | Organic adjustments | YoY organic | |||||
| US revenue | +6 | % | — | % | +6 | % | ||||
| UKI sportsbook revenue | (11 | )% | +6 | % | (17 | )% | — | % | (17 | )% |
| UKI iGaming revenue | +14 | % | +8 | % | +6 | % | — | % | +6 | % |
| UKI revenue | +2 | % | +7 | % | (5 | )% | — | % | (5 | )% |
| SEA sportsbook revenue | +120 | % | +23 | % | +97 | % | +92 | % | +5 | % |
| SEA iGaming revenue | +104 | % | +10 | % | +94 | % | +61 | % | +33 | % |
| SEA revenue | +110 | % | +15 | % | +95 | % | +72 | % | +23 | % |
| APAC revenue | (3 | )% | +7 | % | (10 | )% | (12 | )% | +2 | % |
| CEE revenue | +14 | % | +7 | % | +7 | % | — | % | +7 | % |
| Brazil revenue | +722 | % | +82 | % | +640 | % | +630 | % | +10 | % |
| Other regions revenue | (22 | )% | +5 | % | (27 | )% | — | % | (27 | )% |
| International sportsbook revenue | +22 | % | +10 | % | +12 | % | +19 | % | (7 | )% |
| International iGaming revenue | +32 | % | +8 | % | +24 | % | +16 | % | +8 | % |
| International revenue | +27 | % | +9 | % | +18 | % | +17 | % | +1 | % |
| Group revenue | +17 | % | +4 | % | +13 | % | ||||
| US adjusted EBITDA | (26 | )% | (1 | )% | (25 | )% | ||||
| International adjusted EBITDA | +13 | % | +8 | % | +5 | % | +10 | % | (5 | )% |
| Unallocated corporate overhead | +19 | % | +10 | % | +9 | % | ||||
| Group adjusted EBITDA | +2 | % | +4 | % | (2 | )% | ||||
Reconciliation of supplementary non GAAP information: Adjusted depreciation and amortization
| ($ millions) | Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||
| Unaudited | US | Intl | Corp | Total | US | Intl | Corp | Total | |||||||
| Depreciation and Amortization | 61 | 341 | 14 | 416 | 33 | 250 | 11 | 294 | |||||||
| Less: Amortization of acquired intangibles | (25 | ) | (189 | ) | — | (214 | ) | (4 | ) | (154 | ) | — | (158 | ) | |
| Adjusted depreciation and amortization1 | 36 | 152 | 14 | 202 | 29 | 96 | 11 | 136 | |||||||
- Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.
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