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Group Revenue: Grew 2% in Q3 2026, with U.S. sportsbook performance ahead of expectations and international share gains partly offset by adverse sports results.
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Adjusted EBITDA: Declined 25%, reflecting investments in Alberta and prediction markets plus higher U.K. gaming taxes, partly mitigated by cost actions.
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Net Loss: Reported net loss in Q3, driven by an $873 million non-cash Brazil impairment charge and increased legal loss contingencies.
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Brazil Impairment: $873 million non-cash write-down following the government’s provisional measure banning online sports betting and gaming in Brazil.
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Free Cash Flow: Improved 22% year-over-year, including financing CapEx and excluding player funds.
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Leverage: 4.6 times at quarter end; company targets a return to 2 to 2.5 times over the medium term, with significant deleveraging expected through 2027.
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Cost Savings: Additional $500 million in gross operating cost and capital expenditure savings targeted by 2029.
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Full-Year 2026 Revenue Guidance: Midpoint reduced by $300 million to $17.61 billion.
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Full-Year 2026 Adjusted EBITDA Guidance: Reduced by $160 million to $2.495 billion.
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Transaction, Restructuring & Integration Costs: Now approximately $620 million, up about $120 million, primarily due to higher legal loss contingencies.
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Cost of Sales: Tracking at 58% of revenue for 2026, expected to remain at the same level in 2027.
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Prediction Markets: Trading volumes nearly trebled in October versus July; retention and frequency metrics at 80% to 85% of OSB; investment expected at similar or higher levels going forward.
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Alberta Launch: Achieved more than 20% market share across Q3, significantly surpassing the Ontario launch.
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UKI Performance: Strong double-digit gaming growth on the back of record World Cup engagement.
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Capital Allocation: Share repurchase program paused for the foreseeable future; priority on high-return growth investment and deleveraging.
Release Date: November 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Flutter Entertainment PLC (NYSE:FLUT) delivered U.S. sportsbook performance ahead of expectations and gained market share in August and September.
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International operations showed market share gains in core markets including the U.K., Ireland, Italy, and CEE, with strong double-digit gaming growth in UKI.
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The company is on track to deliver market-making guidance for 2026, with $50 million revenue and circa $40 million adjusted EBITDA, leveraging its pricing expertise.
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Flutter Entertainment PLC (NYSE:FLUT) achieved a 22% year-over-year improvement in free cash flow, excluding player funds, and successfully refinanced its revolving credit facility and Term Loan A.
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The company expects to deliver an additional $500 million in gross operating cost and capital expenditure savings by 2029, supporting long-term growth and margin protection.
