Flutter Entertainment (FLUT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 3% year-over-year to $4.33 billion, but net loss was $296 million versus $37 million profit last year, driven by lower segment profitability, tax provisions, and higher costs.

• Adjusted EBITDA fell 45% year-over-year to $508 million, with margin dropping from 21.9% to 11.7%.

• CEO Peter Jackson announced his departure at the end of September, with Dan Taylor set to succeed him on October 1, 2026.

• Record engagement and revenue during FIFA World Cup 2026, with over 10 million active customers and $3 billion in handle, up 174% vs 2022.

• Cost transformation initiatives underway, targeting up to $1 billion in savings by 2029 through technology, AI, and operational efficiencies.

Financial highlights

• Q2 2026 revenue: $4.33 billion (+3% YoY); H1 2026 revenue: $8.63 billion (+10% YoY).

• Adjusted EBITDA Q2 2026: $508 million (vs. $919 million Q2 2025); margin 11.7% (down from 21.9%).

• Net loss of $296 million (vs. $37 million net income in Q2 2025), impacted by reduced segment profitability and $95 million in one-off historical tax costs.

• Free cash flow fell 56% year-over-year, despite a $4 million increase in net cash from operating activities.

• Loss per share was $1.57, with adjusted loss per share at $0.49.

Outlook and guidance

• Full-year 2026 revenue guidance reduced by $395 million to $17.91 billion at midpoint; adjusted EBITDA guidance lowered by $210 million to $2.655 billion.

• US 2026 revenue expected at $7.4 billion (+6% YoY), adjusted EBITDA at $760 million (-18% YoY); International revenue guidance unchanged at $10.51 billion, adjusted EBITDA flat at $2.205 billion.

• Updated guidance reflects positive Q2 trading, $50 million expected from market making, $45 million in additional U.S. cost savings, and a $75 million revenue/$50 million EBITDA impact from the NFL season delay.

• Capital expenditure guidance improved to $815 million, with D&A guidance reduced to $730 million.

• Early Q3 trading ahead of expectations, benefiting from FIFA World Cup engagement and favorable sports results.