Flutter Entertainment reported a $296 million net loss for the second quarter of 2026, compared with net income of $37 million in Q2 2025, as adjusted EBITDA collapsed 45% to $508 million on revenue that still rose 3% to $4.33 billion.
The loss per share came in at $1.57, against earnings of $0.59 in Q2 2025. On an adjusted basis, EPS was $0.49 – above the $0.39 analyst consensus, according to the company’s August 5 earnings release – but the headline net result reflected a combination of historical tax provisions totalling $95 million, M&A-driven financing costs, and a sharp drop in sportsbook margin in the US.
Average monthly players fell 11% year-over-year to 14.3 million, with Flutter attributing 17 percentage points of that decline to the closure of its India business. The leverage ratio widened to 4.3x from 3.7x at year-end 2025, as net debt reached $10.48 billion.
US Segment Takes the Strain
US revenue dropped 6% to $1.68 billion, with sportsbook down 15% and iGaming up 14%. Management attributed a six percentage-point drag to customer-friendly sports results, citing the Knicks’ June playoff run as a notable contributor. US adjusted EBITDA fell 70% to $119 million from $400 million a year earlier.
FanDuel retained its positions as the number-one sportsbook and iGaming operator by GGR market share, at 39% and 27% respectively. Flutter said its expanded loyalty programme now covers 70% of the US customer base, and that its FanDuel Predicts prediction market offering is expected to generate approximately $50 million in market-making revenue for the full year – a figure it described as early-stage but indicative of the opportunity.
International revenue grew 10% to $2.64 billion, with organic growth of 4%. Southeast Asia led with 36% total revenue growth, driven by record engagement in Italy during the World Cup. International adjusted EBITDA fell 19% to $476 million, weighed down by the UK’s increase in remote gaming duty and elevated marketing spend around the tournament.
Guidance Cut and CEO Handover
Flutter trimmed its full-year 2026 revenue guidance by $395 million to a midpoint of $17.91 billion, and cut adjusted EBITDA guidance by $210 million to $2.655 billion. The reductions reflect a $75 million revenue hit from NFL schedule changes, ongoing US investment, forward FX headwinds, and higher UK taxes.
Peter Jackson, who has led the company for nearly nine years, said he believes this is the right point in Flutter’s journey to hand over leadership to Dan Taylor – currently President of Flutter and CEO of Flutter International – who succeeds him as CEO on October 1. Jackson will support the transition through Q3 ahead of the NFL season before handing over fully at the end of the quarter.
Flutter also launched the second phase of its cost transformation programme, targeting $500 million in gross operating cost and capital expenditure savings by 2029. Management said the programme will rely on technology efficiencies, AI, and a reduction in duplicated work across the business, while protecting customer-facing capabilities that differentiate its brands.
Source: Flutter Entertainment Q2 2026 Earnings Release
When he is not analysing the latest compliance updates or dissecting quarterly operator results, Florian follows Bundesliga football closely and maintains a healthy skepticism toward anyone claiming to have cracked a winning betting system. He brings a grounded, insider-aware perspective to his writing and is always more interested in the structural story behind the headline than the headline itself.