Flutter Entertainment's second quarter revenue beat estimates, but profit fell and FY2026 guidance was lowered.

Flutter Entertainment reported second quarter revenue of $4.33 billion, up 3% year-over-year, driven by a 10% increase in its International segment. However, the company swung to a net loss of $296 million from a $37 million profit a year ago, with adjusted EPS falling 83% to $0.49. The company also announced that CEO Peter Jackson will transition out of his role on October 1, 2026, to be succeeded by Dan Taylor.

Key Highlights

• Revenue grew 3% to $4.33 billion, with strong International growth (+10%) offsetting a 6% decline in the US segment, which was affected by adverse sports results.
• Adjusted EBITDA fell 45% year-over-year to $508 million, pressured by higher marketing spend for the FIFA World Cup, a UK tax increase, and lower US profitability.
• The key U.S. segment reported Adjusted EBITDA of $119 million, down 70% from the prior year but ahead of analyst expectations of $113 million.
• Flutter lowered its full-year 2026 guidance, reducing the midpoint for revenue by $395 million to $17.91 billion and for Adjusted EBITDA by $210 million to $2.655 billion, citing increased investment in the US.