Q1 2026 Financial Results

About this update from Flutter Entertainment Plc

[{"type":"image","alt":"Flutter Entertainment PLC","displaySize":"","headline":null,"caption":"Flutter Entertainment PLC","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":153,"url":"https://media.zenfs.com/en/globenewswire.com/db7487755d71c4ab2321fbf54d55b69c"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/Iwq2n031cw5KpZNCz1O4bA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIxNA--/https://media.zenfs.com/en/globenewswire.com/db7487755d71c4ab2321fbf54d55b69c","width":300,"height":153}},"lazy":false},{"type":"text","content":"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. 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","length":8,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Group revenue +17% year-over-year benefiting from M&A 3 , a positive swing in year-over-year sports results, and strong iGaming growth. AMPs down 3% reflecting India market closure 4 ","length":183,"tagName":"p"}]},{"val":[{"type":"text","content":"Management changes implemented to best position the Group for future growth:","length":76,"tagName":"p"}]},{"val":[{"type":"text","content":"Dan Taylor, CEO of International, appointed President of Flutter Entertainment","length":78,"tagName":"p"}]},{"val":[{"type":"text","content":"Christian Genetski, President of FanDuel, will now lead the US business","length":71,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":211,"tagName":"p"}]},{"val":[{"type":"text","content":"US revenue $1,763m: +6% year-over-year with sportsbook +1% and iGaming +19%:","length":76,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":695,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Continued #1 sportsbook and iGaming positions, 39% and 27% respective GGR market shares 5 ","length":88,"tagName":"p"}]},{"val":[{"type":"text","content":"Revenue c. $90m ahead of Q1 guidance excluding $45m sports results headwind 6 ","length":76,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sportsbook revenue growth reflected:","length":36,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Continuing impact from Q4 unfavorable recycling and customer churn","length":66,"tagName":"p"}]},{"val":[{"type":"text","content":"Less unfavorable sports results year-over-year","length":46,"tagName":"p"}]},{"val":[{"type":"text","content":"Customer growth and underlying revenue growth improving through the quarter","length":75,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":187,"olType":false}]},{"val":[{"type":"text","content":"Strong launch in Arkansas despite accelerated timeline","length":54,"tagName":"p"}]},{"val":[{"type":"text","content":"Continued strong iGaming growth driven by direct casino engagement","length":66,"tagName":"p"}]},{"val":[{"type":"text","content":"FanDuel Predicts:","length":17,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":""One App" experience launched in non-sportsbook states where FanDuel Predicts can now be accessed through the FanDuel sportsbook app","length":142,"tagName":"p"}]},{"val":[{"type":"text","content":"Initial phase of market-making commenced with positive early indicators","length":71,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":213,"olType":false}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $119m, 26% lower year-over-year after investment in prediction markets 7 and Arkansas launch","length":110,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":683,"olType":false}]},{"val":[{"type":"text","content":"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 basis 2 ,9 , revenue was in line with the prior year:","length":270,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sportsbook organic revenue -7% with a strong underlying performance in SEA offset by unfavorable sports results in UKI and SEA 6 ","length":127,"tagName":"p"}]},{"val":[{"type":"text","content":"iGaming organic revenue +8%, driven by performances in SEA, UKI and CEE","length":71,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA of $587m, +13% (+5% CC). Organic adjusted EBITDA was 5% lower driven by the shift in revenue mix toward higher cost-of-sale products and regions","length":160,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":358,"olType":false}]},{"val":[{"type":"text","content":"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 Option 10 benefit. Net income margin was 4.9%","length":255,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1730,"olType":false},{"type":"readMore"},{"type":"list","items":[{"val":[{"type":"text","content":"Group Q1 adjusted EBITDA of $631m +2% and adjusted EBITDA margin of 14.7%, -210bps, driven by revenue growth, investment in FanDuel Predicts and new state launch costs","length":167,"tagName":"p"}]},{"val":[{"type":"text","content":"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","length":220,"tagName":"p"}]},{"val":[{"type":"text","content":"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 funds 11 declined by 46%, due to increased capital expenditure and tax payments","length":277,"tagName":"p"}]},{"val":[{"type":"text","content":"Review of London Stock Exchange listing commenced ","length":49,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":713,"olType":false},{"type":"text","content":" Updated full year 2026 guidance 12,13 ","length":36,"tagName":"p"},{"type":"text","content":"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 $35m in investment costs for 2026","length":309,"tagName":"p"},{"type":"text","content":"We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued 6 , (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.","length":275,"tagName":"p"},{"type":"text","content":"Group revenue is now expected to be $18.305bn with adjusted EBITDA of $2.865bn at the midpoint. This reflects a reduction from previous guidance of $18.4bn and $2.97bn in revenue and adjusted EBITDA expectations respectively, with updated guidance now representing 12% and 1% year-over-year growth.","length":298,"tagName":"p"},{"type":"text","content":" Peter Jackson, CEO, commented: ","length":30,"tagName":"p"},{"type":"text","content":" "Flutter’s Q1 performance was encouraging, with Group revenue increasing 17% year‑on‑year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. Group performance also benefited from our local hero acquisitions in Italy and Brazil, and excellent underlying SEA growth. ","length":348,"tagName":"p"},{"type":"text","content":" 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.” ","length":535,"tagName":"p"},{"type":"text","content":"To our shareholders","length":19,"tagName":"p"},{"type":"text","content":"Flutter delivered Q1 revenue growth of 17% year-over-year benefiting from our Snai and Betnacional acquisitions and a positive swing in year-over-year sports results. Sportsbook revenue grew 10% with excellent underlying momentum in SEA. US sportsbook was 1% higher year-over-year, including improvement on an underlying basis through the quarter as we execute on our improvement plan. We also delivered continued strong iGaming performance across the US, SEA and UKI, with Group iGaming revenue growth of 28%.","length":510,"tagName":"p"},{"type":"text","content":"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.","length":748,"tagName":"p"},{"type":"text","content":"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.","length":750,"tagName":"p"},{"type":"text","content":" US update ","length":9,"tagName":"p"},{"type":"text","content":"US Q1 revenue grew by 6% with sportsbook revenue up 1% year-over-year and iGaming revenue up 19%. While we have seen encouraging signs in our underlying sportsbook growth as the quarter progressed, overall performance in Q1 was adversely impacted by a continuation of the market-wide trends observed during Q4. FanDuel exited 2025 with a smaller customer base than anticipated which continued to impact growth during the quarter, with sportsbook AMPs 6% lower year-over-year. iGaming performance remained strong benefiting from continued execution on our casino-first strategy and underpinned by AMP growth of 10%.","length":614,"tagName":"p"},{"type":"text","content":" US core sports betting and iGaming ","length":34,"tagName":"p"},{"type":"text","content":"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.","length":266,"tagName":"p"},{"type":"text","content":"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.","length":969,"tagName":"p"},{"type":"text","content":"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.","length":456,"tagName":"p"},{"type":"text","content":"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 5% recovered to 1% growth in March. Handle trends improved from a 10% year-over-year decline in January, to a 4% decline in March before we began lapping the elevated March Madness handle in the prior year due to a particularly customer-friendly tournament which generated strong recycling activity. These positive trends underpinned an improvement in underlying revenue growth, with these trends expected to continue into Q2.","length":647,"tagName":"p"},{"type":"text","content":"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.","length":502,"tagName":"p"},{"type":"text","content":"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.","length":1158,"tagName":"p"},{"type":"text","content":"In iGaming, FanDuel delivered another strong quarter of growth with AMPs up 10%. Expansion of our direct casino player base, coupled with improved player frequency among higher-value cohorts, drove revenue growth of 19% year-over-year. This included direct casino revenue growth of 28% which more than offset the impact of reduced cross-sell customers from sportsbook. This performance was driven by enhanced rewards delivered through our loyalty program including daily reward boxes and the continued roll-out of new and exclusive content. At the start of April, we also migrated PokerStars customers to the FanDuel platform which will help unlock improved product and cross-state liquidity for poker customers, mirroring the success we have seen in Italy.","length":757,"tagName":"p"},{"type":"text","content":"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.","length":524,"tagName":"p"},{"type":"text","content":" Prediction markets ","length":18,"tagName":"p"},{"type":"text","content":"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.","length":678,"tagName":"p"},{"type":"text","content":"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.","length":398,"tagName":"p"},{"type":"text","content":"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.","length":516,"tagName":"p"},{"type":"text","content":"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.","length":339,"tagName":"p"},{"type":"text","content":"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.","length":557,"tagName":"p"},{"type":"text","content":"As outlined at our Q4 earnings, we continue to expect investment in prediction markets to be toward the top end of our previous guidance ($250m-$300m of adjusted EBITDA investment losses). Our priority remains building long-term value, while retaining flexibility to adjust investment where performance warrants. We believe this will position us to deliver future growth and harness the long-term opportunities for our business.","length":428,"tagName":"p"},{"type":"text","content":" International update ","length":20,"tagName":"p"},{"type":"text","content":"International Q1 performance delivered revenue growth of 27% (+18% CC) and adjusted EBITDA growth of 13% (+5% CC) benefitting from the acquisitions of Snai and Betnacional. Organic revenue was in line with the prior year, as excellent underlying growth in SEA, and continued iGaming momentum in UKI and CEE, offset unfavorable sports results in the quarter. Organic adjusted EBITDA declined by 5% driven by higher revenue growth in products and regions with a higher cost of sales. We are making very good progress on delivering our $300m 2027 cost efficiency program with full rate savings expected to be achieved by the end of this year. We remain focused on identifying further cost optimization through our next phase of cost and business transformation.","length":758,"tagName":"p"},{"type":"text","content":"SEA delivered strong revenue growth of 110%, benefiting from the acquisition of Snai. On an organic basis, AMPs grew 26% and revenue 23%, driven by a market-leading performance in Italy, strong growth in Türkiye and a benefit from PokerStars migrations. In Italy, SEA strongly outperformed the market, delivering a 31% online market share. Sisal's unique, market-first MyCombo SGP product saw exceptional engagement, driving multi-leg bets to half of Sisal's pre-match soccer handle in Q1, with over 30% of bets having 5 or more legs. Sisal’s iGaming performance benefited from exclusive content offering customers premium products and differentiation, alongside improvements to our games' recommendation engine. Snai delivered continued online growth, with successful completion of our planned platform migration at the end of April now unlocking access to Sisal's market leading product for Q2. We also continued to see a year-over-year iGaming benefit from our successful tombola and PokerStars integrations in H2 2025, with PokerStars revenue now ahead of its peak during the Covid-19 pandemic. In Türkiye, revenue growth of 32% (59% CC) was driven by further network expansion and new content roll-out.","length":1223,"tagName":"p"},{"type":"text","content":"In UKI, iGaming AMPs were 10% higher and revenue was up 14% (+6% CC). This reflected excellent, double digit iGaming growth for Paddy Power, tombola and Betfair driven by a strong pipeline of new slots content resulting in strong retention metrics. In sportsbook, targeted generosity helped drive strong customer engagement during a record Cheltenham racing festival, where Paddy Power was the #1 downloaded app. Performance for Sky Bet has been behind expectations as customers adapted to the new user interface post-migration. However, now customers have access to the full Flutter sportsbook product suite, momentum continued to improve for the brand across the quarter. Sky Bet delivered its highest January customer acquisition volumes in five years and a strong Cheltenham festival which helped drive underlying sportsbook revenue back to growth in March.","length":861,"tagName":"p"},{"type":"text","content":"The previously announced increase in iGaming taxes from 19% to 40% in the UK was implemented on April 1. Market competitiveness remained stable ahead of the change, but we now expect less profitable operators to begin to adjust both marketing and generosity strategies. As the leading scale operator in the UK, Flutter is very well-placed to deliver both material first order mitigation and benefit from second-order effects, including market share gains over time. However, a consequence of the increase in gaming taxes will be to drive some UK customers toward unregulated operators, where there is no player protection. We therefore welcome the UK Government's allocation of funding to the UK Gambling Commission to combat this issue, and the recently proposed ban on sports club sponsorship by unlicensed operators. These steps, along with recent commentary from the UK Gambling Commission, demonstrate a strong intention to enforce against unregulated operators and we look forward to further steps to ensure that accessing illegal operators is restricted.","length":1065,"tagName":"p"},{"type":"text","content":"In Brazil, performance remained encouraging with Betnacional AMPs over 40% higher year-over-year, driven by continued product improvements across sportsbook and iGaming, validating our continued heightened investment in this exciting market. We will soon deliver a key milestone in our sportsbook product roadmap with the integration of our proprietary pricing capabilities. This will unlock significant Flutter Edge advantages such as a greater depth of markets, a leading parlay product and promotional improvements ahead of the FIFA World Cup in June.","length":554,"tagName":"p"},{"type":"text","content":"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.","length":535,"tagName":"p"},{"type":"text","content":"The Flutter Edge continued to drive tangible benefits across CEE and other regions. CEE revenue grew 14% (+7% CC), with Armenia cementing its number one iGaming position and Serbia delivering good momentum as product improvements took hold. In other regions, we are actively optimizing how we deploy our product capabilities and local hero brands, migrating PokerStars customers in Spain, France and Portugal to our SEA platform to unlock an improved product experience and cost efficiencies. This represents an important milestone as we scale across markets.","length":559,"tagName":"p"},{"type":"text","content":" Final thoughts and outlook ","length":26,"tagName":"p"},{"type":"text","content":"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.","length":334,"tagName":"p"},{"type":"text","content":"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.","length":258,"tagName":"p"},{"type":"text","content":"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.","length":283,"tagName":"p"},{"type":"text","content":"Sincerely,","length":10,"tagName":"p"},{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","className":"","disableSlideshowImg":false,"size":{"original":{"width":356,"height":121,"url":"https://media.zenfs.com/en/globenewswire.com/20a3e4a97479d71fde100fe64019b1d4"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/dpUvJK4jwuhPVaESSAL7LQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTI0MA--/https://media.zenfs.com/en/globenewswire.com/20a3e4a97479d71fde100fe64019b1d4","width":356,"height":121}}},{"type":"text","content":"Peter Jackson Flutter CEO","length":25,"tagName":"p"},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" In $ 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