Key financial highlights:
| In $ millions except where stated otherwise | Three months ended | ||
| 2026 | 2025 | YOY | |
| Average monthly players (AMPs) (‘000s')1 | 14,378 | 14,880 | (3)% |
| Revenue | 4,304 | 3,665 | +17% |
| Net income | 209 | 335 | (38)% |
| Net income margin | 4.9% | 9.1% | (420)bps |
| Adjusted EBITDA2 | 631 | 616 | +2% |
| Adjusted EBITDA margin2 | 14.7% | 16.8% | (210)bps |
| Earnings per share ($) | 1.23 | 1.57 | (22)% |
| Adjusted earnings per share ($)2 | 1.22 | 1.59 | (23)% |
| Net cash provided by operating activities | 330 | 188 | +76% |
| Free cash flow2 | 153 | 88 | +74% |
| Free cash flow including financing capex and excluding player funds2 | 123 | 226 | (46)% |
| Leverage ratio2( | 3.7x | ||
Overview
- Group revenue +17% year-over-year benefiting from M&A3, a positive swing in year-over-year sports results, and strong iGaming growth. AMPs down 3% reflecting
India market closure4 - Management changes implemented to best position the Group for future growth:
Dan Taylor , CEO of International, appointed President ofFlutter Entertainment Christian Genetski , President of FanDuel, will now lead the US business- 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
- US revenue
$1 ,763m: +6% year-over-year with sportsbook +1% and iGaming +19%:
- Continued #1 sportsbook and iGaming positions, 39% and 27% respective GGR market shares5
- Revenue c.
$90m ahead of Q1 guidance excluding$45m sports results headwind6- Sportsbook revenue growth reflected:
- Continuing impact from Q4 unfavorable recycling and customer churn
- Less unfavorable sports results year-over-year
- Customer growth and underlying revenue growth improving through the quarter
- Strong launch in
Arkansas despite accelerated timeline - Continued strong iGaming growth driven by direct casino engagement
- FanDuel Predicts:
- "One App" experience launched in non-sportsbook states where FanDuel Predicts can now be accessed through the FanDuel sportsbook app
- Initial phase of market-making commenced with positive early indicators
- Adjusted EBITDA of
$119m , 26% lower year-over-year after investment in prediction markets7 andArkansas launch
- Sportsbook revenue growth reflected:
- 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 basis2,9, revenue was in line with the prior year:- Sportsbook organic revenue -7% with a strong underlying performance in SEA offset by unfavorable sports results in UKI and SEA6
- iGaming organic revenue +8%, driven by performances in SEA, UKI and CEE
- 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
- 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 Option10 benefit. Net income margin was 4.9%
- 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 - 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 - 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 funds11 declined by 46%, due to increased capital expenditure and tax payments
- Review of
London Stock Exchange listing commenced
Updated full year 2026 guidance12,13
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
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in
Group revenue is now expected to be
"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
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.”
To our shareholders
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%.
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
At the same time,
US update
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%.
US core sports betting and iGaming
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.
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
Sportsbook product enhancements included expansion of our popular "Pass the Leg" feature to
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
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
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
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
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.
Prediction markets
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.
In Q1, FanDuel Predicts was expanded nationwide across financial, economic and commodities contracts, with sports available for trading in 18 non-sportsbook states including
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.
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
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.
As outlined at our Q4 earnings, we continue to expect investment in prediction markets to be toward the top end of our previous guidance (
International update
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
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
In UKI, iGaming AMPs were 10% higher and revenue was up 14% (+6% CC). This reflected excellent, double digit iGaming growth for
The previously announced increase in iGaming taxes from 19% to 40% in the
In
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
The Flutter Edge continued to drive tangible benefits across CEE and other regions. CEE revenue grew 14% (+7% CC), with
Final thoughts and outlook
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.
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
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.
Sincerely,
Flutter CEO
| In $ millions unless stated, unaudited | US | International | Group | |||||||||||
| Three months ended | 2026 | 2025 | YoY | 2026 | 2025 | YoY | 2026 | 2025 | YoY | |||||
| Average monthly players ('000s) | 4,267 | 4,312 | (1)% | 10,111 | 10,568 | (4)% | 14,378 | 14,880 | (3)% | |||||
| Handle | 13,357 | 14,606 | (9)% | 9,035 | 6,912 | +31% | 22,392 | 21,518 | +4% | |||||
| Net revenue margin | 8.6% | 7.8% | +80bps | 11.9% | 12.7% | (80)bps | 9.9% | 9.4% | +50bps | |||||
| Sportsbook revenue | 1,144 | 1,134 | +1 | 1,077 | 880 | +22% | 2,221 | 2,014 | +10% | |||||
| iGaming revenue | 564 | 472 | +19% | 1,386 | 1,050 | +32% | 1,950 | 1,522 | +28% | |||||
| Other revenue | 55 | 60 | (8)% | 78 | 69 | +13% | 133 | 129 | +3% | |||||
| Total revenue | 1,763 | 1,666 | +6% | 2,541 | 1,999 | +27% | 4,304 | 3,665 | +17% | |||||
| Cost of sales | (1,043) | (956) | +9% | (1,244) | (880) | +41% | ||||||||
| Technology, research and development expenses | (89) | (82) | +9% | (120) | (95) | +26% | ||||||||
| Sales and marketing expenses | (379) | (374) | +1% | (376) | (309) | +22% | ||||||||
| General and administrative expenses | (133) | (93) | +43% | (214) | (197) | +9% | ||||||||
| Reportable segment adjusted EBITDA | 119 | 161 | (26)% | 587 | 518 | +13% | ||||||||
| Net income | 209 | 335 | (38)% | |||||||||||
| Unallocated corporate overhead15 | (75) | (63) | +19% | |||||||||||
| Group adjusted EBITDA | 631 | 616 | +2% | |||||||||||
| Adjusted EBITDA margin | 6.7% | 9.7% | (300)bps | 23.1% | 25.9% | (280)bps | 14.7% | 16.8% | (210)bps | |||||
Group
The Group delivered Q1 revenue growth of 17%. This was driven by iGaming revenue growth of 28% with sportsbook revenue up 10% and other revenue 3% higher, as set out below in the US and International sections.
Net income of
- A
$71m increase in interest expense, net to$156m (Q1 2025:$85m ) due to additional financing for the acquisitions of Snai and NSX and to purchase Boyd's 5% interest in FanDuel - A
$122m increase in depreciation and amortization cost to$416m in Q1 2026 (Q1 2025:$294m ), primarily due to the acquisitions of Snai and NSX (adjusted depreciation and amortization Q1 2026:$202m , Q1 2025:$136m ) - An
$88m year-over-year non-cash benefit relating to the Fox Option fair value adjustment, with a gain in Q1 2026 of$293m (Q1 2025 gain of$205m )
Net income attributable to Flutter shareholders was
Adjusted EBITDA of
From a cash flow perspective we have introduced a new non-GAAP liquidity measure: free cash flow including financing capex and excluding player funds. This measure includes purchases of intangible assets with extended payment terms which are recognized within cashflows from financing activities ('financing capex'), and excludes changes in player deposits and related liabilities from the existing free cash flow calculation. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
The Group’s net cash provided by operating activities increased by
US
Revenue grew 6%, driven by iGaming revenue growth of 19% with sportsbook revenue up 1%. AMPs of 4.3m decreased by 1% (sportsbook AMPs -6%, iGaming AMPs +10%).
Sportsbook revenue performance was driven by a handle decline of 9%, partly offset by a year-over-year improvement in net revenue margin of 80 basis points to 8.6%.
The increase in net revenue margin included:
- Structural revenue margin of 13.7%, which was 40bps lower than the prior year due to a reduced proportion of higher margin NFL and NBA volume in the quarter. We expect growth in structural revenue margin year-over-year in H2, and we remain confident in our structural revenue margin expectations of 15% in 2027, and 16% in the long term
- A positive sports results impact year-over-year of 170bps (Q1 2026: 30bps unfavorable, Q1 2025: 200bps unfavorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately
$33m - Promotional spend of 4.9%, which was 50bps higher than the prior year due to the increase in investment in state launches in
Missouri inDecember 2025 , andArkansas inMarch 2026
iGaming revenue grew 19%, underpinned by AMP growth of 10%.
Cost of sales increased by 180bps, primarily driven by tax rate increases of approximately 220bps, partly offset by market access savings and a year-over-year benefit from less unfavorable sports results.
Sales and marketing expenses were 1% higher year-over-year reflecting new state launch costs and FanDuel Predicts investment, but reduced by 90bps as a percentage of revenue to 21.5% reflecting the year-over-year swing in sports results. Technology, research and development costs were 9% higher and general and administrative costs were 43% higher primarily reflecting an increase in headcount and in server costs and cloud services costs to match the scaling of our business, investment in prediction markets, and lobbying costs to support our advocacy efforts.
Adjusted EBITDA was
International
We have revised our definition of organic revenue and organic adjusted EBITDA to better capture foreign currency fluctuations and one-off events affecting year-over-year comparability. We believe that the revised definitions provide a more meaningful basis for comparison of period-over-period underlying performance.
The specific events impacting comparability in Q1 are as follows:
- Acquisitions of Snai on
April 30, 2025 and NSX onMay 14, 2025 - Closure of real money gaming in
India inAugust 2025 ; and - Foreign currency fluctuations
Our revised organic measures are therefore presented on a constant currency basis, exclude the contribution from the Snai and NSX acquisitions in the current period, and treat the market closure in
Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
| ($ millions except percentages) | Three months ended | ||||||||||||
| Total | Sports | iGaming | |||||||||||
| Unaudited | 2026 | 2025 | YoY | YoY CC | YoY organic | YoY | YoY CC | YoY organic | YoY | YoY CC | YoY organic | ||
| 900 | 882 | +2 | (5)% | (5)% | (11)% | (17)% | (17)% | +14% | +6% | +6% | |||
| 940 | 448 | +110% | +95% | +23% | +120% | +97% | +5% | +104% | +94% | +33% | |||
| 305 | 313 | (3)% | (10)% | +2% | +12% | +2% | +2% | ||||||
| Central and | 160 | 140 | +14% | +7% | +7% | ||||||||
| 74 | 9 | +722% | +640% | +10% | |||||||||
| Other regions | 162 | 207 | (22)% | (27)% | (27)% | ||||||||
| International revenue16 | 2,541 | 1,999 | +27% | +18% | +1% | +22% | +12% | (7)% | +32% | +24% | +8% | ||
| International adjusted EBITDA | 587 | 518 | +13% | +5% | (5)% | ||||||||
International revenue was 27% higher year-over year (+18% CC), benefiting from the acquisition of Snai and NSX, while AMPs were 4% lower due to the closure of real money iGaming in
International revenue was 1% higher on an organic basis with a combination of SEA underlying sportsbook and iGaming growth, and good iGaming growth in UKI and CEE, offset by the impact of adverse sports results, primarily arising in UKI and SEA.
Sportsbook revenue grew 22% (+12% CC). This reflected handle growth of 31% (+20% CC), benefiting from M&A, and a decline in sportsbook net revenue margin of 80bps to 11.9%. Net revenue margin included:
- A 40bps reduction in structural revenue margin to 16.6%, due to faster growth in regions with currently lower structural revenue margins including SEA, CEE and
Brazil - An adverse sports results impact year-over-year of 120bps (Q1 2026: 100bps unfavorable, Q1 2025 20bps favorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately
$100m - An 80bps reduction in promotional spend to 3.6% driven by the impact of M&A, where the acquired businesses currently have an inherently lower level of promotional spend, and efficiency improvements across UKI and CEE
On an organic basis, sportsbook revenue declined 7%, with a 1% increase in handle offset by the revenue margin drivers discussed above.
iGaming revenue was 32% higher year-over-year (+24% CC) including the benefit of M&A. On an organic basis iGaming grew 8%, driven by performances in SEA, UKI and CEE.
International regions' year-over-year revenue performance during Q1 was as follows:
- UKI revenue grew 2% (-5% CC) with iGaming growth of 14% (+6% CC) driven by a 10% increase in AMPs. Sportsbook revenue declined 11% (-17% CC) and reflected a 2% increase in handle (-5% CC), combined with a 230bps unfavorable swing in year-over-year sports results
- SEA revenue increased 110% (+95% CC), benefiting from the acquisition of Snai, and a 10 percentage point growth benefit from PokerStars migrations during the period. On an organic basis revenue was up 23%. This was driven by iGaming growth of 33% driven by Sisal's strong performance in
Italy and Türkiye. Organic sportsbook revenue grew +5% including the benefit from PokerStars migrations during the period of 3 percentage points, as organic handle growth of 29% was offset by a 310bps adverse swing in sports results - APAC revenue declined 3% (-10% CC) driven by the impact of the closure of real money gaming in
India . Revenue grew 2% on an organic basis reflecting performance ofSportsbet . This was driven by an improvement in net revenue margin of 60bps due to a positive swing in sports results, offsetting a decline in handle of 4% primarily driven by greyhound softness in racing - CEE revenue grew 14% (+7% CC), supported by iGaming growth of 17% (+10% CC), as a 26% increase in sportsbook handle (+15% CC) reflecting Flutter Edge driven product improvements in MaxBet and lapping the impact of Armenian credit card restrictions, largely offset by an unfavorable 260bps swing in sports results
Brazil revenue grew 722% benefiting from the acquisition of NSX. Betnacional revenue grew 1% year-over-year as strong growth in handle and iGaming revenue were offset by very unfavorable sports results. Organic growth of 10% reflected improved trends in Betfair Brazil as we lapped re-registration friction in the prior year following the regulation of the Brazilian market inJanuary 2025 .- Other regions revenue was 22% lower (-27% CC), primarily reflecting a 16 percentage point growth impact from the transfer of PokerStars' Southern European customers to the SEA region and continued declines in activity on the PokerStars global platform
Adjusted EBITDA increased by 13% (+5% CC) year-over-year to
Cost of sales as a percentage of revenue increased by 500bps to 49.0%, driven by the acquisition of Snai and Betnacional and the closure of real money gaming in
Sales and marketing expenses increased by 22% year-over-year due to the impact of the Snai and NSX acquisitions. As a percentage of revenue, sales and marketing reduced by 70bps to 14.8%, as our investment in
Technology, research and development costs were 26% higher year-over-year with approximately half of this driven by the impact of M&A. General and administrative costs were 9% higher from M&A, the impact of which more than offset savings from retail closures in the UKI and the reclassification of the
Unallocated corporate overhead increased by 19% year-over-year (+9% CC) as we invest to enhance the Flutter Edge through shared technology, and in our US reporting and controls environment. We are progressing well with identifying further cost saving initiatives to ensure we have an efficient and agile operating model to support future growth. We will provide an update on our progress later this year.
Capital structure
Available cash decreased
At our Q4 earnings in February we communicated our plan to return
Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. We continue to prioritize organic investment in our core business, and strategic investment including emerging opportunities such as prediction markets, while also ensuring the deleveraging profile of the business is maintained. There will be no additional buyback tranche this quarter, this position will continue to be assessed. While now is the time to prioritize deleveraging, buybacks remain an important part of our long-term capital allocation policy.
Given the Group's robust growth profile, we expect to return to our target leverage range of 2.0 - 2.5x in the medium-term consistent with our stated policy, with exact timing dependent upon the cadence of our strategic investments and share repurchases.
Review of
We are undertaking a review of our
Guidance
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
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in
Our updated outlook for 2026 now includes the following midpoints:
Group: revenue and adjusted EBITDA of
US: revenue and adjusted EBITDA of
- Unfavorable sports results since guidance issued of
$45m revenue and$30m adjusted EBITDA Arkansas launch investment cost of$35m and a slightly unfavorable revenue impactPokerStars North America , which will now be operated as part of the FanDuel business ($40m revenue,$15m adjusted EBITDA loss)
FanDuel Predicts Q1 revenue was not material, Q2 - Q4 revenue has not been included in our guidance.
This results in 2026 US revenue and adjusted EBITDA year-over-year growth of 12% and 5%, respectively, at the midpoint.
56% of our total full year revenue guidance and 77% of total full year adjusted EBITDA are expected to arise in H2, reflecting new state and prediction market investments in Q2. We anticipate the vast majority of H2 adjusted EBITDA to arise in Q4, given our expected launch in
International: revenue and adjusted EBITDA of
This results in 2026 International revenue growth of 12% year-over-year and adjusted EBITDA flat at the midpoint.
We expect approximately 52% of full year revenue and 53% of full year adjusted EBITDA to arise in H2 with adjusted EBITDA to be weighted to Q4.
Interest expense, net: now expected to be
All other guidance items remained unchanged from Q4 guidance
| Updated 2026 guidance | Previous guidance | |||
| Low | Midpoint | High | Midpoint | |
| Group revenue | ||||
| Group adjusted EBITDA | ||||
| US new states adjusted EBITDA | Approximately | |||
| FanDuel Predicts adjusted EBITDA | Approximately | |||
| US total revenue | ||||
| US total adjusted EBITDA | ||||
| International revenue | ||||
| International adjusted EBITDA | ||||
| Unallocated corporate overhead | Approximately | |||
| Interest expense, net | Approximately | |||
| Depreciation and amortization excl. acquired intangibles | Approximately | |||
| Capital expenditure17 | Approximately | |||
| Share repurchases | Approximately | |||
Guidance is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at stated foreign exchange rates13 and (iii) on the basis of a consistent regulatory and tax framework except where otherwise stated.
A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.
Conference call:
Flutter management will host a conference call today at
A public audio webcast of management’s call and the related Q&A can be accessed by registering here or via www.flutter.com/investors. For those unable to listen to the live broadcast, a replay will be available approximately one hour after the conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.
Analysts and investors who wish to participate in the live conference call must do so by dialing any of the numbers below and using conference ID 105296569. Please dial in 10 minutes before the conference call begins.
+1 833 461 5787 (
+44 808 196 8935 (
+353 1800 851 901 (
+61 1800 849 752 (
+1 585 542 9983 (International)
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements related to our share repurchase program, our cost efficiency program, the potential delisting of Flutter’s ordinary shares from the
Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended
About
Flutter is the world’s leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our size and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global advantages of the Flutter Edge, which gives our brands access to group-wide benefits, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel,
Contacts:
| Investor Relations: | Media Relations: |
| Email: investor.relations@flutter.com | Email: corporatecomms@flutter.com |
Notes
| 1 | Average Monthly Players (“AMPs”) is defined as the average over the applicable reporting period of the total number of players who have had a bet settled and/or contributed to rake or tournament fees during the month. This measure does not include individuals who have only used new player or player retention incentives, and this measure is for online players only and excludes retail player activity. In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level is greater than the total AMPs presented at the Group level. See Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Operational Metrics” of Flutter’s Annual Report on Form 10-K for the year ended |
| 2 | Organic revenue, Group adjusted EBITDA, organic adjusted |
| 3 | The Group acquired Snai in |
| 4 | Flutter has ceased all real-money gaming operations in |
| 5 | US market position based on available market share data for states in which FanDuel is active. Online sportsbook market share is the gross gaming revenue (GGR) and net gaming revenue (NGR) market share of our FanDuel brand for the three months to |
| 6 | Impact of US sports results:
|
| 7 | Investment represents expected adjusted EBITDA impact of FanDuel Predicts, for FanDuel only. FanDuel will consolidate the results of FanDuel Predicts fully in its reported results. Under the terms of the partnership with CME Group, CME Group will receive a revenue share of approximately 50% of the gross revenue generated by FanDuel Predicts, before deduction of promotional spend. This revenue share cost will be accounted for in cost of sales. FanDuel will bear 100% of costs to support the FanDuel Predicts mobile app (promotional costs, sales and marketing, and non-exchange related cost of sales). CME Group will bear all costs to support the exchange. |
| 8 | Constant currency growth rates are calculated by retranslating the non-US dollar denominated component of Q1 2025 at Q1 2026 exchange rates. See reconciliation below. |
| 9 | Following a review of events in the current and prior periods, the Company has revised its definitions of organic revenue and organic adjusted EBITDA to better capture one-off events affecting year-over-year comparability. We believe that the revised definitions provide a more meaningful basis for comparison of period-over-period underlying performance of the Group’s segments and regions. The specific events which are adjusted for the periods under review are as follows:
|
| 10 | Fox has an option to acquire an 18.6% equity interest in FanDuel (the Fox Option). Gains or losses in the fair value of the Fox Option primarily due to changes in the fair value of FanDuel during the reporting period are recorded in Other income (expense), net. See Part II, “Item 8. Financial Statements and Supplementary Data—Fair Value Measurements” of Flutter’s Annual Report on Form 10-K for the year ended |
| 11 | Beginning this quarter, the Group presents non-GAAP free cash flow further adjusted to include purchases of intangible assets with extended payment terms which are recognized within cashflows from financing activities ('financing capex'), and exclude changes in player deposits and related liabilities. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations. |
| 12 | A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted. |
| 13 | The impact of changes in foreign exchange rates versus those used in the guidance issued on versus those used for guidance issued on |
| 14 | Italian market position and share based on regulator GGR data from Agenzia delle dogane e dei Monopoli |
| 15 | Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to a specific segment. |
| 16 | |
| 17 | Capital expenditure is defined as payments for the purchase of property and equipment, the purchase of intangible assets and capitalized software. |
Definitions of non-GAAP financial measures
This press release includes organic revenue, organic adjusted EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Flutter shareholders, adjusted Earnings Per Share (“adjusted EPS”), leverage ratio, net debt, free cash flow including financing capex and excluding player funds, adjusted depreciation and amortization and constant currency which are non-GAAP financial measures that we use to supplement our results presented in accordance with
Constant currency reflects certain operating results on a constant currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refer to the exchange rates used to translate our operating results for all countries where the functional currency is not the
Organic revenue is a non-GAAP measure presented on a segmental and regional basis in constant currency terms. It excludes: (i) acquisitions (calculated by excluding the impact of material acquisitions that are not fully consolidated in both current and comparative periods) and (ii) market exits resulting from significant regulatory changes.
Organic adjusted EBITDA is a non-GAAP measure presented on a segmental basis in constant currency terms, applying the same adjustments as organic revenue to adjusted EBITDA.
Organic revenue and adjusted EBITDA growth rates are also presented to show period-over-period movement. We believe the disclosure of organic revenue, organic adjusted EBITDA, and their growth rates are helpful to investors because they facilitate period-to-period comparisons by increasing transparency of our underlying performance.
The International segment has experienced a number of changes that impact period-to-period comparability. The following adjustments have been made in arriving at organic revenue and organic adjusted EBITDA:
- Contributions from the acquisitions of Snai on
April 30, 2025 and NSX onMay 14, 2025 are excluded from the current period; - Junglee contributions are excluded from the comparative period following the closure of real money gaming in
India inAugust 2025 ; and - Foreign currency fluctuations.
Adjusted EBITDA is defined on a Group basis as net income (loss) before income taxes; other income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; impairment of property and equipment, intangible assets, right-of-use assets and goodwill and share based compensation expense.
Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue, respectively.
Adjusted net income is defined as net income (loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss (gain) on settlement of long-term debt; impairment of property and equipment, intangible assets, right-of-use assets and goodwill; financing related fees not eligible for capitalization; gain from disposal of businesses, fair value (gain)/loss on derivative instruments, fair value (gain)/loss on contingent consideration, fair value (gain)/loss on Fox Option Liability and fair value (gain)/loss on investment and share-based compensation.
Adjusted net income attributable to Flutter shareholders is defined as adjusted net income, adjusted for net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests, and adjustment of redeemable non-controlling interest to redemption value.
Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income attributable to Flutter shareholders and adjusted EPS are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit (loss), net income (loss) measures or earnings per share, or as alternatives to net cash provided by (used in) operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP.
Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business.
Adjusted EBITDA has further limitations as an analytical tool. Some of these limitations are:
- it does not reflect the Group’s cash expenditures or future requirements for capital expenditure or contractual commitments;
- it does not reflect changes in, or cash requirements for, the Group’s working capital needs;
- it does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on the Group’s debt;
- it does not reflect share-based compensation expense which is primarily a non-cash charge that is part of our employee compensation;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items that are reflected in the Group’s statements of cash flows; and
- the further adjustments made in calculating Adjusted EBITDA are those that management consider not to be representative of the underlying operations of the Group and therefore are subjective in nature.
Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expense, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.
Leverage ratio is defined as net debt divided by last twelve months adjusted EBITDA. We use this non-GAAP financial measure to evaluate our financial leverage. We present net debt to adjusted EBITDA because we believe it is more representative of our financial position as it is reflective of our ability to cover our net debt obligations with results from our core operations, and is an indicator of our ability to obtain additional capital resources for our future cash needs. We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. The Leverage Ratio is not a substitute for, and should be used in conjunction with, GAAP financial ratios. Other companies may calculate leverage ratios differently.
Free cash flow is defined as net cash provided by (used in) operating activities less payments for property and equipment, intangible assets and capitalized software. Free cash flow including financing capex and excluding player funds is defined as free cash flow less purchases of intangible assets with extended payment terms recognized within cashflows from financing activities, and excluding movements in player deposits - investments and player deposit liabilities. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. These non-GAAP measures may be useful to investors and other users of our financial statements as supplemental measures of our cash performance, but should not be considered in isolation as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Free cash flow and free cash flow including financing capex and excluding player funds do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs. Our calculation of free cash flow and free cash flow including financing capex and excluding player funds may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures.
Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.
Condensed Consolidated Balance Sheets
| ($ in millions except share and per share amounts) | As of | As of | |
| 2026 | 2025 | ||
| Current assets: | |||
| Cash and cash equivalents | 1,512 | 1,828 | |
| Cash and cash equivalents – restricted | 73 | 72 | |
| Player deposits – cash and cash equivalents | 1,920 | 1,932 | |
| Player deposits – investments | 23 | 23 | |
| Accounts receivable, net | 155 | 190 | |
| Prepaid expenses and other current assets | 817 | 751 | |
| Total current assets | 4,500 | 4,796 | |
| Investments | 6 | 7 | |
| Property and equipment, net | 597 | 630 | |
| Operating lease right-of-use assets | 538 | 550 | |
| Intangible assets, net | 6,714 | 7,019 | |
| 15,649 | 15,825 | ||
| Deferred tax assets | 295 | 309 | |
| Other non-current assets | 175 | 144 | |
| Total assets | 28,474 | 29,280 | |
| Liabilities, redeemable non-controlling interests and shareholders’ equity | |||
| Current liabilities: | |||
| Accounts payable | 427 | 386 | |
| Player deposit liability | 1,863 | 1,859 | |
| Operating lease liabilities | 153 | 130 | |
| Long-term debt due within one year | 171 | 109 | |
| Other current liabilities | 2,366 | 2,559 | |
| Total current liabilities | 4,980 | 5,043 | |
| Operating lease liabilities – non-current | 442 | 476 | |
| Long-term debt | 11,794 | 12,157 | |
| Deferred tax liabilities | 1,038 | 1,105 | |
| Other non-current liabilities | 511 | 801 | |
| Total liabilities | 18,765 | 19,582 | |
| Commitments and contingencies | |||
| Redeemable non-controlling interests | 417 | 424 | |
| Shareholders’ equity | |||
| Ordinary shares (Authorized 300,000,000 shares of €0.09 ( | 36 | 36 | |
| Additional paid-in capital | 2,049 | 1,989 | |
| Accumulated other comprehensive loss | (1,252) | (1,111) | |
| Retained earnings | 8,231 | 8,124 | |
| Total Flutter Shareholders’ Equity | 9,064 | 9,038 | |
| Non-controlling interests | 228 | 236 | |
| Total shareholders’ equity | 9,292 | 9,274 | |
| Total liabilities, redeemable non-controlling interests and shareholders’ equity | 28,474 | 29,280 |
Condensed Consolidated Statements of Comprehensive Income
| ($ in millions except share and per share amounts) | Three months ended | ||
| 2026 | 2025 | ||
| Revenue | 4,304 | 3,665 | |
| Cost of sales | (2,467) | (1,956) | |
| Gross profit | 1,837 | 1,709 | |
| Technology, research and development expenses | (259) | (215) | |
| Sales and marketing expenses | (966) | (840) | |
| General and administrative expenses | (533) | (431) | |
| Operating profit | 79 | 223 | |
| Other income (expense), net | 311 | 216 | |
| Interest expense, net | (156) | (85) | |
| Profit before income taxes | 234 | 354 | |
| Income tax expense | (25) | (19) | |
| Net income | 209 | 335 | |
| Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests | (7) | 3 | |
| Adjustment of redeemable non-controlling interest to redemption value | (2) | 49 | |
| Net income attributable to Flutter shareholders | 218 | 283 | |
| Earnings per share | |||
| Basic | 1.24 | 1.59 | |
| Diluted | 1.23 | 1.57 | |
| Other comprehensive income (loss), net of tax: | |||
| Effective portion of changes in fair value of cash flow hedges | 17 | (44) | |
| Fair value of cash flow hedges transferred to the income statement | (11) | 36 | |
| Changes in excluded components of fair value hedge | 1 | (1) | |
| Foreign exchange gain (loss) on net investment hedges | 1 | (14) | |
| Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities | (132) | 369 | |
| Income tax expense related to items of other comprehensive loss | (1) | — | |
| Other comprehensive (loss) income | (125) | 346 | |
| Other comprehensive income (loss) attributable to Flutter shareholders | (141) | 336 | |
| Other comprehensive income attributable to non-controlling interest and redeemable non-controlling interest | 16 | 10 | |
| Total comprehensive income | 84 | 681 | |
Condensed Consolidated Statements of Cash Flows
| Three months ended | |||
| ($ in millions) | 2026 | 2025 | |
| Cash flows from operating activities | |||
| Net income | 209 | 335 | |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation and amortization | 416 | 294 | |
| Change in fair value of derivatives | — | — | |
| Non-cash interest expense, net | 67 | 12 | |
| Non-cash operating lease expense | 35 | 43 | |
| Unrealized foreign currency exchange gain, net | (20) | (8) | |
| Loss (gain) on disposals | 2 | (3) | |
| Share-based compensation – equity classified | 53 | 56 | |
| Share-based compensation – liability classified | (4) | 1 | |
| Other (income) expense, net | (293) | (205) | |
| Deferred tax (benefit) expense | (37) | 1 | |
| Change in operating assets and liabilities: | |||
| Player deposits - investments | (5) | 9 | |
| Accounts receivable | 32 | (9) | |
| Prepaid expenses and other current assets | (43) | (1) | |
| Accounts payable | 65 | 84 | |
| Other liabilities | (140) | (236) | |
| Player deposit liability | 20 | (147) | |
| Operating leases liabilities | (27) | (38) | |
| Net cash provided by operating activities | 330 | 188 | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (25) | (19) | |
| Purchases of intangible assets | (32) | (33) | |
| Capitalized software | (120) | (48) | |
| Proceeds from disposal of intangible assets | — | 5 | |
| Cash settlement of derivatives designated in net investment hedge | 5 | 4 | |
| Other advances | — | (9) | |
| Net cash used in investing activities | (172) | (100) | |
| Cash flows from financing activities: | |||
| Proceeds from issue of ordinary share upon exercise of options | 4 | 3 | |
| Proceeds from issuance of long-term debt (net of transactions costs) | 450 | — | |
| Transaction costs with third parties from issuance of long-term debt | (6) | — | |
| Repayment of long-term debt | (744) | (10) | |
| Distributions to non-controlling interests | (12) | (4) | |
| Payment of contingent consideration | — | (16) | |
| Purchases of intangible assets with extended payment terms | (15) | — | |
| Repurchase of ordinary shares and taxes withheld and paid on employee share awards | (135) | (244) | |
| Net cash (used in) financing activities | (458) | (271) | |
| Net decrease in cash, cash equivalents and restricted cash | (300) | (183) | |
| Cash, cash equivalents and restricted cash – Beginning of the period | 3,832 | 3,509 | |
| Foreign currency exchange gain (loss) on cash and cash equivalents | (27) | 67 | |
| Cash, cash equivalents and restricted cash – End of the period | 3,505 | 3,393 | |
| Cash, cash equivalents and restricted cash comprise of: | |||
| Cash and cash equivalents | 1,512 | 1,537 | |
| Cash and cash equivalents - restricted | 73 | 54 | |
| Player deposits - cash & cash equivalents | 1,920 | 1,802 | |
| Cash, cash equivalents and restricted cash – End of the period | 3,505 | 3,393 | |
| Supplemental disclosures of cash flow information: | |||
| Interest paid | 97 | 91 | |
| Income tax paid (net of refunds) | 77 | 21 | |
| Operating cash flows from operating leases | 36 | 38 | |
| Non-cash investing and financing activities: | |||
| Purchase of long lived assets with accrued expense - investing1 | 52 | 91 | |
| Purchase of long lived assets with accrued expense - financing1 | 57 | — | |
| Right of use assets obtained in exchange for new operating lease liabilities | 17 | 15 | |
| Adjustments to lease balances as a result of remeasurement | 13 | 25 | |
| Non-cash issuance of common stock upon exercise of options1 | 3 | — | |
- Figures represent the closing position at the end of the reporting period and not the movement during the period.
Reconciliations of non-GAAP financial measures
Adjusted EBITDA reconciliation
See below a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net income, the most comparable GAAP measure.
| Three months ended | |||
| ($ in millions) | 2026 | 2025 | |
| Net income | 209 | 335 | |
| Add back: | |||
| Income taxes | 25 | 19 | |
| Other (expense) income, net | (311) | (216) | |
| Interest expense, net | 156 | 85 | |
| Depreciation and amortization | 416 | 294 | |
| Share-based compensation expense | 49 | 57 | |
| Transaction fees and associated costs1 | 21 | 1 | |
| Restructuring and integration costs2 | 66 | 41 | |
| Group Adjusted EBITDA | 631 | 616 | |
| Group Revenue | 4,304 | 3,665 | |
| Group Adjusted EBITDA Margin | 14.7% | 16.8% | |
- Fees primarily relate to the Group’s contribution to a super political action committee.
- Costs primarily relate to various restructuring, acquisition integration and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.
Adjusted net income attributable to Flutter shareholders
See below a reconciliation of Adjusted net income attributable to Flutter shareholders to net income/ (loss), the most comparable GAAP measure.
| Three months ended | |||
| ($ in millions) | 2026 | 2025 | |
| Net income | 209 | 335 | |
| Less: | |||
| Transaction fees and associated costs | 21 | 1 | |
| Restructuring and integration costs | 66 | 41 | |
| Amortization of acquired intangibles | 214 | 158 | |
| Share-based compensation | 49 | 57 | |
| Financing related fees not eligible for capitalization | — | 1 | |
| Fair value gain on Fox Option Liability | (293) | (205) | |
| Tax impact of above adjustments1 | (58) | (50) | |
| Adjusted net income | 208 | 338 | |
| Less: | |||
| Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests2 | (7) | 3 | |
| Adjustment of redeemable non-controlling interest3 | (2) | 49 | |
| Adjusted net income attributable to Flutter shareholders | 217 | 286 | |
| Weighted average number of shares | 177 | 180 | |
- Tax rates used in calculated adjusted net income attributable to Flutter shareholders is the statutory tax rate applicable to the geographies in which the adjustments were incurred.
- Represents net income attributed to the non-controlling interest in Sisal offset by the net loss attributed to the redeemable non-controlling interest in MaxBet, Junglee and Betnacional.
- Represents the adjustment made to the carrying value of the redeemable non-controlling interests in MaxBet and Junglee to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.
Adjusted earnings per share reconciliation
See below a reconciliation of adjusted earnings per share to diluted earnings per share, the most comparable GAAP measure.
| Three months ended | |||
| $ | 2026 | 2025 | |
| Earnings per share to Flutter shareholders | 1.23 | 1.57 | |
| Add/ (Less): | |||
| Transaction fees and associated costs | 0.12 | 0.01 | |
| Restructuring and integration costs | 0.37 | 0.23 | |
| Amortization of acquired intangibles | 1.21 | 0.88 | |
| Share-based compensation | 0.28 | 0.31 | |
| Financing related fees not eligible for capitalization | — | 0.01 | |
| Fair value gain on Fox Option Liability | (1.66) | (1.14) | |
| Tax impact of above adjustments | (0.33) | (0.28) | |
| Adjusted earnings per share | 1.22 | 1.59 | |
Net debt reconciliation
See below a reconciliation of net debt to long-term debt, the most comparable GAAP measure.
| ($ in millions) | As of 2026 | As of 2025 | |
| Long-term debt | 11,794 | 12,157 | |
| Long-term debt due within one year | 171 | 109 | |
| Total Debt | 11,965 | 12,266 | |
| Add: | |||
| Transactions costs, premiums or discount included in the carrying value of debt | 87 | 93 | |
| Less: | |||
| Unrealized foreign exchange on translation of foreign currency debt1 | 35 | 60 | |
| Cash and cash equivalents | (1,512) | (1,828) | |
| Net Debt | 10,575 | 10,591 | |
- Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.
Free cash flow including financing capex and excluding player funds
See below a reconciliation of free cash flow and free cash flow including financing capex and excluding player funds to net cash provided by operating activities, the most comparable GAAP measure.
| Three months ended | |||
| ($ in millions) | 2026 | 2025 | |
| Net cash provided by operating activities | 330 | 188 | |
| Less cash impact of: | |||
| Purchases of property and equipment | (25) | (19) | |
| Purchases of intangible assets | (32) | (33) | |
| Capitalized software | (120) | (48) | |
| Free cash flow | 153 | 88 | |
| Less: Purchases of intangible assets with extended payment terms | (15) | 0 | |
| Less movements in: | |||
| Player deposits - investments | 5 | (9) | |
| Player deposit liability | (20) | 147 | |
| Free cash flow including financing capex and excluding player funds | 123 | 226 | |
Constant currency and organic reconciliation
See below a reconciliation of constant currency and organic revenue and adjusted EBITDA to nominal currency revenue and segment adjusted EBITDA, the most comparable GAAP measure.
| Q1 2026 | Reported | FX impact1 | Constant currency | Acquisitions2 | Organic | ||||
| US revenue | 1,763 | 1,763 | |||||||
| UKI sportsbook revenue | 361 | 361 | 361 | ||||||
| UKI iGaming revenue | 502 | 502 | 502 | ||||||
| UKI revenue | 900 | 900 | 900 | ||||||
| SEA sportsbook revenue | 341 | 341 | 181 | ||||||
| SEA iGaming revenue | 586 | 586 | 401 | ||||||
| SEA revenue | 940 | 940 | (350) | 590 | |||||
| APAC revenue | 305 | 305 | 305 | ||||||
| CEE revenue | 160 | 160 | 160 | ||||||
| 74 | 74 | (63) | 11 | ||||||
| Other regions revenue | 162 | 162 | 162 | ||||||
| International sportsbook revenue | 1,077 | 1,077 | 894 | ||||||
| International iGaming revenue | 1,386 | 1,386 | 1,160 | ||||||
| International revenue | 2,541 | 2,541 | (413) | 2,128 | |||||
| Group revenue | 4,304 | 4,304 | |||||||
| US adjusted EBITDA | 119 | 119 | |||||||
| International adjusted EBITDA | 587 | 587 | (69) | 518 | |||||
| Unallocated corporate overhead | (75) | (75) | |||||||
| Group adjusted EBITDA4 | 631 | 631 | |||||||
| Q1 2025 | Reported | FX impact1 | Constant currency | Acquisitions2 | Organic | |||||
| US revenue | 1,666 | 3 | 1,669 | |||||||
| UKI sportsbook revenue | 404 | 31 | 435 | 435 | ||||||
| UKI iGaming revenue | 441 | 32 | 473 | 473 | ||||||
| UKI revenue | 882 | 67 | 949 | 949 | ||||||
| SEA sportsbook revenue | 155 | 18 | 173 | 173 | ||||||
| SEA iGaming revenue | 287 | 15 | 302 | 302 | ||||||
| SEA revenue | 448 | 33 | 481 | 481 | ||||||
| APAC revenue | 313 | 26 | 339 | (40 | ) | 299 | ||||
| CEE revenue | 140 | 10 | 150 | 150 | ||||||
| 9 | 1 | 10 | 10 | |||||||
| Other regions revenue | 207 | 16 | 223 | 223 | ||||||
| International sportsbook revenue | 880 | 83 | 963 | 963 | ||||||
| International iGaming revenue | 1,050 | 64 | 1,114 | (40 | ) | 1,074 | ||||
| International revenue | 1,999 | 153 | 2,152 | (40 | ) | 2,112 | ||||
| Group revenue | 3,665 | 156 | 3,821 | |||||||
| US adjusted EBITDA | 161 | (3 | ) | 158 | ||||||
| International adjusted EBITDA | 518 | 40 | 558 | (13 | ) | 545 | ||||
| Unallocated corporate overhead | (63 | ) | (6 | ) | (69 | ) | ||||
| Group adjusted EBITDA4 | 616 | 30 | 646 | |||||||
- Representing adjustments to identify the year-over-year movement driven by changes to foreign currency exchange rates, calculated by translating prior period amounts using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period. The resulting figures are referred to as constant currency comparatives. The subsequent amounts adjusted for acquisitions,
India market exit and internal reorganizations are likewise shown on a constant currency basis. - Representing adjustments to exclude the impacts from businesses acquired after the start of the prior comparative period. The Snai and NSX acquisitions were completed on
April 30, 2025 , andMay 14, 2025 , respectively. As such, any revenue or adjusted EBITDA generated betweenJanuary 1, 2026 , andMarch 31, 2026 has been excluded from organic figures to facilitate meaningful analysis and comparison of our underlying growth year-over-year. - Representing adjustments to exclude the impacts resulting from the enactment of the Promotion and Regulation of Online Gaming Act 2025, which required Junglee and all other operators to immediately stop real-money gaming services. As such, any revenue or adjusted EBITDA generated between
January 1, 2025 , andMarch 31, 2025 has been excluded from organic figures to facilitate meaningful analysis and comparison of our underlying growth year-over-year. - Group adjusted EBITDA has been reconciled to net income above, the most directly comparable financial measures calculated in accordance with GAAP.
This results in the following year-over-year growth rates:
| Q1 2026 | YoY reported | FX impact | YoY CC | Organic adjustments | YoY organic | |||||
| US revenue | +6 | % | — | % | +6 | % | ||||
| UKI sportsbook revenue | (11 | )% | +6 | % | (17 | )% | — | % | (17 | )% |
| UKI iGaming revenue | +14 | % | +8 | % | +6 | % | — | % | +6 | % |
| UKI revenue | +2 | % | +7 | % | (5 | )% | — | % | (5 | )% |
| SEA sportsbook revenue | +120 | % | +23 | % | +97 | % | +92 | % | +5 | % |
| SEA iGaming revenue | +104 | % | +10 | % | +94 | % | +61 | % | +33 | % |
| SEA revenue | +110 | % | +15 | % | +95 | % | +72 | % | +23 | % |
| APAC revenue | (3 | )% | +7 | % | (10 | )% | (12 | )% | +2 | % |
| CEE revenue | +14 | % | +7 | % | +7 | % | — | % | +7 | % |
| +722 | % | +82 | % | +640 | % | +630 | % | +10 | % | |
| Other regions revenue | (22 | )% | +5 | % | (27 | )% | — | % | (27 | )% |
| International sportsbook revenue | +22 | % | +10 | % | +12 | % | +19 | % | (7 | )% |
| International iGaming revenue | +32 | % | +8 | % | +24 | % | +16 | % | +8 | % |
| International revenue | +27 | % | +9 | % | +18 | % | +17 | % | +1 | % |
| Group revenue | +17 | % | +4 | % | +13 | % | ||||
| US adjusted EBITDA | (26 | )% | (1 | )% | (25 | )% | ||||
| International adjusted EBITDA | +13 | % | +8 | % | +5 | % | +10 | % | (5 | )% |
| Unallocated corporate overhead | +19 | % | +10 | % | +9 | % | ||||
| Group adjusted EBITDA | +2 | % | +4 | % | (2 | )% | ||||
Reconciliation of supplementary non GAAP information: Adjusted depreciation and amortization
| ($ millions) | Three months ended | Three months ended | |||||||||||||
| Unaudited | US | Intl | Corp | Total | US | Intl | Corp | Total | |||||||
| Depreciation and Amortization | 61 | 341 | 14 | 416 | 33 | 250 | 11 | 294 | |||||||
| Less: Amortization of acquired intangibles | (25 | ) | (189 | ) | — | (214 | ) | (4 | ) | (154 | ) | — | (158 | ) | |
| Adjusted depreciation and amortization1 | 36 | 152 | 14 | 202 | 29 | 96 | 11 | 136 | |||||||
- Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.
This information is provided by RNS, the news service of the
