Flutter Entertainment reported a 3% revenue increase in Q2 2026, but mounting costs pushed the group to a significant net loss for the quarter.
Revenue for the three months to 30 June reached $4.33bn, while adjusted EBITDA fell 45% to $508m and net loss hit $296m.
Higher UK gambling taxes, heavier investment in FanDuel, and World Cup marketing expenditure all weighed heavily on the group’s bottom line during the period.
Flutter has now reduced its full-year guidance across both revenue and adjusted EBITDA, following a similar downward revision after its first-quarter results.
Outgoing CEO Peter Jackson, whose departure was revealed on 5 August alongside the results, said he remained “encouraged” by the group’s Q2 performance despite the earnings drop.
“In the US, we’re delivering continued sequential improvement in key sportsbook metrics alongside sustained iGaming growth,” Jackson said, adding that Flutter Edge-enabled product improvements were driving second-half momentum.
US revenue declined 6% to $1.68bn, with sportsbook revenue falling 15% year-on-year due to an adverse swing in sports results during the quarter.
US iGaming continued to outperform, with revenue rising 14% driven by strong direct customer acquisition, improved cross-sell during the World Cup, and exclusive casino content investment.
Flutter International, the division set to be led by incoming group CEO Dan Taylor, delivered revenue growth of 10% to $2.64bn, boosted by the acquisitions of Snai and Betnacional.
Organic international revenue rose 4%, with strong performances in Italy, continued iGaming growth across Southern Europe and Africa, and progress in the UK and Ireland underpinning the result.
Italy remained a standout market, with Sisal consolidating its position following the migration of Snai customers onto its technology platform during the period.
On the cost side, cost of sales increased 17% to $2.61bn, with operating expenses rising across the board and contributing to an operating loss of $144m, compared to a $389m profit in 2025.
Pre-tax loss reached $296m, against a $205m profit in the same quarter last year, while the group also recorded a negative foreign exchange impact of $42m compared to a $778m gain in 2025.
Total comprehensive net loss came in at $294m, a sharp reversal from the $782m profit Flutter recorded at the same point the previous year.
Full-year revenue guidance has been revised down to approximately $17.91bn, below the post-Q1 projection of $18.31bn, though still representing 9% growth over the prior year.
Adjusted EBITDA guidance now stands at $2.67bn, down from restated Q1 guidance of $2.87bn and the original estimate of $2.97bn, and 7% behind last year’s figure.
Jackson struck a forward-looking tone despite the results, saying: “Looking ahead, I feel confident we are positioning the business optimally and we are on a trajectory to deliver sustainable, long-term value for our shareholders.”
