Flutter Q2 2026 Results: Revenue Up, Profit Down

Flutter Entertainment’s second-quarter 2026 results show a business that grew revenue but earned much less from it. In its earnings release dated August 5, 2026, the company reported revenue of $4,326 million for the three months ended June 30, 2026, up 3% year over year, while adjusted EBITDA fell 45% to $508 million and net income swung to a loss of $296 million. The company attributes the profit decline to lower US profitability, a higher UK gaming tax, investment spending, historical tax charges and higher financing costs. This article walks through the reported figures, shows how the main ratios are calculated, compares the two reporting segments, and explains what the numbers do and do not show. It is analysis of a company’s results, not investment advice.

How Flutter reports its results

Flutter is an online sports betting and iGaming operator that reports in U.S. dollars and splits its business into two reportable segments, US and International. This is the same company whose strategy is described in how Flutter Entertainment’s business model works; this article looks at one period of results instead.

Four measures matter for reading the release. Revenue is the company’s reported revenue for the period. Adjusted EBITDA is the company’s own non-GAAP measure of operating profit before interest, taxes, depreciation, amortization and certain other items, which the release reconciles to net income. Average monthly players (AMPs) counts customers who played during the period, as the company defines it. Net revenue margin in the US sportsbook is revenue divided by handle, where handle is the total amount wagered; for how that relates to gross gaming revenue, see GGR vs NGR explained.

Definitions of adjusted measures differ between companies, so the figures below are used exactly as Flutter defines them and should not be set directly beside another company’s adjusted EBITDA without checking that company’s definition. The release also reports a leverage ratio, which is the company’s own measure of net debt against adjusted EBITDA, and a free cash flow measure that the company defines in its reconciliations.

All figures in this article come from the company’s Q2 2026 earnings release and its related Form 8-K filing with the SEC. Where the article gives a percentage change that the company did not report, it is calculated from the reported dollar figures and labeled as such.

The numbers: revenue up, profit down

where: adjusted EBITDA is the company-defined measure and revenue is group revenue for the same quarter. The change is a drop of 10.2 percentage points, or roughly 47% in relative terms.

Revenue grew 3% with a mixed composition. Sportsbook revenue was $2,229 million (down 1%), iGaming revenue was $1,935 million (up 9%) and other revenue was $162 million (up 7%). The company says group revenue benefited from acquisitions, strong customer engagement during the FIFA World Cup, and an adverse swing in US sports results. Player numbers fell 11%, and the company attributes a 17 percentage-point reduction to the closure of the real-money gaming market in India.

The net loss is explained by the company in a bridge from net income of $37 million to a loss of $296 million. The largest items were lower segment profit: US adjusted EBITDA down $281 million and International down $115 million. Historical tax provisions and accruals of $95 million (nil in Q2 2025), a $52 million rise in net interest expense to $162 million, and a $30 million rise in depreciation and amortization to $399 million added to the decline. Partial offsets were an $81 million decrease in other expense, net, and a $171 million lower income tax expense of $3 million.

What the results say about the business

The central message is that revenue growth did not translate into profit growth in this quarter. Costs rose faster than revenue in the US, and a tax increase absorbed margin in International. Because adjusted EBITDA excludes interest, taxes and depreciation, the further gap between it and net income reflects financing costs and one-off charges, not only operations.

In the US, the company reports that sportsbook net revenue margin was 8.7%, down from 10.4%, on handle that rose 2%. It lists three drivers: sports results had a 70 basis-point adverse swing relative to Q2 2025, promotional spend rose 140 basis points to 5.4% of handle because of new state launches and World Cup investment, and a structural margin gain of 40 basis points from same-game parlays partly offset those. Sales and marketing expense in the US rose 61%, and the company says it also invested in prediction market products and new state launches during the quarter.

In International, revenue rose 10% to $2,643 million, with organic revenue growth of 4% once acquisitions are removed, according to the company. Adjusted EBITDA margin fell 670 basis points to 18.0%, which the company attributes mainly to the UK remote gaming duty rising from 21% to 40% and to World Cup marketing. Cost of sales as a share of revenue rose 580 basis points to 51.9%.

The company’s response is stated in the release. It describes a cost transformation program targeting $500 million of gross savings by 2029 and reduced its 2026 guidance. The guidance midpoint for revenue fell by $395 million to $17.91 billion, and for adjusted EBITDA by $210 million to $2.655 billion. At those midpoints, the implied adjusted EBITDA margin is about 14.8% (2,655 ÷ 17,910), compared with about 15.7% implied by the earlier midpoints (2,865 ÷ 18,305). These are company projections, attributed as such, and the actual outcome may differ.

US and International side by side

The segments reconcile to the group figure. In Q2 2026, 119 + 476 − 87 of unallocated corporate overhead = 508, and in Q2 2025, 400 + 591 − 72 = 919. The US was 38.9% of group revenue and International 61.1% (1,683 and 2,643 out of 4,326), so International carries most of the group’s revenue and, this quarter, most of its adjusted EBITDA: 476 of 595 combined segment profit, or about 80%.

The contrast between the segments is the main comparison in the release. US iGaming revenue rose 14% while US sportsbook revenue fell 15%, and iGaming typically carries a higher cost of sales rate, which the company cites as one reason US cost of sales rose 510 basis points as a share of revenue. International iGaming grew 7% and sportsbook 14%.

Risks, limits and misreadings

Several caveats apply. First, one quarter is a short window. Sports results can move sportsbook margin by tens of basis points, and the company itself says timing of results and promotional generosity affects the quarter. Second, adjusted EBITDA is not net income: the $296 million loss includes $95 million of historical tax charges and higher interest, none of which is in adjusted EBITDA.

Third, revenue growth includes acquisitions. Group International growth of 10% compares with organic growth of 4%, and the company reports that Brazil revenue rose 64% reported but declined 14% organically. Comparisons of reported growth across periods therefore mix acquired and existing business. Fourth, the 11% decline in player numbers is largely a market-closure effect (India, 17 percentage points of the group decline), so it is not a measure of demand in the remaining markets.

Fifth, the balance sheet is part of the story. The company reported net debt of $10,480 million and a leverage ratio of 4.3x at June 30, 2026, against 3.7x at December 31, 2025, and says it expects to return to its target range of 2.0 to 2.5x over the medium term. Finally, guidance is the company’s expectation and the release contains forward-looking statements; this article makes no prediction of results or of the share price.

Key figures

Definitions: handle is total amount wagered; adjusted EBITDA, free cash flow and the leverage ratio are measures as defined by Flutter in its release.

Related analysis

To compare with another operator’s quarter, read DraftKings Q2 2026 results, which shows a different mix of volume and revenue in the same period. For the strategy behind Flutter’s segments, see Flutter’s business model explained. For how hold and promotions feed these margins, how sportsbooks make money sets out the basics.

Sources & References

• Flutter Entertainment plc — Q2 2026 earnings release, August 5, 2026 (company investor materials)
• Flutter Entertainment plc — Form 8-K, results of operations, August 5, 2026 (SEC EDGAR)
• Flutter Entertainment plc — Announces Q2 2026 Financial Results (GlobeNewswire, August 5, 2026)