Flutter cuts 2026 revenue forecast to $17.61 billion on sports outcomes

Flutter (FLUT) said in a regulatory filing on Nov. 4 that it cut its 2026 revenue midpoint by $300 million to $17.61 billion. Unfavorable sports outcomes and the closure of its Brazil operations weighed on the year.

Shares rose 1.4% in regular trading as of 9:55 a.m. ET, from a regular-session close of $83.74.

Flutter operates FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars and Paddy Power, among other online sports betting and iGaming brands.

For the quarter ended Sept. 30, the company posted an adjusted loss of 18 cents per share, against the 32 cents per share consensus estimate. Revenue of $3.87 billion missed the $4.11 billion consensus estimate.

Here's how the company did:

• Adjusted EPS: loss of 18 cents per share vs. 32 cents per share expected
• Revenue: $3.87 billion vs. $3.79 billion a year earlier, $4.11 billion expected
• Adjusted EBITDA: $360 million vs. $478 million a year earlier
• Net loss: $1.15 billion vs. $789 million a year earlier

The company booked non-cash impairment charges of $873 million related to Brazil. Of the post-tax charge, $537 million was attributed to Flutter. It also recorded a $105 million increase in legal loss contingencies, tied to a provision in a class action lawsuit in Australia.

Brazil and capital allocation

A Provisional Measure issued on Sept. 25 banned online sports betting and iGaming in Brazil. The company closed its operations on Sept. 26 and will close its Betfair operations, with Betnacional as its sole brand there.

The company paused its share repurchase program for the foreseeable future. Its leverage ratio was 4.6x, compared with 3.7x at Dec. 31, 2025, and it said its immediate priority is to deleverage the balance sheet.

2026 guidance

Group revenue guidance now has a midpoint of $17.61 billion, up 7% from a year earlier. Adjusted EBITDA guidance has a midpoint of $2.495 billion, a $160 million cut from the $2.655 billion midpoint the company gave on Aug. 5.

At the midpoint, US revenue is now $7.34 billion and International revenue is $10.27 billion. The company said early fourth-quarter trading has been in line with expectations on an underlying basis.

Transaction, restructuring and integration costs are now approximately $620 million, an increase of $120 million from the Q2 2026 update, which the company said was primarily due to higher legal loss contingencies.

Management and refinancing

"Our job now is to make more of those advantages," CEO Dan Taylor said in the company's letter to shareholders. The company said it expects an additional $500 million in gross operating cost and capital expenditure savings by 2029.

Flutter also completed a refinancing of its Revolving Credit Facility and Term Loan A. The maturities were extended from November 2028 to May 2032, and the overall facility size increased by about $240 million.