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Flutter Entertainment plc
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NYSE: FLUT Consumer Discretionary Gambling 🔎 Screen
$17.8B
Market Cap
527.9
P/E
0.74
PEG
3.3%
ROCE
-3.9%
ROE
1.33
D/E
3.8%
OPM
-64.7%
% from 52W High
12
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for FLUT including FX impact
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📈 Price History
Ratio Health
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— Poor
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About

Flutter Entertainment plc operates as a sports betting and gaming company in the United States, the United Kingdom, Ireland, Australia, Italy, and internationally. It provides sportsbooks; iGaming products, such as blackjack, roulette, slot machines, poker, and rummy, as well as lottery products; and sports betting products, which include Betfair betting exchanges, daily fantasy sports, and horse racing wagering under the TVG brand. The company offers sports betting and gaming services through fanduel.com, tvg.com, betfair.com, paddypower.com, and paddypower.ie, sportsbet.com.au, pokerstars.com, betfair.com, sisal.it, maxbet.rs, and adjarabet.com websites under the FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Adjarabet, and MaxBet brands, as well as live poker tours and events. It also provides business-to-business pricing and risk management services. The company was formerly known as Paddy Power Betfair plc and changed its name to Flutter Entertainment plc in 2019. Flutter Entertainment plc was incorporated in 1958 and is headquartered in New York, New York.

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3-Statement Financial Model
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Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$4.33B
+3% YoY
Net Income
-$296M
-900% YoY
Adjusted EBITDA
$508M
-45% YoY
Adjusted EBITDA Margin
11.7%
-10.2pp YoY
Free Cash Flow
$125M
-56% YoY
What Went Right
  • Q2 revenue rose 3% to $4.33B, ahead of expectations, with strong FIFA World Cup engagement including 2.3m FanDuel customers.
  • US iGaming grew 14% and International grew 10%, with SEA iGaming up 34% and direct casino AMPs up 26%.
  • Market-making is scaling rapidly and is expected to contribute roughly $50m of revenue in 2026; NBA Finals sportsbook handle grew ~40% YoY per game.
What to Watch
  • Adjusted EBITDA plunged 45% to $508m, net loss was $296m, and leverage increased to 4.3x.
  • FY26 guidance was cut: revenue by $395m to $17.91B midpoint and adjusted EBITDA by $210m to $2.655B midpoint.
  • US market growth remains subdued at ~5% in H1, with management assuming no H2 acceleration; NFL season delay is a $50m EBITDA hit.
Management Guidance
  • FY26 revenue guidance reduced by $395m to $17.91bn at the midpoint; FY26 adjusted EBITDA guidance reduced by $210m to $2.655bn at the midpoint.
  • US Q3 EBITDA expected to be roughly break-even, with Q4 EBITDA around $500m.
  • Phase II cost transformation targets $500m gross savings by 2029; CapEx guidance improved to $815m and transaction/restructuring costs to ~$500m.
Investor Lens
The thesis is arguably stronger long term, as management is deliberately reinvesting near-term US EBITDA into customer generosity and product momentum ahead of the NFL, echoing the 2019/20 FanDuel playbook. Near-term earnings visibility is weaker, with adjusted EBITDA guidance down $210m, leverage at 4.3x, and H2 assuming no US market acceleration. Prediction markets and market-making add upside optionality, but the key test is whether NFL-season execution converts momentum into sustained ARPU and share gains in 2027.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Mixed Q2: revenue +3%, adjusted EBITDA -45%, FY guidance cut
Revenue
Group revenue rose 3% YoY to $4.33B, ahead of expectations, helped by M&A and FIFA World Cup engagement. US revenue fell 6% to $1.68B, with sportsbook down 15% and iGaming up 14%, while International revenue grew 10% to $2.64B.
Profitability
Net loss was $296m versus a $37m profit in Q2 2025, with loss per share of $1.57. Adjusted EBITDA fell 45% to $508m, reflecting the UK gaming tax increase, World Cup marketing, prediction-market/new-state investments and historical tax provisions.
Margins
Adjusted EBITDA margin contracted 10.2pp to 11.7%, and net loss margin was -6.8% versus +0.9% last year. US adjusted EBITDA fell 70% to $119m.
Balance Sheet
Leverage rose to 4.3x from 3.7x at December 2025. Free cash flow including financing capex and excluding player funds fell 56% to $125m, while operating cash flow was $363m.
Key Risks
Management flagged subdued US market growth of ~5% in H1 and assumes no H2 acceleration, with prediction markets still a low single-digit cannibalization risk. The NFL season delay is a $75m revenue and $50m EBITDA hit, and Brazil's regulatory/socioeconomic backdrop is pressuring organic growth.
Outlook
FY26 revenue guidance was cut $395m to $17.91bn at the midpoint and adjusted EBITDA guidance by $210m to $2.655bn. US Q3 EBITDA is expected to be roughly break-even and Q4 around $500m, with Phase II cost savings of $500m targeted by 2029.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 saw 3% revenue growth and strong World Cup engagement, but adjusted EBITDA fell 45% due to higher taxes and investments. Guidance was lowered for revenue and EBITDA, with a focus on U.S. and international growth, cost transformation, and product innovation.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 saw 17% revenue growth and 2% adjusted EBITDA growth, with strong iGaming and international performance offsetting US sportsbook margin pressures from tax increases. Management changes and new product rollouts aim to drive sequential improvement, with full-year guidance reaffirmed.
Q4 2025 Q4 2025 2026-02-26
Q4 2025 saw 25% revenue and 27% adjusted EBITDA growth, with strong U.S. and international performance. 2026 guidance anticipates continued growth, major investment in prediction markets, and a new sportsbook loyalty program to drive engagement and market share.
Q3 2025 Q3 2025 2025-11-12
Q3 delivered 17% revenue growth and 6% higher Adjusted EBITDA, but a net loss of $789 million due to one-off items. FanDuel Predicts launches in December, with significant investment planned, while U.S. and international segments showed strong iGaming growth.
Q2 2025 Q2 2025 2025-08-07
Q2 saw 16% revenue and 25% adjusted EBITDA growth, led by U.S. and international expansion, product innovation, and successful acquisitions. Upgraded 2025 guidance reflects strong momentum, with disciplined capital allocation and ongoing cost efficiencies.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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