Flutter Entertainment (LSE:FLTR) said it now expects 2026 group revenue of $18.305bn and adjusted EBITDA of $2.865bn at the midpoint, down from prior guidance of $18.4bn and $2.97bn as the update incorporates unfavorable Q1 sports results, new state launch costs in Arkansas and a reporting change for PokerStars North America.
Group Q1 adjusted EBITDA was $631m, up 2% year‑on‑year with an adjusted EBITDA margin of 14.7% (-210bps), group net income was $209m (down $126m year‑on‑year) and earnings per share were $1.23 with adjusted EPS of $1.22, both down about 22-23%.
"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," Peter Jackson, CEO, said.
The US delivered $1,763m of revenue (+6% year‑on‑year) with sportsbook +1% and iGaming +19%, FanDuel retained #1 sportsbook and iGaming GGR shares (39% and 27%), US adjusted EBITDA was $119m (down 26%) after investment in FanDuel Predicts and the accelerated Arkansas launch.
International revenue was $2,541m (+27%/+18% constant currency) with sportsbook +22% and iGaming +32%, segment adjusted EBITDA was $587m (+13%/+5% CC) while organic revenue was broadly flat and organic adjusted EBITDA declined 5%.
Net cash provided by operating activities rose 76% year‑on‑year driven by a positive swing in player deposit liabilities, while free cash flow including financing capex and excluding player funds fell 46% due to higher capital expenditure and tax payments.
Management changes saw Dan Taylor appointed President of Flutter Entertainment and Christian Genetski named to lead the FanDuel US business following the departure of Amy Howe, moves the company says will sharpen focus on US sportsbook recovery.
