01—Abstract
Summary
Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Flutter Entertainment plc (NYSE: FLUT) reported first-quarter 2026 results, furnished under Item 2.02 via Exhibit 99.1.
Group revenue rose 17% year-over-year to $4.304 billiona, aided by the Snai and NSX acquisitions, a positive swing in sports results, and strong iGaming growth. However, net income fell 38% to $209 million, adjusted EBITDA rose 2% to $631 million, and adjusted EBITDA margin declined 210 bps to 14.7%. Diluted EPS was $1.23, down 22%.
Average monthly players fell 3% to 14.378 million, reflecting the India market closure. U.S. revenue grew 6% to $1.763 billionb, with sportsbook revenue up 1% and iGaming up 19%. U.S. adjusted EBITDA fell 26% to $119 million, reflecting prediction-market investment and the Arkansas launch.
Management described early signs of recovery in the U.S. sportsbook improvement plan. International revenue rose 27% to $2.541 billionc (+1% organic), while International adjusted EBITDA rose 13% to $587 million (-5% organic). The company also announced management changes: Dan Taylor becomes President of Flutter Entertainment, Christian Genetski will lead the FanDuel business, and Amy Howe has left the company.
It updated full-year 2026 guidance, lowering group revenue to a $18.305 billiond midpoint from $18.4 billion and adjusted EBITDA to $2.865 billion from $2.97 billion. It also disclosed a review of its London Stock Exchange listing, with completion expected in Q2 2026, and leverage of 3.7x.
02—Key points
Key Highlights
- Group revenue up 17% year-over-year to $4,304 million, with iGaming revenue up 28% and sportsbook revenue up 10%
- Net income fell $126 million to $209 million, driven by higher interest expense, net ($156 million) and depreciation and amortization ($416 million), partly offset by a higher Fox Option fair value gain ($293 million)
- U.S. adjusted EBITDA declined 26% to $119 million, reflecting prediction-market investment and Arkansas launch costs; U.S. sportsbook revenue rose 1%
- International revenue up 27% (+18% constant currency) to $2,541 million, but only +1% on an organic basis; organic adjusted EBITDA declined 5%
- Updated 2026 guidance: Group revenue midpoint $18.305 billion (from $18.4 billion) and adjusted EBITDA midpoint $2.865 billion (from $2.97 billion)
- Leadership changes: Dan Taylor named President of Flutter Entertainment; Christian Genetski to lead FanDuel; Amy Howe has left the company
- Leverage ratio of 3.7x; review of London Stock Exchange listing underway, with completion anticipated in Q2 2026
03—Questions
Frequently Asked Questions
Why did net income fall despite revenue growth?
Net income declined $126 million to $209 million, primarily due to a $71 million increase in interest expense, net (to $156 million) tied to acquisition financing for Snai and NSX and the purchase of Boyd's 5% FanDuel interest, and a $122 million increase in depreciation and amortization (to $416 million), largely from the acquisitions. A higher non-cash Fox Option fair value gain of $293 million partly offset these effects.
How is the U.S. business performing?
U.S. revenue grew 6% to $1,763 million, with iGaming up 19% and sportsbook up 1%. Sportsbook AMPs fell 6%, while iGaming AMPs rose 10%. U.S. adjusted EBITDA fell 26% to $119 million due to prediction-market investment and the Arkansas launch. Management said early sportsbook trends improved through the quarter and that April performance was in line with expectations.
What changed in full-year 2026 guidance?
Group revenue guidance midpoint was lowered to $18.305 billion from $18.4 billion, and adjusted EBITDA midpoint to $2.865 billion from $2.97 billion. The updates reflect unfavorable Q1 sports results, Arkansas launch costs of $35 million, and the reporting change for PokerStars North America. Interest expense, net is now expected at approximately $640 million, up from $610 million.
What do the management changes mean for investors?
Dan Taylor, previously CEO of International, was appointed President of Flutter Entertainment and will oversee FanDuel in addition to his existing role. Christian Genetski, President of FanDuel, will lead the U.S. business. Amy Howe has left the company. The company said the changes are intended to sharpen focus on the U.S. sportsbook and strengthen links between U.S. and International operations.
Is Flutter's share listing changing?
Flutter is reviewing its London Stock Exchange listing, which may result in delisting of its ordinary shares from the LSE. The review is expected to be completed in Q2 2026. The NYSE listing will not be affected.
04—Continue