Flutter Entertainment has published its Q2 2026 update, highlighting its performance during that period. While the company recorded higher Q2 revenue thanks to the World Cup, various headwinds led it to reduce its FY 2026 projections.
Global Revenue Grew, AEBITDA Figures Took a Blow
Flutter stated that its revenue for the three-month period reached $4.33 billion, marking a 3% increase year-on-year. The higher revenue was driven by “excellent” engagement during the FIFA 2026 World Cup. In the US alone, the company’s revenue was $1.7 billion, although this figure marked a 6% YOY decline due to bettor-friendly sporting results. The International segment’s revenue, on the other hand, showed a 10% improvement to $2.6 billion.
Flutter’s adjusted EBITDA for the second quarter plummeted to $508 million, marking a 45% decrease year-on-year. In the US, adjusted EBITDA experienced a 70% decline due to the company’s investments in new verticals, such as prediction markets. International adjusted EBITDA was $476 million, down 19% year-on-year, due to UK tax increases and FIFA World Cup marketing spend.
As a result of the bumpy performance, Flutter introduced changes to its FY 2026 guidance, reducing its expectations for the period due to the setbacks. This is notably the second time the company has reduced its guidance this year.
For reference, Flutter reduced its revenue guidance by $395 million to $17.91 billion at the midpoint, and its adjusted EBITDA guidance by $210 million to $2.655 billion at the midpoint.
CEO Jackson Was Pleased Despite the Setbacks
CEO Peter Jackson commented on the results, saying that the quarter has been encouraging, despite the setbacks. He noted that the increase in global revenue attests to the business’ strength. The online gaming results have likewise been encouraging, Jackson stated.
Looking ahead, I feel confident we are positioning the business optimally and we are on a trajectory to deliver sustainable, long-term value for our shareholders.
Peter Jackson, CEO, Flutter Entertainment
In the meantime, Jackson prepares to step down as CEO, with Flutter appointing Dan Taylor as his successor. Jackson will remain around for a few months after stepping down to ensure a smooth transition and help Flutter capitalize on the upcoming NFL season.