Flutter Q1 revenue increases 17% to $4.3bn, net income falls 38%

Flutter Entertainment has reported its financial results for the first quarter of 2026, as revenue increased 17% for a total of $4.3bn, even while the operator’s net income decreased 38% to $209m.

Just hours before the Q1 report was released, FanDuel CEO Amy Howe was removed from the position, as President Christian Genetski is now set to take over leadership of the sports betting operator. 

Addressing the decision, Flutter CEO Peter Jackson said, “I would like to thank Amy for her contribution to Flutter and FanDuel, and recognize the impact she has had on the business since joining in 2021. 

“We wish her every success for the future. Christian joined FanDuel in 2015 and has been instrumental in scaling the business to its current number one position in the market.”

Flutter’s adjusted EBITDA for Q1 2026 increased 2% to $631m, although US adjusted EBITDA decreased 26% year-over-year to $119m, while international operations accounted for $587m and rose 13%. 

FanDuel revenue for the quarterly period increased 6% for a total of $1.8bn, including $1.1bn in sportsbook revenue – equating to growth of 1% – and $564m of iGaming revenue which rose 19%. The operator’s total handle decreased 9% to $13.4bn, however, while average monthly players fell 1% to nearly 4.3 million. 

For international operations, revenue increased 27% to $2.5bn, assisted by 31% growth in total handle to $10.1bn. Sportsbook revenue accounted for $1.1bn and grew 22%, while international iGaming revenue rose 32% to $1.4bn. 

In total, Flutter’s sportsbook revenue for Q1 2026 increased 10% to $2.2bn, with iGaming accounting for an additional $2bn and rising 28%. 

Revenue from the UK and Ireland region increased 2% to $900m, while southern Europe and Africa witnessed a rise of 110% to $940m. The Asia-Pacific and other regions reported decreases of 3% and 22%, respectively, having generated $305m and $162m. 

Flutter’s operations in Brazil accounted for $74m of total revenue and increased by a significant 722%, with the Central and Eastern Europe region growing revenue 14% to $160m. 

Operating profit for the first quarter of 2026 decreased 64.6% to $79m, perhaps due to a 26.1% increase in Flutter’s cost of sales to nearly $2.5bn. Gross profit for the operator increased 7.6% for a total of $1.8bn, while Flutter updated its FY2026 guidance to estimate between $17.7bn and $19bn of revenue, as well as between $2.5bn and $3.2bn of adjusted EBITDA.