Flutter Q2: CEO departs, profits slide and FY outlook is cut

Flutter Entertainment has reported a mixed set of financial results for the second quarter of 2026, with revenue increasing despite profitability declining and the company lowering its full-year guidance.

Group revenue rose 3% year-on-year to $4.33bn during the three months ended 30 June, supported by acquisitions, continued iGaming growth and strong customer engagement during the FIFA World Cup.

However, the operator posted a net loss of $296m compared with a $37m profit in the same period last year, while adjusted EBITDA fell 45% to $508m.

The company attributed the decline in earnings to historical tax provisions, increased financing and depreciation costs linked to recent acquisitions, higher marketing spend during the FIFA World Cup and continued investment in its US operations.

In the US, revenue fell 6% to $1.68bn as sportsbook revenue declined 15%, partly offset by 14% growth in iGaming. Flutter said adverse sports results compared with the prior year affected performance, although FanDuel retained its market-leading positions in both sportsbook and iGaming.

Adjusted EBITDA for the division fell 70% to $119m as the company continued investing in new products, customer acquisition and prediction markets.

International operations delivered stronger top-line growth, with revenue increasing 10% to $2.64bn. Southern Europe and Africa, the UK and Ireland, and Central and Eastern Europe all recorded growth, while acquisitions in Italy and Brazil contributed to the result.

International adjusted EBITDA declined 19%, reflecting increased UK gaming taxes and higher FIFA World Cup marketing expenditure.

Flutter also announced the next phase of its cost transformation programme, targeting an additional $500m in gross savings by 2029. The company said the initiative is intended to offset inflation and tax increases while creating additional capacity for investment.

Looking ahead, Flutter reduced its full-year revenue guidance midpoint from $18.31bn to $17.91bn and adjusted EBITDA guidance from $2.87bn to $2.66bn. The company said the revision reflects second-quarter trading, planned investment in FanDuel, changes to the NFL schedule and updated foreign exchange assumptions, although early third-quarter trading has started ahead of expectations.

Alongside the results, Flutter confirmed that CEO Peter Jackson will step down on 1 October after almost nine years in the role. Dan Taylor, currently President of Flutter and CEO of Flutter International, will succeed him, with Jackson remaining in an advisory capacity during the transition.

The latest announcement continues what was already a busy year for Flutter. During 2026, the group reported strong Q1 revenue growth while reshuffling senior leadership at FanDuel, confirmed plans to delist from the London Stock Exchange in favour of a sole New York Stock Exchange listing, and announced the retirement of Independent Director Alfred F. Hurley Jr.