10-Q · May 6, 2026
Flutter Entertainment reported Q1 2026 results, with revenue of $4.01B and adjusted EPS of $1.05, which fell short of expectations. Gross margins improved to 47.0%, while operating margins remained steady compared to…
Earnings analysis · 10-Q
FLUT earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
Flutter generated Q2 2026 revenue of $4.326 billion, modestly above both Q1 2026 revenue of $4.300 billion and Q2 2025 revenue of $4.190 billion, but GAAP diluted EPS declined to a $1.57 loss. Management lowered FY2026…
Read full summary
Flutter generated Q2 2026 revenue of $4.326 billion, modestly above both Q1 2026 revenue of $4.300 billion and Q2 2025 revenue of $4.190 billion, but GAAP diluted EPS declined to a $1.57 loss. Management lowered FY2026 Group revenue and adjusted EBITDA outlooks by $395 million and $210 million, respectively, with the cut centered on the US outlook. The supplied filing extract supports the repurchase activity and guidance revisions, but does not provide sufficient balance-sheet, cash-flow, gross-margin, operating-margin, or current-quarter segment-revenue detail to quantify those items.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.57
What stood out
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Revenue grew modestly sequentially and year over year
Q2 revenue was $4.326 billion, up $26 million, or 0.6%, from $4.300 billion in Q1 2026 and up $136 million, or 3.2%, from $4.190 billion in Q2 2025.
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Share repurchase capacity remains substantial
Flutter repurchased 1,252,519 ordinary shares in Q2 at a weighted-average price of $103.96 per share. The remaining authorization under the $5 billion 2024 repurchase program was $3.628 billion at June 30, 2026.
What to watch
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Reported earnings swung to a GAAP loss
GAAP diluted EPS was a loss of $1.57, versus positive diluted EPS of $1.23 in Q1 2026 and $0.59 in Q2 2025, a sharp deterioration in reported profitability despite $4.326 billion of revenue.
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Full-year revenue and EBITDA outlook was cut
Management reduced the FY2026 Group revenue outlook by $395 million to a $17.435 billion-$18.385 billion range and reduced adjusted EBITDA outlook by $210 million to a $2.395 billion-$2.915 billion range. The US outlook midpoint is now $7.400 billion of revenue and $760 million of adjusted EBITDA.
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No quantified Item 1A risk-factor update supplied
The supplied Item 1A excerpt does not identify a new or amended risk factor; it refers investors to the risks in the 2025 Annual Report. Accordingly, no specific incremental risk-factor change versus the 2025 10-K is quantifiable from the provided 10-Q text.
Management's outlook
FY2026 Group revenue outlook was reduced by $395 million to $17.435 billion-$18.385 billion (midpoint $17.910 billion); adjusted EBITDA outlook was reduced by $210 million to $2.395 billion-$2.915 billion. No quantitative EPS outlook was identified in the supplied filing material. US revenue and adjusted EBITDA midpoints were reduced to $7.400 billion and $760 million, respectively, while International outlook was described as unchanged at $10.510 billion revenue and $2.205 billion adjusted EBITDA.
Earlier filings 4
10-Q · November 12, 2025
Flutter reported revenue of $3,794 million for the three months ended September 30, 2025, up from $3,248 million a year earlier, but swung to an operating loss of $834 million driven by a $517 million goodwill…
10-Q · August 7, 2025
Flutter reported a strong top-line quarter with revenue of $4,187 million (up $576 million versus Q2 2024) and Adjusted EBITDA of $991 million (up $208 million versus Q2 2024). However, net income and diluted EPS…
10-K · March 4, 2025
Flutter reports strong top-line growth and market leadership: fiscal 2024 revenue was $14,048 million and the Group had 13.9 million Average Monthly Players. The U.S. (FanDuel) is the engine of growth (41% of revenue;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.