FLUT · Flutter Entertainment plc

Flutter Entertainment plc reported strong Q1 2026 results with group revenue of $4,304 million, up 17% year-over-year, primarily driven by contributions from recent M&A including Snai and NSX, a positive swing in sports results compared to prior year, and robust iGaming growth across regions. US revenue reached $1,763 million (+6% YoY), with sportsbook up 1% reflecting ongoing recovery efforts amid customer churn and unfavorable recycling from Q4 2025, offset by iGaming's 19% growth fueled by direct casino engagement and loyalty enhancements. FanDuel maintained leading market shares of 39% in sportsbook and 27% in iGaming GGR. International revenue surged 27% YoY (+18% constant currency) to $2,541 million, though organic revenue was flat due to adverse sports results swings in UKI and SEA; iGaming organic growth was +8%. Adjusted EBITDA rose 2% to $631 million, with margin contracting 210bps to 14.7% due to investments in FanDuel Predicts, Arkansas launch, and revenue mix shift toward higher cost products. Net income fell 38% to $209 million, impacted by higher interest and depreciation from M&A. Management highlighted progress on US sportsbook improvement plan, including generosity effectiveness, loyalty program rollout, and product enhancements like Bet Protect+, with underlying trends improving through the quarter. Key leadership changes include Dan Taylor's promotion to President overseeing FanDuel alongside International, and Christian Genetski assuming FanDuel leadership following Amy Howe's departure, aimed at sharpening US focus and leveraging group expertise. Updated FY2026 guidance reflects Q1 sports headwinds, Arkansas costs, and PokerStars reporting changes, projecting revenue of $18.305 billion (+12% YoY) and adjusted EBITDA of $2.865 billion (+1% YoY) at midpoint, underscoring resilience amid investments for long-term growth.