FLUT changes
Pick any two versions below to diff them.
- Price
- $75.60 → $85.49(+13.1%)
- Next earnings
- Nov 4, 2026 → Feb 4, 2027
- Next earnings is estimate
- No → Yes
- About
- Flutter is the largest online sports betting and iGaming (online casino) company in the world. In the US, it owns FanDuel, which had 39% of US online sportsbook gross gaming revenue and 27% of iGaming gross gaming revenue in Q2 2026. FanDuel also runs FanDuel Predicts, a prediction market product. Outside the US, Flutter owns brands such as Paddy Power, Betfair and Sportsbet, and it owns Snai in Italy and 56% of NSX (Betnacional) in Brazil. Flutter makes money from the margin on bets and from casino games, after taxes and promotions. It expects 2026 revenue of about removed: $17.9 added: $17.6 billion at the midpoint of its removed: guidance. added: guidance of November 4, 2026. Since August 3, 2026, its shares trade only on the New York Stock Exchange.
- Thesis
- Flutter trades at a discount because its US profit fell sharply, regulators and new competitors keep raising costs, and the CEO changed. In Q2 2026, US revenue fell 6% and US adjusted EBITDA fell 70%, after FanDuel lost customers from Q4 2025 and spent on prediction markets and new states. Prediction markets offer sports contracts also in states without legal sports betting, and investors fear that they take business from sportsbooks. On August 5, 2026, Flutter cut its 2026 guidance by $395 million of revenue and $210 million of adjusted EBITDA at the midpoints, and it said that Peter Jackson will hand over to Dan Taylor as CEO on October 1, 2026. Taxes also rose, such as the UK gaming tax, and on September 25, 2026, Brazil banned online betting by a provisional order, so Flutter stopped its business there. Leverage rose to removed: 4.3 added: 4.6 times EBITDA at removed: June added: September 30, 2026, against a target of 2.0 to 2.5 removed: times. added: times, and Flutter paused its share buybacks. For the gap to close, FanDuel must grow its customer base and sportsbook revenue again during the 2026 NFL season, the $500 million cost plan must protect margins, Brazil's Congress must reject or change the ban within 120 days, and leverage must fall toward the target. The removed: first test is the Q3 2026 report on November 4, removed: 2026. added: 2026 failed the first test: US sportsbook handle rose 13% and US iGaming revenue rose 8%, but Flutter cut its 2026 guidance again, mostly because sports results went against it. The decision in Brazil is due by about late January 2027, and the 2027 guidance comes in early 2027. If the US business grows again, the gap can close over the next four to eight quarters. The main risk is that prediction markets take a large share of US sports betting.
- Risks
- Prediction markets offer sports contracts also in US states that have not legalized sports betting. Flutter says that it sees limited loss of its own customers in regulated states so far, but removed: it watches the effect closely. It added: prediction market companies now added: raise media costs with more marketing. It spends on its own added: prediction market product, removed: FanDuel Predicts, which removed: lowers profit added: cut US adjusted EBITDA to $3 million in removed: the short term. added: Q3 2026, and it expects similar or higher spending in 2027. Gambling taxes and rules can change quickly. The UK raised its gaming tax, which cut International adjusted EBITDA in Q2 2026, and Brazil banned online betting on September 25, 2026. Flutter also closed its business in India in August 2025. Leverage was removed: 4.3 added: 4.6 times adjusted EBITDA at removed: June added: September 30, 2026, against a target of 2.0 to 2.5 times. added: Flutter paused its share buybacks to reduce debt. Lower EBITDA slows the path back to the removed: target and can limit share buybacks. added: target. The leadership changed. A new Group CEO started on October 1, 2026, FanDuel's CEO left in May 2026, and the Chief Legal Officer left in September 2026. Sports results change revenue from quarter to quarter. Results that favored customers cut US revenue growth by 6 percentage points in Q2 2026.
- Balance sheet
- Cash: removed: $1.6B added: $1.7B Debt: removed: $12.1B added: $12.4B Net debt: removed: $10.5B added: $10.7B Net debt / EBITDA: removed: 4.3× added: 4.6× (high) Undrawn credit line: removed: $1.1B added: $782M Debt due within 12 months: removed: $106M added: $170M Last debt due: 2032 At removed: June added: September 30, 2026, Flutter had removed: $1.56 added: $1.71 billion of cash, not counting removed: $1.99 added: $2.12 billion of cash held for player deposits, and removed: $12.06 added: $12.39 billion of debt principal with accrued interest. The debt is mostly secured: term loans removed: A due 2028, added: A, term loans B due 2030 and 2032, removed: £275 added: £500 million drawn on removed: a added: the revolving credit removed: facility due 2028, added: facility, and senior secured notes in US dollars, euros and pounds due 2029 and 2031. Swaps fix the rate on part of the term loan B. added: On November 3, 2026, Flutter added: moved the maturity of the term loans A and the revolving facility to May 2032 from 2028 and raised the revolving facility to $1.86 billion. Flutter reports net debt of removed: $10.48 added: $10.66 billion and a leverage ratio of removed: 4.3 added: 4.6 times net debt to adjusted EBITDA for the last twelve months, up from 3.7 times at December 31, 2025. It expects to return to its target of 2.0 to 2.5 times in the medium removed: term. added: term, and it paused share buybacks for the foreseeable future. Operating profit was negative in the first removed: half added: nine months of 2026, so interest cover is not shown. Net interest expense was removed: $318 added: $477 million in the first removed: half added: nine months of 2026. The undrawn revolving credit commitment was removed: $1.08 billion. Flutter returned $250 added: $782 million removed: to shareholders through buybacks in added: at September 30, 2026, before the removed: first half of 2026. added: larger facility. Flutter was in compliance with its debt covenants. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Nov 4, 2026: Q3 2026 results: FanDuel customers and guidance. removed: Pending. added: Failed. Watch: Growth in US sportsbook customers and handle, US iGaming growth and no further guidance cut beyond Brazil pass; another cut to US guidance fails. added: Outcome: US sportsbook players rose 9%, handle 13% and iGaming revenue 8%, but Flutter cut its 2026 US guidance by $60 million of revenue and $45 million of adjusted EBITDA for sports results. Jan 2027 (estimate): Brazil: Congress decision on the betting ban. Pending. Watch: Congress rejects or changes the provisional ban so that Flutter can reopen in Brazil passes; a permanent ban fails. Feb added: 4, 2027 (estimate): Full-year 2026 removed: results and added: results, 2027 removed: guidance. added: guidance and the new CEO's strategy. Pending. Watch: 2027 guidance with growth in US adjusted EBITDA and a path to leverage of 2.0 to 2.5 times passes; lower US profit or higher leverage fails.
- Recent events
- added: Nov 4, 2026: Flutter reported Q3 2026 results. Revenue rose 2% to $3.87 billion, and adjusted EBITDA fell 25% to $360 million. US revenue rose 6%, with sportsbook handle up 13% and iGaming revenue up 8%, but US adjusted EBITDA fell 94% to $3 million because of spending on prediction markets and the Alberta launch. The net loss was $1.15 billion, after an $873 million impairment in Brazil and a $105 million provision for a class action in Australia. Flutter cut its 2026 guidance to $17.61 billion of revenue and $2.495 billion of adjusted EBITDA at the midpoints, mainly for sports results and Brazil. Leverage rose to 4.6 times, and Flutter paused its share buybacks for the foreseeable future. It closed Betfair in Brazil and keeps only Betnacional there. Nov 3, 2026: Flutter completed a refinancing of its term A loans and revolving credit facility. Their maturity moved to May 3, 2032 from 2028, the revolving facility rose to $1.86 billion, and the leverage covenant is now a net first lien leverage ratio of at most 5.70 times. Oct 20, 2026: Flutter started a restructuring plan for its UK and Ireland business to reduce the effect of the higher UK gaming taxes. The plan can remove up to 1,400 jobs, including UK and Ireland staff in Portugal and Romania. Flutter expects pre-tax charges of about $80 million to $90 million, mostly in Q4 2026, and it said that its 2026 guidance of August 2026 already includes these costs. Oct 1, 2026: Dan Taylor became Group CEO, and Peter Jackson stepped down after nearly nine years. The Chief Legal Officer, Don Liu, resigned effective September 30, 2026, and Edward Traynor became interim Chief Legal Officer. Sep 28, 2026: Flutter stopped sports betting and iGaming in Brazil after a provisional executive order of September 25, 2026, banned online betting there. The order needs approval of Congress within 120 days to stay in effect. If Brazil stays closed for the rest of 2026, Flutter expects about $70 million less revenue and about $20 million less adjusted EBITDA. The stock fell about 8% that day. Aug 5, 2026: Flutter reported Q2 2026 results. Revenue rose 3% to $4.33 billion, but adjusted EBITDA fell 45% to $508 million, and the net loss was $296 million. US revenue fell 6%, and US adjusted EBITDA fell 70% to $119 million. Flutter cut its 2026 guidance to about $17.91 billion of revenue and $2.655 billion of adjusted EBITDA at the midpoints and started a plan for $500 million of gross cost savings by 2029. The stock fell about 11% that day. Aug 3, 2026: Flutter completed the cancellation of its secondary listing on the London Stock Exchange. Its shares now trade only on the New York Stock Exchange. May 11, 2026: Flutter completed a $250 million share buyback tranche for the first half of 2026, with 2.4 million shares bought. May 6, 2026: Flutter reported Q1 2026 results. Group revenue rose 17% with acquisitions, and US revenue rose 6% to $1.76 billion. Amy Howe left as CEO of FanDuel, and Christian Genetski, President of FanDuel, took over the business.