Flutter Entertainment (FLUT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Flutter Entertainment published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Flutter Entertainment reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Flutter recognized non-cash impairment charges of $873 million on its Brazil business after a Provisional Measure issued September 25, 2026 provisionally banned sports betting and iGaming there. Flutter closed its Brazil operations on September 26, 2026; $537 million of the post-tax charge is attributable to Flutter, which owns 56% of Flutter Brazil.
• Net income shown is the net loss attributable to Flutter shareholders. Including non-controlling interests, the Q3 2026 net loss was $1,148 million.

Source: Flutter Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Flutter Entertainment splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Flutter Entertainment's US revenue was $1.5 billion in Q3 2026, up 6% from $1.4 billion in Q3 2025, 38% of total revenue.
• Flutter Entertainment's International revenue was $2.4 billion in Q3 2026, flat on $2.4 billion in Q3 2025, 62% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Flutter Entertainment said:

“This results in a reduction in full year Group revenue midpoint guidance of $300m to $17.61bn, and a reduction in full year adjusted EBITDA guidance of $160m to $2.495bn.”

“At the midpoint, US revenue is now $7.34bn (+5% year-over-year) with adjusted EBITDA of $715m (-22% year-over-year).”

“At the midpoint, International revenue is now $10.27bn (+9% year-over-year) with adjusted EBITDA of $2.09bn (-5% year-over-year).”

Source: Flutter Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FLUT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue and GAAP diluted earnings (loss) per share, each as first reported in that quarter's earnings release.

We do not hold a confirmed date for Flutter Entertainment's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Flutter Entertainment reports two segments. In Q3 2026 the US, which is FanDuel, produced $1,455 million of revenue and International $2,419 million, for a group total of $3,874 million. By product, group sportsbook revenue was $1,780 million, iGaming $1,951 million and other revenue $143 million. (Flutter Q3 2026 release, Nov 4, 2026)

Flutter's US revenue rose 6%. Sportsbook revenue grew 4% as handle rose 13% to $12,023 million, while the net revenue margin fell 60bps to 6.8% as promotional spend rose to 6.0% of handle. iGaming revenue grew 8% and other revenue 20%, the latter driven by market-making activity. FanDuel Predicts, the prediction markets product, had 66k average monthly players and volume of $119m, and Flutter said its revenue was not material. (Flutter Q3 2026 release, Nov 4, 2026)

International revenue was flat year over year at $2,419 million. Southern Europe and Africa grew 13% to $836 million and UK and Ireland 4% to $889 million, while Brazil fell 31% to $60 million and Other regions fell 48%. Flutter put the adverse sports results in International at approximately $131m of revenue in the quarter, and APAC also reflected the closure of the real money gaming market in India. (Flutter Q3 2026 release, Nov 4, 2026)

In fiscal 2025, 53% of Flutter's revenue came from sportsbook, 44% from iGaming and 3% from other products, and 88% came from its online businesses. Its brands include FanDuel, Sportsbet and Sky Betting & Gaming, and its online operations are complemented by 1,127 retail shops, mainly in the United Kingdom, Ireland, Italy and Serbia. (Flutter Form 10-K, 2025, Feb 26, 2026)

Flutter Entertainment reported a GAAP loss per share of $4.90 in Q3 2026 and an adjusted loss per share of $0.18, against adjusted EPS of $1.64 a year earlier. The largest items between the two were the Brazil impairment, worth $3.22 per share, amortization of acquired intangibles at $1.26, restructuring and integration costs at $0.61 and legal loss contingencies at $0.60, partly offset by a $0.70 gain on the Fox Option liability and the tax impact of the adjustments. (Flutter Q3 2026 release, Nov 4, 2026)

The net loss attributable to Flutter shareholders was $862 million, against $690 million a year earlier. Besides the $873 million Brazil impairment, the quarter included a $105 million increase in legal loss contingencies, driven by a provision for a class action lawsuit in Australia. Q3 2025 had its own one-offs: a $556 million impairment relating to Junglee and $205 million of costs from revising US market access terms with Boyd Gaming. (Flutter Q3 2026 release, Nov 4, 2026)

Flutter repurchased no shares in Q3 2026 and has paused its 2024 share repurchase program to prioritize deleveraging, after buying back 6,777,545 shares for $1,372 million under it. The weighted average share count used for adjusted EPS was 176 million in both periods. Net debt was $10,656 million at September 30, 2026, a leverage ratio of 4.6x against 3.7x at the end of 2025. (Flutter Form 10-Q, Q3 2026, Nov 4, 2026; Flutter Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Flutter Entertainment gives full-year guidance in its release and cut it in Q3 2026 for adverse sports results and the Brazil closure. Group revenue guidance at the midpoint fell by $300m to $17.61bn and adjusted EBITDA guidance by $160m to $2.495bn. At the midpoint, US revenue is now $7.34bn with adjusted EBITDA of $715m, and International revenue $10.27bn with adjusted EBITDA of $2.09bn. (Flutter Q3 2026 release, Nov 4, 2026)

The release also says Flutter expects to deliver an additional $500 million in gross operating cost and capital expenditure savings by 2029, that US promotional spend should stay at similar levels in Q4 and for 2027, and that it aims to return to its target leverage range of 2.0-2.5x over the medium term. (Flutter Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Flutter Entertainment, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Flutter Entertainment's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FLUT is on is FLUT a buy or a sell?, what analysts expect next is on the FLUT forecast, and what the company does is on the Flutter Entertainment (FLUT) stock page.

Every number on this page can be traced to a document Flutter Entertainment published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.