Flutter Entertainment paused its share repurchase program for the foreseeable future, the FanDuel owner said on Nov. 4, alongside a $1.15B quarterly net loss.
The loss widened from $789M a year earlier, driven mostly by $873M of non-cash impairment charges tied to Brazil.
Brazil's government published a Provisional Measure provisionally banning online sports betting and iGaming, and Flutter shut its operations there on Sept. 26. Brazilian revenue fell 31% to $60M in the quarter, from $87M a year earlier.
The writedown breaks down into $296M on long-lived assets and $541M on goodwill, and Flutter has closed Betfair Brazil to focus on Betnacional. Brazil's Supreme Court is holding a public hearing on the ban, and trade groups including the ANJL have brought legal challenges.
Group revenue rose 2%, while adjusted earnings before interest, taxes, depreciation, and amortization fell 25% to $360M from $478M. Group sportsbook revenue rose 1% to $1.78B, and iGaming revenue rose 3% to $1.95B. Average monthly players fell 3% to 13.7M, reflecting the India closure in August 2025.
US revenue climbed 6% to $1.46B, though US adjusted EBITDA collapsed 94% to $3M after spending on prediction markets and the Alberta launch.
Revenue Edged Up While Profit Went Backwards
Flutter Q3 2026 vs Q3 2025, $M, quarter ended Sept. 30, 2026
- Q3 2026
- Q3 2025
Bar chart. $M. Group Revenue: Q3 2026 $4K, Q3 2025 $4K. US Revenue: Q3 2026 $1K, Q3 2025 $1K. International Revenue: Q3 2026 $2K, Q3 2025 $2K. Adjusted EBITDA: Q3 2026 $360, Q3 2025 $478. Net Loss: Q3 2026 -$1K, Q3 2025 -$789.
Source: Flutter Earnings: Flutter Entertainment Q3 2026 earnings release
Debt is the priority now
Net debt stood at $10.66B at the end of September, with a leverage ratio of 4.6x against a target range of 2.0x to 2.5x.
That ratio was 2.2x eighteen months ago, before acquisitions in the US, Italy, and Brazil. New chief executive Dan Taylor told Reuters he expects to deleverage over the next 12 to 18 months.
Flutter also completed a refinancing that pushed its revolving credit facility and Term Loan A maturities out to May 3, 2032, with revolver commitments raised to $1.86B.
Buybacks for 2026 total roughly $250M and are complete, per the company's guidance table.
Costs come out, forecasts come down
Flutter cut full-year group revenue guidance by $300M to $17.61B and adjusted EBITDA guidance by $160M to $2.495B, the fifth straight quarterly profit downgrade.
The company is targeting an additional $500M in gross operating cost and capital expenditure savings by 2029 through artificial intelligence, removing layers, and simpler technology infrastructure.
It restructured its UK and Ireland business after UK remote gaming duty jumped from 21% to 40%, a change that dragged international adjusted EBITDA down 14% to $435M.
UK and Ireland revenue still grew 4% to $889M, with iGaming up 12% and sports betting down 6%.
Prediction markets are the one line Flutter is still funding hard, with FanDuel Predicts posting 66K average monthly players and $119M of volume in the quarter.
Taylor said investment there would continue in 2027 at similar or higher levels, which means the cash freed by halting buybacks won't all go to lenders.
