Key financial highlights:
In $ millions except where stated otherwise
Three months ended March 31,
2026
2025
YOY
Average monthly players (AMPs) (‘000s')1
14,378
14,880
(3)%
Revenue
4,304
3,665
+17%
Net income
209
335
(38)%
Net income margin
4.9%
9.1%
(420)bps
Adjusted EBITDA2
631
616
+2%
Adjusted EBITDA margin2
14.7%
16.8%
(210)bps
Earnings per share ($)
1.23
1.57
(22)%
Adjusted earnings per share ($)2
1.22
1.59
(23)%
Net cash provided by operating activities
330
188
+76%
Free cash flow2
153
88
+74%
Free cash flow including financing capex and excluding player funds2
123
226
(46)%
Leverage ratio2(December 2025 3.7x)
3.7x
Overview
Group revenue +17% year-over-year benefiting from M&A3, a positive swing in year-over-year sports results, and strong iGaming growth. AMPs down 3% reflecting India market closure4
Management changes implemented to best position the Group for future growth:
Dan Taylor, CEO of International, appointed President of Flutter Entertainment
Christian Genetski, President of FanDuel, will now lead the US business
US sportsbook improvement plan driving encouraging signs of recovery, in line with our expectations, with good progress made on generosity effectiveness, and phased roll-out of loyalty program commenced in April
US revenue $1,763m: +6% year-over-year with sportsbook +1% and iGaming +19%:
Continued #1 sportsbook and iGaming positions, 39% and 27% respective GGR market shares5
Revenue c. $90m ahead of Q1 guidance excluding $45m sports results headwind6
Sportsbook revenue growth reflected:
Continuing impact from Q4 unfavorable recycling and customer churn
Less unfavorable sports results year-over-year
Customer growth and underlying revenue growth improving through the quarter
Strong launch in Arkansas despite accelerated timeline
Continued strong iGaming growth driven by direct casino engagement
FanDuel Predicts:
"One App" experience launched in non-sportsbook states where FanDuel Predicts can now be accessed through the FanDuel sportsbook app
Initial phase of market-making commenced with positive early indicators
Adjusted EBITDA of $119m, 26% lower year-over-year after investment in prediction markets7 and Arkansas launch
International revenue $2,541m: +27% year-over-year (+18% constant currency (CC)8) with sportsbook +22% and iGaming +32% benefiting from M&A, offset by an adverse year-over-year swing in sports results. On an organic basis2,9, revenue was in line with the prior year:
Sportsbook organic revenue -7% with a strong underlying performance in SEA offset by unfavorable sports results in UKI and SEA6
iGaming organic revenue +8%, driven by performances in SEA, UKI and CEE
Adjusted EBITDA of $587m, +13% (+5% CC). Organic adjusted EBITDA was 5% lower driven by the shift in revenue mix toward higher cost-of-sale products and regions
Group Q1 net income of $209m was $126m lower year-over-year due to increases in interest expense, net, and depreciation and amortization, primarily as a result of M&A, partly offset by a higher non-cash Fox Option10 benefit. Net income margin was 4.9%
Group Q1 adjusted EBITDA of $631m +2% and adjusted EBITDA margin of 14.7%, -210bps, driven by revenue growth, investment in FanDuel Predicts and new state launch costs
Earnings per share of $1.23 and adjusted earnings per share of $1.22 were -22% and -23% year-over-year, respectively, reflecting the above profitability drivers and a year-over-year benefit from non-controlling interests
Net cash provided by operating activities +76% year-over-year reflecting a positive swing in the movement in player deposit liabilities. Free cash flow including financing capex and excluding player funds11 declined by 46%, due to increased capital expenditure and tax payments
Review of London Stock Exchange listing commenced
Updated full year 2026 guidance12,13
April performance on an underlying basis was in line with our expectations across both the US and International. Additionally, we have been pleased with the performance of our early Arkansas state launch, which was not incorporated in our prior outlook and therefore will add $35m in investment costs for 2026
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in Arkansas, and (iii) the change in reporting for PokerStars North America which has no impact from an overall Group basis.
Group revenue is now expected to be $18.305bn with adjusted EBITDA of $2.865bn at the midpoint. This reflects a reduction from previous guidance of $18.4bn and $2.97bn in revenue and adjusted EBITDA expectations respectively, with updated guidance now representing 12% and 1% year-over-year growth.
Peter Jackson, CEO, commented:
"Flutter's Q1 performance was encouraging, with Group revenue increasing 17% year‑on‑year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. Group performance also benefited from our local hero acquisitions in Italy and Brazil, and excellent underlying SEA growth.
While we made good progress during the quarter, there remains more to do to ensure the improving US sportsbook trends continue and we announced today the management changes we are making to best position us for our next phase of growth. The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalize on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026."
To our shareholders
Flutter delivered Q1 revenue growth of 17% year-over-year benefiting from our Snai and Betnacional acquisitions and a positive swing in year-over-year sports results. Sportsbook revenue grew 10% with excellent underlying momentum in SEA. US sportsbook was 1% higher year-over-year, including improvement on an underlying basis through the quarter as we execute on our improvement plan. We also delivered continued strong iGaming performance across the US, SEA and UKI, with Group iGaming revenue growth of 28%.
I have been reflecting for some time on how to ensure we remain as agile, focused and well-positioned as possible as a Group. The US market, and FanDuel's leading position within it, represents one of the most significant growth opportunities in our industry, and it is essential that we have the right structure and leadership in place to fully capitalize on it. To that end, I am pleased to announce that Dan Taylor, currently CEO of Flutter International, will assume the newly created role of President of Flutter Entertainment, taking on oversight of the FanDuel business in addition to his existing responsibilities. Dan's track record of driving growth and executing complex strategies make him ideally suited for this expanded role.
At the same time, Amy Howe has left the company, and Christian Genetski, President of FanDuel, will assume leadership of the FanDuel business. Christian joined FanDuel in 2015 and has been instrumental in scaling the business to its current number 1 position in the market. I would like to thank Amy for her contribution to Flutter and FanDuel, and recognize the impact she has had on the business since joining in 2021. We wish her every success for the future. Within the US business we have also narrowed ownership of the drivers of sportsbook performance. These changes will sharpen focus on US sportsbook, strengthen the connection between our US and International operations, and fully leverage the Group's expertise and strategic ambition.
US update
US Q1 revenue grew by 6% with sportsbook revenue up 1% year-over-year and iGaming revenue up 19%. While we have seen encouraging signs in our underlying sportsbook growth as the quarter progressed, overall performance in Q1 was adversely impacted by a continuation of the market-wide trends observed during Q4. FanDuel exited 2025 with a smaller customer base than anticipated which continued to impact growth during the quarter, with sportsbook AMPs 6% lower year-over-year. iGaming performance remained strong benefiting from continued execution on our casino-first strategy and underpinned by AMP growth of 10%.
US core sports betting and iGaming
We have a clear sportsbook improvement plan focused on strengthening our reward and product proposition to ensure we maintain our leadership position in these areas. During Q1 we restructured the sportsbook team to ensure we are best positioned to deliver our plans.
From a generosity perspective, we have been focused on delivering a customer-first proposition. This approach helped to drive better customer engagement with our early-win promotional campaign during March Madness, and opportunistic payouts to capture the social side of betting which have resonated well. In April we began the roll-out of our sportsbook loyalty program, allowing players to earn points, unlock levels and enjoy rewards. Although initially available to a small cohort of customers, engagement has been very positive as customers note that their overall FanDuel experience has improved with the addition of the program. We also launched Bet Protect+, an industry-first generosity mechanic where customers can insure their bets for the full game for a small fee, balancing disciplined investment with customer demand for parlay guarantees. The initial response has been very positive, with adoption rates doubling our expectations and continuing to grow.
Sportsbook product enhancements included expansion of our popular "Pass the Leg" feature to Super Bowl, more personalized and simplified Same Game Parlay (SGP) building for NBA with "Bet it again" and full-screen streaming for key sports. We continued to leverage our leading outcome-based pricing capabilities to further expand cash-out functionality and establish the core foundations for our product roadmap for the rest of the year.
These changes are gaining traction with our customers and underlying trends across our headline KPIs have been positive. AMPs, handle and structural revenue margin all improved during the quarter. January AMP declines of 5% recovered to 1% growth in March. Handle trends improved from a 10% year-over-year decline in January, to a 4% decline in March before we began lapping the elevated March Madness handle in the prior year due to a particularly customer-friendly tournament which generated strong recycling activity. These positive trends underpinned an improvement in underlying revenue growth, with these trends expected to continue into Q2.
As we look ahead for the rest of the year, we have a strong pipeline of enhancements planned. These include significant expansion of our new loyalty program through Q2 and Q3 ahead of a full roll-out for the NFL 2026/2027 season. We are also very excited about the opportunity that the FIFA World Cup presents in Q2 and in Q3, with a number of new soccer product features in the pipeline to strengthen FanDuel's product leadership and position us well for customer engagement during the tournament.
We continued to see only a limited cannibalization impact from prediction market operators on our sportsbook growth, consistent with our prior estimate of a low single-digit percentage effect on handle growth. This estimate is primarily based on a comprehensive tracking of deposit data along with download data and monitoring of trends we are observing within the FanDuel customer database. We believe this limited impact reflects the fundamental differences in product propositions between sportsbooks and prediction market platforms, customer age profiles and concentration of prediction market activity among entertainment-first and low-value users. While the direct cannibalization impact has been limited, we do believe prediction market operators may be attracting some new, incremental entertainment-first recreational customer cohorts, and we continue to monitor the impact of prediction market operators on the broader sports-betting ecosystem. Our recent launches in Missouri and Arkansas were both ahead of expectations, further validating that demand for sports betting products remains strong in states where it has been previously unavailable.
In iGaming, FanDuel delivered another strong quarter of growth with AMPs up 10%. Expansion of our direct casino player base, coupled with improved player frequency among higher-value cohorts, drove revenue growth of 19% year-over-year. This included direct casino revenue growth of 28% which more than offset the impact of reduced cross-sell customers from sportsbook. This performance was driven by enhanced rewards delivered through our loyalty program including daily reward boxes and the continued roll-out of new and exclusive content. At the start of April, we also migrated PokerStars customers to the FanDuel platform which will help unlock improved product and cross-state liquidity for poker customers, mirroring the success we have seen in Italy.
While organic investment to generate long-term value remains our top priority, we are equally focused on cost efficiency. Cost savings have been realized across a variety of initiatives including ongoing delivery of payment provider cost efficiencies, improved supplier rates, and a focus on process improvements. We will also be closing down our FanDuel TV racing network and FanDuel Picks product in 2026 to optimize costs and ensure investment is focused on those areas that are expected to generate the greatest returns.
Prediction markets
We continue to view prediction markets as a very attractive, incremental opportunity providing an avenue to acquire customers ahead of sports betting regulation in new states. Our in-house expertise and capabilities place us in a strong position to capitalize on this opportunity in the long-term. We are making good progress on FanDuel Predicts, with further improvements to be delivered during the year. However, while the fast moving and complex regulatory environment means that product delivery timescales have at times been challenging, we are prioritizing new product roll-out, and we are focused on building the operational flexibility required to deliver our ambitions.
In Q1, FanDuel Predicts was expanded nationwide across financial, economic and commodities contracts, with sports available for trading in 18 non-sportsbook states including California, Texas and Florida. During March and April, we widened our range of sports markets and the first real testing of our generosity capabilities saw encouraging returns with strong app downloads through March Madness.
At the start of April, we launched the FanDuel "One App", dynamically delivering sports betting to those customers in sportsbook states or prediction markets to customers in non-sportsbook states. This will allow us to leverage FanDuel's strong nationwide brand awareness and significant existing nationwide marketing investment. It also provides a simplified discovery and onboarding experience for new customers where just one download provides access to an increasingly compelling sports experience.
While revenues in Q1 were modest, reflecting the relatively early stage of our journey, we are focused on delivering the improvements needed during 2026 to serve customers a compelling, truly sports-led experience by Q4. The 2026/2027 NFL season launch will be a major milestone, with many improvements also planned for the FIFA World Cup.
We believe our world-class, proprietary pricing capabilities can also unlock a significant market-making opportunity. In April, we began trialing market-making services on a major, third-party prediction market platform. It is early days, and our initial focus has been on optimizing spreads across a range of contract types and testing capabilities to ensure we are well positioned to balance growing market share while scaling risk management. Early indicators have been encouraging and we expect to launch our market-making platform in the coming months.
As outlined at our Q4 earnings, we continue to expect investment in prediction markets to be toward the top end of our previous guidance ($250m-$300m of adjusted EBITDA investment losses). Our priority remains building long-term value, while retaining flexibility to adjust investment where performance warrants. We believe this will position us to deliver future growth and harness the long-term opportunities for our business.
International update
International Q1 performance delivered revenue growth of 27% (+18% CC) and adjusted EBITDA growth of 13% (+5% CC) benefitting from the acquisitions of Snai and Betnacional. Organic revenue was in line with the prior year, as excellent underlying growth in SEA, and continued iGaming momentum in UKI and CEE, offset unfavorable sports results in the quarter. Organic adjusted EBITDA declined by 5% driven by higher revenue growth in products and regions with a higher cost of sales. We are making very good progress on delivering our $300m 2027 cost efficiency program with full rate savings expected to be achieved by the end of this year. We remain focused on identifying further cost optimization through our next phase of cost and business transformation.
SEA delivered strong revenue growth of 110%, benefiting from the acquisition of Snai. On an organic basis, AMPs grew 26% and revenue 23%, driven by a market-leading performance in Italy, strong growth in Türkiye and a benefit from PokerStars migrations. In Italy, SEA strongly outperformed the market, delivering a 31% online market share. Sisal's unique, market-first MyCombo SGP product saw exceptional engagement, driving multi-leg bets to half of Sisal's pre-match soccer handle in Q1, with over 30% of bets having 5 or more legs. Sisal's iGaming performance benefited from exclusive content offering customers premium products and differentiation, alongside improvements to our games' recommendation engine. Snai delivered continued online growth, with successful completion of our planned platform migration at the end of April now unlocking access to Sisal's market leading product for Q2. We also continued to see a year-over-year iGaming benefit from our successful tombola and PokerStars integrations in H2 2025, with PokerStars revenue now ahead of its peak during the Covid-19 pandemic. In Türkiye, revenue growth of 32% (59% CC) was driven by further network expansion and new content roll-out.
In UKI, iGaming AMPs were 10% higher and revenue was up 14% (+6% CC). This reflected excellent, double digit iGaming growth for Paddy Power, tombola and Betfair driven by a strong pipeline of new slots content resulting in strong retention metrics. In sportsbook, targeted generosity helped drive strong customer engagement during a record Cheltenham racing festival, where Paddy Power was the #1 downloaded app. Performance for Sky Bet has been behind expectations as customers adapted to the new user interface post-migration. However, now customers have access to the full Flutter sportsbook product suite, momentum continued to improve for the brand across the quarter. Sky Bet delivered its highest January customer acquisition volumes in five years and a strong Cheltenham festival which helped drive underlying sportsbook revenue back to growth in March.
The previously announced increase in iGaming taxes from 19% to 40% in the UK was implemented on April 1. Market competitiveness remained stable ahead of the change, but we now expect less profitable operators to begin to adjust both marketing and generosity strategies. As the leading scale operator in the UK, Flutter is very well-placed to deliver both material first order mitigation and benefit from second-order effects, including market share gains over time. However, a consequence of the increase in gaming taxes will be to drive some UK customers toward unregulated operators, where there is no player protection. We therefore welcome the UK Government's allocation of funding to the UK Gambling Commission to combat this issue, and the recently proposed ban on sports club sponsorship by unlicensed operators. These steps, along with recent commentary from the UK Gambling Commission, demonstrate a strong intention to enforce against unregulated operators and we look forward to further steps to ensure that accessing illegal operators is restricted.
In Brazil, performance remained encouraging with Betnacional AMPs over 40% higher year-over-year, driven by continued product improvements across sportsbook and iGaming, validating our continued heightened investment in this exciting market. We will soon deliver a key milestone in our sportsbook product roadmap with the integration of our proprietary pricing capabilities. This will unlock significant Flutter Edge advantages such as a greater depth of markets, a leading parlay product and promotional improvements ahead of the FIFA World Cup in June.
In APAC, we continue to see modest year-over-year growth in both sportsbook AMPs and handle. Performance in racing excluding greyhounds, while still down year-over-year, was ahead of our expectations. We welcome the long-awaited advertising restrictions announced at the beginning of April and believe that Sportsbet is well placed to build on its market-leading position. We believe this strikes the right balance between safeguarding customers and allowing operators to continue offering sports betting products in a responsible way.
The Flutter Edge continued to drive tangible benefits across CEE and other regions. CEE revenue grew 14% (+7% CC), with Armenia cementing its number one iGaming position and Serbia delivering good momentum as product improvements took hold. In other regions, we are actively optimizing how we deploy our product capabilities and local hero brands, migrating PokerStars customers in Spain, France and Portugal to our SEA platform to unlock an improved product experience and cost efficiencies. This represents an important milestone as we scale across markets.
Final thoughts and outlook
I am encouraged by the progress we have made during the quarter. We have a clear improvement plan for US sportsbook and we are making good progress, with early signs our execution is gaining traction. The progress we are building in FanDuel Predicts is positive and I am excited about the potential opportunities within market-making.
Internationally, the integration of Snai and NSX is progressing well, our core markets continue to deliver underlying growth, and we are investing with conviction behind the significant opportunities that both Brazil and the FIFA World Cup present this year.
Looking ahead, the organizational changes we are making ensure we have the right structure in place to deliver continued execution against our strategic priorities. We are confident in the outlook for the year and our ability to deliver sustainable, long-term value for shareholders.
Sincerely,
Peter JacksonFlutter CEO
In $ millions unless stated, unaudited
US
International
Group
Three months ended March 31,
2026
2025
YoY
2026
2025
YoY
2026
2025
YoY
Average monthly players ('000s)
4,267
4,312
(1)%
10,111
10,568
(4)%
14,378
14,880
(3)%
Handle
13,357
14,606
(9)%
9,035
6,912
+31%
22,392
21,518
+4%
Net revenue margin
8.6%
7.8%
+80bps
11.9%
12.7%
(80)bps
9.9%
9.4%
+50bps
Sportsbook revenue
1,144
1,134
+1
1,077
880
+22%
2,221
2,014
+10%
iGaming revenue
564
472
+19%
1,386
1,050
+32%
1,950
1,522
+28%
Other revenue
55
60
(8)%
78
69
+13%
133
129
+3%
Total revenue
1,763
1,666
+6%
2,541
1,999
+27%
4,304
3,665
+17%
Cost of sales
(1,043)
(956)
+9%
(1,244)
(880)
+41%
Technology, research and development expenses
(89)
(82)
+9%
(120)
(95)
+26%
Sales and marketing expenses
(379)
(374)
+1%
(376)
(309)
+22%
General and administrative expenses
(133)
(93)
+43%
(214)
(197)
+9%
Reportable segment adjusted EBITDA
119
161
(26)%
587
518
+13%
Net income
209
335
(38)%
Unallocated corporate overhead15
(75)
(63)
+19%
Group adjusted EBITDA
631
616
+2%
Adjusted EBITDA margin
6.7%
9.7%
(300)bps
23.1%
25.9%
(280)bps
14.7%
16.8%
(210)bps
Group
The Group delivered Q1 revenue growth of 17%. This was driven by iGaming revenue growth of 28% with sportsbook revenue up 10% and other revenue 3% higher, as set out below in the US and International sections.
Net income of $209m for the quarter reduced by $126m from $335m in Q1 2025, primarily due to:
A $71m increase in interest expense, net to $156m (Q1 2025: $85m) due to additional financing for the acquisitions of Snai and NSX and to purchase Boyd's 5% interest in FanDuel
A $122m increase in depreciation and amortization cost to $416m in Q1 2026 (Q1 2025: $294m), primarily due to the acquisitions of Snai and NSX (adjusted depreciation and amortization Q1 2026: $202m, Q1 2025: $136m)
An $88m year-over-year non-cash benefit relating to the Fox Option fair value adjustment, with a gain in Q1 2026 of $293m (Q1 2025 gain of $205m)
Net income attributable to Flutter shareholders was $218m after including non-controlling interest credits of $9m. This led to a decline in earnings per share for the quarter of 22% to $1.23 reflecting the factors above, partly offset by a $61m non-controlling interest benefit as we lapped the prior period which included an expense which reflected Boyd's ownership of 5% of FanDuel at the time (Q1 2025: $52m).
Adjusted EBITDA of $631m grew 2%, with adjusted EBITDA margin 210bps lower driven by the performances set out below in the US, International and unallocated corporate overhead sections. Adjusted earnings per share for the period declined 23% to $1.22, also reflecting the increases in adjusted depreciation and amortization, interest expense, net, and non-controlling interest credits.
From a cash flow perspective we have introduced a new non-GAAP liquidity measure: free cash flow including financing capex and excluding player funds. This measure includes purchases of intangible assets with extended payment terms which are recognized within cashflows from financing activities ('financing capex'), and excludes changes in player deposits and related liabilities from the existing free cash flow calculation. We believe this measure provides additional insight into our ability to generate cash from core operations by including all intangible asset purchases by the Group and by eliminating cash flow movements from player deposit movements, which are not indicative of underlying business performance. Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
The Group's net cash provided by operating activities increased by $142m or 76% year-over-year, primarily as a result of a positive year-over-year change in player funds of $153m, compared to an outflow in the prior year which included the impact of a Sisal lottery payout. This year-over-year improvement more than offset an increase in tax and interest payments during the quarter, and a Super PAC contribution made by FanDuel to strengthen our advocacy initiatives in the US. Capital expenditure increased year-over-year, primarily due to phasing of spend in the prior year. Adjusting for the positive impact of player funds, free cash flow including financing capex and excluding player funds declined by 46% year-over-year.
US
Revenue grew 6%, driven by iGaming revenue growth of 19% with sportsbook revenue up 1%. AMPs of 4.3m decreased by 1% (sportsbook AMPs -6%, iGaming AMPs +10%).
Sportsbook revenue performance was driven by a handle decline of 9%, partly offset by a year-over-year improvement in net revenue margin of 80 basis points to 8.6%.
The increase in net revenue margin included:
Structural revenue margin of 13.7%, which was 40bps lower than the prior year due to a reduced proportion of higher margin NFL and NBA volume in the quarter. We expect growth in structural revenue margin year-over-year in H2, and we remain confident in our structural revenue margin expectations of 15% in 2027, and 16% in the long term
A positive sports results impact year-over-year of 170bps (Q1 2026: 30bps unfavorable, Q1 2025: 200bps unfavorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately $33m
Promotional spend of 4.9%, which was 50bps higher than the prior year due to the increase in investment in state launches in Missouri in December 2025, and Arkansas in March 2026
iGaming revenue grew 19%, underpinned by AMP growth of 10%.
Cost of sales increased by 180bps, primarily driven by tax rate increases of approximately 220bps, partly offset by market access savings and a year-over-year benefit from less unfavorable sports results.
Sales and marketing expenses were 1% higher year-over-year reflecting new state launch costs and FanDuel Predicts investment, but reduced by 90bps as a percentage of revenue to 21.5% reflecting the year-over-year swing in sports results. Technology, research and development costs were 9% higher and general and administrative costs were 43% higher primarily reflecting an increase in headcount and in server costs and cloud services costs to match the scaling of our business, investment in prediction markets, and lobbying costs to support our advocacy efforts.
Adjusted EBITDA was $119m (Q1 2025 $161m), with a reduction in adjusted EBITDA margin of 300bps year-over-year driven by the factors detailed above.
International
We have revised our definition of organic revenue and organic adjusted EBITDA to better capture foreign currency fluctuations and one-off events affecting year-over-year comparability. We believe that the revised definitions provide a more meaningful basis for comparison of period-over-period underlying performance.
The specific events impacting comparability in Q1 are as follows:
Acquisitions of Snai on April 30, 2025 and NSX on May 14, 2025
Closure of real money gaming in India in August 2025; and
Foreign currency fluctuations
Our revised organic measures are therefore presented on a constant currency basis, exclude the contribution from the Snai and NSX acquisitions in the current period, and treat the market closure in India as if they had been in place during the prior year period.
Please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections for detailed definitions and GAAP reconciliations.
($ millions except percentages)
Three months ended March 31,
Total
Sports
iGaming
Unaudited
2026
2025
YoY
YoY CC
YoY organic
YoY
YoY CC
YoY organic
YoY
YoY CC
YoY organic
UK and Ireland
900
882
+2
(5)%
(5)%
(11)%
(17)%
(17)%
+14%
+6%
+6%
Southern Europe and Africa
940
448
+110%
+95%
+23%
+120%
+97%
+5%
+104%
+94%
+33%
Asia Pacific
305
313
(3)%
(10)%
+2%
+12%
+2%
+2%
Central and Eastern Europe
160
140
+14%
+7%
+7%
Brazil
74
9
+722%
+640%
+10%
Other regions
162
207
(22)%
(27)%
(27)%
International revenue16
2,541
1,999
+27%
+18%
+1%
+22%
+12%
(7)%
+32%
+24%
+8%
International adjusted EBITDA
587
518
+13%
+5%
(5)%
International revenue was 27% higher year-over year (+18% CC), benefiting from the acquisition of Snai and NSX, while AMPs were 4% lower due to the closure of real money iGaming in India.
International revenue was 1% higher on an organic basis with a combination of SEA underlying sportsbook and iGaming growth, and good iGaming growth in UKI and CEE, offset by the impact of adverse sports results, primarily arising in UKI and SEA.
Sportsbook revenue grew 22% (+12% CC). This reflected handle growth of 31% (+20% CC), benefiting from M&A, and a decline in sportsbook net revenue margin of 80bps to 11.9%. Net revenue margin included:
A 40bps reduction in structural revenue margin to 16.6%, due to faster growth in regions with currently lower structural revenue margins including SEA, CEE and Brazil
An adverse sports results impact year-over-year of 120bps (Q1 2026: 100bps unfavorable, Q1 2025 20bps favorable). At a revenue level, this resulted in an adverse in-quarter impact in Q1 2026 of approximately $100m
An 80bps reduction in promotional spend to 3.6% driven by the impact of M&A, where the acquired businesses currently have an inherently lower level of promotional spend, and efficiency improvements across UKI and CEE
On an organic basis, sportsbook revenue declined 7%, with a 1% increase in handle offset by the revenue margin drivers discussed above.
iGaming revenue was 32% higher year-over-year (+24% CC) including the benefit of M&A. On an organic basis iGaming grew 8%, driven by performances in SEA, UKI and CEE.
International regions' year-over-year revenue performance during Q1 was as follows:
UKI revenue grew 2% (-5% CC) with iGaming growth of 14% (+6% CC) driven by a 10% increase in AMPs. Sportsbook revenue declined 11% (-17% CC) and reflected a 2% increase in handle (-5% CC), combined with a 230bps unfavorable swing in year-over-year sports results
SEA revenue increased 110% (+95% CC), benefiting from the acquisition of Snai, and a 10 percentage point growth benefit from PokerStars migrations during the period. On an organic basis revenue was up 23%. This was driven by iGaming growth of 33% driven by Sisal's strong performance in Italy and Türkiye. Organic sportsbook revenue grew +5% including the benefit from PokerStars migrations during the period of 3 percentage points, as organic handle growth of 29% was offset by a 310bps adverse swing in sports results
APAC revenue declined 3% (-10% CC) driven by the impact of the closure of real money gaming in India. Revenue grew 2% on an organic basis reflecting performance of Sportsbet. This was driven by an improvement in net revenue margin of 60bps due to a positive swing in sports results, offsetting a decline in handle of 4% primarily driven by greyhound softness in racing
CEE revenue grew 14% (+7% CC), supported by iGaming growth of 17% (+10% CC), as a 26% increase in sportsbook handle (+15% CC) reflecting Flutter Edge driven product improvements in MaxBet and lapping the impact of Armenian credit card restrictions, largely offset by an unfavorable 260bps swing in sports results
Brazil revenue grew 722% benefiting from the acquisition of NSX. Betnacional revenue grew 1% year-over-year as strong growth in handle and iGaming revenue were offset by very unfavorable sports results. Organic growth of 10% reflected improved trends in Betfair Brazil as we lapped re-registration friction in the prior year following the regulation of the Brazilian market in January 2025.
Other regions revenue was 22% lower (-27% CC), primarily reflecting a 16 percentage point growth impact from the transfer of PokerStars' Southern European customers to the SEA region and continued declines in activity on the PokerStars global platform
Adjusted EBITDA increased by 13% (+5% CC) year-over-year to $587m reflecting the revenue performance above and the benefit of M&A. Adjusted EBITDA margin reduced by 280bps to 23.1%, primarily due to the impact of lower adjusted EBITDA margin acquisitions, and continued investment in Brazil. On an organic basis, adjusted EBITDA declined 5% with the revenue performance above offset by a reduction in adjusted EBITDA margin of 150bps to 24.3% primarily driven by an increase in cost of sales as a percentage of revenue year-over-year, detailed below.
Cost of sales as a percentage of revenue increased by 500bps to 49.0%, driven by the acquisition of Snai and Betnacional and the closure of real money gaming in India which represented 280bps of the increase. The remainder of the increase was primarily driven by a shift in revenue mix toward higher tax products and regions, increased tax and licensing costs in CEE and SEA, and a change in classification of the now-mandatory UK gambling levy from general and administrative costs.
Sales and marketing expenses increased by 22% year-over-year due to the impact of the Snai and NSX acquisitions. As a percentage of revenue, sales and marketing reduced by 70bps to 14.8%, as our investment in Brazil was partly offset by reduced spend in India and lower relative sales and marketing expenses in Snai.
Technology, research and development costs were 26% higher year-over-year with approximately half of this driven by the impact of M&A. General and administrative costs were 9% higher from M&A, the impact of which more than offset savings from retail closures in the UKI and the reclassification of the UK gambling levy to cost of sales.
Unallocated corporate overhead increased by 19% year-over-year (+9% CC) as we invest to enhance the Flutter Edge through shared technology, and in our US reporting and controls environment. We are progressing well with identifying further cost saving initiatives to ensure we have an efficient and agile operating model to support future growth. We will provide an update on our progress later this year.
Capital structure
Available cash decreased $316m year-over-year, closing at approximately $1.5bn. The change in total debt from $12,266m at December 31, 2025, to $11,965m at March 31, 2026 reflects repayment of our revolving credit facility. Net debt was $10,575m at the end of Q1, with a leverage ratio2 of 3.7x (3.7x at December 31, 2025). We expect profit growth and cash generation will drive leverage reduction by the end of 2026, with leverage expected to increase in Q2 and Q3, before reducing again in Q4.
At our Q4 earnings in February we communicated our plan to return $250m to shareholders, commencing during H1. This tranche began in Q1 and remains ongoing. As of May 1, $190m (Q1 2026: $121m) of this tranche has been returned to shareholders, bringing the total cash returned to shareholders since the beginning of the share repurchase program to $1.31bn, of a total of up to $5bn expected to be returned over the coming years.
Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. We continue to prioritize organic investment in our core business, and strategic investment including emerging opportunities such as prediction markets, while also ensuring the deleveraging profile of the business is maintained. There will be no additional buyback tranche this quarter, this position will continue to be assessed. While now is the time to prioritize deleveraging, buybacks remain an important part of our long-term capital allocation policy.
Given the Group's robust growth profile, we expect to return to our target leverage range of 2.0 - 2.5x in the medium-term consistent with our stated policy, with exact timing dependent upon the cadence of our strategic investments and share repurchases.
Review of London Stock Exchange listing
We are undertaking a review of our London Stock Exchange listed ordinary shares. The conclusion of this review may result in the delisting of Flutter's ordinary shares from the LSE. It is anticipated that this review will be completed during Q2 2026 and an update to shareholders will be provided in due course. The NYSE listing of Flutter ordinary shares will not be impacted by the possible cancellation of the LSE listing.
Guidance
April performance on an underlying basis was in line with our expectations across both the US and International. Additionally, we have been pleased with the performance of our early Arkansas state launch, which was not incorporated in our prior outlook and therefore will add $35m in investment costs for 2026
We are updating guidance for US and International to include (i) unfavorable Q1 sports results since guidance was issued6, (ii) new state launch costs in Arkansas, and (iii) the change in reporting for PokerStars North America which has no impact from an overall Group basis.
Our updated outlook for 2026 now includes the following midpoints:
Group: revenue and adjusted EBITDA of $18.305bn and $2.865bn, representing 12% and 1% year-over-year growth, respectively.
US: revenue and adjusted EBITDA ...
