Flutter Cuts FY2026 Guidance as Brazil Shutdown Hits Q3
Flutter Entertainment pulled in $3.87 billion in Q3 revenue, up 2% year on year. It also booked a $1.15 billion net loss. Those two numbers, side by side, pretty much sum up the quarter.
Adjusted EBITDA dropped 25% to $360 million. A year earlier it was $478 million. US revenue rose 6% to $1,455 million, helped by the FanDuel rewards expansion, new iGaming products and growth at FanDuel Predicts. But US adjusted EBITDA came in at just $3 million. That's a 94% fall, and the reason is simple: the group spent heavily on prediction markets and the Alberta gaming launch.
International revenue reached $2,419 million, roughly flat on last year. Adjusted EBITDA in the segment slipped 14% to $435 million. UK tax hikes did the damage. Cost savings in UKI and Brazil only partly cushioned the blow.
Brazil was the real wound. The Provisional Measure banning online sports betting and iGaming produced $873 million in non-cash impairment charges. Of that, $537 million post-tax landed on Flutter, reflecting its 56% ownership of Flutter Brazil. The net loss of $1,148 million compares with a $789 million loss in Q3 2025.
So the guidance moved. Flutter cut its FY2026 revenue midpoint by $300 million to $17.61 billion, and lowered full-year adjusted EBITDA guidance by $160 million to $2.495 billion. CEO Dan Taylor framed the reset as a bump, not a trend. He pointed to strength in both the US and International segments and to what he called significant room left in iGaming. Flutter, he said, "enters its next phase from a position of strength." He went on: the group has "leading businesses in many of the world's most attractive markets, great brands and scale advantages that few others can match. Our job now is to make more of those advantages."
Taylor named three priorities: extending US leadership, capturing prediction market opportunities and improving the International portfolio. For affiliates, the Brazil writedown is the signal to watch. A market that size going dark doesn't just cost an operator a charge on the books. It reshuffles where affiliate traffic and rev-share deals get pointed next.
That $2.495 billion EBITDA target is the number analysts will chase. Hitting it depends on US margins recovering from near zero and the UK tax drag easing. Neither is guaranteed in the near term.