Flutter Q1 revenue rises 14% as Brazil surge offsets US slowdown

Revenue generated by Flutter Entertainment for the first quarter of 2026 reached $4.30 billion; an increase of 14% compared to Q1 2025. This impressive year-on-year growth was primarily driven by rapid growth in Brazil, as well as the solid international performance of the business, which helped offset some of the softer momentum shown in the US market and the associated margin pressure.

Adjusted EBITDA was $616 million, representing an increase of 20% year-on-year but impacted by higher costs (including FX impacts) affecting profitability.

International revenue was $2.54 billion, representing an increase of 27% over the same quarter last year, due to strong growth in multiple territories. The strongest growth was achieved in Southern Europe and Africa (110%), while Central and Eastern Europe experienced a growth rate of 14%.

The highlight again was Brazil, where year-on-year growth was an impressive 722%, aided by the integration of Betnacional into Flutter’s operations. CEO Peter Jackson said that “Flutter is investing with conviction in Brazil” and he expects Brazil to be a long-term growth market for the group.

Flutter CEO Peter Jackson said:

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 capitalise on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026.

Despite experiencing very strong top-line growth, increasing cost pressures and foreign exchange losses resulted in net profit declining significantly to $84 million; however, Adjusted EBITDA actually increased slightly to $631 million.

As a result of the continued soft performance in the US along with additional investment activities, Flutter has lowered its full-year revenue guidance to $18.31 billion, and full-year Adjusted EBITDA guidance has been revised down to $2.87 billion.