Analyst Consensus ?
ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%
Flutter Entertainment plc · FLUT · FY2026 Q2 · Calendar Q3 2026
Flutter lowers 2026 guidance as U.S. sportsbook investment weighs on outlook
The quarter weakens the near-term growth and earnings case: U.S. sportsbook revenue declined and full-year guidance was lowered as Flutter stepped up generosity and loyalty investment. International growth and planned cost savings offer counterweights, but the supplied analysis leaves the effectiveness and payback of the U.S. spend unresolved.
Why did FLUT fall 11.5% after missing EPS estimates in FY2026 Q2?
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Reported Before market openNYSEConsumer Cyclical
$14.19B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.49
Consensus $0.54
EPS surprise
-8.9%
Reported versus consensus
Reported revenue
$4.33B
Consensus $4.24B
Revenue surprise
+2.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.5%
Event window
SPY move
-0.2%
Same window
Abnormal move
-11.3%
Stock minus SPY
Volume
7.0×
Versus trailing sessions
Subsequent drift
+9.8%
Up to 20 sessions
FLUTSPY benchmark
Ask FN2 about FLUT FY2026 Q2
Choose a question to continue your research
Why did FLUT fall 11.5% after missing EPS estimates in FY2026 Q2?What changed in FLUT's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FLUT after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared with Q1, when full-year guidance was maintained, Flutter lowered its full-year revenue and adjusted EBITDA outlook. Q2 analysis also highlights a 6% year-over-year decline in U.S. sportsbook revenue, increased U.S. investment, and a newly stated $50 million market-making revenue expectation.
Guidance delta
Lowered for both full-year revenue and adjusted EBITDA. The supplied analysis does not provide the revised guidance amounts.
Key takeaways
- U.S. sportsbook revenue declined 6% year over year; management described underlying trends as in line with expectations, while increasing generosity and loyalty investment.
- Italy and Turkey were identified as international growth bright spots in the quarter.
- Management outlined an additional $500 million gross-savings target by 2029 for Phase 2 of its cost transformation; the analysis also cites a $50 million market-making revenue expectation.
Management priorities
- Invest in U.S. sportsbook generosity and loyalty programs through H2 2026.
- Unify sportsbook and iGaming experiences through the nationwide One App launch and develop FanDuel Predicts and market-making capabilities.
- Pursue Phase 2 cost transformation, targeting an additional $500 million of gross savings by 2029.
- Continue international product launches and exclusive-content rollouts.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$81.79Current
$92Low
$180.93Average
$340High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BTIG | Buy | Buy | Maintain | Nov 4, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Nov 3, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Nov 2, 2026 |
| UBS | Buy | Buy | Maintain | Oct 27, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 26, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 20, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 20, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 13, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Oct 8, 2026 |
| Susquehanna | Positive | Positive | Maintain | Oct 8, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Oct 7, 2026 |
| Rothschild & Co | Neutral | Buy | Downgrade | Sep 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 6, 2026 |
| Needham | Buy | Buy | Maintain | Aug 6, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Mar 2, 2026 |
| CBRE | Hold | Buy | Downgrade | Feb 27, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jan 22, 2026 |
| Craig-Hallum | Hold | Buy | Downgrade | Jan 21, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Dec 12, 2025 |
| HSBC | Buy | Hold | Upgrade | Nov 24, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 1, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 5, 2025 |
| MoffettNathanson | Buy | Buy | Maintain | Sep 26, 2024 |
Named analyst price targets
Upside is calculated against the persisted current price $81.79. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Jeff Stantial | $124 | $81.79 | +51.6% | Nov 4, 2026 |
| BTIG | Clark Lampen | $96 | $81.79 | +17.4% | Nov 4, 2026 |
| Jefferies | James Wheatcroft | $160 | $81.75 | +95.6% | Nov 4, 2026 |
| UBS | Ben Shelley | $130 | $80.18 | +58.9% | Oct 27, 2026 |
| Stifel Nicolaus | Analyst unavailable | $125 | $80.09 | +52.8% | Oct 26, 2026 |
| Craig-Hallum | Analyst unavailable | $95 | $79.21 | +16.2% | Oct 23, 2026 |
| MoffettNathanson | Robert Fishman | $92 | $78.26 | +12.5% | Oct 22, 2026 |
| Truist Financial | Analyst unavailable | $100 | $78.88 | +22.3% | Oct 20, 2026 |
| Wedbush | Analyst unavailable | $110 | $78.79 | +34.5% | Oct 8, 2026 |
| Susquehanna | Analyst unavailable | $100 | $75.85 | +22.3% | Oct 8, 2026 |
| Redburn Partners | Andrew Tam | $119 | $89.56 | +45.5% | Sep 21, 2026 |
| New Street | Analyst unavailable | $110 | $101.98 | +34.5% | Sep 3, 2026 |
| Wolfe Research | Peter Supino | $150 | $97 | +83.4% | Sep 2, 2026 |
| Jefferies | James Wheatcroft | $180 | $94.74 | +120.1% | Aug 9, 2026 |
| Macquarie | Chad Beynon | $160 | $92.51 | +95.6% | Aug 6, 2026 |
| Deutsche Bank | Analyst unavailable | $148 | $92.49 | +81.0% | Aug 6, 2026 |
| Wedbush | Matthew McCartney | $126 | $91.8 | +54.1% | Aug 6, 2026 |
| Needham | Bernie McTernan | $110 | $91.08 | +34.5% | Aug 6, 2026 |
| Wells Fargo | Trey Bowers | $112 | $92.91 | +36.9% | Aug 6, 2026 |
| UBS | Ben Shelley | $140 | $92.91 | +71.2% | Aug 6, 2026 |
| BTIG | Analyst unavailable | $113 | $92.91 | +38.2% | Aug 6, 2026 |
| Barclays | Analyst unavailable | $133 | $92.91 | +62.6% | Aug 6, 2026 |
| Truist Financial | Barry Jonas | $120 | $92.91 | +46.7% | Aug 5, 2026 |
| New Street | Analyst unavailable | $210 | $90.33 | +156.8% | Aug 5, 2026 |
| BTIG | Analyst unavailable | $120 | $105.84 | +46.7% | Jul 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $161 | $100.95 | +96.8% | Jul 22, 2026 |
| Wells Fargo | Trey Bowers | $137 | $106.56 | +67.5% | Jul 20, 2026 |
| Barclays | Analyst unavailable | $151 | $108.88 | +84.6% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $210 | $97.72 | +156.8% | Jun 24, 2026 |
| Wedbush | Analyst unavailable | $138 | $108.98 | +68.7% | Jun 15, 2026 |
| Wells Fargo | Analyst unavailable | $168 | $110.8 | +105.4% | Jun 12, 2026 |
| Deutsche Bank | Richard Stuber | $167 | $102.46 | +104.2% | May 8, 2026 |
| Barclays | Analyst unavailable | $150 | $101.2 | +83.4% | May 8, 2026 |
| Truist Financial | Barry Jonas | $130 | $98.73 | +58.9% | May 7, 2026 |
| BTIG | Analyst unavailable | $126 | $100.31 | +54.1% | May 7, 2026 |
| Needham | Analyst unavailable | $135 | $100 | +65.1% | May 7, 2026 |
| Bernstein | Analyst unavailable | $115 | $99.11 | +40.6% | May 7, 2026 |
| Truist Financial | Barry Jonas | $140 | $109.48 | +71.2% | Apr 21, 2026 |
| Barclays | Analyst unavailable | $175 | $111.79 | +114.0% | Apr 16, 2026 |
| Stifel Nicolaus | Analyst unavailable | $189 | $105.25 | +131.1% | Apr 9, 2026 |
| UBS | Analyst unavailable | $300 | $154.51 | +266.8% | Feb 10, 2026 |
| Bernstein | Ian Moore | $170 | $152.98 | +107.8% | Feb 6, 2026 |
| Canaccord Genuity | Analyst unavailable | $270 | $162.51 | +230.1% | Feb 3, 2026 |
| Redburn Partners | Analyst unavailable | $237 | $163.49 | +189.8% | Jan 30, 2026 |
| Stifel Nicolaus | Jeffrey Stantial | $259 | $168.72 | +216.7% | Jan 30, 2026 |
| Oppenheimer | Analyst unavailable | $280 | $166.76 | +242.3% | Jan 29, 2026 |
| BTIG | Analyst unavailable | $230 | $174.7 | +181.2% | Jan 27, 2026 |
| Susquehanna | Joseph Stauff | $228 | $174.7 | +178.8% | Jan 27, 2026 |
| Barclays | Analyst unavailable | $304 | $181.19 | +271.7% | Jan 23, 2026 |
| Craig-Hallum | Ryan Sigdahl | $200 | $181.72 | +144.5% | Jan 21, 2026 |
| Bernstein | Analyst unavailable | $255 | $199.85 | +211.8% | Jan 15, 2026 |
| Wells Fargo | Trey Bowers | $228 | $199.85 | +178.8% | Jan 14, 2026 |
| Truist Financial | Analyst unavailable | $260 | $202.33 | +217.9% | Jan 13, 2026 |
| Truist Financial | Analyst unavailable | $280 | $222.11 | +242.3% | Dec 22, 2025 |
| Barclays | Brandt Montour | $307 | $219.34 | +275.4% | Dec 17, 2025 |
| Morgan Stanley | Ed Young | $315 | $220.28 | +285.1% | Dec 12, 2025 |
| Bernstein | Analyst unavailable | $245 | $218.24 | +199.5% | Dec 11, 2025 |
| BTIG | Analyst unavailable | $281 | $211.09 | +243.6% | Dec 5, 2025 |
| HSBC | Analyst unavailable | $228 | $193.31 | +178.8% | Nov 24, 2025 |
| Bernstein | Analyst unavailable | $325 | $232.59 | +297.4% | Nov 3, 2025 |
| BTIG | Analyst unavailable | $321 | $234.04 | +292.5% | Oct 30, 2025 |
| Stifel Nicolaus | Analyst unavailable | $339 | $243.92 | +314.5% | Oct 27, 2025 |
| Truist Financial | Analyst unavailable | $335 | $250.49 | +309.6% | Oct 21, 2025 |
| Bernstein | Analyst unavailable | $330 | $249.94 | +303.5% | Oct 15, 2025 |
| Oppenheimer | Analyst unavailable | $330 | $246.3 | +303.5% | Oct 14, 2025 |
| BTIG | Clark Lampen | $324 | $252.42 | +296.1% | Oct 2, 2025 |
| JMP Securities | Analyst unavailable | $340 | $254 | +315.7% | Oct 1, 2025 |
| Jefferies | James Wheatcroft | $380 | $254 | +364.6% | Sep 30, 2025 |
| Stifel Nicolaus | Jeffrey Stantial | $356 | $280.59 | +335.3% | Aug 10, 2025 |
| Truist Financial | Barry Jonas | $340 | $294.18 | +315.7% | Jul 16, 2025 |
| UBS | Analyst unavailable | $340 | $257.21 | +315.7% | Mar 6, 2025 |
| Needham | Analyst unavailable | $310 | $269.97 | +279.0% | Mar 5, 2025 |
| Susquehanna | Analyst unavailable | $315 | $269.97 | +285.1% | Mar 5, 2025 |
| Barclays | Analyst unavailable | $308 | $269.97 | +276.6% | Mar 5, 2025 |
| BTIG | Clark Lampen | $323 | $263.44 | +294.9% | Feb 3, 2025 |
| Craig-Hallum | Ryan Sigdahl | $350 | $192 | +327.9% | Nov 13, 2024 |
| BTIG | Clark Lampen | $305 | $227.98 | +272.9% | Nov 11, 2024 |
| JMP Securities | Jordan Bender | $287 | $219.5 | +250.9% | Oct 14, 2024 |
| Bank of America Securities | Adrien de Saint Hilaire | $300 | $219.5 | +266.8% | Oct 14, 2024 |
| Barclays | Brandt Montour | $275 | $219.5 | +236.2% | Oct 14, 2024 |
| Wells Fargo | Daniel Politzer | $295 | $219.5 | +260.7% | Oct 14, 2024 |
| Susquehanna | Joseph Stauff | $273 | $237.53 | +233.8% | Oct 7, 2024 |
| Needham | Bernie McTernan | $270 | $231.86 | +230.1% | Sep 23, 2024 |
| BTIG | Clark Lampen | $249 | $229.05 | +204.4% | Sep 18, 2024 |
| Barclays | Brandt Montour | $263 | $229.91 | +221.6% | Sep 17, 2024 |
| Oppenheimer | Jed Kelly | $255 | $206.8 | +211.8% | Aug 14, 2024 |
| Oppenheimer | Jed Kelly | $240 | $189.14 | +193.4% | Jun 3, 2024 |
| Wells Fargo | Daniel Politzer | $212 | $201.8 | +159.2% | May 15, 2024 |
| BTIG | Clark Lampen | $245 | $201.8 | +199.5% | May 15, 2024 |
| MoffettNathanson | Robert Fishman | $240 | $196.38 | +193.4% | May 6, 2024 |
| Wells Fargo | Daniel Politzer | $210 | $199.18 | +156.8% | Apr 4, 2024 |
| Needham | Bernie McTernan | $50 | $213.39 | -38.9% | Feb 16, 2024 |
Track every rating change on FLUT the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFlutter Entertainment plc operates as a sports betting and gaming company in the United States, the United Kingdom, Ireland, Australia, Italy, and internationally. It provides sportsbooks; iGaming products, such as blackjack, roulette, slot machines, poker, and rummy, as well as lottery products; and sports betting products, which include Betfair betting exchanges, daily fantasy sports, and horse racing wagering under the TVG brand.…
Historical context
All FLUT earningsConsumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MCD McDonald's Corporation | FY2026 Q3 · Calendar Q4 2026 | +5.6% | +6.5% | McDonald’s U.S. sales show improvement, while value execution remains central |
| SN SharkNinja, Inc. | FY2026 Q3 · Calendar Q4 2026 | +23.2% | +4.1% | SharkNinja raises 2026 outlook after another quarter of 20%+ sales growth |
| W Wayfair Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +11.0% | Wayfair’s Q3 growth gains meet a higher-investment agenda |
| BKNG Booking Holdings Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.8% | +9.8% | Booking Holdings pairs strong Q3 execution with measured Q4 outlook |
Latest beats and misses
Who reports nextBeat on EPS
- KHCFY2026 Q3 · November 4, 2026+25.1% EPS+3.8% move
- QFY2026 Q3 · November 4, 2026+21.7% EPS-0.1% move
- MCDFY2026 Q3 · November 4, 2026+5.6% EPS+6.5% move
- SNFY2026 Q3 · November 4, 2026+23.2% EPS+4.1% move
- SWKFY2026 Q3 · November 4, 2026+49.0% EPS+13.1% move
- SKMFY2026 Q3 · November 4, 2026+4.0% EPS+2.5% move
Missed on EPS
- UTHRFY2026 Q3 · November 4, 2026-5.0% EPS+1.2% move
- TRMBFY2026 Q3 · November 4, 2026-0.2% EPS-17.3% move
- OCFY2026 Q3 · November 4, 2026-20.5% EPS+8.5% move
- OHIFY2026 Q3 · November 3, 2026-42.5% EPS+3.5% move
- MOSFY2026 Q3 · November 3, 2026-1656.0% EPS+17.4% move
- OVVFY2026 Q3 · November 3, 2026-2.0% EPS-5.1% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T20:08:34.760992+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-11-05T04:20:45.103080+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-05T04:20:45.100069+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-05. For educational purposes only; not investment advice.