Flutter Entertainment plc · FLUT · FY2026 Q3 · Calendar Q4 2026

Flutter Q3: U.S. share gains meet lower EBITDA and Brazil impairment

The supplied Q3 analysis points to commercial momentum in the U.S. and Alberta, but also to weaker near-term profitability and material execution and regulatory risks. The evidence supports a mixed operating picture, not an unqualified growth thesis.

Reported Before market openNYSEConsumer Cyclical $14.53B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.32
EPS surprise — Reported versus consensus
Reported revenue — Consensus $3.99B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.3% Event window
SPY move +1.7% Same window
Abnormal move -4.0% Stock minus SPY
Volume 2.7× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
FLUTSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the Q3 analysis emphasizes U.S. sportsbook performance above expectations and Alberta's initial share gains, while reporting a 25% decline in adjusted EBITDA and a $873 million non-cash impairment tied to Brazil. The supplied analysis also says FanDuel Predicts launched through the FanDuel 1 app solution and that the buyback is paused.

Guidance delta

The supplied Q3 analysis labels guidance sentiment as lowered, but provides no revised guidance figures or detailed comparison. It separately cites a roughly $50 million 2026 market-making revenue outlook and a £500 million operating-savings aim by 2029; neither is a complete measure of the guidance change.

Key takeaways

  • U.S. sportsbook performance exceeded expectations and delivered market-share gains, according to the supplied analysis.
  • Alberta captured more than 20% market share in its first quarter, per the supplied analysis.
  • Adjusted EBITDA declined 25%; the analysis attributes this to prediction-market investment and a $873 million non-cash Brazil impairment.
  • Management's stated priorities include cost simplification, with £500 million of operating savings targeted by 2029.
  • The buyback is paused, with focus on cash flow and deleveraging, while prediction-market expansion continues.

Management priorities

  • Accelerate U.S. product development and pursue additional state iGaming licenses.
  • Invest in prediction-market products and market-making capabilities.
  • Continue cost simplification, targeting £500 million of operating savings by 2029.
  • Roll out FanDuel Rewards and continue Snai integration.
  • Pursue international revenue growth and market-share gains, as described in the supplied analysis.

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Earnings History

Estimate Beat Miss Match
FLUT EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q1 '24 estimate $1.08 Q1 '24 actual $0.10, miss Q2 '24 estimate $1.47 Q2 '24 actual $2.61, beat Q2 '25 estimate $2.24 Q2 '25 actual $2.95, beat Q3 '25 estimate $0.61 Q3 '25 actual $1.64, beat Q4 '25 estimate $1.85 Q4 '25 actual $1.74, miss Q1 '26 estimate $1.09 Q1 '26 actual $1.22, beat Q2 '26 estimate $0.54 Q2 '26 actual $0.49, miss Q3 '26 estimate $0.32 Q3 '26 actual $-0.18, miss Q4 '26 estimate $3.32 Q1 '27 estimate $2.02
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Analyst Consensus ?

ConsensusBuy26 ratings
Bullish1973.1%
Neutral726.9%
Bearish00.0%

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.

FirmRatingPrior ratingActionDate
BTIG Buy BuyMaintainNov 4, 2026
Bernstein Market Perform Market PerformMaintainNov 3, 2026
Oppenheimer Outperform OutperformMaintainNov 2, 2026
UBS Buy BuyMaintainOct 27, 2026
Stifel Buy BuyMaintainOct 26, 2026
Truist Securities Buy BuyMaintainOct 20, 2026
JP Morgan Neutral NeutralMaintainOct 20, 2026
Citizens Market Outperform Market OutperformMaintainOct 13, 2026
Wedbush Outperform OutperformMaintainOct 8, 2026
Susquehanna Positive PositiveMaintainOct 8, 2026
Macquarie Outperform OutperformMaintainOct 7, 2026
Citigroup Buy NeutralUpgradeOct 7, 2026
Rothschild & Co Neutral BuyDowngradeSep 21, 2026
Wells Fargo Equal Weight Equal WeightMaintainAug 6, 2026
Needham Buy BuyMaintainAug 6, 2026
Benchmark Buy BuyMaintainAug 6, 2026
Barclays Overweight OverweightMaintainAug 6, 2026
Canaccord Genuity Buy BuyMaintainMar 2, 2026
CBRE Hold BuyDowngradeFeb 27, 2026
B of A Securities Neutral NeutralMaintainJan 22, 2026
Craig-Hallum Hold BuyDowngradeJan 21, 2026
Morgan Stanley Overweight OverweightMaintainDec 12, 2025
HSBC Buy HoldUpgradeNov 24, 2025
JMP Securities Market Outperform Market OutperformMaintainOct 1, 2025
Citizens Capital Markets Market Outperform Market OutperformMaintainMar 5, 2025
MoffettNathanson Buy BuyMaintainSep 26, 2024
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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.

FirmAnalyst52W targetPrice when postedUpsideDate
Stifel NicolausJeff Stantial$124$81.79 +51.6%Nov 4, 2026
BTIGClark Lampen$96$81.79 +17.4%Nov 4, 2026
JefferiesJames Wheatcroft$160$81.75 +95.6%Nov 4, 2026
UBSBen Shelley$130$80.18 +58.9%Oct 27, 2026
Stifel NicolausAnalyst unavailable$125$80.09 +52.8%Oct 26, 2026
Craig-HallumAnalyst unavailable$95$79.21 +16.2%Oct 23, 2026
MoffettNathansonRobert Fishman$92$78.26 +12.5%Oct 22, 2026
Truist FinancialAnalyst unavailable$100$78.88 +22.3%Oct 20, 2026
WedbushAnalyst unavailable$110$78.79 +34.5%Oct 8, 2026
SusquehannaAnalyst unavailable$100$75.85 +22.3%Oct 8, 2026
Redburn PartnersAndrew Tam$119$89.56 +45.5%Sep 21, 2026
New StreetAnalyst unavailable$110$101.98 +34.5%Sep 3, 2026
Wolfe ResearchPeter Supino$150$97 +83.4%Sep 2, 2026
JefferiesJames Wheatcroft$180$94.74 +120.1%Aug 9, 2026
MacquarieChad Beynon$160$92.51 +95.6%Aug 6, 2026
Deutsche BankAnalyst unavailable$148$92.49 +81.0%Aug 6, 2026
WedbushMatthew McCartney$126$91.8 +54.1%Aug 6, 2026
NeedhamBernie McTernan$110$91.08 +34.5%Aug 6, 2026
Wells FargoTrey Bowers$112$92.91 +36.9%Aug 6, 2026
UBSBen Shelley$140$92.91 +71.2%Aug 6, 2026
BTIGAnalyst unavailable$113$92.91 +38.2%Aug 6, 2026
BarclaysAnalyst unavailable$133$92.91 +62.6%Aug 6, 2026
Truist FinancialBarry Jonas$120$92.91 +46.7%Aug 5, 2026
New StreetAnalyst unavailable$210$90.33 +156.8%Aug 5, 2026
BTIGAnalyst unavailable$120$105.84 +46.7%Jul 28, 2026
Stifel NicolausAnalyst unavailable$161$100.95 +96.8%Jul 22, 2026
Wells FargoTrey Bowers$137$106.56 +67.5%Jul 20, 2026
BarclaysAnalyst unavailable$151$108.88 +84.6%Jul 9, 2026
JefferiesAnalyst unavailable$210$97.72 +156.8%Jun 24, 2026
WedbushAnalyst unavailable$138$108.98 +68.7%Jun 15, 2026
Wells FargoAnalyst unavailable$168$110.8 +105.4%Jun 12, 2026
Deutsche BankRichard Stuber$167$102.46 +104.2%May 8, 2026
BarclaysAnalyst unavailable$150$101.2 +83.4%May 8, 2026
Truist FinancialBarry Jonas$130$98.73 +58.9%May 7, 2026
BTIGAnalyst unavailable$126$100.31 +54.1%May 7, 2026
NeedhamAnalyst unavailable$135$100 +65.1%May 7, 2026
BernsteinAnalyst unavailable$115$99.11 +40.6%May 7, 2026
Truist FinancialBarry Jonas$140$109.48 +71.2%Apr 21, 2026
BarclaysAnalyst unavailable$175$111.79 +114.0%Apr 16, 2026
Stifel NicolausAnalyst unavailable$189$105.25 +131.1%Apr 9, 2026
UBSAnalyst unavailable$300$154.51 +266.8%Feb 10, 2026
BernsteinIan Moore$170$152.98 +107.8%Feb 6, 2026
Canaccord GenuityAnalyst unavailable$270$162.51 +230.1%Feb 3, 2026
Redburn PartnersAnalyst unavailable$237$163.49 +189.8%Jan 30, 2026
Stifel NicolausJeffrey Stantial$259$168.72 +216.7%Jan 30, 2026
OppenheimerAnalyst unavailable$280$166.76 +242.3%Jan 29, 2026
BTIGAnalyst unavailable$230$174.7 +181.2%Jan 27, 2026
SusquehannaJoseph Stauff$228$174.7 +178.8%Jan 27, 2026
BarclaysAnalyst unavailable$304$181.19 +271.7%Jan 23, 2026
Craig-HallumRyan Sigdahl$200$181.72 +144.5%Jan 21, 2026
BernsteinAnalyst unavailable$255$199.85 +211.8%Jan 15, 2026
Wells FargoTrey Bowers$228$199.85 +178.8%Jan 14, 2026
Truist FinancialAnalyst unavailable$260$202.33 +217.9%Jan 13, 2026
Truist FinancialAnalyst unavailable$280$222.11 +242.3%Dec 22, 2025
BarclaysBrandt Montour$307$219.34 +275.4%Dec 17, 2025
Morgan StanleyEd Young$315$220.28 +285.1%Dec 12, 2025
BernsteinAnalyst unavailable$245$218.24 +199.5%Dec 11, 2025
BTIGAnalyst unavailable$281$211.09 +243.6%Dec 5, 2025
HSBCAnalyst unavailable$228$193.31 +178.8%Nov 24, 2025
BernsteinAnalyst unavailable$325$232.59 +297.4%Nov 3, 2025
BTIGAnalyst unavailable$321$234.04 +292.5%Oct 30, 2025
Stifel NicolausAnalyst unavailable$339$243.92 +314.5%Oct 27, 2025
Truist FinancialAnalyst unavailable$335$250.49 +309.6%Oct 21, 2025
BernsteinAnalyst unavailable$330$249.94 +303.5%Oct 15, 2025
OppenheimerAnalyst unavailable$330$246.3 +303.5%Oct 14, 2025
BTIGClark Lampen$324$252.42 +296.1%Oct 2, 2025
JMP SecuritiesAnalyst unavailable$340$254 +315.7%Oct 1, 2025
JefferiesJames Wheatcroft$380$254 +364.6%Sep 30, 2025
Stifel NicolausJeffrey Stantial$356$280.59 +335.3%Aug 10, 2025
Truist FinancialBarry Jonas$340$294.18 +315.7%Jul 16, 2025
UBSAnalyst unavailable$340$257.21 +315.7%Mar 6, 2025
NeedhamAnalyst unavailable$310$269.97 +279.0%Mar 5, 2025
SusquehannaAnalyst unavailable$315$269.97 +285.1%Mar 5, 2025
BarclaysAnalyst unavailable$308$269.97 +276.6%Mar 5, 2025
BTIGClark Lampen$323$263.44 +294.9%Feb 3, 2025
Craig-HallumRyan Sigdahl$350$192 +327.9%Nov 13, 2024
BTIGClark Lampen$305$227.98 +272.9%Nov 11, 2024
JMP SecuritiesJordan Bender$287$219.5 +250.9%Oct 14, 2024
Bank of America SecuritiesAdrien de Saint Hilaire$300$219.5 +266.8%Oct 14, 2024
BarclaysBrandt Montour$275$219.5 +236.2%Oct 14, 2024
Wells FargoDaniel Politzer$295$219.5 +260.7%Oct 14, 2024
SusquehannaJoseph Stauff$273$237.53 +233.8%Oct 7, 2024
NeedhamBernie McTernan$270$231.86 +230.1%Sep 23, 2024
BTIGClark Lampen$249$229.05 +204.4%Sep 18, 2024
BarclaysBrandt Montour$263$229.91 +221.6%Sep 17, 2024
OppenheimerJed Kelly$255$206.8 +211.8%Aug 14, 2024
OppenheimerJed Kelly$240$189.14 +193.4%Jun 3, 2024
Wells FargoDaniel Politzer$212$201.8 +159.2%May 15, 2024
BTIGClark Lampen$245$201.8 +199.5%May 15, 2024
MoffettNathansonRobert Fishman$240$196.38 +193.4%May 6, 2024
Wells FargoDaniel Politzer$210$199.18 +156.8%Apr 4, 2024
NeedhamBernie McTernan$50$213.39 -38.9%Feb 16, 2024
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Company context

Snapshot as of publication

Flutter 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.…

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Who reports next

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Sources

  1. Earnings call transcript and parsed analysis · 2026-11-04T17:11:42.452817+00:00
  2. FN2 earnings calendar · 2026-11-04T01:23:13.345574+00:00
  3. Polygon adjusted daily market bars · 2026-11-04T23:40:44.398118+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T23:40:44.395447+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 2026-11-04. For educational purposes only; not investment advice.