Flutter Entertainment cut its 2026 outlook after a Brazil-related impairment contributed to a $1.148 billion third-quarter loss, while unfavorable sports results further reduced its earnings expectations.
Revenue for the three months through Sept. 30 rose 2% from a year earlier to $3.874 billion. Adjusted EBITDA, the company’s earnings measure, fell 25% to $360 million from $478 million. The net loss was larger than the $789 million loss reported for the same quarter in 2025.
Flutter recorded an $873 million noncash impairment related to Brazil. The company linked the charge to difficult trading conditions and a government Provisional Measure that led it to close its Brazilian operations on Sept. 26. The measure bans online betting and gaming, Flutter said. The company also said its estimated legal losses increased by $105 million, including an amount set aside for an Australian class action.
Flutter’s updated 2026 midpoint forecasts are $17.61 billion in revenue and $2.495 billion in adjusted EBITDA, reductions of $300 million and $160 million, respectively. The company cited unfavorable sports results in the U.S. and International markets, as well as the Brazil closure. Cost actions partly offset the effects. Flutter said trading since the quarter began met its underlying expectations, although sports outcomes remained unfavorable in both markets.
The International segment reported revenue of $2.419 billion, little changed from a year earlier, and adjusted EBITDA of $435 million, down 14%. Flutter linked some of the segment’s margin pressure to the increase in the U.K. remote gaming duty from 21% to 40%.
Flutter said management will keep share repurchases suspended while focusing on debt repayment and investment in organic growth. Its year-over-year loss comparison was partly offset by a $556 million noncash impairment tied to Junglee in the third quarter of 2025, the company said.
The company’s Nov. 4 Form 8-K filing with the U.S. Securities and Exchange Commission lists results disclosures, a Regulation FD disclosure, and financial statements and exhibits. Flutter said it is monitoring Brazil’s regulatory environment and is prepared to resume operations when the future framework becomes clear.
