Flutter Entertainment, the parent company of FanDuel, has lowered its full-year 2026 guidance for revenue and adjusted EBITDA. The company now expects group revenue of $18.305 billion and adjusted EBITDA of $2.865 billion at the midpoint, down from previous guidance of $18.4 billion and $2.97 billion, respectively. This adjustment reflects a 12% and 1% year-over-year growth for revenue and adjusted EBITDA. The downgrade is attributed to unfavorable sports results since the previous guidance was issued, amounting to a $45 million revenue impact and a $30 million adjusted EBITDA impact, as well as increased costs from a new launch in Arkansas and changes in reporting for PokerStars North America.
In conjunction with the revised outlook, Amy Howe, CEO of FanDuel, has left the company. Christian Genetski, previously President of FanDuel, will assume leadership of the US business. Additionally, Dan Taylor, currently CEO of Flutter International, will take on the newly created role of President of Flutter Entertainment, overseeing the FanDuel business alongside his existing responsibilities. These management changes are intended to sharpen focus on the US sportsbook, strengthen the connection between US and international operations, and leverage the group's expertise for future growth.
For the first quarter of 2026, Flutter reported a 17% increase in revenue to $4.3 billion and adjusted EBITDA rose by 2% to $631 million. However, net income fell 38% to $209 million, and earnings per share were down 22% at $1.23. The company's shares fell by 4% to 7,404 pence following these announcements. The updated guidance for the US business now projects revenue of $7.795 billion and adjusted EBITDA of $0.97 billion, representing year-over-year growth of 12% and 5% respectively.
