Flutter cuts FY 2026 guidance after Brazil iGaming shutdown hits Q3 financials

Flutter Entertainment’s Q3 report was a mixed bag: revenue edged up 2% year-on-year to $3.87 billion, but adjusted EBITDA fell 25% to $360 million. The bigger issue for payments and gaming operators is the Brazil shutdown, which turned into a material write-down and pushed the company to trim full-year 2026 guidance.

1. Flutter reported US revenue of $1,455 million, up 6% year-on-year, helped by the expansion of FanDuel rewards, the launch of new iGaming products, and growth in the FanDuel Predicts prediction market platform. But US adjusted EBITDA came in at just $3 million, down 94% year-on-year, as the company pointed to heavy investment in prediction markets and the launch of gaming in Alberta.
2. The International segment generated $2,419 million in revenue, broadly in line with the prior-year period, while adjusted EBITDA dropped 14% to $435 million. Flutter said UK tax hikes weighed on the segment, with cost savings in UKI and Brazil only partially offsetting the decline.
3. Brazil was the main drag on the quarter. Flutter said the Provisional Measure that banned online sports betting and iGaming in the country led to $873 million in non-cash impairment charges. Of that, $537 million of the post-tax impairment charge was attributable to Flutter, reflecting its 56% ownership of Flutter Brazil.
4. Those hits flowed through to the bottom line: Flutter posted a group net loss of $1,148 million, wider than the $789 million loss in Q3 2025. For anyone tracking operator resilience, this is the bit to watch: regulatory disruption can move from headline risk to balance-sheet item very quickly.
5. Flutter also lowered its FY 2026 outlook. Revenue midpoint guidance was cut by $300 million to $17.61 billion, and full-year adjusted EBITDA guidance was reduced by $160 million to $2.495 billion.

CEO Dan Taylor said he remains confident in the US and International segments and pointed to room for further iGaming growth. For PSPs, acquirers, and banking partners, the practical takeaway is straightforward: even a group of Flutter’s scale can see guidance reset when a major market closes, and the write-downs land fast.