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# Flutter Q3 Revenue Up 2% as Brazil Write-Down Widens Loss
- URL: https://www.igamingnews.biz/flutter-q3-2026-results-brazil-impairment/
- Published: 2026-11-05T08:42:31.000Z
- Updated: 2026-11-05T08:44:34.000Z
- Description: Flutter Entertainment's Q3 2026 revenue rose 2% to $3.87bn, but an $873m Brazil impairment widened its net loss to $1.15bn, and it cut full-year guidance.
- Author: iGamingNews Editorial Desk
- Tags: Markets, Flutter

*Image credit: Source: Flutter Entertainment Q3 2026 results release. Illustrative cover, not a photograph.*

**Flutter Entertainment reported third-quarter 2026 revenue of $3.87 billion, up 2%, and a net loss of $1.15 billion after an $873 million impairment on its Brazil business, in results published on 4 November.**

Adjusted EBITDA fell 25% to $360 million. Flutter also cut its full-year 2026 guidance: the revenue midpoint drops by $300 million to $17.61 billion, and adjusted EBITDA guidance falls by $160 million to $2.495 billion. The company attributes the cut to adverse sports results and the Brazil closure, partly offset by cost actions.

**Where the quarter went**

- **US:** revenue of $1.46 billion, up 6%, with sportsbook up 4% and iGaming up 8%. Adjusted EBITDA fell 94% to $3 million, which Flutter ties to investment in its prediction-market offering and the Alberta launch.
- **International:** revenue of $2.42 billion, flat year on year. Adjusted EBITDA fell 14% to $435 million, reflecting the UK gaming tax increase, partly mitigated by cost savings in the UK and Ireland and in Brazil.
- **Brazil:** $873 million of non-cash impairment charges. Flutter says $537 million of the post-tax charge is attributable to it, reflecting its 56% ownership of Flutter Brazil. The charge reflects trading conditions the company had already disclosed and the provisional measure that banned sports betting and iGaming.
- **Legal:** a $105 million increase in legal loss contingencies.
- **Players:** average monthly players fell 3% to 13.7 million. The US rose 12%, while International fell 8%, reflecting the India closure in August 2025.

**Balance sheet and capital**

Leverage rose to 4.6 times, from 3.7 times at December 2025\. Flutter has paused its share repurchase programme "for the foreseeable future" and says it is prioritising organic investment and deleveraging. A refinancing has extended the revolving credit facility and Term Loan A maturities to 2032.

**A new chief executive sets four priorities**

Dan Taylor, now Flutter's chief executive, named four immediate priorities: building on US leadership, capturing the prediction-markets opportunity, driving more value from the International portfolio, and simplifying the operating model. He said Flutter "enters its next phase from a position of strength," and that delivering on the priorities "will require faster execution, tough decisions and disciplined investment."

The Brazil closure is part of the same reset. Flutter [is closing Betfair's Brazil operations, announced in October](https://www.igamingnews.biz/flutter-betfair-brazil-closure/), and its UK and Ireland restructuring is covered separately in [our job cuts report](https://www.igamingnews.biz/flutter-uk-ireland-restructuring-1400-jobs/).

**What to watch in Q4**

Flutter said early fourth-quarter trading is in line with expectations on an underlying basis, but sports results have been unfavourable in both the US and International. The next checkpoint is whether that underlying performance holds once sports results normalise, and whether the cost actions show up in International margins. For background on the Brazil market behind the impairment, see [our regulated market overview](https://www.igamingnews.biz/brazil-regulated-betting-market-2026/).