Flutter Insiders Cashed Out at $97.86; EBITDA Misses 14%
Flutter Entertainment missed Q3 EBITDA by 14%, reporting $360M against $417M consensus, and cut full-year guidance by 6%. Five company executives sold shares at $97.86 on September 1, two months befor
Flutter EBITDA Misses by 14%; Execs Already Cashed Out
NEW YORK, November 8 —
Five Flutter Entertainment plc (FLUT) executives sold shares at $97.86 on September 1, ten weeks before the company reported a 25% drop in Q3 adjusted EBITDA and cut full-year guidance by 6%. The stock now trades at $81.70. Whether that sequencing reflects informed judgment or bad timing is the question framing every conversation about FLUT.
- Q3 adjusted EBITDA: $360M, down 25% year-over-year, missing the $417M consensus by 14%; full-year EBITDA guidance cut to $2.50B.
- CEO Jackson sold 3,874 shares at $93, $98 in August, September; four other C-suite executives also sold on September 1.
- FLUT at $81.70 sits 31% below the $119.12 analyst consensus target; forward P/E stands at 13.3x.
Where the International Book Broke
Flutter's US segment, led by FanDuel and TVG horse racing, performed broadly in line with expectations in Q3 2026. The damage came from outside North America, where Flutter runs Sky Betting & Gaming, Sportsbet, Paddy Power, Betfair, and Sisal across the UK, Australia, Ireland, and Italy. Unfavorable sports results and the closure of its Brazilian operation dragged revenue to $3.87 billion, 3% short of consensus. The EPS trajectory is the sharper signal: two consecutive beats of 10.8% and 12.0% collapsed into back-to-back misses, the latest a 184.3% shortfall, with actual EPS of -$0.18 against a +$0.22 estimate.
Five Executives, One Day, One Price
On September 1, five Flutter executives sold shares simultaneously at $97.86: CEO Jeremy Jackson (1,762 shares), President Daniel Taylor (791 shares), COO James Bishop (741 shares), CFO Robert Coldrake (710 shares), and CLO Don Liu (565 shares). Jackson had already sold 2,112 shares at $93.32 on August 19. Net selling for the period: $0.64 million, all sales, zero purchases. The stock has not traded at $97 since; it now sits at $81.70. Open-market sales by five C-suite officers on the same day are uncommon and typically require pre-approval under corporate trading windows, making them coordinated rather than coincidental.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| FLUT | $14.2B | 13.5x | -64.5% |
| SRAD | $4.0B | 29.6x | -40.4% |
| VIK | $39.1B | 20.0x | +46.7% |
| GENI | $1.6B | 5.6x | -42.6% |
| TKO | $36.0B | 45.0x | +6.6% |
| BIRK | $6.2B | 13.7x | -4.4% |
The Bull Case and Its Single Moving Part
Jefferies maintained a constructive view after Q3, arguing Flutter's US market leadership and execution are 'not fully reflected in its valuation.' At 13.3x forward earnings, the gap to the $119.12 consensus target widens or narrows almost entirely on international EBITDA assumptions, which a DCF calculator makes concrete. Flutter carries $12.90 billion in total debt against $1.33 billion in trailing operating cash flow, leaving little room for another international miss. The variable to watch next quarter: whether international margins recover, or a third guidance reduction forces a full thesis reset. Run the free Flutter Entertainment plc deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What was Flutter's Q3 EBITDA miss?
Flutter reported Q3 adjusted EBITDA of $360M, down 25% year-over-year and 14% below the $417M consensus estimate. The company also cut full-year EBITDA guidance to $2.50B, a 6% reduction.
When did Flutter executives sell shares?
Five Flutter executives sold shares simultaneously at $97.86 on September 1: CEO Jeremy Jackson (1,762 shares), President Daniel Taylor (791 shares), COO James Bishop (741 shares), CFO Robert Coldrake (710 shares), and CLO Don Liu (565 shares). Jackson had also sold 2,112 shares at $93.32 on August 19.
How much has Flutter's stock declined?
Flutter trades at $81.70, down from $97.86 when executives sold their shares in September, a 16% decline. The stock sits 31% below the $119.12 analyst consensus price target, at a forward P/E of 13.3x.
Why did Flutter miss revenue and EBITDA?
Flutter's US segment performed in line with expectations, but international operations weakened from unfavorable sports results and the closure of its Brazilian operation. The company runs Sky Betting Gaming, Sportsbet, Paddy Power, Betfair, and Sisal across the UK, Australia, Ireland, and Italy. Q3 revenue fell to $3.87 billion, 3% short of consensus.
Does Flutter have financial cushion for challenges ahead?
Flutter carries $12.90 billion in total debt against $1.33 billion in trailing operating cash flow, leaving little flexibility for additional operational pressure or another international miss.
Flutter Entertainment slashed its full-year 2026 EBITDA guidance by 6% after third-quarter adjusted EBITDA fell 25% year-over-year and missed consensus by 14%, citing unfavorable sports results and the closure of its Brazilian operation. The revision landed roughly ten weeks after five of Flutter's most senior executives — including its CEO — sold shares at $97.86, a price the stock has not traded at since.