EL7.AI
StocksMedium•4 November 2026•
2 min read

Flutter halts share buybacks as net debt reaches $10.48 billion

Key Facts

1Flutter’s net debt was $10.48 billion at the end of the second quarter of 2026, with leverage at 4.3 times.
2The company halted an announced $5 billion buyback program and carried out $250 million in purchases during 2026 through the report date.
3Flutter had repurchased 6,777,545 shares for a total of $1.372 billion by June 30, 2026.
4Fitch expected buybacks to remain limited in 2027 and exceed $1.5 billion annually in 2028 and 2029.

Flutter halted its announced $5 billion share buyback program, shifting its focus to reducing debt, according to Investing.com coverage of Fitch’s move to a negative outlook on the company. The coverage said the company had carried out $250 million in buybacks during 2026 through the report date. Net debt stood at $10.48 billion at the end of the second quarter of 2026, according to the company’s filing with the U.S. Securities and Exchange Commission. Leverage was 4.3 times at that date. The decision puts capital allocation in the context of the debt and leverage levels reported by the company in its quarterly disclosures.

Second-quarter-end data show leverage rose to 4.3 times, compared with 3.7 times on December 31, 2025. Net debt was $10.48 billion at the end of June 2026, according to Flutter’s quarterly report. The company began the buyback program in 2024. By June 30, 2026, it had repurchased 6,777,545 shares under the program, for a total of $1.372 billion, according to the same report. These figures provide context for the scale of the program before the company moved to suspend purchases and focus on reducing debt.

Flutter announced a $5 billion buyback program in September 2024, according to Investing.com. The coverage said the company had carried out only $250 million in buybacks during 2026 through its report date, as the focus shifted to reducing leverage. In its first-quarter results update, the company said it would not add a new buyback tranche during that quarter and would continue to assess its position. Management also linked the expected reduction in leverage by the end of 2026 to earnings growth and cash generation. The company said: "We expect earnings growth and cash generation to drive leverage lower by the end of 2026."

Fitch’s forecasts, as reported by Investing.com, indicated that buybacks would remain limited in 2027. It expected them to exceed $1.5 billion annually in 2028 and 2029. These forecasts set out a timeline for buybacks to return to higher levels after a period focused on reducing leverage. Flutter is scheduled to release its third-quarter 2026 results on November 4, 2026, at 7:00 a.m. Eastern Time. The company said management will hold a call to discuss the results that same day.