Entain reported £5,259.4 million of revenue for 2025, alongside underlying EBITDA of £1,160.1 million and a statutory loss after tax of approximately £680.5 million. All three figures describe the same financial year but answer different questions. The group's first-half 2026 results then presented Entain CEE as a discontinued operation, making comparisons with earlier full-group periods more complicated.
For the listed parent and the wider group, see our Entain company overview.
These Entain results should be read with their dates and reporting boundaries attached. The latest available publications for this research snapshot are the audited 2025 annual report, interim results for the six months to 30 June 2026, the Entain trading update of 15 October and BetMGM's separate update of 13 October. None should be mistaken for a completed FY2026 annual report.
Entain Financial Results at a Glance: 2023 - 2025
The table uses the issuer's reported results for each year, excluding the separately accounted US BetMGM joint venture. Figures are in millions of pounds, not billions. These are historical reported group periods: they should not be placed on an unqualified like-for-like chart against the later continuing-operations-only presentation used in 2026.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net gaming revenue (NGR) | 4,833.1 | 5,161.9 | 5,325.4 |
| Reported revenue | 4,769.6 | 5,089.2 | 5,259.4 |
| Underlying EBITDA | 1,007.9 | 1,088.8 | 1,160.1 |
| Statutory loss after tax | Not compared here | (461.0) | (680.5) |
| Headline net debt in results release | Not compared here | 3,339 | 3,644 |
Sources: Entain FY2023 results issued in March 2024; FY2024 results issued in March 2025; FY2025 results issued on 5 March 2026 and the 2025 annual report. The historical figures reflect those releases' own accounting presentations; they are not retrospectively reconstructed 2026 continuing-only data. Underlying EBITDA is a company-defined alternative performance measure.
Revenue increased, but acquisitions and consolidation dates complicate organic comparisons. Pro-forma and constant-currency figures make different adjustments. See Entain's corporate history for the acquisitions.
Revenue versus Net Gaming Revenue
Entain defines NGR as net revenue before charging VAT and sales taxes. For FY2025 it reported £5,325.4 million NGR and £5,259.4 million revenue, a £66.0 million difference in those disclosed group totals. NGR is a company-defined performance measure, whereas revenue is the number presented under the applicable accounting policies. NGR is not customer deposits, total wagers, cash on hand or profit.
That distinction becomes even more important in interim reporting. In H1 2026, the continuing-operations table includes a new BetMGM parent-fee revenue line of £6.7 million alongside NGR and VAT/GST adjustments. It would be inaccurate to assume that subtracting VAT alone always reproduces every later revenue total without inspecting the complete issuer reconciliation.
Sports results can move NGR even when wagers increase. NGR growth is therefore not equivalent to customer, stake or profit growth. See how Entain's business model works.
Why Positive EBITDA Did Not Mean a Statutory Profit
The FY2025 release reported £1,160.1 million underlying EBITDA, up from £1,088.8 million in FY2024. Yet the statutory bottom line was a £680.5 million loss after tax. There is no contradiction: EBITDA is measured before several material costs and adjustments, while the statutory result follows the accounting treatment of those items.
Entain's definition of underlying EBITDA excludes interest, tax, depreciation and amortisation, share-based payments, share of joint-venture income and separately disclosed items. Financial charges, asset impairments and other accounting entries can therefore produce a large difference between an operating performance metric and a net result. A positive EBITDA line alone says little about the amount available to shareholders.
The FY2025 results described a substantial impairment associated with UK gambling tax changes announced in November 2025, among the separately disclosed charges affecting the statutory outcome. The company cited approximately £488 million for this impairment. This should be attributed to the company's assessment rather than presented as a cash payment of £488 million in that year.
FY2024 likewise recorded a loss after tax of around £461 million despite positive underlying EBITDA. These must remain distinct measures.
Cash Flow, Liquidity and Entain Debt
Entain's financial position cannot be judged from EBITDA alone. Cash flow records movements in cash during a period; a cash balance shows a position at a particular date. Net debt generally offsets defined cash and cash-equivalent balances against borrowing-related obligations, but Entain also uses adjusted definitions. Those may include lease liabilities or other adjustments, depending on the table.
At 31 December 2025, Entain reported £554.1 million of cash and cash equivalents and £3,644.2 million of adjusted net debt including lease liabilities. These figures come from the FY2025 annual report. The cash balance included funds held on behalf of customers, while adjusted net debt incorporated further items specified in Entain's reconciliation.
The position changed by 30 June 2026. Entain's interim balance sheet reported £453.6 million of cash and cash equivalents, while its interim cash-flow statement showed £503.7 million at the end of the period. The difference reflects the presentation of cash associated with assets classified as held for sale. The interim report also disclosed £3,598.9 million of adjusted net debt including lease liabilities. These June figures are not FY2025 closing balances.
Headline releases rounded adjusted net debt to approximately £3,644 million in December 2025 and £3,599 million in June 2026. Reported leverage was 3.1 times at both dates. The reconciliation matters: customer-related cash, lease liabilities and other debt adjustments must remain tied to the correct reporting date. June's approximately £0.9 billion of “available cash” also includes specified facilities and is not simply unrestricted bank cash.
Cash generation is not the same as earnings. Capital expenditure, working capital, financing costs, acquisitions, lease obligations and distributions can all change the amount left after operations. The company's “adjusted cashflow” forecasts apply a published definition and are not a direct guarantee of future cash in shareholders' hands.
Entain Interim Results: H1 2026 versus Restated H1 2025
The interim announcement dated 13 August 2026 supplied comparative H1 2025 figures restated to exclude Entain CEE from continuing operations. This is the correct basis for comparing the continuing business; taking an original unrevised H1 2025 group total would combine different scopes.
| Measure | H1 2025 restated | H1 2026 | Reported change |
|---|---|---|---|
| NGR | 2,373.1 | 2,545.3 | +7% |
| Revenue | 2,341.9 | 2,514.3 | +7% |
| Underlying EBITDA excluding BetMGM parent fees | 488.7 | 472.6 | −3% |
| BetMGM parent-fee EBITDA | - | 6.7 | New line |
| Underlying EBITDA including parent fees | 488.7 | 479.3 | −2% |
Source: Entain 2026 Interim Results, continuing-operations table, issued 13 August 2026. Figures are in GBP millions; 2025 comparators have been restated. The interim statutory information is unaudited, while EBITDA remains an alternative performance measure.
Group NGR increased 5% on a constant-currency basis, compared with 7% reported growth. The difference illustrates why both figures may appear in the same release without either being erroneous. H1 group loss after tax was £11.4 million for continuing operations, with the release giving a different £5.6 million loss when CEE was included. These are alternative perimeters, not two contradictory final losses for one scope.
Revenue momentum and profitability diverged. Explaining the difference requires the detailed cost reconciliation, not simply subtracting growth percentages.
Q3 and Nine-Month 2026: What the Trading Update Actually Measured
Entain's 15 October 2026 release was a trading update, not a complete IFRS quarterly profit-and-loss statement. Its headline year-on-year movements were largely stated on a constant-currency basis and excluded CEE unless explicitly identified otherwise. It would be wrong to turn a growth percentage into an absolute quarterly revenue amount without the underlying disclosed base.
| Segment | Q3 2026 | 9M to 30 September 2026 |
|---|---|---|
| Group | +2% | +4% |
| Online | +3% | +5% |
| Retail | −2% | Flat |
| UK & Ireland | +8% | +8% |
| International | −4% | +1% |
Source: Entain 2026 Q3 Trading Update, 15 October 2026; constant-currency percentages and continuing-operations scope. These are changes in NGR, not accounting revenue or net profit.
Q3 online gaming NGR rose 8%, while sports NGR fell 3%. Entain linked some of the sports weakness to customer-friendly football results and cited difficulties in Brazil. That mix helps explain why activity can remain resilient while revenue margins fluctuate. The release's nine-month figures are cumulative to September and must not be compared with a full 2025 annual absolute amount as though the periods were equal.
BetMGM Results: A Separate US Joint Venture in Dollars
BetMGM LLC is a 50/50 joint venture owned by Entain and MGM Resorts. Its 13 October 2026 Q3 update reports US-dollar management results for the venture itself. Entain's financial statements account for the investment using the equity method. Therefore, the whole of BetMGM's net revenue must not be added to Entain's consolidated revenue, even when a supplemental “group plus 50% BetMGM” non-GAAP measure appears elsewhere.
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Net revenue | $710 | $2,116 |
| Adjusted EBITDA | $86 | $185 |
| Online sports handle | $3,240 | $10,948 |
| Parent fees | $18 | $36 |
Source: BetMGM Q3 2026 Business Update, released 13 October 2026. Figures use the venture's management definitions, including non-GAAP measures, and were not presented as audited IFRS figures for Entain plc.
The $10,948 million sports handle represents the amount wagered in the specified online sports segment over nine months, not sales or retained revenue. The issuer's component segment numbers can sum to $2,117 million while its published total is $2,116 million because independently rounded figures need not add exactly. The issuer's total should be retained, not quietly changed to force arithmetic agreement.
BetMGM described $68 million of cash paid to its parent groups in Q3: $18 million of parent-service fees and $50 million of distributions to Entain and MGM Resorts combined. It is not a statement that Entain alone received $68 million, and it is not an ordinary dividend paid by Entain plc to its public shareholders. Any movement in the venture's adjusted EBITDA must also be read with the definition and treatment of parent fees in mind.
The report's forward guidance and selected performance measures were issued by management and carry the stated non-GAAP and audit/review limitations. They should not be described as externally audited forecast earnings. For legal ownership rather than financial consolidation, see Entain people and ownership.
How Entain CEE Changes Financial Comparability
Entain's Central and Eastern European interests, including STS and SuperSport, appeared in historical group reporting. In 2026, Entain agreed a phased disposal of its interest in the regional holding company and reclassified CEE as discontinued operations. That accounting classification can take effect before the underlying share transfer has legally closed.
| Period or event | Financial presentation | Transaction status | Comparison implication |
|---|---|---|---|
| FY2023 - FY2025 reported group periods | CEE included in historical reporting perimeter | Regional businesses held | Historical full-group totals differ from later continuing-only figures |
| H1 2026 interim results | CEE shown as discontinued; H1 2025 continuing comparator restated | Initial disposal agreed | Use the restated table for like-for-like H1 comparisons |
| Q3 update, 15 October 2026 | Continuing group trends exclude CEE; CEE shown separately | Initial closing still expected in Q4 | No completed-sale assumption |
| Conditional post-closing structure | Future treatment dependent on completion and accounting assessment | Proposed interest falls from 67.5% to 47.5% | Do not insert future figures into achieved 2026 results |
The initial 20-percentage-point disposal was announced on 25 June 2026; the 15 October update still anticipated completion in Q4. The proposed change in holdings and associated liability cancellation mechanics should not be entered as realised cash proceeds or a settled debt reduction without a closing confirmation. The operating and ownership context is covered in Entain brands and subsidiaries.
What the Principal Financial Measures Mean
- NGR
- Entain's defined net gaming revenue before specified VAT and sales taxes.
- Revenue
- The accounting revenue measure in the relevant financial statement.
- Underlying EBITDA
- An alternative operating earnings measure before specified charges and adjustments; not statutory net profit.
- Net result
- Profit or loss after applicable charges and tax, for the stated reporting scope.
- Cash flow
- Cash moving into and out of the business during a period, distinct from a closing cash balance.
- Adjusted net debt
- An issuer-defined calculation of debt and offsetting balances, possibly including leases and other adjustments.
- Sports handle
- Amounts wagered, not the operator's revenue.
- Continuing operations
- The businesses retained in the relevant reporting presentation, excluding operations classified as discontinued.
- Constant currency (CC)
- A comparison recalculated using a common exchange-rate basis; not the same as reported growth.
FY2026 Guidance Is Not an Achieved Result
In the October trading update, Entain reiterated expected full-year online NGR growth of 4 - 6% on a constant-currency basis, alongside underlying EBITDA excluding parent fees towards the lower end of its £910 - 960 million guidance range. The guidance reflected stated assumptions, including the effects of developments in Brazil. The release also referred to a longer-term objective for adjusted annual cash flow in 2028.
These are management expectations, not recognised FY2026 accounts or guaranteed cash generation. Taxes, sports margins, regulatory decisions, market changes and the CEE transaction can alter outcomes. Those wider uncertainties belong in Entain's risks and opportunities. Shareholder distributions and market valuation are separate subjects from operating revenue and are not investment recommendations.
Frequently Asked Questions
Where Can I Find the Entain Annual Report?
The company's financial reports are available on its official corporate website. The 2025 annual report, issued in March 2026, provides audited historical accounts and notes.
Is Entain's NGR the Same as Revenue?
No. Entain defines NGR before specified VAT and sales taxes. Its FY2025 NGR of £5,325.4 million differed from reported revenue of £5,259.4 million.
Does BetMGM Revenue Appear in Entain's Group Revenue?
Not in full. The US operation is a 50/50 joint venture accounted for using the equity method. Supplemental group-plus-JV figures must be labelled as non-GAAP.
What Is Entain's Net Debt?
Its FY2025 results release stated about £3,644 million at 31 December 2025; the H1 2026 update stated approximately £3,599 million at 30 June 2026. Definitions and adjustments must accompany comparisons.
Why Was Entain CEE Excluded from H1 2026 Continuing Results?
Following the planned phased disposal, the group classified CEE as discontinued operations and restated the H1 2025 continuing comparator. This does not itself prove the sale had closed.
Our Assessment
For me, the most useful reading of Entain's financial story is not a single headline growth rate. Revenue and NGR, underlying EBITDA and statutory earnings, cash and liquidity, plus the separate economics of BetMGM all need their proper definitions. The CEE change makes dates and reporting perimeter especially important. Future audited accounts and transaction notices will settle questions that trading updates can only frame.