Sportradar Financial Results: Revenue, Profit and Cash Flow

Financial data cut-off: 13 November 2026. FY2025 figures are from audited annual accounts. The latest interim figures covered here are for the quarter and nine months ended 30 September 2026, released on 3 November 2026 and unaudited. Unless stated otherwise, amounts refer to the consolidated Sportradar Group AG and are expressed in euros.

Sportradar generated €1.29 billion in revenue in FY2025, up 16.6% from 2024. Its latest reported quarter was stronger still: Q3 2026 revenue reached €362.5 million, a 24% year-on-year increase. Across the first nine months of 2026, revenue rose 18% to €1,086.8 million.

Revenue growth alone does not establish stronger profit or larger cash reserves. In the first nine months of 2026, adjusted EBITDA increased while IFRS profit fell. Operating cash flow grew, yet the closing cash balance declined. Those contrasts define the financial story.

For the wider corporate structure, start with the Sportradar corporate overview. This page concentrates on its consolidated financial results rather than the separate accounts of UK or Swiss subsidiaries.

The latest complete Sportradar annual report covers 2025. Its consolidated euro accounts show three-year revenue growth and stronger cash generation.

Source: Sportradar Group AG, FY2025 Annual Report, consolidated financial statements and non-IFRS reconciliations. Values rounded to one decimal place. The FY2023 total profit includes a €0.8m loss from discontinued operations; profit from continuing operations was €34.6m.

Revenue rose 26.1% in 2024 and 16.6% in 2025: sustained growth, but a slower percentage pace.

Adjusted EBITDA rose from €166.8m in 2023 to €296.8m in 2025, lifting its company-defined margin from 19.0% to 23.0%. That improvement does not establish a matching rise in statutory profitability.

IFRS profit followed a less even path: €33.9m, €33.6m and €100.3m. Foreign-exchange movements and costs complicate the comparison.

The 3 November earnings release covers both July-September and January-September. Neither is a full-year 2026 result; each must be compared with its equivalent 2025 period.

Third quarter, years compared (€m):

Nine months to 30 September, years compared (€m):

Source: Sportradar, unaudited Q3/9M2026 results, consolidated profit and loss statement and adjusted EBITDA reconciliation.

Quarterly revenue grew 24%, while quarterly adjusted EBITDA rose about 21%. The adjusted EBITDA margin consequently declined by 0.8 percentage points, from 29.0% to 28.2%. A faster-growing revenue line is not automatically a higher-margin quarter.

For the full nine months, adjusted EBITDA increased approximately 18%, broadly matching revenue growth. The rounded adjusted margin was unchanged at 22.5%. Yet IFRS profit dropped from €95.9m to €17.2m. That is not a typo, and it should not be replaced by the healthier adjusted EBITDA figure. Both numbers are correct within their different definitions.

Q3 shows rising sales and quarterly profit; the nine-month figures reveal how currency effects, rights costs and adjustments can alter statutory results.

Sportradar earns money from supplying betting content and technology, managed betting services, media-related products, sports performance tools and integrity services. The financial reporting groups those revenue lines into two product categories. Crucially, these are not two IFRS operating segments: the FY2025 annual report identifies one consolidated operating and reportable segment.

Source: Sportradar Q3/9M2026 results, revenue-by-product table. Rounded; changes are company-reported percentages.

Within the larger category, Betting & Gaming Content grew from €176.5m to €242.0m, a 37% increase. It contributed roughly €65.5m of the company's total €70.5m Q3 revenue increase. This concentration tells us more than the overall growth rate: most of the incremental quarterly revenue came from content, not uniformly from every offering.

Sportradar attributed part of that growth to the acquired IMG ARENA sports-rights portfolio, wider adoption by existing and new customers, and demand from prediction-market participants. The company did not isolate a complete, audited IMG ARENA-only contribution in this quarterly revenue table. It would therefore be misleading to assign the entire increase to the acquisition.

Managed Betting Services moved in the opposite direction, declining 3% to €54.7m. According to the company, greater Managed Trading Services turnover was outweighed by lower trading margins following unfavourable sporting results. On the media side, Marketing & Media Services rose 15% to €50.7m, partly reflecting new customers and spending by sportsbook and prediction-market clients.

For an explanation of why sports rights, trading services and media technology create different revenue streams, see the Sportradar business model and technology analysis. The broader asset portfolio is mapped under brands, products and subsidiaries; the acquisition history belongs in history, acquisitions and divestments.

IFRS profit is the reported bottom line after recognised operating expenses, financing items, currency effects and tax. Adjusted EBITDA is a company-defined non-IFRS performance measure that removes specified items. It can help track aspects of operating performance, but it is neither net profit nor cash available for distribution.

The most striking difference in 2026 is not just a change in tax or timing. The nine-month profit and loss statement shows €24.8m of net foreign-exchange losses in 2026, compared with €81.7m of net foreign-exchange gains in 2025. That is an adverse year-on-year swing of approximately €106.5m on this line alone. The change helps explain why the IFRS bottom line weakened despite higher revenue; it is not a claim that currency was the only cause.

There were material changes in costs as well. Sport-rights expense, including amortisation of capitalised sports-rights licences, increased from €282.8m to €371.8m for the nine months, an increase of about €89.0m. Finance costs rose from €63.4m to €71.9m. Restructuring costs in the adjusted EBITDA bridge reached €16.3m, compared with €1.3m a year earlier.

These items need careful interpretation. A sports-rights expense in the income statement is not necessarily an equivalent new cash payment during the same period. Some rights are capitalised and amortised; associated cash payments appear in investing activities when recognised there. Similarly, an unrealised foreign-exchange change can affect reported profit without representing an immediate cash outflow of the same amount.

The adjusted EBITDA reconciliation excludes foreign exchange, finance costs and certain other expenses. Their aggregate difference from profit should not be mistaken for one exceptional charge that will necessarily disappear.

The same caution applies to FY2025. Adjusted EBITDA reached €296.8m with a 23.0% adjusted margin, whereas IFRS profit was €100.3m, or roughly 7.8% of revenue. The audited accounts also reported a €78.8m net foreign-currency gain that year. Profit comparisons can shift sharply when such a positive item is absent or reversed.

Revenue identifies demand; IFRS profit records the recognised result; adjusted EBITDA shows performance before company-specified items. Cash flow then tests money generated. See risks and prospects for related exposures.

Sportradar's operating cash flow grew from €258.6m in FY2023 to €353.0m in FY2024 and €403.0m in FY2025. That is a meaningful counterweight to the volatility of statutory profit. However, operating cash flow is not the same as free cash flow, because the business continues to pay for rights, software and other assets.

Sportradar defines free cash flow as net cash from operating activities less purchases of intangible assets, property and equipment, and lease-liability payments. It is a company-defined non-IFRS metric, useful for comparison only when its calculation is understood. Its historical annual progression was €50.4m in 2023, €117.5m in 2024 and €167.2m in 2025.

For the nine months ended 30 September 2026, the published calculation was:

Source: Sportradar Q3/9M2026 results, free-cash-flow reconciliation. Negative values denote deductions; rounded figures may not sum exactly.

Nine-month operating cash flow improved by approximately 22%, while free cash flow grew around 18%. The difference is understandable: intangible-asset purchases increased alongside operating cash generation. The reported free-cash-flow conversion, defined as free cash flow divided by adjusted EBITDA, was 72% in both nine-month periods.

Free cash flow excludes share repurchases and does not capture every future rights commitment or the total movement in bank balances.

At 30 September 2026, the group reported €190.1m of cash and cash equivalents, compared with €365.3m at 31 December 2025. At first glance, that decline looks inconsistent with €383.1m of positive operating cash flow. The cash-flow statement resolves it without speculation.

Source: Unaudited nine-month 2026 consolidated cash-flow statement. Amounts rounded to one decimal place.

Investment outflows were primarily related to sports-rights licences. Financing outflows included €352.2m spent on repurchasing treasury shares, which is a capital-allocation decision rather than an operating loss. The observed fall in cash therefore does not establish that the business was consuming cash through its ordinary operations.

The company also reported €440m in total liquidity, including an undrawn credit facility. That is not €440m sitting in bank accounts: the cash component was approximately €190m and the remaining liquidity consisted of borrowing capacity. Sportradar said it had no debt outstanding at that reporting date, but that does not erase lease liabilities, trade payables or future rights-payment commitments.

Certain December 2025 balance-sheet comparatives were subsequently adjusted under IFRS 3 following IMG ARENA measurement-period changes. Balance-sheet comparisons must use consistent versions.

The buyback figures sit within the wider picture of Sportradar management and ownership. The financial distinction here is simpler: the business can generate positive cash and still hold less of it after investing and returning capital to shareholders.

On 3 November 2026, Sportradar reiterated the following management expectations for the complete financial year. These are guidance, not reported FY2026 results.

The guidance also envisaged an adjusted EBITDA margin expansion of roughly 70-100 basis points on a reported basis. It excluded the possible impact of the proposed Atrium Sports disposal because the closing date remained uncertain when the company issued the outlook.

One practical cross-check is possible without pretending to know the future. Subtracting the reported nine-month results from the lower and upper annual guidance implies €431.2m-€446.2m of Q4 revenue and €115.5m-€123.5m of Q4 adjusted EBITDA would be needed to reach those ranges. These are calculations from management's stated targets, not separate forecasts or a promise of performance.

I would watch whether content growth survives its sports-rights costs and whether free cash flow remains resilient after integration and capital returns. Sporting results, US-dollar exposure and the proposed Atrium sale all matter. An investment-oriented discussion belongs in share price, chart and author outlook, not in a conclusion drawn from historical revenue alone.

The principal documents are the Sportradar Group AG FY2025 Annual Report (audited) and Third Quarter 2026 Financial Results, released on 3 November (unaudited). The Sportradar Q3 2026 investor presentation adds management context, not independently verified future results.

These are consolidated group figures, not the standalone accounts of Sportradar UK Limited or another subsidiary. The use of euros, explicit periods and separate IFRS/non-IFRS labels is deliberate. Readers comparing a currency-converted financial website or trailing-twelve-month estimate with an annual report should first align the accounting basis, date and currency.

For the rest of the connected research, explore Sportradar's markets, operators and licences or return to the Gambling Empires collection. The financial statements explain what the business has reported; the related chapters explain who operates it, how its products work and which external dependencies could matter next.