Operational growth is solid with accelerating adjusted EBITDA margins and strong free cash flow, but the GAAP loss from FX volatility and restructuring may weigh on sentiment. Watch for further FX headwinds, US market growth moderation, and continued aggressive share buybacks (~$140M/quarter).
Price Chart
Executive Summary
Sportradar reported Q2 2026 revenue growth of 19% to €378M, driven by Betting & Gaming Content (+27%) and new prediction market partnerships, and Adjusted EBITDA grew 19% to €76M. However, the company recorded a GAAP loss of €4M (vs €49M profit a year ago) due to unrealized FX losses of €9M and restructuring costs. Raised FY2026 guidance for constant-currency revenue growth of 19%-21% and Adjusted EBITDA growth of 24%-27%.
Key Facts
- Q2 revenue €378M, up 19% YoY (€318M)
- GAAP loss €4M vs profit €49M, driven by €9M FX loss vs €54M gain prior year
- Adjusted EBITDA €76M, up 19% (margin 20.2% vs 20.1%)
- Free cash flow €59M, up 14% YoY
- Repurchased $140M of shares in Q2; total $422M under $1B program
- FY2026 guidance: constant-currency revenue growth 19%-21%, Adj. EBITDA growth 24%-27%, margin expansion 70-100 bps
- New partnerships with Kalshi and Polymarket; Wimbledon rights extended
Financial Impact
Revenue growth of €60M YoY; GAAP loss of €4M (0.9% of revenue); Adjusted EBITDA up €12M to €76M; free cash flow up €7M to €59M.
Risk Factors
- Foreign exchange volatility, especially EUR/USD, could further pressure GAAP earnings
- US market growth moderating to 16% vs 19% total; competitive or regulatory headwinds
- Integration costs and amortization from IMG ARENA acquisition may cap margin expansion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-089457 |
| Document: tm2621599d1_6k.htm | 0001104659-26-089457 |
| Document: 0001104659-26-089457-index-headers.html | 0001104659-26-089457 |
| Document: 0001104659-26-089457-index.html | 0001104659-26-089457 |
| Document: 0001104659-26-089457.txt | 0001104659-26-089457 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $11.99 | awaiting T+5 | — | $12.23 (+2.00%) |
Oct 15, 2026 12d ago | 144 | $11.91 $11.95 | ▲ +0.34% | ▲ +0.77% | $12.23 (+2.69%) |
Oct 7, 2026 20d ago | 6-K | $12.06 $11.63 | ▼ −3.57% | ▼ −2.59% | $12.23 (+1.41%) |
Aug 26, 2026 8w ago | Press Release | $12.95 $12.92 | ▼ −0.23% | ▼ −0.11% | $12.23 (−5.56%) |
Aug 3, 2026 12w ago | 6-K | $12.34 $13.34 | ▲ +8.10% | ▲ +6.08% | $12.23 (−0.89%) |
Jun 4, 2026 20w ago | Press Release | $14.23 $16.96 | ▲ +19.18% | ▲ +21.74% | $12.23 (−14.05%) |
Apr 30, 2026 25w ago | Insider Cluster | $13.05 $13.36 | ▲ +2.38% | ▲ +0.65% | $12.23 (−6.28%) |
Apr 24, 2026 26w ago | Press Release | $13.29 $13.05 | ▼ −1.81% | ▼ −2.71% | $12.23 (−7.98%) |
Apr 16, 2026 27w ago | Press Release | $17.42 $13.29 | ▼ −23.71% | ▼ −24.26% | $12.23 (−29.79%) |
Mar 27, 2026 30w ago | Press Release | $17.15 $16.99 | ▼ −0.93% | ▼ −4.80% | $12.23 (−28.69%) |
US Market Status
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