Tabcorp FY2026 Results: Earnings Growth Outpaces Revenue

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Altay Celikkaya

Content Manager

Updated: 27/08/26

Reading Time: 3 minutes

Tabcorp Holdings reported improved earnings for the year ended 30 June 2026, despite limited growth across Australia’s wagering market. Its official FY2026 results show group revenue increased 0.8% to AUD 2.64 billion, while EBITDA rose 10.3% to AUD 431.7 million.

Net profit after tax before significant items climbed 43.6% to AUD 71.1 million. Statutory NPAT increased 26.5% to AUD 46.3 million, and the final dividend of 1.5 cents per share took the full-year distribution to 3.0 cents, 50% above FY2025.

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Key Takeaways: Margin Expansion Drives FY2026 Earnings Growth

Group revenue rose 0.8%, compared with EBITDA growth of 10.3%.
The EBITDA margin increased by 140 basis points to 16.4%.
Wagering and Media revenue grew 0.7% to AUD 2.45 billion, while segment EBITDA increased 9.9% to AUD 361.8 million.
Integrity Services revenue advanced 3.3% to AUD 181.6 million, with EBITDA rising 12% to AUD 69.9 million.
Domestic wagering turnover increased 0.9%, including 8.3% growth in sports turnover and a 9.1% increase in digital-in-venue turnover.

The widening gap between revenue and earnings reflected a focus on operating leverage. A comparable split was visible in Gentoo Media’s Q2 2026 results, where revenue declined but EBITDA and margin performance improved.

Retail Changes and Victorian Licence Support Margins

Phase One of Tabcorp’s retail commercial model contributed AUD 22 million to FY2026 EBITDA. The reformed Victorian Wagering and Betting Licence also applied for a full year, adding an estimated AUD 12 million to EBITDA compared with the shorter contribution recorded in FY2025.

Group operating expenses increased 0.5% to AUD 700.7 million as inflation placed pressure on costs. However, underlying operating expenses declined 0.8% on a comparable basis after adjusting for the Victorian licence. This cost discipline, combined with retail-model benefits and modest revenue growth, supported the margin expansion.

Management expects FY2027 operating expenses to increase in line with general inflation, at between 3% and 3.5%. Planned spending includes strategic growth projects, regulatory and risk programmes, loyalty investment and the rollout of Next-Gen betting terminals.

Regulatory Investment Remains a Material Consideration

Tabcorp said it continues to cooperate with AUSTRAC during an ongoing investigation while strengthening its financial-crime controls and organisational capability. The increase in risk spending follows earlier BetStop enforcement action against Tabcorp, which resulted in a financial penalty and a court-enforceable undertaking over failures linked to self-excluded customers.

The outlook also comes as Australia’s proposed gambling advertising reforms advance through parliament. The package would tighten advertising and inducement controls and introduce an industry-funded cost-recovery levy for licensed interactive wagering providers. Tabcorp’s retail network and Sky Media assets may provide some insulation from tighter digital advertising rules, although implementation will create additional compliance requirements.

BetMakers Deal Targets Technology and Cost Benefits

Tabcorp’s proposed acquisition of BetMakers Technology Group is intended to modernise its wagering platform, accelerate product releases and expand its international business-to-business operations. The transaction is subject to conditions, with completion targeted for the third quarter of FY2027.

The company is targeting AUD 30 million in annualised cost synergies by the end of the second year of ownership. It expects the acquisition to become earnings-per-share accretive from year two and double-digit accretive from year three.

FY2027 capital expenditure is expected to reach up to AUD 160 million as Tabcorp moves through the peak phase of its terminal replacement programme. Domestic wagering turnover growth is forecast to remain broadly consistent with FY2026, excluding the FIFA World Cup, leaving execution, cost control and regulatory investment central to the next stage of the turnaround.