Aristocrat FY26 result: EPSA up 13% and $1.9 billion returned to shareholders
In its FY26 results for the year ended 30 September 2026, Aristocrat Leisure (ASX: ALL) reported normalised EPSA (fully diluted) growth of 13.0% in constant currency, to 259.3c. In reported currency, EPSA rose 4.9%.
Revenue grew 3.8% in constant currency, while reported revenue of A$6,092.4 million was down 3.2% in reported currency. Normalised NPATA reached A$1,578.5 million, up 9.7% in constant currency, and normalised EBITA margin was 36.7%, up 1.4 pts in constant currency.
The company also returned approximately $1.9 billion to shareholders through dividends and on-market share buy-backs.
Trevor Croker, Chief Executive Officer and Managing Director
“Aristocrat delivered a high-quality result driven by our leading content and exceptional execution, resulting in market share gains across key segments and channels…”
Normalised results at a glance
The table below sets out the normalised results for the period.
| Metric (A$ million) | FY26 | FY25 | Reported change % | Constant currency change % |
|---|---|---|---|---|
| Revenue | 6,092.4 | 6,297.0 | (3.2) | 3.8 |
| EBITA | 2,236.1 | 2,234.3 | 0.1 | 7.9 |
| NPATA | 1,578.5 | 1,550.7 | 1.8 | 9.7 |
| EPSA (fully diluted) | 259.3c | 247.2c | 4.9 | 13.0 |
| Total dividend per share | 101.0c | 93.0c | 8.6 | 8.6 |
Reported results from continuing operations showed profit after tax of A$1,364.4 million (up 15.2%) and NPATA of A$1,492.5 million (up 13.6%). Plarium is a discontinued operation and is excluded from these continuing operations results.
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Segment performance: three engines of growth
Aristocrat Gaming
Aristocrat Gaming delivered share gains in North American and Australian Outright Sales, alongside continued momentum in Gaming Operations. Profit margin expansion reflected operating leverage and cabinet mix.
- Revenue: A$4,020.7 million, up 1.5%
- Profit: A$2,208.2 million, up 2.2%
- Profit margin: 54.9%, up 0.3 pts
- Gaming Operations installed base expanded by ~6,500 units, with market share reaching 39%
Product Madness
Product Madness reported Social Casino results only, in US dollars. Social Casino revenue increased in a declining market, and market share rose to 24%.
- Revenue: US$1,076.8 million, up 2.2%
- Profit: US$521.4 million, up 7.0%
- Profit margin: 48.4%, up 2.1 pts
- Direct to Consumer reached 27% of Social Casino revenue, with the second half at 30%
The margin gain primarily reflected the continued migration to Direct to Consumer channels, partially offset by efficient User Acquisition investment.
Aristocrat Interactive
Aristocrat Interactive’s revenue growth was led by Content and iLottery, partially offset by Platforms. Content growth was supported by the successful launch of the Lightning Link™ brand, while iLottery benefited from strong North American performance, including the Massachusetts and Michigan launches later in the year.
- Total revenue (including share of NPI JV revenue): US$457.2 million, up 3.4%
- Profit: US$122.6 million, down 6.2%
- Profit margin as a percentage of total revenue: 26.8%, down 2.8 pts
The margin decline reflected the strategic decision to exit the White Label business and acquisition-related investments, partly offset by a favourable mix contribution from iLottery and Content.
What the Aristocrat Gaming and Product Madness model means for investors
Several terms in this result are worth defining. NPATA is net profit after tax with acquired intangibles amortisation added back, and it differs from statutory profit, which is measured under accounting standards. The normalised figures here exclude certain significant items and the discontinued operations of Plarium.
Constant currency restates the 12 months to 30 September 2026 using 2025 exchange rates. This removes the effect of translating overseas earnings into Australian dollars, which is why EPSA growth is 13.0% in constant currency against 4.9% in reported currency.
Outright Sales are machines sold to customers. The Gaming Operations installed base is the number of machines Aristocrat places with customers under ongoing arrangements, so a larger base, such as the ~6,500 unit expansion this year, can add to recurring earnings.
Dividend and capital management
The Directors authorised a final unfranked dividend of 51.0 cents per share ($302 million, based on the shares issued at the date of the financial statements). The record date is 26 November 2026 and the payment date is 8 December 2026.
The half-year buy-back expansion announced in May added $1 billion to the program, lifting the aggregate to $2.5 billion running through to May 2027 and setting the capacity behind the on-market repurchases in the full-year figure.
Total dividends for FY26 were 101 cents per share ($603 million), an increase of 9% on the prior corresponding period. For what each date means, see how to read an ASX dividend announcement.
What happens next for Aristocrat in FY27
The announcement sets out the following dates and targets:
- Final dividend record date: 26 November 2026.
- Final dividend payment date: 8 December 2026.
- FY27 outlook: Aristocrat expects NPATA growth over the full year to 30 September 2027 on a constant currency basis.
- Aristocrat Interactive: a FY29 US$1 billion revenue target, which includes Interactive’s share of revenues from the NPI JV, through further scaling of Content and investing in iLottery.
The FY27 outlook reflects three drivers:
- Momentum into FY27, with continued revenue and market share growth from Aristocrat Gaming
- Continued market share growth from Product Madness, with an increasing contribution from DTC
- Accelerating performance at Aristocrat Interactive
Mr Croker said the company enters FY27 “…with considerable momentum across the business…” and is focused on profitable growth, achieving operating leverage as it scales, and a disciplined capital management framework that balances strategic investment with meaningful shareholder returns.
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