Sportradar posts 24% Q3 revenue rise as US sales jump 47%

Acquired IMG ARENA rights and prediction market clients drove the period, while higher sport rights costs and heavy buybacks affected the balance sheet.

Sportradar Group AG reported revenue of €363 million for the three months to 30 September 2026, up 24% year on year, with profit rising 20% to €27 million and Adjusted EBITDA up 21% to €102 million. The sports data supplier, listed on Nasdaq, kept its full-year outlook unchanged.

Q3 2026 at a glance

Here are the key figures from Sportradar’s third quarter 2026 results, published on 3 November:

Growth picked up from the second quarter, when revenue rose 19% to €378 million. Over the first nine months, revenue was up 18% at €1.09 billion.

Content and prediction markets drive growth

Betting & Gaming Content, Sportradar’s largest product line, grew 37% to €242 million. The company attributed the rise to the IMG ARENA rights it acquired and to wider uptake of its products by new and existing customers, including prediction market participants.

During the quarter Sportradar expanded its prediction markets partnership with Polymarket to more than 20 leagues and competitions, including the Bundesliga, Euroleague Basketball and the tennis Grand Slams. It also signed agreements with prediction market makers and brokers, and extended its exclusive global distribution of Euroleague Basketball official data and audiovisual betting rights to 2031, covering more than 650 games a year.

Carsten Koerl, Chief Executive Officer of Sportradar, said:

‘Our performance was driven by strong demand for our premium content portfolio, deep data and innovative technology solutions, including further monetization of the acquired IMG ARENA rights and significant contributions from across the prediction markets landscape.’

The United States was the fastest-growing region. Revenue there rose 47% to €98 million and made up 27% of the group total, up from 23% a year earlier, which Sportradar linked to market expansion, prediction market growth and uptake of its premium content.

Revenue from the rest of the world grew 17% to €265 million. In the second quarter, US revenue had grown 16%.

Not every line grew. Managed Betting Services fell 3%, as higher Managed Trading Services turnover was offset by lower trading margins due to unfavourable sport outcomes. Marketing & Media Services rose 15%, helped by affiliate marketing spending from sportsbook and prediction market customers.

Rights costs weigh on margin

The cost of the new rights shows in the expense lines. Sport rights expenses rose 54% to €111.7 million, from €72.5 million, and amortisation of capitalised sport rights went up from €40.2 million to €67.1 million. Adjusted EBITDA margin slipped to 28.2% from 29.0%. Sportradar said revenue growth and lower adjusted personnel costs lifted Adjusted EBITDA, partly offset by the inclusion of IMG ARENA costs, most notably sport rights.

Below the operating line, profit was held back by a €6 million foreign currency loss, mainly on US dollar sports rights, €4 million of higher financing costs and severance linked to cost efficiency measures. Currency also explains most of the gap over nine months: profit for the period was €17.2 million, against €95.9 million a year earlier, when Sportradar booked an €81.7 million foreign currency gain. This year it recorded a €24.8 million loss on the same line.

Buybacks nearly halve the cash pile

Cash and cash equivalents fell to €190 million at 30 September, from €365 million at the end of 2025. The company spent €352 million on share repurchases in the first nine months, against €383 million of net cash from operating activities. Free cash flow rose 18% to €177 million over the period.

Sportradar bought back $157 million of shares in the quarter and completed its enhanced $250 million open market programme. By 30 October it had repurchased 34 million shares for $519 million since the plan started in 2024, including $408 million this year, under a total authorisation of $1 billion. Total liquidity, including an undrawn credit facility, stood at €440 million.

Further cash is due from the $170 million sale of Atrium Sports to Teamworks, which Sportradar expects to close in the fourth quarter.

Full-year outlook

Sportradar reiterated its 2026 guidance:

• Revenue growth of 19% to 21% at constant currency, or €1,518 million to €1,533 million at current exchange rates.
• Adjusted EBITDA growth of 24% to 27% at constant currency, or €360 million to €368 million.
• Adjusted EBITDA margin expansion of about 70 to 100 basis points on a reported basis.
• Free cash flow conversion above the 2025 level of 56%, excluding non-routine litigation costs.

For the first nine months of 2026, Sportradar reported revenue of €1,087 million and Adjusted EBITDA of €244 million. The guidance does not include any impact from the Atrium Sports sale, given uncertainty over the timing of closing, and Sportradar said it will update the outlook, if necessary, once the deal closes.

Sportradar share price and analyst ratings

Sportradar’s shares rose on the day of the results. The Nasdaq-listed stock closed at $14.20 on 3 November, up 10.3% from $12.87 the previous day, on volume of 7.8 million shares, according to Yahoo Finance data. On 3 August, when Sportradar published its second-quarter results, the shares had fallen 15.1% to $12.34.

The stock remains well below its level at the start of the year. The 3 November close was 40.3% lower than the $23.77 close on 31 December 2025. The lowest close of the past 12 months was $11.56, on 29 and 30 September 2026, and the largest one-day fall of 2026 came on 22 April, when the shares dropped 22.6% to $13.04.

Of the 19 analysts counted by MarketBeat’s Sportradar analyst ratings, one rates the stock a strong buy, nine a buy and nine a hold, with no sell ratings, giving a consensus of Moderate Buy. The average 12-month price target is $18.03, within a range of $13 to $26. A month earlier the average target was $19.19, and a year earlier it was $31.88.

Four brokers lowered their targets between 19 and 26 October, before the results: Morgan Stanley to $13.50 from $15 (Equal Weight), JPMorgan to $13 from $15 (Neutral), Canaccord Genuity to $22 from $24 (Buy) and Stifel to $17 from $18 (Buy).

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