DraftKings Inc. Class A Common Stock (DKNG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.19	$0.09	-52.6%	—	$1.4B	—
Q1 26	$0.17	$0.2	+17.6%	—	$1.6B	—
Q3 25	-$0.26	-$0.26	0.0%	—	$1.1B	—
Q2 25	$0.41	$0.38	-7.3%	—	$1.5B	—
Q1 25	$0.12	$0.12	0.0%	—	$1.4B	—
Q4 24	—	$0.14	—	—	$1.4B	—
Q3 24	-$0.24	-$0.17	+29.2%	—	$1.1B	—
Q2 24	$0.23	$0.22	-4.3%	—	$1.1B	—
Q1 24	-$0.14	$0.03	+121.4%	—	$1.2B	—
Q4 23	$0.2	$0.29	+45.0%	—	$1.2B	—
Q3 23	-$0.69	-$0.35	+49.3%	—	$790M	—
Q2 23	-$0.25	-$0.17	+32.0%	—	$874.9M	—
Q1 23	-$0.89	-$0.51	+42.7%	—	$769.7M	—
Q4 22	-$0.59	-$0.53	+10.2%	—	$855.1M	—
Q3 22	-$0.92	-$0.97	-5.4%	—	$501.9M	—
Q2 22	-$0.68	-$0.49	+27.9%	—	$466.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.01	—	—	$6.1B	—
FY24	—	-$1.05	—	—	$4.8B	—
FY23	—	-$1.73	—	—	$3.7B	—
FY22	—	-$3.16	—	—	$2.2B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$191.8M	$226.3M	$323.4M	$614.5M	$1.3B	$2.2B	$3.7B	$4.8B	$6.1B
YoY change	—	+17.9%	+42.9%	+90%	+110.9%	+72.9%	+63.6%	+30.1%	+27%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	191.8M	226.3M	323.4M	614.5M	1.3B	2.2B	3.7B	4.8B	6.1B
Cost of revenue	31.8M	48.7M	103.9M	346.6M	794.2M	1.5B	2.3B	3B	3.6B
Gross profit	160.1M	177.6M	219.5M	267.9M	501.9M	756.2M	1.4B	1.8B	2.5B
Gross margin	83.5%	78.5%	67.9%	43.6%	38.7%	33.8%	37.5%	38.1%	41.3%
Research & development	20.2M	32.9M	55.9M	168.6M	253.7M	318.2M	355.2M	397.1M	459.9M
Selling, general & administrative	213.1M	221.5M	310.1M	942.6M	1.8B	1.9B	1.8B	2B	2.1B
Operating expenses	233.3M	254.4M	366.1M	1.1B	2.1B	2.3B	2.2B	2.4B	2.5B
Operating income	-73.2M	-76.8M	-146.5M	-843.3M	-1.6B	-1.5B	-789.2M	-609M	-15.8M
Operating margin	-38.2%	-33.9%	-45.3%	-137.2%	-120.5%	-67.5%	-21.5%	-12.8%	-0.26%
Non-operating income, net	-607K	—	3M	-387.6M	42M	50.1M	-57.8M	-28.5M	42.8M
Pretax income	-75.3M	-76.1M	-142.2M	-1.2B	-1.5B	-1.4B	-791.3M	-593.2M	7M
Income tax	210K	105K	58K	-622K	8.3M	-67.9M	10.2M	-86.3M	4.3M
Net income	-75.6M	-76.2M	-142.7M	-1.2B	-1.5B	-1.4B	-802.1M	-507.3M	3.7M
Net margin	-39.4%	-33.7%	-44.1%	-200.5%	-117.5%	-61.5%	-21.9%	-10.6%	0.06%
EBITDA	-66.9M	-69.3M	-132.9M	-378.3M	-1.4B	-1.3B	-529.1M	-314.4M	254.9M
EPS	-0.42	-0.41	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01
Diluted EPS	-0.42	-0.41	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	790M	1.2B	1.2B	1.1B	1.1B	1.4B	1.4B	1.5B	1.1B	2B	1.6B	1.4B
Cost of revenue	543.5M	716.7M	710.1M	663.4M	742.4M	834.6M	843.8M	854.6M	784.1M	1.1B	949.4M	891.8M
Gross profit	246.5M	514.2M	464.9M	441M	353.1M	558.1M	565M	657.9M	359.9M	914.7M	696.7M	551.5M
Gross margin	31.2%	41.8%	39.6%	39.9%	32.2%	40.1%	40.1%	43.5%	31.5%	46%	42.3%	38.2%
Research & development	89M	88.2M	88.8M	92.7M	103.6M	112.1M	103.3M	108.4M	114.7M	133.6M	123.2M	127.6M
Selling, general & administrative	444.1M	469.9M	515M	380.8M	548.1M	585.2M	508.1M	398.9M	517.1M	629.4M	567.7M	492M
Operating expenses	533.1M	558M	603.8M	473.4M	651.6M	697.3M	611.3M	507.3M	631.8M	762.9M	690.8M	619.6M
Operating income	-286.6M	-43.8M	-138.8M	-32.4M	-298.6M	-139.2M	-46.3M	150.6M	-271.9M	151.8M	5.8M	-68.2M
Operating margin	-36.3%	-3.56%	-11.8%	-2.93%	-27.3%	-9.99%	-3.29%	9.96%	-23.8%	7.63%	0.36%	-4.72%
Non-operating income, net	-9M	-11.8M	-18.8M	9.3M	-4.6M	-14.4M	2.5M	18.6M	21M	693K	22.8M	3.8M
Pretax income	-281.8M	-37.5M	-143.2M	-9.5M	-294.9M	-145.5M	-39.4M	169.9M	-270.5M	147M	22.9M	-71.9M
Income tax	1.3M	6.9M	-351K	-73.6M	-1.3M	-11.1M	-5.6M	11.8M	-12.1M	10.1M	6.4M	-1.8M
Net income	-283.1M	-44.6M	-142.6M	63.8M	-293.7M	-134.9M	-33.9M	157.9M	-256.8M	136.4M	21.1M	-67.6M
Net margin	-35.8%	-3.63%	-12.1%	5.78%	-26.8%	-9.68%	-2.4%	10.4%	-22.4%	6.86%	1.28%	-4.68%
EBITDA	-223.1M	31.1M	-71.3M	43M	-204.1M	-82M	33.3M	252.7M	-210.1M	221.9M	77.5M	12.2M
EPS	-0.61	-0.1	-0.3	0.13	-0.6	-0.28	-0.07	0.32	-0.52	0.28	0.04	-0.14
Diluted EPS	-0.61	-0.1	-0.3	0.1	-0.6	-0.28	-0.07	0.3	-0.52	0.25	0.03	-0.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	2B	—	—	5B	16.3B	17.9B	17.1B	10.5B
Enterprise value	—	—	2B	—	—	5B	16.4B	18.5B	17.9B	11.9B
Shares outstanding	184.6M	184.6M	184.6M	305.6M	402.5M	436.1M	462.6M	482M	495.9M	495.9M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	4.6K	240.3
P/S	—	—	6.11	—	—	2.22	4.45	3.76	2.82	1.72
P/B	—	—	-39.8	—	—	3.76	19.4	17.7	27.1	18.8
EV/EBITDA	—	—	-14.9	—	—	-3.83	-31	-58.8	70	96.6
EV/Sales	—	—	6.1	—	—	2.22	4.47	3.88	2.95	1.91
Earnings yield	—	—	—	—	—	—	—	—	0.02%	0.42%
FCF yield	—	—	-4.5%	—	—	-14.7%	-0.71%	1.66%	2.98%	4.4%
PEG	—	—	—	—	—	—	—	—	—	-1.67

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.5%	78.5%	67.9%	43.6%	38.7%	33.8%	37.5%	38.1%	41.3%	38.2%
Operating margin	-38.2%	-33.9%	-45.3%	-137.2%	-120.5%	-67.5%	-21.5%	-12.8%	-0.26%	-4.72%
Net margin	-39.4%	-33.7%	-44.1%	-200.5%	-117.5%	-61.5%	-21.9%	-10.6%	0.06%	-2.68%
ROE	—	41.1%	287.9%	-46.8%	-90.7%	-104.2%	-95.5%	-50.2%	0.59%	-21.1%
ROA	—	-25.5%	-43.2%	-35.8%	-37.4%	-34.1%	-20.3%	-11.8%	0.08%	-2.42%
ROIC	—	25.6%	287.3%	-94.1%	-185%	-113%	-86.2%	-39.1%	-0.44%	-12.2%
Return on tangible assets	—	-29.8%	-56.3%	-103.7%	-86.2%	-193.1%	-101.4%	73.2%	-0.84%	28.2%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.34	1.02	3.96	2.96	1.67	1.34	0.93	1.03	1.02
Quick ratio	—	1.34	1.02	3.96	2.96	1.67	1.34	0.93	1.03	1.02
Debt / equity	—	-0.02	-1.51	0.03	0.79	1	1.6	1.32	2.99	3.36
Debt / assets	—	0.01	0.23	0.02	0.32	0.33	0.34	0.31	0.42	0.45
Net debt / EBITDA	—	1.65	0.01	4.59	0.59	-0.01	-0.14	-1.74	2.99	9.18
Interest coverage	—	—	—	-788.1	-718.6	-543.3	-294.4	-199.5	—	—
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	60.9%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.04	1.23	1.75	2.01	3.22	5.14	7.92	9.89	12.2	12.6
EPS (basic)	-0.42	-0.41	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01	0.01
EPS (diluted)	-0.42	-0.41	-0.77	-4.03	-3.78	-3.16	-1.73	-1.05	0.01	-0.35
Book value per share	—	-1	-0.27	8.61	4.17	3.03	1.82	2.1	1.27	1.15
FCF per share	-0.52	-0.39	-0.48	-0.79	-1.29	-1.67	-0.25	0.62	1.03	1
Cash per share	—	0.64	0.41	5.95	5.35	3	2.75	1.64	2.27	1.98
Capex per share	0	0.07	0.09	0.04	0.04	0.07	0.05	0.02	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.31%	6.05%	5.16%	1.91%	1.23%	1.45%	0.57%	0.21%	—	—
Capex / operating cash flow	-0.83%	-17.8%	-12.9%	-1.72%	-4.28%	-5.92%	-14%	2.45%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$790M	$1.2B	$1.2B	$1.1B	$1.1B	$1.4B	$1.4B	$1.5B	$1.1B	$2B	$1.6B	$1.4B
YoY change	+57.4%	+43.9%	+52.7%	+26.2%	+38.7%	+13.2%	+19.9%	+36.9%	+4.43%	+42.8%	+16.8%	-4.58%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	117.9M	76.5M	1.8B	2.2B	1.3B	1.3B	788.3M	1.1B
Receivables	21.3M	29.8M	74.8M	97.8M	211.2M	349.3M	120.4M	105.6M
Inventory	—	—	—	—	—	—	—	—
Total current assets	262.2M	261.1M	2.2B	2.8B	2.1B	2.1B	1.5B	1.8B
Property, plant & equipment	14.1M	25.9M	108.9M	109.8M	126.1M	154.7M	125.5M	100.9M
Goodwill & intangibles	43.2M	77.4M	2.3B	2.3B	3.3B	3.2B	5B	5B
Total assets	299.4M	330.7M	3.4B	4.1B	4B	3.9B	4.3B	4.5B
Accounts payable	11.6M	16.6M	28.1M	52.5M	10.1M	34.1M	53.7M	67.9M
Short-term debt	3.8M	6.8M	12.8M	12.8M	4.3M	11.5M	11M	9.8M
Total current liabilities	195.9M	255.1M	554.4M	929.4M	1.2B	1.5B	1.7B	1.8B
Long-term debt	—	68.4M	68.8M	1.3B	1.3B	1.3B	1.3B	1.9B
Total liabilities	484.6M	380.3M	808M	2.4B	2.7B	3.1B	3.3B	3.9B
Shareholders' equity	-185.2M	-49.6M	2.6B	1.7B	1.3B	840.3M	1B	631.5M
Total debt	3.8M	75.1M	81.6M	1.3B	1.3B	1.3B	1.3B	1.9B
Net debt	-114.2M	-1.4M	-1.7B	-834.3M	15.5M	75.6M	546.8M	762.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1.3B	1.2B	815.9M	877.8M	788.3M	1.1B	1.3B	1.2B	1.1B	999.4M	983.9M
Receivables	237.3M	349.3M	319.3M	302.3M	406.2M	120.4M	147.5M	136.6M	121.5M	105.6M	86.1M	82.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2B	2.1B	1.9B	1.5B	1.6B	1.5B	1.8B	1.8B	1.9B	1.8B	1.6B	1.6B
Property, plant & equipment	142.1M	154.7M	150.4M	146.9M	136.2M	125.5M	125.3M	122.3M	118.2M	100.9M	131.6M	129.5M
Goodwill & intangibles	3.2B	3.2B	3.1B	4.8B	4.7B	5B	4.9B	4.9B	4.8B	5B	4.9B	4.9B
Total assets	3.9B	3.9B	3.8B	4.2B	4.3B	4.3B	4.5B	4.5B	4.6B	4.5B	4.3B	4.3B
Accounts payable	—	34.1M	—	—	—	53.7M	—	—	—	67.9M	—	—
Short-term debt	12.1M	11.5M	11.3M	11.5M	11.3M	11M	11.1M	11.4M	11.5M	9.8M	10.9M	9.7M
Total current liabilities	1.5B	1.5B	1.4B	1.4B	1.6B	1.7B	1.5B	1.3B	1.8B	1.8B	1.5B	1.6B
Long-term debt	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B
Total liabilities	3.1B	3.1B	3B	2.9B	3.2B	3.3B	3.6B	3.5B	3.9B	3.9B	3.7B	3.7B
Shareholders' equity	801.4M	840.3M	831M	1.3B	1.1B	1B	872.9M	1B	732.3M	631.5M	605M	569.4M
Total debt	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B
Net debt	230.6M	75.6M	151.9M	528.9M	465M	546.8M	799.2M	648M	678.3M	762.3M	918.4M	932.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-75.6M	-76.2M	-142.7M	-1.2B	-1.5B	-1.4B	-802.1M	-507.3M	3.7M
Depreciation & amortization	6.3M	7.5M	13.6M	77.4M	121.1M	169.3M	201.9M	270.9M	275.5M
Stock-based compensation	4.5M	7.2M	17.6M	325M	683.3M	578.8M	398.5M	381.4M	339.3M
Change in working capital	-11.4M	-17.1M	-20.9M	145.7M	360.1M	162.1M	45.2M	356.1M	96.6M
Operating cash flow	-72.3M	-76.7M	-129.2M	-682.9M	-372.1M	-547.6M	-149.7M	414.5M	662.9M
Capital expenditure	-599K	-13.7M	-16.7M	-11.8M	-15.9M	-32.4M	-20.9M	-10.2M	—
Investing cash flow	-599K	-13.7M	-16.7M	-193M	-112.7M	-137.5M	2.1M	-455.9M	-11.5M
Dividends paid	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-722K	-288.8M	-17.8M	-25.5M	-80M	-151M	-829.3M
Financing cash flow	118.4M	140.3M	78.6M	2.1B	1.2B	-25.5M	-80M	-153.6M	-233M
Net change in cash	45.4M	50M	-67.3M	1.2B	745.8M	-710.7M	-227.7M	-195M	418.3M
Free cash flow	-96.2M	-72.3M	-88.8M	-240.2M	-517.8M	-729.2M	-115.1M	296.9M	508.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-283.1M	-44.6M	-142.6M	63.8M	-293.7M	-134.9M	-33.9M	157.9M	-256.8M	136.4M	21.1M	-67.6M
Depreciation & amortization	50.2M	55.2M	53.2M	61.6M	90M	66.1M	70.1M	65.3M	66.1M	74M	71.7M	80.3M
Stock-based compensation	78.4M	113.5M	93.5M	90.2M	87.6M	110.1M	78.8M	84.7M	72.5M	103.3M	65.2M	82.6M
Change in working capital	319.2M	-106.7M	-62.2M	-103.4M	235.7M	286.1M	-209.6M	-173.3M	452.6M	3.4M	-182.8M	16M
Operating cash flow	168.4M	22.1M	-56.9M	31.7M	122.9M	316.9M	-90.9M	173.9M	287.5M	320.5M	-48.4M	111.4M
Capital expenditure	-10.2M	-1M	-3M	-2.4M	-2.7M	-2M	-2.6M	—	—	—	—	—
Investing cash flow	-10.2M	-1.9M	-4.9M	-2.8M	-2.5M	-53.6M	-6.1M	-1.2M	-2.3M	-4.6M	-3M	-1.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-18.2M	-20.7M	-33.5M	-24.4M	-20.3M	-72.8M	-216.6M	-128M	-102.8M	-381.9M	-122.9M	-74.8M
Financing cash flow	-18.2M	-20.7M	-33.5M	-24.4M	-20.3M	-72.8M	369.4M	-129.5M	-104.3M	-383.9M	-124.4M	-76.3M
Net change in cash	140M	-491K	-95.3M	4.5M	100.1M	190.4M	272.4M	43.3M	180.9M	-68M	-175.9M	33.5M
Free cash flow	105.4M	49.5M	-107.7M	4.5M	101.8M	298.4M	-154.5M	139.8M	247.9M	275.2M	-93.7M	67.9M

DraftKings Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement