DraftKings (DKNG) Financials

$47.18 +1.09 (+2.36%)

Closing price 08/22/2025 04:00 PM Eastern

Extended Trading

$47.28 +0.09 (+0.20%)

As of 08/22/2025 07:57 PM Eastern

Annual Income Statements for DraftKings

This table shows DraftKings' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-1,232	-1,523	-1,378	-802	-507
Consolidated Net Income / (Loss)	-1,232	-1,523	-1,378	-802	-507
Net Income / (Loss) Continuing Operations	-1,232	-1,523	-1,378	-802	-507
Total Pre-Tax Income	-1,232	-1,518	-1,443	-791	-593
Total Operating Income	-843	-1,562	-1,512	-789	-609
Total Gross Profit	268	502	756	1,373	1,817
Total Revenue	615	1,296	2,240	3,665	4,768
Operating Revenue	615	1,296	2,240	3,665	4,768
Total Cost of Revenue	347	794	1,484	2,292	2,951
Operating Cost of Revenue	347	794	1,484	2,292	2,951
Total Operating Expenses	1,111	2,063	2,268	2,162	2,426
Selling, General & Admin Expense	447	828	764	607	764
Marketing Expense	495	982	1,186	1,201	1,265
Other Operating Expenses / (Income)	169	254	318	355	397
Total Other Income / (Expense), net	-389	44	69	-2.03	16
Interest Expense	1.07	2.11	2.65	2.68	2.96
Interest & Investment Income	-	4.07	21	58	47
Other Income / (Expense), net	-388	42	50	-58	-28
Income Tax Expense	-0.62	8.27	-68	10	-86
Other Gains / (Losses), net	-0.57	2.72	-2.90	-0.72	-0.47
Basic Earnings per Share	($4.03)	($3.78)	($3.16)	($1.73)	($1.05)
Weighted Average Basic Shares Outstanding	-	-	844.64M	1.73B	882.97M
Diluted Earnings per Share	($4.03)	($3.78)	($3.16)	($1.73)	($1.05)
Weighted Average Diluted Shares Outstanding	-	-	844.64M	1.73B	882.97M
Weighted Average Basic & Diluted Shares Outstanding	-	-	844.64M	1.73B	882.97M

This table shows DraftKings' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-243	-397	-77	-283	-45	-143	64	-294	-135	-34	158
Consolidated Net Income / (Loss)	-243	-397	-77	-283	-45	-143	64	-294	-135	-34	158
Net Income / (Loss) Continuing Operations	-243	-397	-77	-283	-45	-143	64	-294	-135	-34	158
Total Pre-Tax Income	-233	-396	-76	-282	-37	-143	-9.51	-295	-146	-39	170
Total Operating Income	-232	-390	-69	-287	-44	-139	-32	-299	-139	-46	151
Total Gross Profit	370	248	365	247	514	465	441	353	558	565	658
Total Revenue	855	770	875	790	1,231	1,175	1,104	1,095	1,393	1,409	1,513
Operating Revenue	855	770	875	790	1,231	1,175	1,104	1,095	1,393	1,409	1,513
Total Cost of Revenue	485	522	510	543	717	710	663	742	835	844	855
Operating Cost of Revenue	485	522	510	543	717	710	663	742	835	844	855
Total Operating Expenses	602	638	434	533	558	604	473	652	697	611	507
Selling, General & Admin Expense	173	160	136	131	179	174	165	208	217	164	166
Marketing Expense	345	389	207	313	291	341	216	340	369	344	233
Other Operating Expenses / (Income)	83	88	90	89	88	89	93	104	112	103	108
Total Other Income / (Expense), net	-0.35	-5.88	-7.25	4.78	6.32	-4.41	23	3.73	-6.36	6.91	19
Interest Expense	0.67	0.66	0.67	0.67	0.69	0.65	0.68	0.87	0.76	5.09	12
Interest & Investment Income	11	12	13	14	19	15	14	9.20	8.78	9.49	12
Other Income / (Expense), net	-11	-17	-20	-8.97	-12	-19	9.35	-4.60	-14	2.52	19
Income Tax Expense	9.71	1.37	0.65	1.29	6.86	-0.35	-74	-1.29	-11	-5.60	12
Other Gains / (Losses), net	-0.42	-0.12	-0.32	-0.01	-0.27	0.33	-0.24	-0.11	-0.45	-0.05	-0.19
Basic Earnings per Share	($0.52)	($0.87)	($0.17)	($0.61)	($0.08)	($0.30)	$0.13	($0.60)	($0.28)	($0.07)	$0.32
Weighted Average Basic Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M
Diluted Earnings per Share	($0.52)	($0.87)	($0.17)	($0.61)	($0.08)	($0.30)	$0.10	($0.60)	($0.25)	($0.07)	$0.30
Weighted Average Diluted Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M
Weighted Average Basic & Diluted Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M

This table details how cash moves in and out of DraftKings' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	1,884	525	-851	-155	-293
Net Cash From Operating Activities	-194	-420	-626	-1.75	418
Net Cash From Continuing Operating Activities	-194	-420	-626	-1.75	418
Net Income / (Loss) Continuing Operations	-1,232	-1,523	-1,378	-802	-507
Consolidated Net Income / (Loss)	-1,232	-1,523	-1,378	-802	-507
Depreciation Expense	77	121	169	202	271
Non-Cash Adjustments To Reconcile Net Income	714	619	431	303	660
Changes in Operating Assets and Liabilities, net	246	364	152	295	-6.10
Net Cash From Investing Activities	-227	-195	-209	-90	-567
Net Cash From Continuing Investing Activities	-227	-195	-209	-90	-567
Purchase of Property, Plant & Equipment	-39	-62	-96	-101	-106
Acquisitions	-185	-65	-104	-12	-456
Sale and/or Maturity of Investments	-	-	0.00	24	0.00
Other Investing Activities, net	-2.63	-43	-8.61	-1.40	-4.26
Net Cash From Financing Activities	2,306	1,139	-17	-63	-144
Net Cash From Continuing Financing Activities	2,306	1,139	-17	-63	-144
Repayment of Debt	-45	0.42	0.00	0.00	-2.67
Repurchase of Common Equity	-300	-18	0.00	0.00	-48
Other Financing Activities, net	892	-92	-17	-63	-94
Cash Income Taxes Paid	1.44	5.63	10	8.34	5.27

This table details how cash moves in and out of DraftKings' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-185	-254	-30	93	36	-140	-410	83	174	215	19
Net Cash From Operating Activities	-148	-201	-18	145	72	-70	29	134	325	-119	174
Net Cash From Continuing Operating Activities	-148	-201	-17	145	72	-70	29	134	325	-119	174
Net Income / (Loss) Continuing Operations	-243	-397	-77	-283	-45	-143	64	-294	-135	-34	158
Consolidated Net Income / (Loss)	-243	-397	-77	-283	-45	-143	64	-294	-135	-34	158
Depreciation Expense	49	48	48	50	55	53	62	90	66	70	65
Non-Cash Adjustments To Reconcile Net Income	116	170	73	37	23	113	153	-6.66	401	61	86
Changes in Operating Assets and Liabilities, net	-69	-22	-62	340	39	-94	-249	344	-7.09	-216	-135
Net Cash From Investing Activities	-37	-28	0.61	-40	-23	-39	-417	-32	-78	-39	-35
Net Cash From Continuing Investing Activities	-37	-28	0.61	-40	-23	-39	-417	-32	-78	-39	-35
Purchase of Property, Plant & Equipment	-30	-27	-22	-31	-21	-26	-24	-30	-27	-34	-33
Acquisitions	-7.21	-1.36	-0.60	-9.01	-1.13	-12	-393	-2.61	-49	-1.63	1.63
Other Investing Activities, net	0.40	0.31	-0.79	0.00	-0.92	-1.92	-0.39	0.65	-2.60	-3.50	-3.41
Net Cash From Financing Activities	0.11	-25	-13	-13	-13	-31	-22	-19	-73	373	-120
Net Cash From Continuing Financing Activities	0.11	-25	-13	-13	-13	-31	-22	-19	-73	373	-120
Repayment of Debt	-	-	-	-	-	0.00	-	-	-	-2.09	-1.50
Repurchase of Common Equity	22	-27	-14	-18	59	0.00	-24	-20	30	-142	-100
Other Financing Activities, net	-22	2.19	1.14	5.51	-72	-31	2.59	1.36	-101	-71	-25
Cash Interest Paid	-	0.00	-	-	-	0.00	-	-	-	3.14	6.28

This table presents DraftKings' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,069	4,040	3,945	4,284
Total Current Assets	2,753	2,085	2,071	1,534
Cash & Equivalents	2,153	1,779	1,271	1,314
Restricted Cash	-	0.00	12	16
Accounts Receivable	46	51	48	58
Prepaid Expenses	26	95	99	83
Other Current Assets	529	160	643	63
Plant, Property, & Equipment, net	46	60	61	51
Total Noncurrent Assets	1,270	1,895	1,813	2,699
Long-Term Investments	9.83	10	10	13
Goodwill	616	886	886	1,555
Intangible Assets	535	777	691	933
Other Noncurrent Operating Assets	109	222	226	198
Total Liabilities & Shareholders' Equity	4,069	4,040	3,945	4,284
Total Liabilities	2,391	2,717	3,105	3,273
Total Current Liabilities	929	1,246	1,550	1,655
Accounts Payable	388	518	640	661
Other Current Liabilities	542	729	910	994
Total Noncurrent Liabilities	1,461	1,471	1,555	1,618
Long-Term Debt	1,248	1,251	1,254	1,256
Noncurrent Deferred & Payable Income Tax Liabilities	79	70	73	76
Other Noncurrent Operating Liabilities	134	150	228	285
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,679	1,323	840	1,011
Total Preferred & Common Equity	1,679	1,323	840	1,011
Total Common Equity	1,679	1,323	840	1,011
Common Stock	5,702	6,750	7,150	7,979
Retained Earnings	-3,754	-5,132	-5,934	-6,441
Treasury Stock	-307	-332	-412	-563
Accumulated Other Comprehensive Income / (Loss)	36	36	36	36

This table presents DraftKings' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	4,192	3,739	3,606	3,862	3,801	4,218	4,273	4,516	4,474
Total Current Assets	2,193	1,806	1,719	1,968	1,938	1,523	1,644	1,801	1,787
Cash & Equivalents	1,964	1,525	1,495	1,112	1,471	1,061	878	1,120	1,559
Restricted Cash	-	-	-	-	12	13	14	17	4.62
Accounts Receivable	41	41	32	28	53	65	64	67	69
Prepaid Expenses	99	115	83	143	135	147	81	108	86
Other Current Assets	89	125	109	685	266	237	607	489	68
Plant, Property, & Equipment, net	58	62	60	65	60	57	53	53	53
Total Noncurrent Assets	1,941	1,871	1,827	1,829	1,803	2,638	2,576	2,662	2,634
Long-Term Investments	8.75	9.96	9.64	9.63	11	11	13	13	14
Goodwill	894	886	886	886	886	1,456	1,456	1,555	1,555
Intangible Assets	789	755	735	719	682	949	892	905	880
Other Noncurrent Operating Assets	249	220	197	214	223	221	216	189	185
Total Liabilities & Shareholders' Equity	4,192	3,739	3,606	3,862	3,801	4,218	4,273	4,516	4,474
Total Liabilities	2,757	2,721	2,588	3,060	2,970	2,920	3,197	3,643	3,465
Total Current Liabilities	1,285	1,232	1,077	1,528	1,442	1,374	1,647	1,499	1,335
Accounts Payable	561	509	436	594	606	574	701	577	553
Other Current Liabilities	724	723	641	934	836	800	946	922	781
Total Noncurrent Liabilities	1,472	1,490	1,511	1,532	1,528	1,546	1,550	2,144	2,130
Long-Term Debt	1,250	1,252	1,252	1,253	1,254	1,255	1,256	1,843	1,836
Noncurrent Deferred & Payable Income Tax Liabilities	68	69	69	68	71	72	74	75	84
Other Noncurrent Operating Liabilities	153	169	189	210	202	219	221	226	210
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,435	1,018	1,018	801	831	1,298	1,076	873	1,010
Total Preferred & Common Equity	1,435	1,018	1,018	801	831	1,298	1,076	873	1,010
Total Common Equity	1,435	1,018	1,018	801	831	1,298	1,076	873	1,010
Common Stock	6,616	6,870	6,962	7,046	7,317	7,745	7,836	8,091	8,198
Retained Earnings	-4,889	-5,529	-5,606	-5,889	-6,077	-6,013	-6,306	-6,475	-6,317
Treasury Stock	-329	-359	-373	-391	-446	-470	-490	-780	-908
Accumulated Other Comprehensive Income / (Loss)	36	36	36	36	36	36	36	36	36

This table displays calculated financial ratios and metrics derived from DraftKings' official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	110.90%	72.87%	63.60%	30.07%
EBITDA Growth	0.00%	-21.25%	7.58%	50.09%	43.17%
EBIT Growth	0.00%	-23.46%	3.81%	42.05%	24.74%
NOPAT Growth	0.00%	-85.19%	3.19%	47.79%	22.84%
Net Income Growth	0.00%	-23.65%	9.53%	41.79%	36.76%
EPS Growth	0.00%	6.20%	16.40%	45.25%	39.31%
Operating Cash Flow Growth	0.00%	-116.07%	-49.11%	99.72%	23,958.77%
Free Cash Flow Firm Growth	0.00%	0.00%	41.92%	47.25%	3.65%
Invested Capital Growth	0.00%	0.00%	2.70%	2.13%	15.23%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	11.42%	3.52%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	23.11%	-31.14%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	18.11%	-18.16%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	19.27%	-18.57%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	19.80%	-21.64%
EPS Q/Q Growth	0.00%	0.00%	0.00%	20.28%	-19.32%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	3.66%	99.21%	153.74%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	35.78%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-14.11%	-35.30%
Profitability Metrics	-	-	-	-	-
Gross Margin	43.60%	38.72%	33.75%	37.46%	38.11%
EBITDA Margin	-187.69%	-107.90%	-57.68%	-17.60%	-7.69%
Operating Margin	-137.22%	-120.49%	-67.48%	-21.53%	-12.77%
EBIT Margin	-200.29%	-117.25%	-65.24%	-23.11%	-13.37%
Profit (Net Income) Margin	-200.45%	-117.53%	-61.50%	-21.88%	-10.64%
Tax Burden Percent	100.00%	100.37%	95.50%	101.38%	85.52%
Interest Burden Percent	100.09%	99.87%	98.72%	93.42%	93.05%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-286.06%	-136.62%	-69.65%	-49.42%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-191.98%	-92.58%	16.97%	79.45%
Return on Net Nonoperating Assets (RNNOA)	0.00%	104.57%	44.79%	-4.52%	-5.40%
Return on Equity (ROE)	0.00%	-181.49%	-91.83%	-74.17%	-54.81%
Cash Return on Invested Capital (CROIC)	0.00%	-486.06%	-139.28%	-71.75%	-63.57%
Operating Return on Assets (OROA)	0.00%	-37.35%	-36.05%	-21.21%	-15.49%
Return on Assets (ROA)	0.00%	-37.43%	-33.99%	-20.09%	-12.33%
Return on Common Equity (ROCE)	0.00%	-181.49%	-91.83%	-74.17%	-54.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-90.75%	-104.18%	-95.46%	-50.20%
Net Operating Profit after Tax (NOPAT)	-590	-1,093	-1,058	-552	-426
NOPAT Margin	-96.05%	-84.35%	-47.23%	-15.07%	-8.94%
Net Nonoperating Expense Percent (NNEP)	0.00%	-94.08%	-44.04%	-86.62%	-128.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-41.12%	-26.38%	-18.80%
Cost of Revenue to Revenue	56.40%	61.28%	66.25%	62.54%	61.89%
SG&A Expenses to Revenue	72.80%	63.91%	34.09%	16.55%	16.03%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	180.82%	159.22%	101.23%	59.00%	50.89%
Earnings before Interest and Taxes (EBIT)	-1,231	-1,520	-1,462	-847	-637
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,153	-1,398	-1,292	-645	-367
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	7.25	36.04	32.42
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	4.28	8.26	6.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	11.53	37.74	35.37
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	4.04	8.25	6.85
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	78.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.74	0.95	1.49	1.24
Long-Term Debt to Equity	0.00	0.74	0.95	1.49	1.24
Financial Leverage	0.00	-0.54	-0.48	-0.27	-0.07
Leverage Ratio	0.00	2.42	2.70	3.69	4.45
Compound Leverage Factor	0.00	2.42	2.67	3.45	4.14
Debt to Total Capital	0.00%	42.65%	48.61%	59.87%	55.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	42.65%	48.61%	59.87%	55.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	57.35%	51.39%	40.13%	44.58%
Debt to EBITDA	0.00	-0.89	-0.97	-1.94	-3.43
Net Debt to EBITDA	0.00	0.65	0.42	0.06	0.24
Long-Term Debt to EBITDA	0.00	-0.89	-0.97	-1.94	-3.43
Debt to NOPAT	0.00	-1.14	-1.18	-2.27	-2.95
Net Debt to NOPAT	0.00	0.84	0.51	0.07	0.20
Long-Term Debt to NOPAT	0.00	-1.14	-1.18	-2.27	-2.95
Altman Z-Score	0.00	0.00	-0.05	4.13	4.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	2.96	1.67	1.34	0.93
Quick Ratio	0.00	2.37	1.47	0.85	0.83
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,857	-1,079	-569	-548
Operating Cash Flow to CapEx	-494.78%	-671.57%	-648.66%	-1.73%	394.59%
Free Cash Flow to Firm to Interest Expense	0.00	-880.70	-406.96	-212.45	-185.33
Operating Cash Flow to Interest Expense	-181.46	-198.91	-235.96	-0.65	141.19
Operating Cash Flow Less CapEx to Interest Expense	-218.13	-228.53	-272.33	-38.46	105.40
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.32	0.55	0.92	1.16
Accounts Receivable Turnover	0.00	28.26	46.21	74.32	90.49
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	28.16	42.22	60.69	85.72
Accounts Payable Turnover	0.00	2.05	3.28	3.96	4.54
Days Sales Outstanding (DSO)	0.00	12.92	7.90	4.91	4.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	178.21	111.31	92.13	80.46
Cash Conversion Cycle (CCC)	0.00	-165.29	-103.42	-87.22	-76.43
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	764	785	802	924
Invested Capital Turnover	0.00	3.39	2.89	4.62	5.53
Increase / (Decrease) in Invested Capital	0.00	764	21	17	122
Enterprise Value (EV)	0.00	0.00	9,051	30,250	32,673
Market Capitalization	0.00	0.00	9,589	30,289	32,760
Book Value per Share	$0.00	$0.00	$1.57	$0.98	$1.15
Tangible Book Value per Share	$0.00	$0.00	($0.40)	($0.86)	($1.68)
Total Capital	0.00	2,927	2,574	2,094	2,267
Total Debt	0.00	1,248	1,251	1,254	1,256
Total Long-Term Debt	0.00	1,248	1,251	1,254	1,256
Net Debt	0.00	-914	-538	-39	-87
Capital Expenditures (CapEx)	39	62	96	101	106
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-329	-940	-760	-1,451
Debt-free Net Working Capital (DFNWC)	0.00	1,824	838	522	-121
Net Working Capital (NWC)	0.00	1,824	838	522	-121
Net Nonoperating Expense (NNE)	642	430	320	250	81
Net Nonoperating Obligations (NNO)	0.00	-914	-538	-39	-87
Total Depreciation and Amortization (D&A)	77	121	169	202	271
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-25.38%	-41.98%	-20.75%	-30.44%
Debt-free Net Working Capital to Revenue	0.00%	140.73%	37.42%	14.23%	-2.54%
Net Working Capital to Revenue	0.00%	140.73%	37.42%	14.23%	-2.54%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.16)	($1.73)	($1.05)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	844.64M	1.73B	882.97M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.16)	($1.73)	($1.05)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	844.64M	1.73B	882.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	844.64M	1.73B	882.97M
Normalized Net Operating Profit after Tax (NOPAT)	-590	-1,093	-1,058	-552	-426
Normalized NOPAT Margin	-96.05%	-84.35%	-47.23%	-15.07%	-8.94%
Pre Tax Income Margin	-200.46%	-117.10%	-64.40%	-21.59%	-12.44%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-1,150.30	-720.53	-551.36	-316.16	-215.43
NOPAT to Interest Expense	-551.66	-518.32	-399.18	-206.22	-144.07
EBIT Less CapEx to Interest Expense	-1,186.97	-750.15	-587.74	-353.96	-251.21
NOPAT Less CapEx to Interest Expense	-588.34	-547.94	-435.56	-244.02	-179.85
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-24.38%	-1.17%	0.00%	0.00%	-9.48%

This table displays calculated financial ratios and metrics derived from DraftKings' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	84.48%	87.68%	57.38%	43.94%	52.67%	26.23%	38.68%	13.15%	19.90%	36.95%
EBITDA Growth	0.00%	17.15%	84.19%	39.79%	99.80%	70.86%	194.61%	13.07%	-21,873.87%	125.17%	507.96%
EBIT Growth	0.00%	12.52%	70.34%	34.84%	77.11%	61.24%	74.12%	-2.58%	-176.20%	72.21%	834.51%
NOPAT Growth	0.00%	24.40%	77.65%	37.02%	81.13%	64.38%	53.09%	-4.19%	-217.70%	66.63%	718.36%
Net Income Growth	0.00%	15.08%	64.41%	37.16%	81.61%	64.10%	182.60%	-3.74%	-202.21%	76.25%	147.46%
EPS Growth	0.00%	23.68%	66.00%	39.00%	84.62%	65.52%	158.82%	1.64%	-212.50%	76.67%	200.00%
Operating Cash Flow Growth	13.81%	43.52%	89.73%	178.31%	148.54%	65.06%	265.84%	-8.12%	351.23%	-69.07%	491.79%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	59.17%	0.00%	104.67%	11.01%	-67.03%	-363.50%	-2,241.95%	147.03%
Invested Capital Growth	0.00%	0.00%	0.00%	30.93%	2.13%	-19.62%	91.65%	52.97%	15.23%	165.06%	-13.67%
Revenue Q/Q Growth	70.37%	-10.00%	13.68%	-9.71%	55.81%	-4.54%	-6.00%	-0.81%	27.14%	1.15%	7.36%
EBITDA Q/Q Growth	52.32%	-84.58%	88.63%	-501.59%	99.84%	-26,153.02%	136.92%	-652.72%	58.99%	130.07%	791.76%
EBIT Q/Q Growth	46.45%	-67.48%	78.11%	-231.93%	81.19%	-183.59%	85.39%	-1,215.77%	49.35%	71.47%	486.30%
NOPAT Q/Q Growth	48.97%	-67.85%	82.29%	-315.07%	84.71%	-216.92%	76.67%	-821.93%	53.39%	66.71%	532.27%
Net Income Q/Q Growth	46.13%	-63.64%	80.54%	-266.38%	84.24%	-219.51%	144.77%	-560.17%	54.08%	74.89%	566.38%
EPS Q/Q Growth	48.00%	-67.31%	80.46%	-258.82%	86.89%	-275.00%	133.33%	-700.00%	58.33%	72.00%	528.57%
Operating Cash Flow Q/Q Growth	-384.17%	-35.72%	91.21%	920.47%	-50.43%	-197.68%	141.75%	354.54%	143.43%	-136.60%	246.13%
Free Cash Flow Firm Q/Q Growth	100.00%	0.00%	19.15%	48.32%	88.75%	199.32%	-1,641.54%	3.00%	68.79%	-359.00%	133.85%
Invested Capital Q/Q Growth	10.11%	-6.36%	4.28%	21.77%	-14.11%	-26.30%	148.65%	-2.81%	-35.30%	69.52%	-19.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.23%	32.21%	41.67%	31.20%	41.78%	39.57%	39.93%	32.23%	40.07%	40.11%	43.50%
EBITDA Margin	-22.72%	-46.59%	-4.66%	-31.05%	-0.03%	-8.89%	3.49%	-19.47%	-6.28%	1.87%	15.51%
Operating Margin	-27.16%	-50.64%	-7.89%	-36.28%	-3.56%	-11.82%	-2.93%	-27.26%	-9.99%	-3.29%	9.96%
EBIT Margin	-28.40%	-52.86%	-10.18%	-37.41%	-4.52%	-13.42%	-2.09%	-27.68%	-11.03%	-3.11%	11.19%
Profit (Net Income) Margin	-28.38%	-51.60%	-8.83%	-35.84%	-3.63%	-12.13%	5.78%	-26.81%	-9.68%	-2.40%	10.44%
Tax Burden Percent	104.36%	100.38%	101.28%	100.46%	119.01%	99.52%	-671.17%	99.60%	92.66%	85.91%	92.95%
Interest Burden Percent	95.75%	97.26%	85.69%	95.35%	67.44%	90.86%	41.27%	97.25%	94.78%	89.97%	100.39%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.94%
Return on Invested Capital (ROIC)	-54.26%	-250.13%	-43.27%	-101.50%	-11.51%	-50.79%	-7.90%	-74.44%	-38.66%	-10.68%	36.64%
ROIC Less NNEP Spread (ROIC-NNEP)	-39.36%	-162.23%	-20.30%	-73.56%	-6.67%	-33.44%	-219.97%	-109.48%	20.89%	-11.31%	44.91%
Return on Net Nonoperating Assets (RNNOA)	16.00%	45.08%	5.02%	19.42%	1.78%	9.46%	7.74%	-28.19%	-1.42%	-3.01%	8.35%
Return on Equity (ROE)	-38.26%	-205.06%	-38.24%	-82.08%	-9.73%	-41.33%	-0.15%	-102.63%	-40.08%	-13.68%	44.99%
Cash Return on Invested Capital (CROIC)	-137.45%	0.00%	0.00%	0.00%	-71.75%	-35.09%	-94.26%	-72.34%	-63.57%	-123.96%	-2.38%
Operating Return on Assets (OROA)	-15.70%	-36.65%	-8.47%	-30.57%	-4.15%	-14.49%	-2.29%	-31.34%	-12.78%	-3.74%	13.93%
Return on Assets (ROA)	-15.68%	-35.78%	-7.35%	-29.28%	-3.33%	-13.10%	6.35%	-30.36%	-11.22%	-2.89%	13.00%
Return on Common Equity (ROCE)	-38.26%	-205.06%	-38.24%	-82.08%	-9.73%	-41.33%	-0.15%	-102.63%	-40.08%	-13.68%	44.99%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-128.46%	-114.64%	-124.81%	0.00%	-65.89%	-31.30%	-38.76%	0.00%	-45.66%	0.00%
Net Operating Profit after Tax (NOPAT)	-163	-273	-48	-201	-31	-97	-23	-209	-97	-32	140
NOPAT Margin	-19.01%	-35.45%	-5.52%	-25.40%	-2.49%	-8.27%	-2.05%	-19.08%	-7.00%	-2.30%	9.27%
Net Nonoperating Expense Percent (NNEP)	-14.90%	-87.90%	-22.96%	-27.94%	-4.84%	-17.35%	212.07%	35.03%	-59.55%	0.63%	-8.28%
Return On Investment Capital (ROIC_SIMPLE)	-6.32%	-	-	-	-1.46%	-	-	-	-4.30%	-1.19%	4.93%
Cost of Revenue to Revenue	56.77%	67.79%	58.33%	68.80%	58.22%	60.43%	60.07%	67.77%	59.93%	59.89%	56.50%
SG&A Expenses to Revenue	20.26%	20.85%	15.57%	16.55%	14.55%	14.83%	14.95%	19.00%	15.55%	11.67%	10.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.39%	82.86%	49.56%	67.48%	45.33%	51.38%	42.86%	59.48%	50.07%	43.39%	33.54%
Earnings before Interest and Taxes (EBIT)	-243	-407	-89	-296	-56	-158	-23	-303	-154	-44	169
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-194	-359	-41	-245	-0.40	-104	39	-213	-87	26	235
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.25	16.01	22.30	31.48	36.04	46.96	25.55	32.00	32.42	33.59	37.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.28	6.29	7.57	7.67	8.26	9.59	7.72	7.48	6.87	5.86	7.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	11.53	21.79	29.31	27.17	37.74	65.64	22.70	24.37	35.37	19.17	30.28
Enterprise Value to Revenue (EV/Rev)	4.04	6.18	7.48	7.71	8.25	9.53	7.76	7.55	6.85	6.00	7.10
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	299.81	188.99	211.31	78.21	81.31	74.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.95	1.23	1.23	1.56	1.49	1.51	0.97	1.17	1.24	2.11	1.82
Long-Term Debt to Equity	0.95	1.23	1.23	1.56	1.49	1.51	0.97	1.17	1.24	2.11	1.82
Financial Leverage	-0.41	-0.28	-0.25	-0.26	-0.27	-0.28	-0.04	0.26	-0.07	0.27	0.19
Leverage Ratio	2.70	3.67	3.54	3.60	3.69	4.08	3.38	4.33	4.45	4.88	3.77
Compound Leverage Factor	2.59	3.57	3.03	3.43	2.49	3.71	1.39	4.21	4.21	4.39	3.78
Debt to Total Capital	48.61%	55.15%	55.15%	60.99%	59.87%	60.15%	49.15%	53.85%	55.42%	67.85%	64.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.61%	55.15%	55.15%	60.99%	59.87%	60.15%	49.15%	53.85%	55.42%	67.85%	64.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	102.78%	44.85%	44.85%	39.01%	40.13%	39.85%	50.85%	46.15%	44.58%	32.15%	35.48%
Debt to EBITDA	-0.97	-1.03	-1.25	-1.49	-1.94	-3.21	-4.03	-4.49	-3.43	-7.81	-46.09
Net Debt to EBITDA	0.42	0.23	0.25	-0.16	0.06	0.61	-0.55	-1.26	0.24	-2.94	-6.49
Long-Term Debt to EBITDA	-0.97	-1.03	-1.25	-1.49	-1.94	-3.21	-4.03	-4.49	-3.43	-7.81	-46.09
Debt to NOPAT	-1.18	-1.29	-1.56	-1.83	-2.27	-3.33	-3.57	-3.49	-2.95	-5.10	-7.87
Net Debt to NOPAT	0.51	0.29	0.31	-0.19	0.07	0.64	-0.49	-0.98	0.20	-1.92	-1.11
Long-Term Debt to NOPAT	-2.36	-1.29	-1.56	-1.83	-2.27	-3.33	-3.57	-3.49	-2.95	-5.10	-7.87
Altman Z-Score	0.94	2.04	4.05	3.55	4.79	6.74	5.87	5.24	4.86	3.98	6.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.47	1.60	1.29	1.34	1.34	1.11	1.00	0.93	1.20	1.34
Quick Ratio	2.94	1.27	1.42	0.75	0.85	1.06	0.82	0.57	0.83	0.79	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,008	-815	-421	-47	47	-725	-703	-220	-1,008	341
Operating Cash Flow to CapEx	-494.60%	-759.97%	-79.03%	469.70%	336.93%	-274.02%	123.34%	449.94%	1,219.44%	-351.13%	519.45%
Free Cash Flow to Firm to Interest Expense	0.00	-1,538.66	-1,223.41	-628.50	-68.83	72.48	-1,069.47	-806.62	-288.82	-197.79	29.30
Operating Cash Flow to Interest Expense	-221.91	-307.62	-26.61	217.01	104.75	-108.47	43.35	153.19	427.88	-23.36	14.94
Operating Cash Flow Less CapEx to Interest Expense	-266.78	-348.10	-60.28	170.81	73.66	-148.05	8.20	119.15	392.79	-30.02	12.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.69	0.83	0.82	0.92	1.08	1.10	1.13	1.16	1.20	1.24
Accounts Receivable Turnover	46.21	62.60	92.64	95.67	74.32	85.93	88.29	99.98	90.49	83.43	80.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	42.22	41.64	50.08	53.42	60.69	66.70	73.28	78.16	85.72	88.36	97.79
Accounts Payable Turnover	3.28	3.33	4.33	3.57	3.96	4.45	5.22	4.38	4.54	5.21	5.81
Days Sales Outstanding (DSO)	7.90	5.83	3.94	3.82	4.91	4.25	4.13	3.65	4.03	4.38	4.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	111.31	109.70	84.24	102.26	92.13	82.01	69.97	83.42	80.46	70.00	62.78
Cash Conversion Cycle (CCC)	-103.42	-103.87	-80.30	-98.45	-87.22	-77.76	-65.84	-79.77	-76.43	-65.62	-58.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	785	735	766	933	802	591	1,469	1,428	924	1,566	1,268
Invested Capital Turnover	2.85	7.06	7.83	4.00	4.62	6.14	3.85	3.90	5.53	4.64	3.95
Increase / (Decrease) in Invested Capital	0.00	735	766	220	17	-144	702	494	122	975	-201
Enterprise Value (EV)	9,051	16,016	22,462	25,362	30,250	38,779	33,349	34,790	32,673	30,016	38,400
Market Capitalization	9,589	16,298	22,714	25,230	30,289	39,019	33,179	34,439	32,760	29,323	38,142
Book Value per Share	$1.57	$1.19	$1.19	$0.94	$0.98	$0.96	$1.49	$1.22	$1.15	$0.99	$1.14
Tangible Book Value per Share	($0.40)	($0.73)	($0.70)	($0.94)	($0.86)	($0.85)	($1.27)	($1.45)	($1.68)	($1.80)	($1.60)
Total Capital	2,574	2,270	2,271	2,055	2,094	2,085	2,554	2,332	2,267	2,715	2,846
Total Debt	1,251	1,252	1,252	1,253	1,254	1,254	1,255	1,256	1,256	1,843	1,836
Total Long-Term Debt	1,251	1,252	1,252	1,253	1,254	1,254	1,255	1,256	1,256	1,843	1,836
Net Debt	-538	-283	-252	132	-39	-240	170	352	-87	693	258
Capital Expenditures (CapEx)	30	27	22	31	21	26	24	30	27	34	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-940	-951	-853	-672	-760	-987	-924	-894	-1,451	-835	-1,112
Debt-free Net Working Capital (DFNWC)	838	574	642	439	522	496	149	-2.84	-121	302	452
Net Working Capital (NWC)	838	574	642	439	522	496	149	-2.84	-121	302	452
Net Nonoperating Expense (NNE)	80	124	29	82	14	45	-86	85	37	1.43	-18
Net Nonoperating Obligations (NNO)	-538	-283	-252	132	-39	-240	170	352	-87	693	258
Total Depreciation and Amortization (D&A)	49	48	48	50	55	53	62	90	66	70	65
Debt-free, Cash-free Net Working Capital to Revenue	-41.98%	-36.67%	-28.42%	-20.43%	-20.75%	-24.24%	-21.50%	-19.42%	-30.44%	-16.69%	-20.55%
Debt-free Net Working Capital to Revenue	74.84%	22.13%	21.38%	13.36%	14.23%	12.19%	3.47%	-0.06%	-2.54%	6.04%	8.36%
Net Working Capital to Revenue	37.42%	22.13%	21.38%	13.36%	14.23%	12.19%	3.47%	-0.06%	-2.54%	6.04%	8.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.52)	($0.87)	($0.17)	($0.61)	($0.08)	($0.30)	$0.13	($0.60)	($0.28)	($0.07)	$0.32
Adjusted Weighted Average Basic Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M
Adjusted Diluted Earnings per Share	($0.52)	($0.87)	($0.17)	($0.61)	($0.08)	($0.30)	$0.10	($0.60)	($0.25)	($0.07)	$0.30
Adjusted Weighted Average Diluted Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	844.64M	854.88M	856.99M	859.26M	1.73B	869.24M	878.54M	880.64M	882.97M	889.30M	889.48M
Normalized Net Operating Profit after Tax (NOPAT)	-163	-273	-48	-201	-31	-97	-23	-209	-97	-32	140
Normalized NOPAT Margin	-19.01%	-35.45%	-5.52%	-25.40%	-2.49%	-8.27%	-2.05%	-19.08%	-7.00%	-2.30%	9.27%
Pre Tax Income Margin	-27.20%	-51.41%	-8.72%	-35.67%	-3.05%	-12.19%	-0.86%	-26.92%	-10.45%	-2.80%	11.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-363.07	-621.07	-133.70	-441.13	-80.81	-242.94	-33.99	-347.70	-202.05	-8.60	14.54
NOPAT to Interest Expense	-242.98	-416.56	-72.57	-299.42	-44.57	-149.75	-33.44	-239.70	-128.19	-6.37	12.04
EBIT Less CapEx to Interest Expense	-407.93	-661.55	-167.36	-487.33	-111.90	-282.52	-69.13	-381.75	-237.13	-15.26	11.66
NOPAT Less CapEx to Interest Expense	-287.85	-457.04	-106.24	-345.62	-75.66	-189.33	-68.58	-273.74	-163.28	-13.02	9.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-2.97%	-4.22%	-6.28%	0.00%	-15.74%	-23.81%	-23.71%	-9.48%	-47.76%	-95.51%

Key Financial Trends

DraftKings (NASDAQ: DKNG) has demonstrated a notable financial trajectory over the past four years, highlighted by recent quarterly results through Q2 2025.

Recent Quarterly Performance Highlights (Q2 2025 vs. Q1 2025):

Net income improved significantly to $158 million in Q2 2025 from a loss of $33.9 million in Q1 2025, reflecting stronger profitability.
Operating revenue increased slightly to $1.51 billion in Q2 2025 from $1.41 billion in Q1, showing steady top-line growth.
Gross profit rose to approximately $658 million in Q2, up from $565 million in Q1, indicating improved operational efficiency or better margins.
Net cash from operating activities turned positive at $174 million in Q2 2025, reversing the negative $119 million cash flow in Q1 2025, signaling better cash generation capabilities.
Marketing expenses remain substantial, at $233 million in Q2 2025, although down from $344 million in Q1, continuing to weigh on overall operating expenses.
Capital expenditures for property, plant, and equipment remain steady around $33 million in Q2, reflecting consistent investment in physical assets.
Significant reduction in share repurchase spending in Q2 2025 ($100 million) compared to $142 million in Q1, which may help preserve cash.

Full Year and Multi-Year Trends:

Revenue growth has been consistent year-over-year, from approximately $769 million in Q1 2023, steadily rising to over $1.5 billion by Q2 2025, more than doubling in about two years.
Profitability has been volatile, with multiple quarters showing net losses as recently as 2023 and early 2024, but with a trend towards improving outcomes and recent quarters showing positive net income.
Operating losses had been significant in some prior quarters, e.g., net losses of over $397 million in Q1 2023 and $293 million in Q3 2024, reflecting a challenging path to consistent profitability.
DraftKings maintains a substantial goodwill and intangible assets balance (over $2 billion combined in recent quarters), indicating large amounts of acquisition and brand value that will need monitoring for impairment risk.
The company carries a high level of long-term debt, approximately $1.8 billion as of Q2 2025, which poses financial leverage risks.
Cash and equivalents have grown steadily from $1.5 billion in Q1 2023 to nearly $1.56 billion by Q2 2025, enhancing liquidity.
Operating cash flow has improved significantly in recent quarters, with Q4 2024 and Q2 2025 showing strong positive cash flow, a positive sign for operational cash generation.
Marketing and SG&A expenses remain a significant percentage of revenue, indicating ongoing high costs to acquire and retain customers.
Share counts have remained stable near 890 million shares outstanding recently, meaning dilution impact has been limited lately.

Summary: DraftKings shows encouraging signs of top-line growth and improving profitability in 2025 compared to the prior quarters and years. The increase in net income and positive operating cash flow in Q2 2025 are key positive inflection points. However, the company continues to manage high expenses, substantial debt, and goodwill balances, which could pose challenges. Retail investors should monitor whether DraftKings can sustain margin improvements and generate consistent profits while managing leverage and costs effectively.

08/24/25 08:14 PMAI Generated. May Contain Errors.

Frequently Asked Questions About DraftKings' Financials

When does DraftKings' financial year end?

According to the most recent income statement we have on file, DraftKings' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has DraftKings' net income changed over the last 4 years?

DraftKings' net income appears to be on a downward trend, with a most recent value of -$507.29 million in 2024, falling from -$1.23 billion in 2020. The previous period was -$802.14 million in 2023. See where experts think DraftKings is headed by visiting DraftKings' forecast page.

What is DraftKings' operating income?

DraftKings' total operating income in 2024 was -$609.00 million, based on the following breakdown:

Total Gross Profit: $1.82 billion
Total Operating Expenses: $2.43 billion

How has DraftKings' revenue changed over the last 4 years?

Over the last 4 years, DraftKings' total revenue changed from $614.53 million in 2020 to $4.77 billion in 2024, a change of 675.8%.

How much debt does DraftKings have?

DraftKings' total liabilities were at $3.27 billion at the end of 2024, a 5.4% increase from 2023, and a 36.9% increase since 2021.

How much cash does DraftKings have?

In the past 3 years, DraftKings' cash and equivalents has ranged from $1.27 billion in 2023 to $2.15 billion in 2021, and is currently $1.31 billion as of their latest financial filing in 2024.

How has DraftKings' book value per share changed over the last 4 years?

Over the last 4 years, DraftKings' book value per share changed from 0.00 in 2020 to 1.15 in 2024, a change of 114.8%.

Related Companies

This page (NASDAQ:DKNG) was last updated on 8/24/2025 by MarketBeat.com Staff

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DraftKings (DKNG) Financials

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