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DraftKings (DKNG) Financials

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$24.01 -0.18 (-0.74%)
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Annual Income Statements for DraftKings

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -1,232 -1,523 -1,378 -802 -507 3.71
Consolidated Net Income / (Loss)		 -1,232 -1,523 -1,378 -802 -507 3.71
Net Income / (Loss) Continuing Operations		 -1,232 -1,523 -1,378 -802 -507 3.71
Total Pre-Tax Income 		-1,232 -1,518 -1,443 -791 -593 7.01
Total Operating Income		 -843 -1,562 -1,512 -789 -609 -16
Total Gross Profit		 268 502 756 1,373 1,817 2,498
Total Revenue		 615 1,296 2,240 3,665 4,768 6,055
Operating Revenue		 615 1,296 2,240 3,665 4,768 6,055
Total Cost of Revenue		 347 794 1,484 2,292 2,951 3,557
Operating Cost of Revenue		 347 794 1,484 2,292 2,951 3,557
Total Operating Expenses		 1,111 2,063 2,268 2,162 2,426 2,513
Selling, General & Admin Expense		 447 828 764 607 764 674
Marketing Expense		 495 982 1,186 1,201 1,265 1,380
Research & Development Expense		 - - - 355 - 460
Total Other Income / (Expense), net		 -389 44 69 -2.03 16 23
Interest & Investment Income		 - 4.07 21 56 44 -20
Other Income / (Expense), net		 -388 42 50 -58 -28 43
Income Tax Expense		 -0.62 8.27 -68 10 -86 4.27
Other Gains / (Losses), net		 -0.57 2.72 -2.90 -0.72 -0.47 0.97
Basic Earnings per Share		 ($4.03) ($3.78) ($3.16) ($1.73) ($1.05) $0.01
Weighted Average Basic Shares Outstanding		 - - 844.64M 1.73B 882.97M 886.01M
Diluted Earnings per Share		 ($4.03) ($3.78) ($3.16) ($1.73) ($1.05) ($0.01)
Weighted Average Diluted Shares Outstanding		 - - 844.64M 1.73B 882.97M 886.01M
Weighted Average Basic & Diluted Shares Outstanding		 - - 844.64M 1.73B 882.97M 886.01M

Quarterly Income Statements for DraftKings

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -45 -143 64 -294 -135 -34 158 -257 136 21 -68
Consolidated Net Income / (Loss)		 -45 -143 64 -294 -135 -34 158 -257 136 21 -68
Net Income / (Loss) Continuing Operations		 -45 -143 64 -294 -135 -34 158 -257 136 21 -68
Total Pre-Tax Income 		-37 -143 -9.51 -295 -146 -39 170 -271 147 23 -72
Total Operating Income		 -44 -139 -32 -299 -139 -46 151 -272 152 5.85 -68
Total Gross Profit		 514 465 441 353 558 565 658 360 915 697 551
Total Revenue		 1,231 1,175 1,104 1,095 1,393 1,409 1,513 1,144 1,989 1,646 1,443
Operating Revenue		 1,231 1,175 1,104 1,095 1,393 1,409 1,513 1,144 1,989 1,646 1,443
Total Cost of Revenue		 717 710 663 742 835 844 855 784 1,075 949 892
Operating Cost of Revenue		 717 710 663 742 835 844 855 784 1,075 949 892
Total Operating Expenses		 558 604 473 652 697 611 507 632 763 691 620
Selling, General & Admin Expense		 179 174 165 208 217 164 166 157 187 166 169
Marketing Expense		 291 341 216 340 369 344 233 360 443 402 323
Other Operating Expenses / (Income)		 88 89 93 104 112 103 108 115 - 123 128
Total Other Income / (Expense), net		 6.32 -4.41 23 3.73 -6.36 6.91 19 1.38 -4.74 17 -3.68
Interest & Investment Income		 19 15 14 8.33 8.78 4.40 0.67 -20 -22 -5.74 -7.43
Other Income / (Expense), net		 -12 -19 9.35 -4.60 -14 2.52 19 21 0.69 23 3.75
Income Tax Expense		 6.86 -0.35 -74 -1.29 -11 -5.60 12 -12 10 6.37 -1.80
Other Gains / (Losses), net		 -0.27 0.33 -0.24 -0.11 -0.45 -0.05 -0.19 1.66 -0.45 4.52 2.45
Basic Earnings per Share		 ($0.08) ($0.30) $0.13 ($0.60) ($0.28) ($0.07) $0.32 ($0.52) $0.28 $0.04 ($0.14)
Weighted Average Basic Shares Outstanding		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M
Diluted Earnings per Share		 ($0.08) ($0.30) $0.10 ($0.60) ($0.25) ($0.07) $0.30 ($0.52) $0.28 $0.03 ($0.14)
Weighted Average Diluted Shares Outstanding		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M
Weighted Average Basic & Diluted Shares Outstanding		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M

Annual Cash Flow Statements for DraftKings

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1,884 525 -851 -155 -293 274
Net Cash From Operating Activities		 -194 -420 -626 -1.75 418 663
Net Cash From Continuing Operating Activities		 -194 -420 -626 -1.75 418 663
Net Income / (Loss) Continuing Operations		 -1,232 -1,523 -1,378 -802 -507 3.71
Consolidated Net Income / (Loss)		 -1,232 -1,523 -1,378 -802 -507 3.71
Depreciation Expense		 77 121 169 202 271 275
Non-Cash Adjustments To Reconcile Net Income		 714 619 431 303 319 365
Changes in Operating Assets and Liabilities, net		 246 364 152 295 335 18
Net Cash From Investing Activities		 -227 -195 -209 -90 -567 -166
Net Cash From Continuing Investing Activities		 -227 -195 -209 -90 -567 -166
Purchase of Property, Plant & Equipment		 -39 -62 -96 -101 -106 -147
Acquisitions		 -185 -65 -104 0.00 -456 -16
Sale and/or Maturity of Investments		 - - 0.00 24 0.00 0.00
Other Investing Activities, net		 -2.63 -43 -8.61 -14 -4.26 -3.11
Net Cash From Financing Activities		 2,306 1,139 -17 -63 -144 -222
Net Cash From Continuing Financing Activities		 2,306 1,139 -17 -63 -144 -222
Repayment of Debt		 -45 0.42 0.00 0.00 -2.67 -7.10
Repurchase of Common Equity		 -300 -18 0.00 0.00 -48 -572
Issuance of Debt		 79 1,248 - 0.00 0.00 588
Issuance of Common Equity		 1,680 - - 0.00 0.00 15
Other Financing Activities, net		 892 -92 -17 -63 -94 -247
Cash Interest Paid		 0.42 0.00 - 0.00 0.00 28
Cash Income Taxes Paid		 1.44 5.63 10 8.34 5.27 8.24

Quarterly Cash Flow Statements for DraftKings

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 36 -140 -410 83 174 215 19 144 -104 -218 0.69
Net Cash From Operating Activities		 72 -70 29 134 325 -119 174 287 320 -48 111
Net Cash From Continuing Operating Activities		 72 -70 29 134 325 -119 174 287 320 -48 111
Net Income / (Loss) Continuing Operations		 -45 -143 64 -294 -135 -34 158 -257 136 21 -68
Consolidated Net Income / (Loss)		 -45 -143 64 -294 -135 -34 158 -257 136 21 -68
Depreciation Expense		 55 53 62 90 66 70 65 66 74 72 80
Non-Cash Adjustments To Reconcile Net Income		 23 113 153 -6.66 401 80 86 61 158 39 78
Changes in Operating Assets and Liabilities, net		 39 -94 -249 344 -7.09 -235 -135 418 -48 -180 21
Net Cash From Investing Activities		 -23 -39 -417 -32 -78 -39 -35 -42 -50 -48 -45
Net Cash From Continuing Investing Activities		 -23 -39 -417 -32 -78 -39 -35 -42 -50 -48 -45
Purchase of Property, Plant & Equipment		 -21 -26 -24 -30 -27 -34 -33 -37 -42 -44 -43
Acquisitions		 -1.13 -12 -393 -2.61 -49 -1.63 1.63 - -16 -1.06 -0.93
Other Investing Activities, net		 -0.92 -1.92 -0.39 0.65 -2.60 -3.50 -3.41 -4.38 8.17 -3.00 -1.72
Net Cash From Financing Activities		 -13 -31 -22 -19 -73 373 -120 -101 -374 -121 -66
Net Cash From Continuing Financing Activities		 -13 -31 -22 -19 -73 373 -120 -101 -374 -121 -66
Repayment of Debt		 - 0.00 - - - -2.09 -1.50 -1.50 -2.01 -1.50 -1.50
Repurchase of Common Equity		 59 0.00 -24 -20 30 -142 -100 -71 -258 -99 -56
Other Financing Activities, net		 -72 -31 2.59 1.36 -101 -71 -25 -29 -123 -21 -18
Cash Interest Paid		 - 0.00 - - - 3.14 6.28 9.21 9.25 8.22 9.40
Cash Income Taxes Paid		 - - - - - 1.85 - - - 0.41 2.03

Annual Balance Sheets for DraftKings

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,069 4,040 3,945 4,284 4,531
Total Current Assets		 2,753 2,085 2,071 1,534 1,815
Cash & Equivalents		 2,153 1,779 1,271 788 1,128
Restricted Cash		 - 0.00 12 16 7.60
Accounts Receivable		 46 51 48 58 106
Prepaid Expenses		 26 95 99 146 105
Other Current Assets		 529 160 643 525 469
Plant, Property, & Equipment, net		 46 60 61 51 51
Total Noncurrent Assets		 1,270 1,895 1,813 2,699 2,665
Long-Term Investments		 9.83 10 10 13 19
Goodwill		 616 886 886 1,555 1,598
Intangible Assets		 535 777 691 933 889
Other Noncurrent Operating Assets		 109 222 226 198 159
Total Liabilities & Shareholders' Equity		 4,069 4,040 3,945 4,284 4,531
Total Liabilities		 2,391 2,717 3,105 3,273 3,899
Total Current Liabilities		 929 1,246 1,550 1,655 1,755
Accounts Payable		 388 518 640 661 785
Other Current Liabilities		 542 729 910 994 970
Total Noncurrent Liabilities		 1,461 1,471 1,555 1,618 2,144
Long-Term Debt		 1,248 1,251 1,254 1,256 1,836
Noncurrent Deferred & Payable Income Tax Liabilities		 79 70 73 76 92
Other Noncurrent Operating Liabilities		 134 150 228 285 217
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,679 1,323 840 1,011 631
Total Preferred & Common Equity		 1,679 1,323 840 1,011 631
Total Common Equity		 1,679 1,323 840 1,011 631
Common Stock		 5,702 6,750 7,150 7,979 8,425
Retained Earnings		 -3,754 -5,132 -5,934 -6,441 -6,438
Treasury Stock		 -307 -332 -412 -563 -1,392
Accumulated Other Comprehensive Income / (Loss)		 36 36 36 36 36

Quarterly Balance Sheets for DraftKings

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,739 3,606 3,862 3,801 4,218 4,273 4,516 4,474 4,624 4,308 4,277
Total Current Assets		 1,806 1,719 1,968 1,938 1,523 1,644 1,801 1,787 1,945 1,578 1,577
Cash & Equivalents		 1,525 1,495 1,112 1,471 1,061 878 1,120 1,559 1,704 999 984
Restricted Cash		 - - - 12 13 14 17 4.62 4.59 8.75 8.60
Accounts Receivable		 41 32 28 53 65 64 67 69 66 86 82
Prepaid Expenses		 115 83 143 135 147 81 108 86 115 105 107
Other Current Assets		 125 109 685 266 237 607 489 68 56 379 395
Plant, Property, & Equipment, net		 62 60 65 60 57 53 53 53 52 53 53
Total Noncurrent Assets		 1,871 1,827 1,829 1,803 2,638 2,576 2,662 2,634 2,627 2,677 2,648
Long-Term Investments		 9.96 9.64 9.63 11 11 13 13 14 19 26 30
Goodwill		 886 886 886 886 1,456 1,456 1,555 1,555 1,555 1,598 1,598
Intangible Assets		 755 735 719 682 949 892 905 880 861 868 837
Other Noncurrent Operating Assets		 220 197 214 223 221 216 189 185 192 185 182
Total Liabilities & Shareholders' Equity		 3,739 3,606 3,862 3,801 4,218 4,273 4,516 4,474 4,624 4,308 4,277
Total Liabilities		 2,721 2,588 3,060 2,970 2,920 3,197 3,643 3,465 3,892 3,702 3,708
Total Current Liabilities		 1,232 1,077 1,528 1,442 1,374 1,647 1,499 1,335 1,776 1,548 1,551
Accounts Payable		 509 436 594 606 574 701 577 553 711 704 689
Other Current Liabilities		 723 641 934 836 800 946 922 781 1,065 844 861
Total Noncurrent Liabilities		 1,490 1,511 1,532 1,528 1,546 1,550 2,144 2,130 2,116 2,154 2,157
Long-Term Debt		 1,252 1,252 1,253 1,254 1,255 1,256 1,843 1,836 1,836 1,835 1,835
Noncurrent Deferred & Payable Income Tax Liabilities		 69 69 68 71 72 74 75 84 88 93 101
Other Noncurrent Operating Liabilities		 169 189 210 202 219 221 226 210 192 226 221
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,018 1,018 801 831 1,298 1,076 873 1,010 732 605 569
Total Preferred & Common Equity		 1,018 1,018 801 831 1,298 1,076 873 1,010 732 605 569
Total Common Equity		 1,018 1,018 801 831 1,298 1,076 873 1,010 732 605 569
Common Stock		 6,870 6,962 7,046 7,317 7,745 7,836 8,091 8,198 8,280 8,500 8,607
Retained Earnings		 -5,529 -5,606 -5,889 -6,077 -6,013 -6,306 -6,475 -6,317 -6,574 -6,416 -6,484
Treasury Stock		 -359 -373 -391 -446 -470 -490 -780 -908 -1,011 -1,515 -1,590
Accumulated Other Comprehensive Income / (Loss)		 36 36 36 36 36 36 36 36 36 36 36

Annual Metrics And Ratios for DraftKings

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 110.90% 72.87% 63.60% 30.07% 26.99%
EBITDA Growth		 0.00% -21.25% 7.58% 50.09% 43.17% 182.50%
EBIT Growth		 0.00% -23.46% 3.81% 42.05% 24.74% 104.23%
NOPAT Growth		 0.00% -85.19% 3.19% 47.79% 22.84% 98.55%
Net Income Growth		 0.00% -23.65% 9.53% 41.79% 36.76% 100.73%
EPS Growth		 0.00% 6.20% 16.40% 45.25% 39.31% 99.05%
Operating Cash Flow Growth		 0.00% -116.07% -49.11% 99.72% 23,958.77% 58.67%
Free Cash Flow Firm Growth		 0.00% 0.00% 41.92% 47.25% 3.65% 112.10%
Invested Capital Growth		 0.00% 0.00% 2.70% 2.13% 15.23% -9.39%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 11.42% 3.52% 10.93%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 23.11% -31.14% 2,737.04%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 18.11% -18.16% 109.66%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 19.27% -18.57% 97.12%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 19.80% -21.64% 101.39%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 20.28% -19.32% 98.15%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 3.66% 99.21% 153.74% -0.71%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 35.78% -65.11%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -14.11% -35.30% 56.19%
Profitability Metrics		 - - - - - -
Gross Margin		 43.60% 38.72% 33.75% 37.46% 38.11% 41.25%
EBITDA Margin		 -187.69% -107.90% -57.68% -17.60% -7.69% 5.00%
Operating Margin		 -137.22% -120.49% -67.48% -21.53% -12.77% -0.26%
EBIT Margin		 -200.29% -117.25% -65.24% -23.11% -13.37% 0.45%
Profit (Net Income) Margin		 -200.45% -117.53% -61.50% -21.88% -10.64% 0.06%
Tax Burden Percent		 100.00% 100.37% 95.50% 101.38% 85.52% 52.90%
Interest Burden Percent		 100.09% 99.87% 98.72% 93.42% 93.05% 26.02%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 60.94%
Return on Invested Capital (ROIC)		 0.00% -286.06% -136.62% -69.65% -49.42% -0.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -191.98% -92.58% 16.97% 79.45% 1.32%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 104.57% 44.79% -4.52% -5.40% 0.90%
Return on Equity (ROE)		 0.00% -181.49% -91.83% -74.17% -54.81% 0.45%
Cash Return on Invested Capital (CROIC)		 0.00% -486.06% -139.28% -71.75% -63.57% 9.40%
Operating Return on Assets (OROA)		 0.00% -37.35% -36.05% -21.21% -15.49% 0.61%
Return on Assets (ROA)		 0.00% -37.43% -33.99% -20.09% -12.33% 0.08%
Return on Common Equity (ROCE)		 0.00% -181.49% -91.83% -74.17% -54.81% 0.45%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -90.75% -104.18% -95.46% -50.20% 0.00%
Net Operating Profit after Tax (NOPAT)		 -590 -1,093 -1,058 -552 -426 -6.18
NOPAT Margin		 -96.05% -84.35% -47.23% -15.07% -8.94% -0.10%
Net Nonoperating Expense Percent (NNEP)		 0.00% -94.08% -44.04% -86.62% -128.87% -1.77%
Return On Investment Capital (ROIC_SIMPLE)		 - - -41.12% -26.38% -18.80% -0.25%
Cost of Revenue to Revenue		 56.40% 61.28% 66.25% 62.54% 61.89% 58.75%
SG&A Expenses to Revenue		 72.80% 63.91% 34.09% 16.55% 16.03% 11.13%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 7.60%
Operating Expenses to Revenue		 180.82% 159.22% 101.23% 59.00% 50.89% 41.51%
Earnings before Interest and Taxes (EBIT)		 -1,231 -1,520 -1,462 -847 -637 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1,153 -1,398 -1,292 -645 -367 302
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 7.25 36.04 32.42 48.61
Price to Tangible Book Value (P/TBV)		 0.00 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 5.07
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 8,273.99
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 11.53 37.74 35.37 23.90
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 4.04 8.25 6.85 5.18
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 103.75
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 1,164.13
Enterprise Value to NOPAT (EV/NOPAT)		 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 78.21 47.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 241.60
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.74 0.95 1.49 1.24 2.91
Long-Term Debt to Equity		 0.00 0.74 0.95 1.49 1.24 2.91
Financial Leverage		 0.00 -0.54 -0.48 -0.27 -0.07 0.68
Leverage Ratio		 0.00 2.42 2.70 3.69 4.45 5.37
Compound Leverage Factor		 0.00 2.42 2.67 3.45 4.14 1.40
Debt to Total Capital		 0.00% 42.65% 48.61% 59.87% 55.42% 74.40%
Short-Term Debt to Total Capital		 0.00% 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% 74.40%
Preferred Equity to Total Capital		 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%
Common Equity to Total Capital		 0.00% 57.35% 51.39% 40.13% 44.58% 25.60%
Debt to EBITDA		 0.00 -0.89 -0.97 -1.94 -3.43 6.07
Net Debt to EBITDA		 0.00 0.65 0.42 0.06 0.24 2.25
Long-Term Debt to EBITDA		 0.00 -0.89 -0.97 -1.94 -3.43 6.07
Debt to NOPAT		 0.00 -1.14 -1.18 -2.27 -2.95 -297.15
Net Debt to NOPAT		 0.00 0.84 0.51 0.07 0.20 -110.33
Long-Term Debt to NOPAT		 0.00 -1.14 -1.18 -2.27 -2.95 -297.15
Altman Z-Score		 0.00 0.00 -0.05 4.13 4.49 4.11
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 2.96 1.67 1.34 0.93 1.03
Quick Ratio		 0.00 2.37 1.47 0.85 0.83 0.70
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,857 -1,079 -569 -548 130
Operating Cash Flow to CapEx		 -494.78% -671.57% -648.66% -1.73% 394.59% 452.44%
Free Cash Flow to Firm to Interest Expense		 0.00 -880.70 -406.96 -212.45 -185.33 0.00
Operating Cash Flow to Interest Expense		 -181.46 -198.91 -235.96 -0.65 141.19 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -218.13 -228.53 -272.33 -38.46 105.40 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.32 0.55 0.92 1.16 1.37
Accounts Receivable Turnover		 0.00 28.26 46.21 74.32 90.49 74.10
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 28.16 42.22 60.69 85.72 119.15
Accounts Payable Turnover		 0.00 2.05 3.28 3.96 4.54 4.92
Days Sales Outstanding (DSO)		 0.00 12.92 7.90 4.91 4.03 4.93
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 178.21 111.31 92.13 80.46 74.23
Cash Conversion Cycle (CCC)		 0.00 -165.29 -103.42 -87.22 -76.43 -69.30
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 764 785 802 924 1,313
Invested Capital Turnover		 0.00 3.39 2.89 4.62 5.53 4.38
Increase / (Decrease) in Invested Capital		 0.00 764 21 17 122 -136
Enterprise Value (EV)		 0.00 0.00 9,051 30,250 32,673 31,378
Market Capitalization		 0.00 0.00 9,589 30,289 32,760 30,697
Book Value per Share		 $0.00 $0.00 $1.57 $0.98 $1.15 $0.71
Tangible Book Value per Share		 $0.00 $0.00 ($0.40) ($0.86) ($1.68) ($2.08)
Total Capital		 0.00 2,927 2,574 2,094 2,267 2,467
Total Debt		 0.00 1,248 1,251 1,254 1,256 1,836
Total Long-Term Debt		 0.00 1,248 1,251 1,254 1,256 1,836
Net Debt		 0.00 -914 -538 -39 -87 682
Capital Expenditures (CapEx)		 39 62 96 101 106 147
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -329 -940 -760 -1,451 -1,076
Debt-free Net Working Capital (DFNWC)		 0.00 1,824 838 522 -121 60
Net Working Capital (NWC)		 0.00 1,824 838 522 -121 60
Net Nonoperating Expense (NNE)		 642 430 320 250 81 -9.89
Net Nonoperating Obligations (NNO)		 0.00 -914 -538 -39 -87 682
Total Depreciation and Amortization (D&A)		 77 121 169 202 271 275
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -25.38% -41.98% -20.75% -30.44% -17.77%
Debt-free Net Working Capital to Revenue		 0.00% 140.73% 37.42% 14.23% -2.54% 0.98%
Net Working Capital to Revenue		 0.00% 140.73% 37.42% 14.23% -2.54% 0.98%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.16) ($1.73) ($1.05) $0.01
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 844.64M 1.73B 882.97M 886.01M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.16) ($1.73) ($1.05) ($0.01)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 844.64M 1.73B 882.97M 886.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 886.01M
Normalized Net Operating Profit after Tax (NOPAT)		 -590 -1,093 -1,058 -552 -426 -11
Normalized NOPAT Margin		 -96.05% -84.35% -47.23% -15.07% -8.94% -0.18%
Pre Tax Income Margin		 -200.46% -117.10% -64.40% -21.59% -12.44% 0.12%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -1,150.30 -720.53 -551.36 -316.16 -215.43 0.00
NOPAT to Interest Expense		 -551.66 -518.32 -399.18 -206.22 -144.07 0.00
EBIT Less CapEx to Interest Expense		 -1,186.97 -750.15 -587.74 -353.96 -251.21 0.00
NOPAT Less CapEx to Interest Expense		 -588.34 -547.94 -435.56 -244.02 -179.85 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -24.38% -1.17% 0.00% 0.00% -9.48% 15,405.07%

Quarterly Metrics And Ratios for DraftKings

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 886,005,336.00 889,142,768.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 886,005,336.00 889,142,768.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.02 -0.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 43.94% 52.67% 26.23% 38.68% 13.15% 19.90% 36.95% 4.43% 42.82% 16.84% -4.58%
EBITDA Growth		 99.80% 70.86% 194.61% 13.07% -21,873.87% 125.17% 507.96% 13.31% 358.94% 281.42% -93.21%
EBIT Growth		 77.11% 61.24% 74.12% -2.58% -176.20% 72.21% 834.51% 17.24% 199.28% 165.42% -138.06%
NOPAT Growth		 81.13% 64.38% 53.09% -4.19% -217.70% 66.63% 718.36% 8.94% 245.02% 113.02% -134.04%
Net Income Growth		 81.61% 64.10% 182.60% -3.74% -202.21% 76.25% 147.46% 12.56% 201.17% 162.22% -142.81%
EPS Growth		 84.62% 65.52% 158.82% 1.64% -212.50% 76.67% 200.00% 13.33% 212.00% 142.86% -146.67%
Operating Cash Flow Growth		 148.54% 65.06% 265.84% -8.12% 351.23% -69.07% 491.79% 115.20% -1.45% 59.30% -35.93%
Free Cash Flow Firm Growth		 0.00% 104.67% 11.01% -67.03% -363.50% -2,241.95% 147.03% 156.39% 137.23% 116.28% -147.30%
Invested Capital Growth		 2.13% -19.62% 91.65% 52.97% 15.23% 165.06% -13.67% -41.12% -9.39% -10.20% 8.96%
Revenue Q/Q Growth		 55.81% -4.54% -6.00% -0.81% 27.14% 1.15% 7.36% -24.36% 73.88% -17.25% -12.32%
EBITDA Q/Q Growth		 99.84% -26,153.02% 136.92% -652.72% 58.99% 130.07% 791.76% -178.82% 222.50% -55.70% -84.13%
EBIT Q/Q Growth		 81.19% -183.59% 85.39% -1,215.77% 49.35% 71.47% 486.30% -248.26% 160.75% -81.20% -324.78%
NOPAT Q/Q Growth		 84.71% -216.92% 76.67% -821.93% 53.39% 66.71% 532.27% -235.76% 174.23% -97.01% -1,230.21%
Net Income Q/Q Growth		 84.24% -219.51% 144.77% -560.17% 54.08% 74.89% 566.38% -262.59% 153.13% -84.56% -420.88%
EPS Q/Q Growth		 86.89% -275.00% 133.33% -700.00% 58.33% 72.00% 528.57% -273.33% 153.85% -89.29% -566.67%
Operating Cash Flow Q/Q Growth		 -50.43% -197.68% 141.75% 354.54% 143.43% -136.60% 246.13% 65.29% 11.48% -115.11% 330.07%
Free Cash Flow Firm Q/Q Growth		 88.75% 199.32% -1,641.54% 3.00% 68.79% -359.00% 133.85% 16.31% -30.08% -40.87% -198.36%
Invested Capital Q/Q Growth		 -14.11% -26.30% 148.65% -2.81% -35.30% 69.52% -19.02% -33.70% 56.19% 7.09% -1.74%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 41.78% 39.57% 39.93% 32.23% 40.07% 40.11% 43.50% 31.46% 45.98% 42.32% 38.21%
EBITDA Margin		 -0.03% -8.89% 3.49% -19.47% -6.28% 1.87% 15.51% -16.16% 11.38% 6.09% 1.10%
Operating Margin		 -3.56% -11.82% -2.93% -27.26% -9.99% -3.29% 9.96% -23.77% 7.63% 0.36% -4.72%
EBIT Margin		 -4.52% -13.42% -2.09% -27.68% -11.03% -3.11% 11.19% -21.93% 7.66% 1.74% -4.46%
Profit (Net Income) Margin		 -3.63% -12.13% 5.78% -26.81% -9.68% -2.40% 10.44% -22.45% 6.86% 1.28% -4.68%
Tax Burden Percent		 119.01% 99.52% -671.17% 99.60% 92.66% 85.91% 92.95% 94.93% 92.79% 91.92% 94.09%
Interest Burden Percent		 67.44% 90.86% 41.27% 97.25% 94.78% 89.97% 100.39% 107.80% 96.44% 79.98% 111.54%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.94% 0.00% 6.90% 27.79% 0.00%
Return on Invested Capital (ROIC)		 -11.51% -50.79% -7.90% -74.44% -38.66% -10.68% 36.64% -80.06% 31.14% 1.09% -15.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 -6.67% -33.44% -219.97% -109.48% 20.89% -11.31% 44.91% -108.97% 30.27% 3.34% -19.25%
Return on Net Nonoperating Assets (RNNOA)		 1.78% 9.46% 7.74% -28.19% -1.42% -3.01% 8.35% -27.71% 20.65% 3.38% -13.05%
Return on Equity (ROE)		 -9.73% -41.33% -0.15% -102.63% -40.08% -13.68% 44.99% -107.77% 51.78% 4.46% -28.58%
Cash Return on Invested Capital (CROIC)		 -71.75% -35.09% -94.26% -72.34% -63.57% -123.96% -2.38% 32.82% 9.40% 12.63% -18.21%
Operating Return on Assets (OROA)		 -4.15% -14.49% -2.29% -31.34% -12.78% -3.74% 13.93% -26.91% 10.53% 2.48% -6.35%
Return on Assets (ROA)		 -3.33% -13.10% 6.35% -30.36% -11.22% -2.89% 13.00% -27.54% 9.42% 1.83% -6.66%
Return on Common Equity (ROCE)		 -9.73% -41.33% -0.15% -102.63% -40.08% -13.68% 44.99% -107.77% 51.78% 4.46% -28.58%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -65.89% -31.30% -38.76% 0.00% -45.66% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -31 -97 -23 -209 -97 -32 140 -190 141 4.22 -48
NOPAT Margin		 -2.49% -8.27% -2.05% -19.08% -7.00% -2.30% 9.27% -16.64% 7.10% 0.26% -3.31%
Net Nonoperating Expense Percent (NNEP)		 -4.84% -17.35% 212.07% 35.03% -59.55% 0.63% -8.28% 28.90% 0.87% -2.26% 3.72%
Return On Investment Capital (ROIC_SIMPLE)		 -1.46% - - - -4.30% -1.19% 4.93% -7.41% 5.73% 0.17% -1.98%
Cost of Revenue to Revenue		 58.22% 60.43% 60.07% 67.77% 59.93% 59.89% 56.50% 68.54% 54.02% 57.68% 61.79%
SG&A Expenses to Revenue		 14.55% 14.83% 14.95% 19.00% 15.55% 11.67% 10.96% 13.70% 9.39% 10.08% 11.74%
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		 45.33% 51.38% 42.86% 59.48% 50.07% 43.39% 33.54% 55.23% 38.35% 41.97% 42.93%
Earnings before Interest and Taxes (EBIT)		 -56 -158 -23 -303 -154 -44 169 -251 152 29 -64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.40 -104 39 -213 -87 26 235 -185 226 100 16
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 36.04 46.96 25.55 32.00 32.42 33.59 37.78 45.43 48.61 31.66 39.44
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)		 8.26 9.59 7.72 7.48 6.87 5.86 7.05 6.09 5.07 3.04 3.61
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,273.99 326.64 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% 0.01% 0.31% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 37.74 65.64 22.70 24.37 35.37 19.17 30.28 39.70 23.90 14.19 16.84
Enterprise Value to Revenue (EV/Rev)		 8.25 9.53 7.76 7.55 6.85 6.00 7.10 6.11 5.18 3.17 3.74
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103.75 53.01 147.45
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,164.13 200.71 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 716.70 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 299.81 188.99 211.31 78.21 81.31 74.76 49.99 47.34 27.21 34.69
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 89.66 241.60 106.36 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.49 1.51 0.97 1.17 1.24 2.11 1.82 2.51 2.91 3.03 3.22
Long-Term Debt to Equity		 1.49 1.51 0.97 1.17 1.24 2.11 1.82 2.51 2.91 3.03 3.22
Financial Leverage		 -0.27 -0.28 -0.04 0.26 -0.07 0.27 0.19 0.25 0.68 1.01 0.68
Leverage Ratio		 3.69 4.08 3.38 4.33 4.45 4.88 3.77 4.92 5.37 5.97 5.54
Compound Leverage Factor		 2.49 3.71 1.39 4.21 4.21 4.39 3.78 5.30 5.18 4.77 6.18
Debt to Total Capital		 59.87% 60.15% 49.15% 53.85% 55.42% 67.85% 64.52% 71.49% 74.40% 75.21% 76.32%
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		 59.87% 60.15% 49.15% 53.85% 55.42% 67.85% 64.52% 71.49% 74.40% 75.21% 76.32%
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		 40.13% 39.85% 50.85% 46.15% 44.58% 32.15% 35.48% 28.51% 25.60% 24.79% 23.68%
Debt to EBITDA		 -1.94 -3.21 -4.03 -4.49 -3.43 -7.81 -46.09 -160.08 6.07 4.88 11.63
Net Debt to EBITDA		 0.06 0.61 -0.55 -1.26 0.24 -2.94 -6.49 -9.45 2.25 2.13 5.15
Long-Term Debt to EBITDA		 -1.94 -3.21 -4.03 -4.49 -3.43 -7.81 -46.09 -160.08 6.07 4.88 11.63
Debt to NOPAT		 -2.27 -3.33 -3.57 -3.49 -2.95 -5.10 -7.87 -8.55 -297.15 65.91 -14.37
Net Debt to NOPAT		 0.07 0.64 -0.49 -0.98 0.20 -1.92 -1.11 -0.50 -110.33 28.77 -6.36
Long-Term Debt to NOPAT		 -2.27 -3.33 -3.57 -3.49 -2.95 -5.10 -7.87 -8.55 -297.15 65.91 -14.37
Altman Z-Score		 4.79 6.74 5.87 5.24 4.86 3.98 6.08 4.18 4.20 2.51 2.92
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		 1.34 1.34 1.11 1.00 0.93 1.20 1.34 1.10 1.03 1.02 1.02
Quick Ratio		 0.85 1.06 0.82 0.57 0.83 0.79 1.22 1.00 0.70 0.70 0.69
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -47 47 -725 -703 -220 -1,008 341 397 277 164 -161
Operating Cash Flow to CapEx		 336.93% -274.02% 123.34% 449.94% 1,219.44% -351.13% 519.45% 767.61% 768.93% -109.70% 261.71%
Free Cash Flow to Firm to Interest Expense		 -68.83 72.48 -1,069.47 -806.62 -288.82 -197.79 29.30 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 104.75 -108.47 43.35 153.19 427.88 -23.36 14.94 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 73.66 -148.05 8.20 119.15 392.79 -30.02 12.07 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.92 1.08 1.10 1.13 1.16 1.20 1.24 1.23 1.37 1.43 1.42
Accounts Receivable Turnover		 74.32 85.93 88.29 99.98 90.49 83.43 80.76 84.03 74.10 82.41 82.40
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		 60.69 66.70 73.28 78.16 85.72 88.36 97.79 103.95 119.15 118.07 117.47
Accounts Payable Turnover		 3.96 4.45 5.22 4.38 4.54 5.21 5.81 4.70 4.92 5.72 5.96
Days Sales Outstanding (DSO)		 4.91 4.25 4.13 3.65 4.03 4.38 4.52 4.34 4.93 4.43 4.43
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)		 92.13 82.01 69.97 83.42 80.46 70.00 62.78 77.69 74.23 63.83 61.29
Cash Conversion Cycle (CCC)		 -87.22 -77.76 -65.84 -79.77 -76.43 -65.62 -58.26 -73.35 -69.30 -59.41 -56.86
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 802 591 1,469 1,428 924 1,566 1,268 841 1,313 1,406 1,382
Invested Capital Turnover		 4.62 6.14 3.85 3.90 5.53 4.64 3.95 4.81 4.38 4.23 4.70
Increase / (Decrease) in Invested Capital		 17 -144 702 494 122 975 -201 -587 -136 -160 114
Enterprise Value (EV)		 30,250 38,779 33,349 34,790 32,673 30,016 38,400 33,375 31,378 19,956 23,272
Market Capitalization		 30,289 39,019 33,179 34,439 32,760 29,323 38,142 33,267 30,697 19,155 22,460
Book Value per Share		 $0.98 $0.96 $1.49 $1.22 $1.15 $0.99 $1.14 $0.82 $0.71 $0.68 $0.64
Tangible Book Value per Share		 ($0.86) ($0.85) ($1.27) ($1.45) ($1.68) ($1.80) ($1.60) ($1.89) ($2.08) ($2.10) ($2.10)
Total Capital		 2,094 2,085 2,554 2,332 2,267 2,715 2,846 2,568 2,467 2,440 2,404
Total Debt		 1,254 1,254 1,255 1,256 1,256 1,843 1,836 1,836 1,836 1,835 1,835
Total Long-Term Debt		 1,254 1,254 1,255 1,256 1,256 1,843 1,836 1,836 1,836 1,835 1,835
Net Debt		 -39 -240 170 352 -87 693 258 108 682 801 812
Capital Expenditures (CapEx)		 21 26 24 30 27 34 33 37 42 44 43
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -760 -987 -924 -894 -1,451 -835 -1,112 -1,539 -1,076 -979 -966
Debt-free Net Working Capital (DFNWC)		 522 496 149 -2.84 -121 302 452 169 60 29 26
Net Working Capital (NWC)		 522 496 149 -2.84 -121 302 452 169 60 29 26
Net Nonoperating Expense (NNE)		 14 45 -86 85 37 1.43 -18 66 4.86 -17 20
Net Nonoperating Obligations (NNO)		 -39 -240 170 352 -87 693 258 108 682 801 812
Total Depreciation and Amortization (D&A)		 55 53 62 90 66 70 65 66 74 72 80
Debt-free, Cash-free Net Working Capital to Revenue		 -20.75% -24.24% -21.50% -19.42% -30.44% -16.69% -20.55% -28.21% -17.77% -15.56% -15.53%
Debt-free Net Working Capital to Revenue		 14.23% 12.19% 3.47% -0.06% -2.54% 6.04% 8.36% 3.09% 0.98% 0.47% 0.42%
Net Working Capital to Revenue		 14.23% 12.19% 3.47% -0.06% -2.54% 6.04% 8.36% 3.09% 0.98% 0.47% 0.42%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.30) $0.13 ($0.60) ($0.28) ($0.07) $0.32 ($0.52) $0.28 $0.04 ($0.14)
Adjusted Weighted Average Basic Shares Outstanding		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.30) $0.10 ($0.60) ($0.25) ($0.07) $0.30 ($0.52) $0.28 $0.03 ($0.14)
Adjusted Weighted Average Diluted Shares Outstanding		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M
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		 1.73B 869.24M 878.54M 880.64M 882.97M 889.30M 889.48M 890.79M 886.01M 889.14M 889.47M
Normalized Net Operating Profit after Tax (NOPAT)		 -31 -97 -23 -209 -97 -32 140 -190 141 4.22 -48
Normalized NOPAT Margin		 -2.49% -8.27% -2.05% -19.08% -7.00% -2.30% 9.27% -16.64% 7.10% 0.26% -3.31%
Pre Tax Income Margin		 -3.05% -12.19% -0.86% -26.92% -10.45% -2.80% 11.23% -23.65% 7.39% 1.39% -4.98%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -80.81 -242.94 -33.99 -347.70 -202.05 -8.60 14.54 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -44.57 -149.75 -33.44 -239.70 -128.19 -6.37 12.04 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -111.90 -282.52 -69.13 -381.75 -237.13 -15.26 11.66 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -75.66 -189.33 -68.58 -273.74 -163.28 -13.02 9.17 0.00 0.00 0.00 0.00
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% -15.74% -23.81% -23.71% -9.48% -47.76% -95.51% -135.30% 15,405.07% 900.16% -289.39%

Financials Breakdown Chart

Key Financial Trends

DraftKings’ financial profile has improved substantially from 2022 and 2023, but the latest quarter shows renewed pressure on profitability and liquidity. Revenue increased from $502.0 million in Q3 2022 to $1.44 billion in Q2 2026, while quarterly net losses narrowed considerably over the period. However, Q2 2026 produced a $67.6 million net loss after profitable results in Q4 2025 and Q1 2026.

  • Long-term revenue growth remains strong: Q2 2026 revenue was approximately 81% above Q3 2022 levels. Revenue also rose 16.9% year over year in Q1 2026, although it declined 4.6% year over year in Q2.
  • Profitability has improved significantly compared with prior years: DraftKings reported a $21.1 million profit in Q1 2026 and a $136.4 million profit in Q4 2025, compared with losses of $397.1 million in Q1 2023 and $450.5 million in Q3 2022.
  • Operating cash flow was positive in Q2 2026: The company generated $111.4 million from operations, reversing a $48.4 million outflow in Q1 2026 and demonstrating that the business can generate cash even when reported earnings are negative.
  • Cash generation has improved over the broader period: Operating cash flow was negative in Q1 and Q2 2023 but became positive in the later 2023 and 2024 quarters provided, including $320.5 million in Q4 2025.
  • DraftKings has continued investing in its platform: Capital expenditures totaled $42.6 million in Q2 2026 and have remained generally consistent, supporting technology, infrastructure and business expansion.
  • Cash flow remains highly volatile: Operating cash flow has ranged from negative $201.5 million in Q1 2023 to positive $320.5 million in Q4 2025. Large swings in operating assets and liabilities are a major contributor, making a single quarter an unreliable measure of recurring cash generation.
  • Q2 2026 gross margin weakened: Gross profit was $551.5 million, or about 38.2% of revenue, compared with approximately 43.5% in Q2 2025 and 42.3% in Q1 2026. The decline could limit the company’s ability to convert revenue growth into sustainable earnings.
  • Profitability reversed in the latest quarter: DraftKings posted a $68.2 million operating loss and a $67.6 million net loss in Q2 2026, versus operating income of $5.8 million and net income of $21.1 million in Q1.
  • Marketing remains a significant expense: Q2 2026 marketing expense was $322.5 million, equal to roughly 22% of revenue. Although below Q1’s $401.7 million, high promotional and customer-acquisition spending continues to weigh on operating margins.
  • Liquidity and balance-sheet risk have increased: Cash and equivalents declined to $983.9 million in Q2 2026 from $1.56 billion in Q2 2025 and $1.70 billion in Q3 2025, while long-term debt stood at $1.83 billion. Total liabilities of $3.71 billion were more than six times total equity of $569.4 million, and goodwill plus intangible assets represented more than half of total assets.

DraftKings’ multi-year trend is encouraging in terms of scale, revenue growth and reduced losses, and the company has recently demonstrated an ability to produce positive operating cash flow. Nevertheless, investors should monitor whether the Q2 margin decline is temporary, whether operating cash flow remains positive without favorable working-capital movements, and whether continued buybacks and debt obligations place additional pressure on its cash balance.

09/04/26 09:13 PM ETAI Generated. May Contain Errors.

DraftKings Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DraftKings' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

DraftKings' net income appears to be on a downward trend, with a most recent value of $3.71 million in 2025, falling from -$1.23 billion in 2020. The previous period was -$507.29 million in 2024. See DraftKings' forecast for analyst expectations on what's next for the company.

DraftKings' total operating income in 2025 was -$15.82 million, based on the following breakdown:
  • Total Gross Profit: $2.50 billion
  • Total Operating Expenses: $2.51 billion

Over the last 5 years, DraftKings' total revenue changed from $614.53 million in 2020 to $6.05 billion in 2025, a change of 885.2%.

DraftKings' total liabilities were at $3.90 billion at the end of 2025, a 19.1% increase from 2024, and a 63.1% increase since 2021.

In the past 4 years, DraftKings' cash and equivalents has ranged from $788.29 million in 2024 to $2.15 billion in 2021, and is currently $1.13 billion as of their latest financial filing in 2025.

Over the last 5 years, DraftKings' book value per share changed from 0.00 in 2020 to 0.71 in 2025, a change of 70.9%.


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Financial statements for NASDAQ:DKNG last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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