DraftKings
DKNG · NasdaqServices-Miscellaneous Amusement & Recreation · Fiscal year ends Dec 31
DraftKings reported revenue of $6.1B in the fiscal year ended Dec 2025, up 27.0% from the year before. Operating income was −$16M, an operating margin of −0.3%, and net income was $4M. Operating cash flow of $663M less capital expenditure of $15M left free cash flow of $648M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $2.2B | $3.7B | $4.8B | $6.1B |
| Cost of revenue | $794M | $1.5B | $2.3B | $3B | $3.6B |
| Gross profit | $502M | $756M | $1.4B | $1.8B | $2.5B |
| Operating income | −$1.6B | −$1.5B | −$789M | −$609M | −$16M |
| Net interest incomeBanks | $2M | $19M | – | – | – |
| Interest expense | $2M | $3M | $3M | $3M | – |
| Pre-tax income | −$1.5B | −$1.4B | −$791M | −$593M | $7M |
| Income tax | $8M | −$68M | $10M | −$86M | $4M |
| Net income | −$1.5B | −$1.4B | −$802M | −$507M | $4M |
| Diluted EPS | −3.78 | −3.16 | −1.73 | −1.05 | −0.01 |
| Diluted shares | 402M | 437M | 463M | 482M | 496M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.2B | $1.3B | $1.3B | $788M | $1.1B |
| Receivables | $46M | $51M | $48M | $58M | $106M |
| Current assets | $2.8B | $2.1B | $2.1B | $1.5B | $1.8B |
| Net PP&E | $46M | $60M | $61M | $51M | $51M |
| Goodwill | $616M | $886M | $886M | $1.6B | $1.6B |
| Total assets | $4.1B | $4B | $3.9B | $4.3B | $4.5B |
| Payables | $53M | $10M | $34M | $54M | $68M |
| Deferred revenue | $92M | $134M | $174M | $166M | $175M |
| Current liabilities | $929M | $1.2B | $1.5B | $1.7B | $1.8B |
| Total liabilities | $2.4B | $2.7B | $3.1B | $3.3B | $3.9B |
| Shareholders' equity | $1.7B | $1.3B | $840M | $1B | $631M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$420M | −$626M | −$2M | $418M | $663M |
| Capital expenditure | $16M | $32M | $21M | $10M | $15M |
| Free cash flow | −$435M | −$658M | −$23M | $408M | $648M |
| Depreciation & amortisation | $121M | $169M | $202M | $271M | $275M |
| Stock-based compensation | $683M | $579M | $398M | $381M | $339M |
| Acquisitions | $65M | $97M | $0 | $441M | $16M |
| Share buybacks | $18M | $0 | $0 | $48M | $572M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.9% | 63.6% | 30.1% | 27.0% |
| Gross margin | 38.7% | 33.8% | 37.5% | 38.1% | 41.3% |
| Operating margin | −120.5% | −67.5% | −21.5% | −12.8% | −0.3% |
| Net margin | −117.5% | −61.5% | −21.9% | −10.6% | 0.1% |
| Return on equityBlank when equity is negative | −90.7% | −104.2% | −95.5% | −50.2% | 0.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −49.7% | −54.1% | −32.9% | −23.2% | −0.6% |
| Free cash flow margin | −33.6% | −29.4% | −0.6% | 8.5% | 10.7% |
| Cash conversion (CFO ÷ net income) | 0.28x | 0.45x | 0.00x | −0.82x | 179x |
| Receivable days | 13 | 8 | 5 | 4 | 6 |
| Payable days | 24 | 2 | 5 | 7 | 7 |
| Interest cover | −740x | −570x | −295x | −206x | – |
| Current ratio | 2.96x | 1.67x | 1.34x | 0.93x | 1.03x |
Recent filings
More in Services-Miscellaneous Amusement & Recreation
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.