DraftKings Inc. (DKNG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$6.2B

Revenue growth

15.0%

Net income, last twelve months

-$166.9M

Earnings per share

-$0.38

Gross margin

40.5%

Operating margin

-2.9%

Net margin

-2.7%

Free cash flow

$650.9M

Return on equity

-29.3%

Market value

$10.1B

Cash

$983.9M

Debt

$1.9B

Debt to equity

3.26

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of fiscal 2026 results, filed 7 August 2026.

• Revenue fell on sport outcomes. Revenue was $1,443 million, down $69 million or 4.6%. Management attributed the decline primarily to customer-friendly sport outcomes and promotional reinvestment for new customer acquisition.
• Operating and net loss versus prior profit. Loss from operations was $68.2 million, against $150.6 million of income a year earlier. Net loss attributable to common stockholders was $67.6 million, or $0.14 diluted per share, against $0.30 of diluted EPS.
• Adjusted EBITDA fell to $115 million. Adjusted EBITDA was $114.6 million, against $300.6 million a year earlier. Adjusted diluted EPS was $0.09, against $0.38. Six-month Adjusted EBITDA was $282.5 million, against $403.3 million.
• Six-month revenue rose 5.8%. Revenue for the six months ended June 30, 2026 was $3,089.3 million, up $168.0 million or 5.8% from $2,921.3 million.
• Sports revenue fell 10.6%. Sports Revenue was $891.9 million, down 10.6%. Sports Net Revenue Margin was 6.8%, against 8.7% a year earlier.
• iGaming revenue rose 7.5%. iGaming Revenue was $461.9 million, up 7.5% from $429.7 million. Other Revenue was $89.4 million, up 5.2%.
• Sports metrics now include Predictions. The Sports revenue and volume measures now include Prediction Markets, replacing the Sportsbook handle and revenue measures used in the first-quarter release.
• Mobile betting live in 27 states. Mobile sports betting is live in 27 states, Washington, D.C., and Puerto Rico, about 53% of the U.S. population. iGaming is live in 5 states, about 11% of the population.
• Monthly unique payers rose 9%. Monthly Unique Payers were 3.6 million, up about 9% from the same quarter a year earlier.
• Payer retention and acquisition drove growth. Management linked the payer increase to strong retention and new customer acquisition across Sportsbook and Predictions, which launched in December 2025.
• Revenue per payer fell 13%. Average Revenue per MUP was $132, down about 13% or $19 from a year earlier. Management linked the decline to sport outcomes and new customer promotions.
• Sports Consumer Volume rose 15%. Sports Consumer Volume was $13.1 billion, up $1.7 billion or 15%. Six-month volume was $27.3 billion, up 7.8%.
• Sales and marketing rose 38%. Sales and marketing expense was $322.5 million, against $233.2 million a year earlier. Cost of revenue was $891.8 million, against $854.6 million.
• Advocacy spend excluded from Adjusted EBITDA. Advocacy and other related legal expenses were $19.9 million in the quarter and $46.2 million for six months. Management excluded them from Adjusted EBITDA.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 39 held.

Every filing

The newest filings with the SEC of 94 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

826 funds held it at 30 Jun 2026: 278 added and 249 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Walt Disney Co. (DIS): revenue $98.9B, market value $188.3B
• MSG Knickerbockers Corp. (MSGS): revenue $1.2B, market value $9.4B
• Vail Resorts Inc. (MTN): revenue $2.8B, market value $5.4B
• StubHub Holdings, Inc. (STUB): revenue $1.9B, market value $2.1B
• Rush Street Interactive, Inc. (RSI): revenue $1.4B, market value $1.8B
• Pursuit Attractions & Hospitality, Inc. (PRSU): revenue $483.2M, market value $1.5B
• United Parks & Resorts Inc. (PRKS): revenue $1.6B, market value $1.4B

What the company does

DraftKings is a digital sports entertainment and gaming company. It offers online and retail sports betting, which it calls "Sportsbook", online casino, which it calls "iGaming", daily fantasy sports ("DFS"), digital lottery courier and prediction markets. Sportsbook and iGaming together made up 93% of its revenues in 2025. Average monthly unique payers, the number of distinct users who made a real-money paid engagement in a month, were 4.0 million for the year. The company has over 5,500 employees in thirteen countries.

What it sells

Sportsbook lets a user bet on an event at fixed odds set by DraftKings. iGaming covers games found in land-based casinos, such as blackjack, roulette, baccarat and slot machines. Some games are built in-house and others are licensed from suppliers including International Gaming Technology, Light & Wonder, Spin and Evolution for live dealer services.

DFS, including Pick6, is peer-to-peer play in which contestants compete against each other for prize money. The digital lottery courier, sold under the Jackpocket brand, buys official state lottery tickets for customers through a mobile app or website. DraftKings Predictions launched on 19 December 2025 as a standalone app and web product. It lets eligible customers trade on real-world outcomes, including sports and financial markets.

How it earns money

In Sportsbook, DraftKings pays out winning bets and keeps the difference between settled handle and payouts, which it calls "hold". Odds are set to build in a theoretical margin on each proposition. iGaming works the same way, with users playing against the house. For licensed games, the supplier receives a percentage of the gaming revenue from its games. Self-developed games such as blackjack leave more revenue with DraftKings.

DFS revenue is the entry fees collected minus the prizes paid. The lottery courier earns service fees, plus commissions from state lotteries on ticket sales and certain winning tickets. It does not record the face value of tickets or customer prizes as revenue. In prediction markets DraftKings acts as an introducing broker and earns introducing fees from futures commission merchants when customer trades occur. Promotions, free plays, deposit bonuses and loyalty rewards reduce the revenue from all of these products.

Where it operates

As of 10 February 2026, 39 states, the District of Columbia and Puerto Rico had some form of authorized sports betting. Of those 41 jurisdictions, 33 had legalized online sports betting, and DraftKings operated in 27 of them. These include Arizona, Colorado, New York, Ohio and Pennsylvania. It also operates online in the Canadian province of Ontario.

DraftKings runs retail sportsbooks in Arizona, Colorado, Connecticut, Illinois, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey, Washington, Wisconsin and Puerto Rico. Its DraftKings-branded iGaming is live in New Jersey, Connecticut, Michigan, Pennsylvania, West Virginia and Ontario. DFS is available in 44 states, the District of Columbia and certain Canadian provinces.

Technology and how users reach it

DraftKings-branded products share one account management and compliance system. A user has one account and one wallet, and funds can often move between products. The company says it has tried to own the technology in-house for any critical component. It uses data science and machine learning for recommendations, fraud controls and compliance.

The main distribution channels are the Apple App Store and the Google Play Store, along with mobile and traditional websites. The company says neither Apple nor Google takes a revenue share. Its brands include DraftKings, Golden Nugget Online Gaming and Jackpocket. DraftKings is the official sportsbook and odds provider of ESPN, and it also has relationships with NBC and Amazon.

The rules it works under

Gaming is licensed state by state. DraftKings also pays gaming taxes, and it is subject to a federal excise tax of 25 basis points on the amount of each sportsbook bet.

DraftKings Predictions is registered with the Commodity Futures Trading Commission as an introducing broker and is a member of the National Futures Association. On 21 October 2025 the company acquired Railbird Technologies, whose subsidiary Railbird Exchange, LLC is a registered designated contract market licensed by the Commodity Futures Trading Commission. The filing notes lawsuits challenging the commission's exclusive jurisdiction over event contracts, with a focus on sports event contracts. All employees receive annual responsible gaming training.

Seasons and competition

Activity is highest in the fourth quarter, when the NFL and NBA seasons overlap. These are the most popular sports on its Sportsbook. During the NFL season, engagement is generally highest on Sundays. The MLB season, which falls mostly in the second and third quarters, has daily games and a smaller, more dedicated user base. iGaming does not depend on sports calendars.

DraftKings competes with other online gaming and prediction markets companies, some of them well financed. It also competes with television, movies, sporting events and in-person casinos for users' time and spending. The filing notes that consolidation among competitors could produce larger rivals.

*From DraftKings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1883685/000188368526000013/dkng-20251231.htm)*

From the company's 10-K.