DraftKings Inc. (DKNG) financials

NASDAQ · Consumer Cyclical · Gambling, Resorts & Casinos · 5,500 employees · CEO Jason D. Robins

Price: $20.91 +0.92%
Market cap: $10.4B
Enterprise value: $11.3B
Last report: Q2 '26 filed 2026-08-07
Next report: 2026-11-05 EPS est. -$0.39

Revenue (TTM)$6.22B+15.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-2.9%+3.2 pp vs a year agoOperating income -$182M

Net income (TTM)-$167M+45.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$616M+30.2% vs a year agoCapex $55.2M

Diluted EPS (TTM)-$0.32+50.6% vs a year agoSum of the last 4 quarters

Net cash-$932M-43.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $10.4B
Revenue: $6.22B
Revenue growth: +10%
Profit margin: -2.7%
P/E: -62.1×
P/S: 1.7×
EV / EBITDA: 69.3×
Free cash flow: $616M
Net income: -$167M
Revenue estimate: $6.67B
Earnings: 2026-11-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue missed by 4.7%, EPS missed by 741.6%Revenue $1.44B vs $1.51B expected (-4.7%); EPS -$0.14 vs $0.02 (-741.6%).
Revenue growth slowing: -4.6% year on yearQ2 '26 revenue $1.44B, against an average of 25.3% over the four quarters before.
Operating margin -2.9% (TTM), +3.2 pp on a year agoOperating income grew 45.3% while revenue grew 15.0%.
Capex 0.9% of revenue (a year ago 0.8%)$55.2M invested in the last 4 quarters (+35.2% on a year earlier). Free cash flow $616M.
Returned $682M to shareholders = 110.8% of free cash flowBuybacks $682M (a year earlier $438M), dividends $0, stock-based pay $324M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 6.3% in a year496M diluted shares in Q2 '26, 530M a year earlier.
Net debt $932MCash + short-term investments $984M, debt incl. leases $1.92B; a year ago net debt $648M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$1.44B	$1.51B	-4.6%
Gross margin	38.2%	43.5%	-5.3 pp
Operating income	-$68.2M	$151M	-145.3%
Operating margin	-4.7%	10.0%	-14.7 pp
Net income	-$67.6M	$158M	-142.8%
Diluted EPS	-$0.14	$0.30	-146.7%
Operating cash flow	$111M	$174M	-35.9%
Capex	$4.59M	$4.32M	+6.3%
Free cash flow	$107M	$170M	-37.0%
R&D	$0	$108M	-100.0%
Stock-based compensation	$82.6M	$84.7M	-2.5%

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$1.44B	$1.51B	-4.7%
EPS (as estimated)	-$0.14	$0.02	-741.6%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Sports	$892M	–	90.9%	–	–
Product and Service, Other	$89.4M	+5.2%	9.1%	$414M	-19.7%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$843M	+82.8%	98.5%	$2.2B	–
Non-US	$12.6M	+1.4%	1.5%	$43.7M	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $671M
Capex: -$55.2M
Buybacks: -$682M
Dividends: $0
Acquisitions: -$16.4M
Net debt issued: -$9M
Stock-based compensation: $324M
Free cash flow: $616M
Returned to shareholders / FCF: 110.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-62.1×	–	–
EV / EBITDA	69.3×	43.2× 1 of 5 years	43.2× – 43.2×
EV / Sales	1.8×	4.1×	2.2× – 7.9×
Price / FCF	16.9×	31.9× 2 of 5 years	19.7× – 44.0×
Price / Book	18.2×	13.5×	3.8× – 20.2×
FCF yield	5.9%	-2.5%	-14.7% – 5.1%
Return on invested capital	-6.7%	-30.8%	-51.5% – -0.3%
Return on equity	-26.3%	-68.0%	-104.2% – 0.6%

Analysts

Consensus target $32.33 (+54.6%)
range $22.00 – $48.00 · rating Buy

Strong buy0

Buy36

Hold8

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$6.67B	+10.2%	-$0.19	-2,213.8%	-111.6×	13
FY2027	$7.59B	+13.8%	$0.86	+556.9%	24.4×	13
FY2028	$8.44B	+11.2%	$1.53	+79.1%	13.6×	18
FY2029	$9.44B	+12.0%	$2.22	+45.0%	9.4×	9
FY2030	$10.1B	+7.4%	$3.06	+37.5%	6.8×	8

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 250 figures DraftKings Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$9.13M	–	–	–	–	–
Accounts Payable and Accrued Liabilities, Current	$689M	$553M	+24.6%	$785M	$661M	+18.8%
Accounts Payable, Current	$67.9M2025-12-31	$53.7M	+26.5%	$67.9M	$53.7M	+26.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$82.1M	$69M	+19.0%	$106M	$57.8M	+82.5%
Accrued Marketing Costs, Current	$139M2025-12-31	$94.1M	+48.1%	$139M	$94.1M	+48.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$105M2025-12-31	$88.4M	+18.6%	$105M	$88.4M	+18.6%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$36.5M	$36.5M	0.0%	$36.5M	$36.5M	0.0%
Additional Paid in Capital	$8.61B	$8.2B	+5.0%	$8.42B	$7.98B	+5.6%
Advertising Expense	–	–	–	$1.12B	$1.05B	+7.2%
Aircraft Maintenance, Materials, and Repairs	$1.8M2025-09-30	–	–	–	–	–
Aircraft Rental	$100K	$200K	-50.0%	–	–	–
Amortization of Intangible Assets	$75.3M	$60.8M	+23.8%	$256M	$250M	+2.6%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	53.2M	67.2M	-20.8%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$86.6M	$89.8M	-3.6%	$370M	$396M	-6.7%
Assets	$4.28B	$4.47B	-4.4%	$4.53B	$4.28B	+5.8%
Assets, Current	$1.58B	$1.79B	-11.7%	$1.82B	$1.53B	+18.3%
Assets, Fair Value Disclosure	$124M	–	–	–	–	–
Business Combination, Contingent Consideration, Liability	$37.8M2025-12-31	$78M	-51.5%	$37.8M	$78M	-51.5%
Business Combination, Contingent Consideration, Liability, Current	$245K	–	–	–	–	–
Business Combination, Contingent Consideration, Liability, Noncurrent	$35.4M	–	–	–	–	–
Cash and Cash Equivalents, at Carrying Value	$984M	$1.26B	-22.0%	$1.13B	$788M	+43.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.39B	$1.56B	-11.3%	$1.6B	$1.33B	+20.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$688K	$19M	-96.4%	$274M	-$293M	+193.6%
Contract with Customer, Liability, Current	$149M	$116M	+28.2%	$175M	$166M	+5.0%
Contract with Customer, Liability, Revenue Recognized	$109M	$115M	-4.8%	$165M	$171M	-3.6%
Convertible Notes Payable, Noncurrent	$1.26B	$1.26B	+0.2%	$1.26B	$1.26B	+0.2%
Cost of Revenue	$892M	$855M	+4.4%	$3.56B	$2.95B	+20.6%
Current Federal Tax Expense (Benefit)	–	–	–	$0	$10K	-100.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$20.2M	$5.78M	+250.6%
Current Income Tax Expense (Benefit)	–	–	–	$22.5M	$6.39M	+252.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$2.25M	$607K	+270.8%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$13.9M	-$64.2M	+78.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$597K	$485K	-223.1%
Deferred Income Tax Expense (Benefit)	$0	-$730K	+100.0%	-$18.2M	-$92.7M	+80.3%
Deferred Income Tax Liabilities, Net	$101M	$84.3M	+19.7%	$91.6M	$76.4M	+20.0%
Deferred Income, Current	$56.4M2025-12-31	$46.4M	+21.6%	$56.4M	$46.4M	+21.6%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$3.68M	-$29M	+87.3%
Deferred Tax Assets, Goodwill and Intangible Assets	$13.9M2025-12-31	$13.8M	+0.7%	$13.9M	$13.8M	+0.7%
Deferred Tax Assets, Gross	$1.54B2025-12-31	$1.48B	+4.4%	$1.54B	$1.48B	+4.4%
Deferred Tax Assets, Net of Valuation Allowance	$15.7M2025-12-31	$25.2M	-37.5%	$15.7M	$25.2M	-37.5%
Deferred Tax Assets, Operating Loss Carryforwards	$1.19B2025-12-31	$1.1B	+8.2%	$1.19B	$1.1B	+8.2%
Deferred Tax Assets, Property, Plant and Equipment	$3.7M2025-12-31	$3.71M	-0.3%	$3.7M	$3.71M	-0.3%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$39M2025-12-31	$15K	+259,846.7%	$39M	$15K	+259,846.7%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$41.5M2025-12-31	$60.8M	-31.7%	$41.5M	$60.8M	-31.7%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$64.9M2025-12-31	$78.5M	-17.4%	$64.9M	$78.5M	-17.4%
Deferred Tax Assets, Valuation Allowance	$1.53B2025-12-31	$1.45B	+5.1%	$1.53B	$1.45B	+5.1%
Deferred Tax Liabilities, Gross	$23.2M2025-12-31	$32.2M	-27.8%	$23.2M	$32.2M	-27.8%
Deferred Tax Liabilities, Intangible Assets	$5.22M2025-12-31	$6.53M	-20.1%	$5.22M	$6.53M	-20.1%
Deferred Tax Liabilities, Net	$7.46M2025-12-31	$6.97M	+7.0%	$7.46M	$6.97M	+7.0%
Deferred Tax Liabilities, Other	$2.66M2025-12-31	$4.04M	-34.2%	$2.66M	$4.04M	-34.2%
Deferred Tax Liabilities, Property, Plant and Equipment	$139K2025-12-31	$108K	+28.7%	$139K	$108K	+28.7%
Defined Contribution Plan, Cost	–	–	–	$14.7M	$13M	+13.1%
Depreciation	–	–	–	$19.2M	$21.1M	-9.0%
Depreciation, Amortization and Accretion, Net	$80.3M	$65.3M	+23.0%	$275M	$271M	+1.7%
Derivative Asset, Noncurrent	$7.06M	–	–	–	–	–
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$02025-12-31	-$48K	+100.0%	$0	-$5.87M	+100.0%
Earnings Per Share, Basic	-$0.14	$0.32	-143.8%	$0.01	-$1.05	+101.0%
Earnings Per Share, Diluted	-$0.14	$0.30	-146.7%	-$0.01	-$1.05	+99.0%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$1.47M	-$125M	+101.2%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02