Draftkings Inc Financials

DKNG

Source SEC Filings (10-K/10-Q) Updated Feb 13, 2026 Currency USD FYE February

This page shows Draftkings Inc (DKNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Draftkings Inc has an operating margin of 0.4%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 2/100, suggesting thin profitability after operating expenses. This is up from -12.8% the prior year.

Growth

Draftkings Inc's revenue declined 99.9% year-over-year, from $4.8B to $3.8M. This contraction results in a growth score of 0/100.

Leverage

Draftkings Inc has elevated debt relative to equity (D/E of 6.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Draftkings Inc's current ratio of 1.03 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.

Cash Flow

Draftkings Inc converts 16.9% of revenue into free cash flow ($648K). This strong cash generation earns a score of 85/100.

Returns

Draftkings Inc generates a 0.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 2/100.

Altman Z-Score Safe

1653.53

Draftkings Inc scores 1653.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.7B) relative to total liabilities ($3.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Draftkings Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

178.67x

For every $1 of reported earnings, Draftkings Inc generates $178.67 in operating cash flow ($663K OCF vs $4K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$3.8M

YoY-99.9%

5Y CAGR-63.8%

Draftkings Inc generated $3.8M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA

$291K

YoY+100.1%

Draftkings Inc's EBITDA was $291K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 100.1% from the prior year.

Free Cash Flow

$648K

YoY-99.8%

Draftkings Inc generated $648K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.8% from the prior year.

Net Income

$4K

YoY+100.0%

Draftkings Inc reported $4K in net income in fiscal year 2025. This represents an increase of 100.0% from the prior year.

EPS (Diluted)

$0.01

YoY+101.0%

Draftkings Inc earned $0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 101.0% from the prior year.

Cash & Debt

$1.1M

YoY-99.9%

5Y CAGR-77.2%

Draftkings Inc held $1.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

493M

Draftkings Inc had 493M shares outstanding in fiscal year 2025.

Gross Margin

7.1%

YoY-31.1pp

5Y CAGR-36.5pp

Draftkings Inc's gross margin was 7.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 31.1 percentage points from the prior year.

Operating Margin

0.4%

YoY+13.2pp

5Y CAGR+137.6pp

Draftkings Inc's operating margin was 0.4% in fiscal year 2025, reflecting core business profitability. This is up 13.2 percentage points from the prior year.

Net Margin

0.1%

YoY+10.7pp

5Y CAGR+200.6pp

Draftkings Inc's net profit margin was 0.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.7 percentage points from the prior year.

Return on Equity

0.6%

Draftkings Inc's ROE was 0.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

$572K

YoY-98.8%

5Y CAGR-71.2%

Draftkings Inc spent $572K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.8% from the prior year.

Capital Expenditures

$15K

YoY-99.8%

5Y CAGR-73.5%

Draftkings Inc invested $15K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.8% from the prior year.

DKNG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.8M-99.9%	$4.8B+30.1%	$3.7B+63.6%	$2.2B+72.9%	$1.3B+110.9%	$614.5M
Cost of Revenue	$3.6M-99.9%	$3.0B+28.7%	$2.3B+54.4%	$1.5B+86.9%	$794.2M+129.1%	$346.6M
Gross Profit	$270K-100.0%	$1.8B+32.3%	$1.4B+81.6%	$756.2M+50.7%	$501.9M+87.3%	$267.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$674K-99.9%	$764.1M+26.0%	$606.6M-20.6%	$763.7M-7.8%	$828.3M+85.2%	$447.4M
Operating Income	$16K+100.0%	-$609.0M+22.8%	-$789.2M+47.8%	-$1.5B+3.2%	-$1.6B-85.2%	-$843.3M
Interest Expense	N/A	$3.0M+10.5%	$2.7M+1.1%	$2.7M+25.7%	$2.1M+297.1%	-$1.1M
Income Tax	$4K+100.0%	-$86.3M-949.0%	$10.2M+115.0%	-$67.9M-920.7%	$8.3M+1429.4%	-$622K
Net Income	$4K+100.0%	-$507.3M+36.8%	-$802.1M+41.8%	-$1.4B+9.5%	-$1.5B-23.7%	-$1.2B
EPS (Diluted)	$0.01+101.0%	$-1.05+39.3%	$-1.73+45.3%	$-3.16+16.4%	$-3.78+6.2%	$-4.03

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.0B+73.9%	$1.1B-24.4%	$1.5B+7.4%	$1.4B+1.2%	$1.4B+27.1%	$1.1B-0.8%	$1.1B-6.0%	$1.2B
Cost of Revenue	$1.1B+37.0%	$784.1M-8.2%	$854.6M+1.3%	$843.8M+1.1%	$834.6M+12.4%	$742.4M+11.9%	$663.4M-6.6%	$710.1M
Gross Profit	$914.7M+154.1%	$359.9M-45.3%	$657.9M+16.5%	$565.0M+1.2%	$558.1M+58.1%	$353.1M-19.9%	$441.0M-5.1%	$464.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$186.7M+19.1%	$156.8M-5.4%	$165.7M+0.8%	$164.4M-24.1%	$216.6M+4.1%	$208.1M+26.1%	$165.1M-5.3%	$174.3M
Operating Income	$151.8M+155.8%	-$271.9M-280.5%	$150.6M+425.1%	-$46.3M+66.7%	-$139.2M+53.4%	-$298.6M-821.9%	-$32.4M+76.7%	-$138.8M
Interest Expense	N/A	N/A	$11.6M+128.5%	$5.1M+570.3%	$760K-12.8%	$872K+28.6%	$678K+4.5%	$649K
Income Tax	$10.1M+184.1%	-$12.1M-202.3%	$11.8M+310.5%	-$5.6M+49.7%	-$11.1M-765.0%	-$1.3M+98.3%	-$73.6M-20860.1%	-$351K
Net Income	$136.4M+153.1%	-$256.8M-262.6%	$157.9M+566.4%	-$33.9M+74.9%	-$134.9M+54.1%	-$293.7M-560.2%	$63.8M+144.8%	-$142.6M
EPS (Diluted)	$0.28+153.8%	$-0.52-273.3%	$0.30+528.6%	$-0.07+72.0%	$-0.25+58.3%	$-0.60-700.0%	$0.10+133.3%	$-0.30

DKNG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.5M-99.9%	$4.3B+8.6%	$3.9B-2.4%	$4.0B-0.7%	$4.1B	N/A
Current Assets	$1.8M-99.9%	$1.5B-26.0%	$2.1B-0.6%	$2.1B-24.3%	$2.8B	N/A
Cash & Equivalents	$1.1M-99.9%	$788.3M-38.0%	$1.3B-3.0%	$1.3B-39.2%	$2.2B+18.5%	$1.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$106K-99.8%	$57.8M+21.8%	$47.5M-7.0%	$51.1M+11.6%	$45.8M+2.9%	$44.5M
Goodwill	$1.6M-99.9%	$1.6B+75.4%	$886.4M0.0%	$886.4M+44.0%	$615.7M	N/A
Total Liabilities	$3.9M-99.9%	$3.3B+5.4%	$3.1B+14.2%	$2.7B+13.7%	$2.4B	N/A
Current Liabilities	$1.8M-99.9%	$1.7B+6.8%	$1.5B+24.3%	$1.2B+34.1%	$929.4M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$631K-99.9%	$1.0B+20.3%	$840.3M-36.5%	$1.3B-21.2%	$1.7B-36.2%	$2.6B
Retained Earnings	$6.4M+100.1%	-$6.4B-8.5%	-$5.9B-15.6%	-$5.1B-36.7%	-$3.8B	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.5B-2.0%	$4.6B+3.4%	$4.5B-0.9%	$4.5B+5.4%	$4.3B+0.3%	$4.3B+1.3%	$4.2B+11.0%	$3.8B
Current Assets	$1.8B-6.7%	$1.9B+8.9%	$1.8B-0.8%	$1.8B+17.4%	$1.5B-6.7%	$1.6B+7.9%	$1.5B-21.4%	$1.9B
Cash & Equivalents	$1.1B-8.2%	$1.2B-2.7%	$1.3B+12.7%	$1.1B+42.0%	$788.3M-10.2%	$877.8M+7.6%	$815.9M-31.6%	$1.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$105.6M+61.1%	$65.6M-4.9%	$69.0M+3.6%	$66.6M+15.1%	$57.8M-10.2%	$64.4M-0.9%	$65.0M+22.0%	$53.3M
Goodwill	$1.6B+2.7%	$1.6B0.0%	$1.6B0.0%	$1.6B0.0%	$1.6B+6.8%	$1.5B0.0%	$1.5B+64.3%	$886.4M
Total Liabilities	$3.9B+0.2%	$3.9B+12.3%	$3.5B-4.9%	$3.6B+11.3%	$3.3B+2.4%	$3.2B+9.5%	$2.9B-1.7%	$3.0B
Current Liabilities	$1.8B-1.2%	$1.8B+33.1%	$1.3B-11.0%	$1.5B-9.4%	$1.7B+0.5%	$1.6B+19.9%	$1.4B-4.7%	$1.4B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$631.5M-13.8%	$732.3M-27.5%	$1.0B+15.7%	$872.9M-13.6%	$1.0B-6.1%	$1.1B-17.1%	$1.3B+56.3%	$831.0M
Retained Earnings	-$6.4B+2.1%	-$6.6B-4.1%	-$6.3B+2.4%	-$6.5B-0.5%	-$6.4B-2.1%	-$6.3B-4.9%	-$6.0B+1.1%	-$6.1B

DKNG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$663K-99.8%	$417.8M+23958.8%	-$1.8M+99.7%	-$625.5M-49.1%	-$419.5M-116.1%	-$194.2M
Capital Expenditures	$15K-99.8%	$10.2M-51.3%	$20.9M-35.5%	$32.4M+103.5%	$15.9M+35.5%	$11.8M
Free Cash Flow	$648K-99.8%	$407.6M+1899.3%	-$22.7M+96.6%	-$657.9M-51.1%	-$435.4M-111.5%	-$205.9M
Investing Cash Flow	$166K+100.0%	-$566.6M-527.0%	-$90.4M+56.7%	-$208.8M-7.0%	-$195.0M+14.2%	-$227.3M
Financing Cash Flow	$222K+100.2%	-$144.5M-128.5%	-$63.2M-277.8%	-$16.7M-101.5%	$1.1B-50.6%	$2.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$572K-98.8%	$48.1M	$0	$0-100.0%	$17.8M-93.8%	$288.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$320.5M+11.5%	$287.5M+65.3%	$173.9M+246.1%	-$119.0M-136.6%	$325.2M+143.4%	$133.6M+354.5%	$29.4M+141.7%	-$70.4M
Capital Expenditures	$4.0M-10.8%	$4.4M+2.7%	$4.3M+63.1%	$2.6M+30.5%	$2.0M-24.9%	$2.7M+11.6%	$2.4M-20.0%	$3.0M
Free Cash Flow	$316.5M+11.8%	$283.0M+66.9%	$169.6M+239.4%	-$121.7M-137.6%	$323.2M+146.9%	$130.9M+385.3%	$27.0M+136.7%	-$73.4M
Investing Cash Flow	-$49.9M-19.3%	-$41.8M-18.6%	-$35.3M+9.6%	-$39.0M+50.2%	-$78.4M-147.8%	-$31.6M+92.4%	-$417.3M-964.7%	-$39.2M
Financing Cash Flow	-$374.2M-269.0%	-$101.4M+15.3%	-$119.7M-132.1%	$372.8M+610.1%	-$73.1M-286.7%	-$18.9M+13.4%	-$21.8M+28.8%	-$30.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$257.6M+261.7%	$71.2M-29.1%	$100.5M-29.4%	$142.3M+196.0%	$48.1M	$0	$0	$0

DKNG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	7.1%-31.1pp	38.1%+0.7pp	37.5%+3.7pp	33.8%-5.0pp	38.7%-4.9pp	43.6%
Operating Margin	0.4%+13.2pp	-12.8%+8.8pp	-21.5%+45.9pp	-67.5%+53.0pp	-120.5%+16.7pp	-137.2%
Net Margin	0.1%+10.7pp	-10.6%+11.2pp	-21.9%+39.6pp	-61.5%+56.0pp	-117.5%+82.9pp	-200.5%
Return on Equity	0.6%	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.1%+11.9pp	-11.8%+8.5pp	-20.3%+13.8pp	-34.1%+3.3pp	-37.4%	N/A
Current Ratio	1.03+0.1	0.93-0.4	1.34-0.3	1.67-1.3	2.96	N/A
Debt-to-Equity	6.18+2.9	3.24-0.5	3.69+1.6	2.05+0.6	1.42	N/A
FCF Margin	16.9%+8.4pp	8.6%+9.2pp	-0.6%+28.8pp	-29.4%+4.2pp	-33.6%-0.1pp	-33.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	46.0%+14.5pp	31.5%-12.0pp	43.5%+3.4pp	40.1%+0.0pp	40.1%+7.8pp	32.2%-7.7pp	39.9%+0.4pp	39.6%
Operating Margin	7.6%+31.4pp	-23.8%-33.7pp	10.0%+13.3pp	-3.3%+6.7pp	-10.0%+17.3pp	-27.3%-24.3pp	-2.9%+8.9pp	-11.8%
Net Margin	6.9%+29.3pp	-22.4%-32.9pp	10.4%+12.8pp	-2.4%+7.3pp	-9.7%+17.1pp	-26.8%-32.6pp	5.8%+17.9pp	-12.1%
Return on Equity	21.6%	N/A	15.6%	N/A	N/A	N/A	4.9%	N/A
Return on Assets	3.0%+8.6pp	-5.5%-9.1pp	3.5%+4.3pp	-0.8%+2.4pp	-3.1%+3.7pp	-6.9%-8.4pp	1.5%+5.3pp	-3.8%
Current Ratio	1.03-0.1	1.09-0.2	1.34+0.1	1.20+0.3	0.93-0.1	1.00-0.1	1.11-0.2	1.34
Debt-to-Equity	6.18+0.9	5.31+1.9	3.43-0.7	4.17+0.9	3.24+0.3	2.97+0.7	2.25-1.3	3.57
FCF Margin	15.9%-8.8pp	24.7%+13.5pp	11.2%+19.9pp	-8.6%-31.8pp	23.2%+11.3pp	11.9%+9.5pp	2.4%+8.7pp	-6.3%

Similar Companies

Fluttr Entrtnmnt FLUT

$21.9B

Super Group (SGHC) Ltd SGHC

$4.5B

Light & Wonder LNW

$7.0B

Rush Street Interactive Inc RSI

$1.6B

Church Downs CHDN

$6.2B

Frequently Asked Questions

What is Draftkings Inc's annual revenue?

Draftkings Inc (DKNG) reported $3.8M in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Draftkings Inc's revenue growing?

Draftkings Inc (DKNG) revenue declined by 99.9% year-over-year, from $4.8B to $3.8M in fiscal year 2025.

Is Draftkings Inc profitable?

Yes, Draftkings Inc (DKNG) reported a net income of $4K in fiscal year 2025, with a net profit margin of 0.1%.

What is Draftkings Inc's earnings per share (EPS)?

Draftkings Inc (DKNG) reported diluted earnings per share of $0.01 for fiscal year 2025. This represents a 101.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Draftkings Inc's EBITDA?

Draftkings Inc (DKNG) had EBITDA of $291K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Draftkings Inc's gross margin?

Draftkings Inc (DKNG) had a gross margin of 7.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Draftkings Inc's operating margin?

Draftkings Inc (DKNG) had an operating margin of 0.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Draftkings Inc's net profit margin?

Draftkings Inc (DKNG) had a net profit margin of 0.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Draftkings Inc's return on equity (ROE)?

Draftkings Inc (DKNG) has a return on equity of 0.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Draftkings Inc's free cash flow?

Draftkings Inc (DKNG) generated $648K in free cash flow during fiscal year 2025. This represents a -99.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Draftkings Inc's operating cash flow?

Draftkings Inc (DKNG) generated $663K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Draftkings Inc's total assets?

Draftkings Inc (DKNG) had $4.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Draftkings Inc's capital expenditures?

Draftkings Inc (DKNG) invested $15K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Draftkings Inc buy back shares?

Yes, Draftkings Inc (DKNG) spent $572K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Draftkings Inc have outstanding?

Draftkings Inc (DKNG) had 493M shares outstanding as of fiscal year 2025.

What is Draftkings Inc's current ratio?

Draftkings Inc (DKNG) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.

What is Draftkings Inc's debt-to-equity ratio?

Draftkings Inc (DKNG) had a debt-to-equity ratio of 6.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Draftkings Inc's return on assets (ROA)?

Draftkings Inc (DKNG) had a return on assets of 0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Draftkings Inc's Altman Z-Score?

Draftkings Inc (DKNG) has an Altman Z-Score of 1653.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Draftkings Inc's Piotroski F-Score?

Draftkings Inc (DKNG) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Draftkings Inc's earnings high quality?

Draftkings Inc (DKNG) has an earnings quality ratio of 178.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Draftkings Inc?

Draftkings Inc (DKNG) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.