DraftKings board approves up to $2.0B Class A share buyback

Rhea-AI Filing Summary

DraftKings Inc. announced that its Board of Directors authorized the repurchase of up to $2.0 billion of Class A common stock, increasing the prior authorization of $1.0 billion. Repurchases may occur through open market purchases, privately negotiated transactions, or other transactions in accordance with applicable securities laws, subject to market conditions and other factors.

The authorization does not require any specific number or amount of shares to be acquired and may be terminated at any time. The company may also enter into Rule 10b5-1 plans to facilitate repurchases. Separately, DraftKings furnished a press release as Exhibit 99.1 covering financial results for the quarter ended September 30, 2025.

Insights

Equity Capital Markets Analyst

Board lifts buyback authorization to $2.0B; execution discretionary.

DraftKings increased its share repurchase authorization to $2.0 billion, up from $1.0 billion. The program permits purchases via open market or privately negotiated transactions and allows use of Rule 10b5-1 plans. The board can terminate the program at any time, and it does not mandate a minimum number of shares.

Because activity is contingent on market conditions and internal decisions, near-term impact depends on if and when repurchases occur. The company also furnished quarterly results (Exhibit 99.1) for the period ended September 30, 2025; specific figures were not included in this excerpt.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 7, 2025 (November 6, 2025)

DRAFTKINGS INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction

of incorporation)

001-41379

(Commission

File Number)

87-2764212

(IRS Employer

Identification No.)

222 Berkeley Street, 5th Floor

Boston, MA 02116

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (617) 986-6744

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

DKNG

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 6, 2025, DraftKings Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 30, 2025.

A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On November 6, 2025, the Board of Directors of the Company authorized the repurchase of an aggregate of up to $2.0 billion of the Company’s Class A common stock, which represents an increase from the previous authorization of an aggregate of up to $1.0 billion of the Company’s Class A common stock approved on July 30, 2024. The Company may make repurchases of its Class A common stock through open market purchases, privately negotiated transactions or other transactions in accordance with applicable securities laws, subject to market conditions and other factors. The Company’s repurchase program does not require the Company to acquire any specific number or amount of Class A common stock and may be terminated at any time. The Company may enter into Rule 10b5-1 plans from time to time to facilitate repurchases of its Class A common stock.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Number						Description
99.1						Press Release, dated as of November 6, 2025, reporting financial results for the quarter ended September 30, 2025.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 7, 2025

DRAFTKINGS INC.
By:						/s/ R. Stanton Dodge
Name:						R. Stanton Dodge
Title:						Chief Legal Officer and Secretary