DraftKings
DKNG Nasdaq Casinos & Gaming Financials FY2018–FY2025
DraftKings' revenue rose 27.0% to $6.1 billion in fiscal 2025. Its operating margin was −0.3%, up from −12.8% a year earlier. Free cash flow was $648 million, up 58.9%. It paid out $572 million in dividends and buybacks, 88% of free cash flow. The diluted share count rose 2.9%.
About these figures. Years to 2021 come from the former DraftKings, the listed company until a new holding company took its place in its 2022 purchase of Golden Nugget Online Gaming.
What DraftKings does
DraftKings runs digital sports entertainment and gaming products for people who bet real money. Its main lines are online and retail sports betting, which it calls Sportsbook, and online casino games, which it calls iGaming. It also offers daily fantasy sports, a digital lottery courier service and, most recently, prediction markets where users trade event contracts.
Sportsbook makes money by setting odds that build in a margin for the house. Revenue is the amount users bet on settled markets minus what is paid out to winners. iGaming and the other products earn money from their own wagers and fees. The company spends heavily on marketing, promotions and incentives to win and keep paying users.
DraftKings says it competes for users' time and spending with other forms of entertainment, such as television, movies, live sports and in-person casinos, as well as with other betting and gaming companies. Its products are offered state by state, so each state's rules decide where it can operate. It has a history of losses, and it relies on Amazon Web Services to run its products.
- Legal name
- DRAFTKINGS INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001883685-26-000013
0001883685
Revenue and margins
DraftKings had $6.1B of revenue in fiscal 2025, up 27.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $648M in fiscal 2025, 10.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
DraftKings returned $572M to shareholders in fiscal 2025, 88% of free cash flow. The diluted share count rose 2.9%.
Value DraftKings yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$132M and divides by 495.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably DraftKings can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.2B | $1.3B | $1.3B | $788M | $1.1B |
| Debt incl. finance leases | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
| Net debt / EBITDA | — | — | — | — | 0.5x |
| Debt / equity | 0.7x | 1.0x | 1.5x | 1.2x | 2.0x |
| Interest coverage | −740.5x | −570.3x | −294.6x | −205.8x | −0.6x |
| Current ratio | 3.0x | 1.7x | 1.3x | 0.9x | 1.0x |
| Quick ratio | 3.0x | 1.7x | 1.3x | 0.9x | 1.0x |
| Total assets | $4.1B | $4.0B | $3.9B | $4.3B | $4.5B |
| Total liabilities | $2.4B | $2.7B | $3.1B | $3.3B | $3.9B |
| Shareholders' equity | $1.7B | $1.3B | $840M | $1.0B | $632M |
| Net debt (− = net cash) | −$904M | −$58.1M | −$16.7M | $468M | $132M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.2M
1 insider
Sold, 12 months
$19.2M
6 insiders
Of sales under plans
95%
$18.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Jocelyn MooreDirector | Sold plan | 10,759 | $24.05 | $0.3M | Form 4 |
| Jun 11, 2026 | Dodge R StantonChief Legal Officer | Sold plan | 62,500 | $29.68 | $1.9M | Form 4 |
| May 20, 2026 | Erik BradburyChief Accounting Officer | Sold plan | 862 | $25.33 | $0.0M | Form 4 |
| May 18, 2026 | Woodrow LevinDirector | Sold | 34,234 | $25.71 | $0.9M | Form 4 |
| Mar 13, 2026 | Jocelyn MooreDirector | Sold plan | 2,150 | $25.60 | $0.1M | Form 4 |
| Mar 11, 2026 | Paul LibermanSee Remarks, Director | Sold plan | 484,417 | $25.16 | $12.2M | Form 4 |
| Mar 3, 2026 | Erik BradburyChief Accounting Officer | Sold plan | 2,883 | $24.56 | $0.1M | Form 4 |
| Feb 19, 2026 | Erik BradburyChief Accounting Officer | Sold plan | 7,268 | $22.50 | $0.2M | Form 4 |
| Feb 17, 2026 | Harry SloanDirector | Bought | 100,000 | $21.85 | $2.2M | Form 4 |
| Jan 20, 2026 | Dodge R StantonChief Legal Officer | Sold plan | 52,777 | $32.01 | $1.7M | Form 4 |
| Dec 1, 2025 | Dodge R StantonChief Legal Officer | Sold plan | 52,777 | $33.84 | $1.8M | Form 4 |
| Nov 14, 2025 | Alan Wayne EllingsonChief Financial Officer | Sold plan | 8,421 | $29.23 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 4 / 9 | 6 / 9 | 8 / 9 |
| Accruals ratio | −20.1% | −22.5% | −15.0% |
| Altman Z'' | −5.10 | −5.72 | −4.40 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| DraftKings DKNG | $10.4B | 27.0% | −0.3% | 10.7% | −0.7% | — | 8 | |
| Penn Entertainment PENN | $2.0B | 5.8% | −9.7% | −2.0% | −8.1% | — | 4 | Compare → |
| Wynn Resorts WYNN | $7.5B | 0.1% | 15.7% | 9.7% | 11.6% | 17.4x | 5 | Compare → |
| Boyd Gaming BYD | $5.4B | 4.1% | 18.3% | 9.5% | 13.5% | 3.1x | 6 | Compare → |
| Caesars Entertainment CZR | $5.9B | 2.1% | 16.2% | 4.3% | 9.6% | — | 6 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $226M | $323M | $615M | $1.3B | $2.2B | $3.7B | $4.8B | $6.1B |
| Gross profit | $178M | $220M | $268M | $502M | $756M | $1.4B | $1.8B | $2.5B |
| Operating income | −$76.8M | −$147M | −$843M | −$1.6B | −$1.5B | −$789M | −$609M | −$15.8M |
| Interest expense | $0.3M | $0.3M | $0.4M | $2.1M | $2.7M | $2.7M | $3.0M | $27.9M |
| Pretax income | −$76.1M | −$142M | −$1.2B | −$1.5B | −$1.4B | −$791M | −$593M | $7.0M |
| Income tax | $0.1M | $0.1M | −$0.6M | $8.3M | −$67.9M | $10.2M | −$86.3M | $4.3M |
| Net income | −$76.2M | −$143M | −$1.2B | −$1.5B | −$1.4B | −$802M | −$507M | $3.7M |
| Diluted EPS | −$0.45 | −$0.77 | −$4.03 | −$3.78 | −$3.16 | −$1.73 | −$1.05 | −$0.01 |
| Diluted shares | 0.17B | 0.18B | 0.31B | 0.40B | 0.44B | 0.46B | 0.48B | 0.50B |
| Cash flow | ||||||||
| Cash from operations | −$45.6M | −$46.6M | −$194M | −$420M | −$626M | −$1.8M | $418M | $663M |
| Capital expenditure | $13.7M | $16.7M | $11.8M | $15.9M | $32.4M | $20.9M | $10.2M | $15.4M |
| Free cash flow | −$59.3M | −$63.3M | −$206M | −$435M | −$658M | −$22.7M | $408M | $648M |
| Depreciation and amortization | $7.5M | $13.6M | $77.4M | $121M | $169M | $202M | $271M | $276M |
| Stock-based compensation | $7.2M | $17.6M | $325M | $683M | $579M | $399M | $381M | $339M |
| Acquisitions | $0.0M | $0.0M | $179M | $65.0M | $96.5M | $0.0M | $442M | $16.4M |
| Share buybacks | $0.0M | $0.0M | $289M | $17.8M | $0.0M | $0.0M | $48.1M | $572M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $289M | $17.8M | $0.0M | $0.0M | $48.1M | $572M |
| Balance sheet | ||||||||
| Cash and short-term investments | $230M | $76.5M | $1.8B | $2.2B | $1.3B | $1.3B | $788M | $1.1B |
| Total debt | — | $68.4M | $0.0M | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $261M | $2.2B | $2.8B | $2.1B | $2.1B | $1.5B | $1.8B |
| Current liabilities | — | $255M | $554M | $929M | $1.2B | $1.5B | $1.7B | $1.8B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $25.9M | $40.8M | $46.0M | $60.1M | $60.7M | $50.5M | $51.1M |
| Total assets | — | $331M | $3.4B | $4.1B | $4.0B | $3.9B | $4.3B | $4.5B |
| Total liabilities | — | $380M | $808M | $2.4B | $2.7B | $3.1B | $3.3B | $3.9B |
| Shareholders' equity | $76.0M | −$49.6M | $2.6B | $1.7B | $1.3B | $840M | $1.0B | $632M |
| Margins | ||||||||
| Gross margin | 78.5% | 67.9% | 43.6% | 38.7% | 33.8% | 37.5% | 38.1% | 41.3% |
| Operating margin | −33.9% | −45.3% | −137.2% | −120.5% | −67.5% | −21.5% | −12.8% | −0.3% |
| EBITDA margin | −30.6% | −41.1% | −124.6% | −111.2% | −59.9% | −16.0% | −7.1% | 4.3% |
| Net margin | −33.7% | −44.1% | −200.5% | −117.5% | −61.5% | −21.9% | −10.6% | 0.1% |
| FCF margin | −26.2% | −19.6% | −33.5% | −33.6% | −29.4% | −0.6% | 8.6% | 10.7% |
| Returns | ||||||||
| Return on capital | — | — | −176.2% | −155.4% | −117.2% | −59.7% | −41.8% | −0.7% |
| Return on capital employed | — | — | −57.0% | −51.8% | −51.0% | −30.4% | −24.2% | −0.6% |
| Return on equity | — | — | −95.4% | −70.7% | −91.8% | −74.2% | −54.8% | 0.5% |
| Return on assets | — | — | −65.4% | −40.6% | −34.0% | −20.1% | −12.3% | 0.1% |
| Growth | ||||||||
| Revenue growth | — | 42.9% | 90.0% | 110.9% | 72.9% | 63.6% | 30.1% | 27.0% |
| FCF growth | — | — | — | — | — | — | — | 58.9% |
| Share count change | — | 8.7% | 65.5% | 31.7% | 8.5% | 6.0% | 4.2% | 2.9% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | 0.5x |
| Debt / equity | — | — | 0.0x | 0.7x | 1.0x | 1.5x | 1.2x | 2.0x |
| Interest coverage | −294.2x | −563.6x | −2,022.2x | −740.5x | −570.3x | −294.6x | −205.8x | −0.6x |
| Current ratio | — | 1.0x | 4.0x | 3.0x | 1.7x | 1.3x | 0.9x | 1.0x |
| Quick ratio | — | 1.0x | 4.0x | 3.0x | 1.7x | 1.3x | 0.9x | 1.0x |
| Capital allocation | ||||||||
| Capex / revenue | 6.1% | 5.2% | 1.9% | 1.2% | 1.5% | 0.6% | 0.2% | 0.3% |
| Stock comp / revenue | 3.2% | 5.5% | 52.9% | 52.7% | 25.8% | 10.9% | 8.0% | 5.6% |
| Payouts / FCF | — | — | — | — | — | — | 11.8% | 88.3% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 2.0 | 4.0 | 4.0 | 6.0 | 8.0 |
| Altman Z'' | — | −12.8 | 2.8 | −1.9 | −4.8 | −5.1 | −5.7 | −4.4 |
| Accruals ratio | — | — | −55.1% | −29.4% | −18.6% | −20.1% | −22.5% | −15.0% |
Source: SEC EDGAR XBRL filings (CIK 0001883685). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.