Stocks DKNG Financial statements
Financial statementsDraftKings Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data DraftKings Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 615 | 1,296 | 2,240 | 3,665 | 4,768 | 6,055 |
| Cost of revenue | 347 | 794 | 1,484 | 2,292 | 2,951 | 3,557 |
| Gross profit | 268 | 502 | 756 | 1,373 | 1,817 | 2,498 |
| Selling and marketing | 495 | 982 | 1,186 | 1,201 | 1,265 | 1,380 |
| General and administrative | 447 | 828 | 764 | 607 | 764 | 674 |
| Operating income | -843 | -1,562 | -1,512 | -789 | -609 | -15.8 |
| Interest expense | 2.11 | 2.65 | 2.68 | 2.96 | ||
| Interest income | 4.07 | 21.4 | 58.4 | 47.3 | ||
| Other non-operating income | 0 | 12 | 20.7 | -0.22 | -23.5 | 38 |
| Pre-tax income | -1,232 | -1,518 | -1,443 | -791 | -593 | 7.01 |
| Income tax | -0.62 | 8.27 | -67.9 | 10.2 | -86.3 | 4.27 |
| Net income | -1,232 | -1,523 | -1,378 | -802 | -507 | 3.71 |
| EBITDA | -766 | -1,440 | -1,343 | -587 | -338 | 260 |
| EPS, basic | -4.03 | -3.78 | -3.16 | -1.73 | -1.05 | 0.01 |
| EPS, diluted | -4.03 | -3.78 | -3.16 | -1.73 | -1.05 | -0.01 |
| Shares, basic (weighted) | 306 | 402 | 437 | 463 | 482 | 496 |
| Shares, diluted (weighted) | 306 | 402 | 437 | 463 | 482 | 496 |
Balance sheet
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 1,817 | 2,153 | 1,309 | 1,271 | 788 | 1,128 |
| Receivables | 44.5 | 45.8 | 51.1 | 47.5 | 57.8 | 106 |
| Other current assets | 25.7 | 94.8 | 98.6 | 146 | 105 | |
| Total current assets | 2,753 | 2,085 | 2,071 | 1,534 | 1,815 | |
| Property, plant and equipment | 46 | 60.1 | 60.7 | 50.6 | 51.1 | |
| Lease right-of-use assets | 63.8 | 66 | 94 | 74.9 | 49.8 | |
| Goodwill | 616 | 886 | 886 | 1,555 | 1,598 | |
| Intangible assets | 535 | 777 | 691 | 933 | 889 | |
| Total assets | 4,069 | 4,040 | 3,945 | 4,284 | 4,531 | |
| Accounts payable | 52.5 | 10.1 | 34.1 | 53.7 | 67.9 | |
| Accrued liabilities | 63.8 | 78.8 | 94.8 | 87.2 | 102 | |
| Deferred revenue | 30.6 | 91.6 | 134 | 174 | 166 | 175 |
| Total current liabilities | 929 | 1,246 | 1,550 | 1,655 | 1,755 | |
| Lease liabilities | 57.3 | 69.3 | 80.8 | 67.7 | 44.4 | |
| Other non-current liabilities | 49.3 | 70 | 84 | 196 | 172 | |
| Total liabilities | 2,391 | 2,717 | 3,105 | 3,273 | 3,899 | |
| Paid-in capital | 5,702 | 6,750 | 7,150 | 7,978 | 8,425 | |
| Retained earnings | -3,754 | -5,132 | -5,934 | -6,441 | -6,438 | |
| Treasury stock | -307 | -332 | -412 | -563 | -1,392 | |
| Other comprehensive income | 36.5 | 36.5 | 36.5 | 36.5 | 36.5 | |
| Shareholders' equity | 2,631 | 1,679 | 1,323 | 840 | 1,011 | 631 |
| Total equity | 2,631 | 1,679 | 1,323 | 840 | 1,011 | 631 |
| Total liabilities and equity | 4,069 | 4,040 | 3,945 | 4,284 | 4,531 |
Cash flow statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | -1,232 | -1,523 | -1,378 | -802 | -507 | 3.71 |
| Depreciation and amortization | 77.4 | 121 | 169 | 202 | 271 | 275 |
| Stock-based compensation | 325 | 683 | 579 | 398 | 381 | 339 |
| Deferred income tax | -2.28 | -15.5 | -73.4 | 5.85 | -92.7 | -18.2 |
| Change in receivables | -13.8 | -1.79 | 2.51 | 3.56 | -10.1 | -57.7 |
| Change in payables | 104 | 168 | 95.3 | 104 | -18.2 | 132 |
| Cash from operations | -194 | -420 | -626 | -1.75 | 418 | 663 |
| Capital expenditures | -11.8 | -15.9 | -32.4 | -20.9 | -10.2 | -15.4 |
| Acquisitions | -179 | -65 | -96.5 | 0 | -441 | -16.4 |
| Cash from investing | -227 | -195 | -209 | -90.4 | -567 | -166 |
| Debt issued | 0 | 0 | 588 | |||
| Debt repaid | 0 | 0 | -4.5 | |||
| Stock issued | 1,680 | 0 | 0 | 16.5 | 9.17 | 10.6 |
| Share buybacks | -289 | -17.8 | 0 | 0 | -48.1 | -572 |
| Cash from financing | 2,306 | 1,139 | -16.7 | -63.2 | -144 | -222 |
| Exchange rate effect | -0.36 | 0.58 | 0 | 0 | ||
| Net change in cash | 1,884 | 525 | -851 | -155 | -293 | 274 |
| Free cash flow | -206 | -435 | -658 | -22.7 | 408 | 648 |
| Interest paid | 0.42 | 0 | 0 | 0 | 0 | 27.9 |
| Income taxes paid | 1.44 | 5.63 | 10.4 | 8.34 | 5.27 | 8.24 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 40.5% | Gross profit / revenue. |
| Operating margin | -2.9% | Operating income / revenue. |
| EBITDA margin | 1.8% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | -2.8% | Pre-tax income / revenue. |
| Net margin | -2.7% | Net income / revenue. |
| FCF margin | 10.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.8% | Cash from operations / revenue. |
| Return on equity (ROE) | -29.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -3.9% | Net income / average total assets. |
| Stock-based pay / revenue | 5.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 4.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 27.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 39.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 58.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 37.4% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 48.9% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 56.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 58.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow growth, 1y | 58.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | -37.5% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -21.8% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -24.8% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 3.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 2.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 4.3% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 10.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.02x | Current assets / current liabilities. |
| Quick ratio | 0.69x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.63x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 86.7% | Total liabilities / total assets. |
| Working capital | $26.3M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 56.9% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.87B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.45x | Revenue / average total assets. |
| Fixed asset turnover | 118x | Revenue / average property, plant and equipment. |
| Receivables turnover | 75.8x | Revenue / average receivables. |
| Days sales outstanding | 5 days | 365 x average receivables / revenue. |
| Days payables | 68 days | 365 x average accounts payable / cost of revenue. |
| Capex / operating cash flow | 3.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$0.34 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $12.54 | Revenue / diluted weighted shares. |
| FCF per share | $1.31 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.35 | Cash from operations / diluted weighted shares. |
| Book value per share | $1.15 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$3.76 | Tangible book value / shares outstanding. |
| Cash per share | $1.98 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 74.2% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $10.93B | Share price x shares outstanding. |
| Enterprise value | $9.95B | Market cap + total debt - cash - short-term investments. |
| P/S | 1.76x | Market cap / revenue. |
| P/B | 19.2x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 16.8x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 16.3x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.60x | Enterprise value / revenue. |
| EV/EBITDA | 90.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 15.3x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 6.0% | Free cash flow / market cap. |
| Earnings yield | -1.5% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 4.4% | (Dividends paid + share buybacks) / market cap. |
What was DraftKings Inc.'s revenue in fiscal 2025?
DraftKings Inc. reported revenue of $6.05B for fiscal 2025, 27% higher than the year before.
Was DraftKings Inc. profitable in fiscal 2025?
Yes. Net income was $3.7M, a net margin of 0.1%.
How much free cash flow did DraftKings Inc. generate in fiscal 2025?
Cash from operations of $662.9M minus capital expenditures of $15.4M left free cash flow of $647.5M.