DraftKings (DKNG) financial statements
DraftKings reported revenue of $6.1B in fiscal 2025, up 58.0% a year over 5 years.
Net income was $4M and the operating margin -0.3%, against -137.2% in 2020.
Free cash flow was $516M, and the company returned $572M in net buybacks.
The diluted share count rose 62% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DraftKings's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $615M | $1.3B | $2.2B | $3.7B | $4.8B | $6.1B |
| Cost of revenue | $347M | $794M | $1.5B | $2.3B | $3.0B | $3.6B |
| Gross profit | $268M | $502M | $756M | $1.4B | $1.8B | $2.5B |
| Selling, general and admin | $943M | $1.8B | $1.9B | $1.8B | $2.0B | $2.1B |
| Operating income | -$843M | -$1.6B | -$1.5B | -$789M | -$609M | -$16M |
| Interest expense | — | $2M | $3M | $3M | $3M | — |
| Pre-tax income | -$1.2B | -$1.5B | -$1.4B | -$791M | -$593M | $7M |
| Income tax | -$622,000 | $8M | -$68M | $10M | -$86M | $4M |
| Net income | -$1.2B | -$1.5B | -$1.4B | -$802M | -$507M | $4M |
| EPS (diluted) | -$4.03 | -$3.78 | -$3.16 | -$1.73 | -$1.05 | -$0.01 |
| Diluted shares | 306M | 402M | 437M | 463M | 482M | 496M |
| Gross margin | 43.6% | 38.7% | 33.8% | 37.5% | 38.1% | 41.3% |
| Operating margin | -137.2% | -120.5% | -67.5% | -21.5% | -12.8% | -0.3% |
| Net margin | -200.5% | -117.5% | -61.5% | -21.9% | -10.6% | 0.1% |
Balance sheet
Fiscal years, from DraftKings's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $2.2B | $1.3B | $1.3B | $788M | $1.1B |
| Receivables | $44M | $46M | $51M | $48M | $58M | $106M |
| Total current assets | — | $2.8B | $2.1B | $2.1B | $1.5B | $1.8B |
| Property, plant and equipment | — | $46M | $60M | $61M | $51M | $51M |
| Goodwill | — | $616M | $886M | $886M | $1.6B | $1.6B |
| Total assets | — | $4.1B | $4.0B | $3.9B | $4.3B | $4.5B |
| Total current liabilities | — | $929M | $1.2B | $1.5B | $1.7B | $1.8B |
| Total liabilities | — | $2.4B | $2.7B | $3.1B | $3.3B | $3.9B |
| Shareholders' equity | $2.6B | $1.7B | $1.3B | $840M | $1.0B | $631M |
| Net debt | -$1.8B | -$2.2B | -$1.3B | -$1.3B | -$788M | -$1.1B |
Cash flow
Fiscal years, from DraftKings's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$194M | -$420M | -$626M | -$2M | $418M | $663M |
| Capital spending | $39M | $62M | $96M | $101M | $106M | $147M |
| Free cash flow | -$233M | -$482M | -$722M | -$103M | $312M | $516M |
| Stock-based compensation | $325M | $683M | $579M | $398M | $381M | $339M |
| Share buybacks (net) | -$289M | -$18M | $0 | $0 | -$48M | -$572M |
| Net borrowing | — | — | — | $0 | $0 | $584M |
| Free cash flow margin | -38.0% | -37.2% | -32.2% | -2.8% | 6.5% | 8.5% |
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Open DKNG in InvestinglyQuestions
What was DraftKings's revenue in 2025?
$6.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does DraftKings generate?
$516M in fiscal 2025 (operating cash flow minus capital spending).
From DraftKings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.