DraftKings Inc.

Listed Company

DKNGCIK 0001883685NasdaqLarge AcceleratedServices-Miscellaneous Amusement & RecreationNevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$3.71M

Total Assets

$4.53B

Equity

$631.46M

Shares Out

—

Op. Cash Flow

$662.86M

Business

DraftKings Inc. is a digital sports entertainment and gaming company that operates real‑money online and retail gaming platforms. It offers Sportsbook (online and retail sports betting), iGaming (online casino), daily fantasy sports (DFS), a digital lottery courier service, and advertising, sponsorship and media packages. Key business segments include its DraftKings‑branded and GNOG‑branded product offerings delivered through an integrated account and wallet system, plus retail sportsbooks and related promotional and compliance functions. It markets and distributes products primarily across numerous U.S. states and the Canadian province of Ontario via websites, mobile apps (Apple App Store and Google Play), national and local advertising, and league, team and media partnerships.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	6,055	4,768	3,665	2,240	1,296
Cost of revenue	3,557	2,951	2,292	1,484	794
Sales and marketing	1,380	1,265	1,201	1,186	982
Product and technology	460	397	355	—	—
General and administrative	674	764	607	764	828
Income (loss) from operations	−16	−609	−789	−1,512	−1,562
Interest income (expense), net	−20	44	56	—	—
Gain (loss) on remeasurement of warrant liabilities	5	−5	−58	29	30
Other gain (loss), net	38	−24	−224,000	21	12
Income (loss) before income tax and equity method investments	7	−593	−791	−1,443	−1,518
Income tax provision (benefit)	4	−86	10	−68	8
(Gain) loss from equity method investments	−971,000	468,000	719,000	3	−3
Net income (loss) attributable to common stockholders	4	−507	−802	−1,378	−1,523
Basic (in dollars per share)	0.01	−1.05	−1.73	−3.16	−3.78
Diluted (in dollars per share)	−0.01	−1.05	−1.73	−3.16	−3.78

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,128	788	1,271	1,309	2,153
Restricted cash	8	16	12	0	0
Cash reserved for users	469	525	341	470	477
Accounts receivable	106	58	48	51	46
Prepaid expenses and other current assets	105	146	99	95	26
Total current assets	1,815	1,534	2,071	2,085	2,753
Property and equipment, net	51	51	61	60	46
Intangible assets, net	889	933	691	777	535
Goodwill	1,598	1,555	886	886	616
Operating lease right-of-use assets	50	75	94	66	64
Equity method investments	19	13	10	10	10
Deposits and other non-current assets	109	123	132	156	45
Total assets	4,531	4,284	3,945	4,040	4,069
Accounts payable and accrued expenses	785	661	640	518	388
Liabilities to users	935	979	852	686	529
Operating lease liabilities, current portion	10	11	11	4	13
Other current liabilities	25	3	47	38	0
Total current liabilities	1,755	1,655	1,550	1,246	929
Convertible notes, net of issuance costs	1,259	1,256	1,254	1,251	1,248
Term B Loan, net of issuance costs	577	0	—	—	—
Operating lease liabilities	44	68	81	69	57
Warrant liabilities	0	22	64	11	27
Long-term income tax liabilities	92	76	73	70	79
Other long-term liabilities	172	196	84	70	49
Total liabilities	3,899	3,273	3,105	2,717	2,391
Commitments and contingent liabilities (Note 7 and 16)	—	—	—	—	—
Treasury stock, at cost; 38,243 and 15,651 shares as of December 31, 2025 and 2024, respectively	−1,392	−563	−412	−332	—
Additional paid-in capital	8,425	7,978	7,150	6,750	5,702
Accumulated deficit	−6,438	−6,441	−5,934	−5,132	−3,754
Accumulated other comprehensive income	36	36	36	36	36
Total stockholders equity	631	1,011	840	1,323	1,679
Total liabilities and stockholders equity	4,531	4,284	3,945	4,040	4,069

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	275	271	202	169	121
Non-cash interest (income) expense, net	2	−15,000	386,000	870,000	—
Stock-based compensation expense	339	381	398	579	683
(Gain) loss on marketable equity securities and other financial assets, net	4	13	75,000	−11	−11
Loss on sale of Vegas Sports Information Network, LLC	0	6	0	0	—
Deferred income taxes	−18	−93	6	−73	−16
Other non-cash (gain) loss, net	−36	6	554,000	−7	0
Receivables reserved for users	61	248	−142	−105	−22
Accounts receivable	−58	−10	4	3	−2
Prepaid expenses and other current assets	−16	−26	2	−26	−10
Deposits and other non-current assets	2	2	−19	−5	−6
Operating leases, net	0	130,000	7	1	—
Accounts payable and accrued expenses	132	−18	104	95	168
Liabilities to users	−44	111	166	153	211
Long-term income tax liability	15	4	3	−9	13
Other long-term liabilities	6	25	11	15	6
Net cash flows provided by (used in) operating activities	663	418	−2	−626	−420
Purchases of property and equipment	−15	−10	−21	−32	−16
Cash paid for internally developed software costs	−131	−96	−80	−64	−47
Cash paid for gaming market access and licenses	−8	−15	−12	−7	−36
Proceeds from marketable equity securities and other financial assets	0	0	24	0	−25
Cash paid for acquisitions, net of cash acquired	−16	−441	0	−97	−65
Collection of loan receivable	12	0	0	—	—
Other investing activities	−7	−4	−1	−9	−7
Net cash flows provided by (used in) investing activities	−166	−567	−90	−209	−195
Proceeds from Term B Loan, net	588	0	0	—	—
Repayment of Term B Loan principal	−5	0	0	—	—
Proceeds from exercise of warrants	0	0	288,000	44,000	693,000
Purchase of treasury stock for RSU withholding	−258	−103	−80	−26	—
Proceeds from exercise of stock options	11	9	17	9	31
Purchase of treasury stock under Stock Repurchase Program	−572	−48	0	0	−18
Proceeds from shares issued under Employee Stock Purchase Plan	15	0	0	—	—
Other financing activities	−3	−3	0	0	416,000
Net cash flows provided by (used in) financing activities	−222	−144	−63	−17	1,139
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users	274	−293	−155	−851	525
Investing activities included in accounts payable and accrued expenses	0	3	569,000	9	−4
Decrease of warrant liabilities from cashless exercise of warrants	17	46	5	0	0
Increase (decrease) in cash reserved for users	−56	184	−128	−7	189
Cash paid for interest	28	0	0	0	0
Cash paid for income taxes	8	5	8	10	6

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