DraftKings Inc. Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator | |||||||||||||||||
| Net income (loss) attributable to common stockholders – basic | $ | 3,710 | $ | (507,285) | $ | (802,142) | |||||||||||
| (Gain) loss on remeasurement of warrant liabilities | (6,152) | — | — | ||||||||||||||
| (Gain) loss on remeasurement of contingent consideration | (1,591) | — | — | ||||||||||||||
| Net income (loss) attributable to common stockholders – diluted | $ | (4,033) | $ | (507,285) | $ | (802,142) | |||||||||||
| Denominator | |||||||||||||||||
| Weighted-average Class A common stock outstanding – basic | 495,638 | 481,954 | 462,599 | ||||||||||||||
Weighted-average diluted impact of warrant liabilities (1) | 161 | — | — | ||||||||||||||
Weighted-average diluted impact of contingent consideration (1) | 104 | — | — | ||||||||||||||
| Diluted weighted-average common shares outstanding | 495,903 | 481,954 | 462,599 | ||||||||||||||
| Basic earnings (loss) per share attributable to common stockholders: | $ | 0.01 | $ | (1.05) | $ | (1.73) | |||||||||||
| Diluted earnings (loss) per share attributable to common stockholders: | $ | (0.01) | $ | (1.05) | $ | (1.73) | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Class A common stock resulting from exercise of all warrants | — | 1,439 | 3,524 | ||||||||||||||
| Stock options and RSUs | 39,865 | 52,393 | 55,200 | ||||||||||||||
| Convertible notes | 13,337 | 13,337 | 13,337 | ||||||||||||||
| Total | 53,202 | 67,169 | 72,061 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.