DKNG
DraftKings Inc.34.54
-1.05-2.95%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Conservative guide omits Predictions revenue
Q&A revealed DraftKings baked zero Predictions revenue into its conservative FY2026 guide—pure upside amid CFTC regulatory clarity accelerating the push. Jason explained the conservatism stemmed from past misses, deliberately lowballed to ensure beats, while handle deceleration ties to net revenue margins jumping 40% to over 9% via parlay mix and promo tweaks. Non-NFL handle grew double-digits. Predictions targets incremental users in states like California and Texas, leveraging existing pricing models, Railbird integration, and national marketing synergies for liquidity and low incremental spend. Promo stays rational. Management directly addressed concerns. Watch Investor Day for Predictions playbook.
Key Stats
Market Cap
17.19BP/E (TTM)
-Basic EPS (TTM)
-0.54Dividend Yield
0%Recent Filings
10-K
FY2025 results
DraftKings delivered FY2025 revenue of $6.1B, up 27% y/y, with Sportsbook handle hitting $53.6B (up 11%) at 7.1% net revenue margin (up 110bps) while iGaming surged 20% to $1.8B; Q4 exploded with $17B handle, $1.4B Sportsbook revenue, and total revenue of $2.0B as NFL/NBA overlap drove peak engagement and margins hit 8.0%. ARPMUP climbed to $125 (up 18%) on retention and promo efficiency, flipping to $4M net income from prior losses. Q4 accelerated momentum with margins expanding q/q despite seasonality. $1.1B cash funds $2B buyback (Q4 repurchases accelerated) and Term B debt; seasonality risks could stall quarterly growth.
8-K
Q4 revenue up 43%, profitable
DraftKings crushed Q4 2025 with revenue soaring 43% to $1,989 million, flipping to $136 million net income from a year-ago loss. Full-year revenue hit $6.1 billion, up 27%, alongside record Adjusted EBITDA of $620 million and 16 million shares repurchased. Guidance calls for 2026 revenue of $6.5-$6.9 billion, Adjusted EBITDA $700-$900 million. Predictions gets growth capital.
8-K
Q3 results, buyback doubled
DraftKings posted Q3 revenue of $1,144 million, up 4% yet hit by customer-friendly sports outcomes; MUPs rose 2% to 3.6 million while ARPMUP climbed 3% to $106. Board doubled share repurchases to $2.0 billion total. Guidance lifted: 2025 revenue $5.9-6.1 billion, Adjusted EBITDA $450-550 million. Repurchases signal confidence.
10-Q
Q3 FY2025 results
DraftKings posted Q3 revenue of $1.14B, up 4.4% y/y yet down slightly q/q (derived), with iGaming surging 24.9% y/y to $451M on higher handle while Sportsbook dipped 9.3% y/y to $596M from customer-friendly outcomes—hold rate fell to 5.2% from 6.3%. Operating loss narrowed 8.9% y/y to $272M, net loss to $257M (or -$0.52/share) versus -$294M (-$0.60), reconciled to 497M diluted shares; the $14M net-operating gap stems from interest expense and warrant gains per statements. Cash hit $1.23B, OCF YTD $342M, bolstered by $588M Term B Loan (597M outstanding, 2032 maturity) with $490M revolver available; repurchased $71M stock. Patent suits linger as a distraction.
8-K
Wendt joins DraftKings board
DraftKings appointed Gregory W. Wendt, a retired Capital Group Partner with 37 years as investment analyst and portfolio manager focused on global casinos, as independent Board member effective October 24, 2025. The Board tapped him for the Nominating and Corporate Governance Committee, citing his financial and gaming expertise. No arrangements or conflicts disclosed. Wendt joins to aid scaling.
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