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Draftkings Inc. (DKNG) stock

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NASDAQ: DKNG Nasdaq Casinos & Gaming Next results ~November 5, 2026

C Fundamentals grade

Draftkings Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$6.7

Cash-flow model

Base case. Range ~$4.6–$9.3 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 69% below it.

Price used: $21.81, November 2, 2026

Draftkings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 6 selling3 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds294 adding, 376 cuttingOf 78 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Draftkings files

Where Draftkings stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.22bn, up 15.0% on a year earlier, slower than 25.8% a quarter earlier. Free-cash-flow margin rose to 10.5% from 9.3% a year earlier. Operating margin widened to -2.9% from -6.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $10.99 a share, against a share price of $20.08. At that price, our model says the market is pricing in about 33.9% a year of cash-flow growth for five years, slower than the 36.9% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Draftkings Inc.'s trailing-twelve-month revenue grew 15.0% year on year, with a free-cash-flow margin of 10.5%. Where it stands out: revenue growth of 15.0% ranks 3 of 21 casinos & gaming companies we cover. Where it lags: stock pay as % of revenue of 5.2% ranks 20 of 20 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$6.7 per share in the base case (~$4.6–$9.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 15.0% (-10.8pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.0% over the last 12 months, against a median of 6.1% for casinos & gaming companies we cover.
  • Margins widening. Operating margin is up 3.2 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $21.81 is 69% above our value per share of $7.
  • Growth slowing. The growth rate is 10.8 points lower than a quarter earlier.
  • Loss-making. Operating margin is -2.9%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 0.7 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 5.2% ranks 20 of 20 casinos & gaming companies we cover (median 0.9%).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.09 against an average estimate of $0.19: missed by 53.1%
Revenue
$1.44bn, down 4.6% on a year earlier
Share reaction
+9.5% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Guidance given
revenue $6.5bn to $6.9bn (fiscal year 2026); adjusted EBITDA $700m to $900m (fiscal year 2026)
Next report
November 5, 2026; average EPS estimate -$0.19

Draftkings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.3%
  • 1 week+2.8%
  • 1 month+17.3%
  • This year-36.7%
  • 1 year-28.7%
  • 5 years-53.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.2B
Operating margin
-2.9%
Net margin
-2.7%
EPS (TTM, diluted)
$-0.34

Growth

Revenue growth
+15.0%
Change in growth rate
−10.8 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$651M
FCF margin
10.5%
Stock pay % of revenue
5.2%

Earnings

Last results
August 7, 2026
Next results (est.)
November 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Draftkings Inc. valuation models and calculator

What the price is pricing in

The share price implies about 38.4% a year of cash-flow growth for five years.That is close to the 36.9% a year revenue growth Draftkings has delivered.

  • Priced in38.4%
  • Last 12 months15.0%
  • 3 years a year27.5%
  • 5 years a year36.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($21.44, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$6.7
Price used
$21.44close November 3, 2026
Implied change
▼ 69%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Draftkings Inc.'s free cash flow after stock-based pay with after-tax interest added back ($98.5M, FY2026 Q2 TTM), growing 16.1% and 17.9% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$4.6–~$9.3 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Draftkings Inc.'s free cash flow after stock-based pay ( $98.5M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Draftkings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$6.7 ~$4.6–$9.3 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$23–$33 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$6.7–$28 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Draftkings Inc. with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $1$2$3$5$8$11
8.5% $0$1$2$3$5$7
10% $0$1$1$2$4$5

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$46.56$27.47$11.39$35.25$37.20$34.46$21.81
Market value$14.2bn$11.1bn$5.0bn$16.3bn$17.9bn$17.1bn$10.7bn
+ Net debt (− = net cash)−$1.8bn−$904m−$58m−$17m$468m$733m$874m
Enterprise value$12.4bn$10.2bn$4.9bn$16.3bn$18.4bn$17.8bn$11.6bn
Multiples
Price / sales 23.2x8.5x2.2x4.4x3.8x2.8x1.7x
Price / earnings —————n/m—
Price / free cash flow ————44.0x26.4x16.5x
EV / EBITDA —————68.6x105.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Draftkings's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -9.6% of total assets over 5 years.

  • Pricing power 13 / 20

    Gross margin has been a median 38.8%, moving by 2.6 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -11.7%; its worst year was -110.8%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 3 of 5 years, at a median 3.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $1.4bn and EPS of −$0.19 (range −$0.50 to −$0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.85 +28% $6.7bn +10%
Next $1.71 +102% $7.6bn +14%

Next year's EPS estimate has moved +0.2% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −17.4% on 90 days ago. In the last 30 days, 1 analyst raised Draftkings Inc.'s forecast and 1 cut it.

Consensus EPS forecast Draftkings Inc., last 90 days
$0.50 $1.00 $1.50 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.02 Current fiscal year, 60 days ago: $0.89 Current fiscal year, 30 days ago: $0.87 Current fiscal year, 7 days ago: $0.88 Current fiscal year, Now: $0.85 $0.85 Next fiscal year, 90 days ago: $1.70 Next fiscal year, 60 days ago: $1.64 Next fiscal year, 30 days ago: $1.64 Next fiscal year, 7 days ago: $1.70 Next fiscal year, Now: $1.71 $1.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.02$1.70
60 days ago $0.89$1.64
30 days ago $0.87$1.64
7 days ago $0.88$1.70
Now $0.85$1.71

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.19 $0.09 −53.1%
Mar 2026 $0.17 $0.20 +16.4%
Dec 2025 $0.41 $0.36 −12.5%
Sept 2025 −$0.26 −$0.26 −1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026
  • revenue fiscal year 2026 $6.5bn to $6.9bn Maintained
    “DraftKings is maintaining its fiscal year 2026 revenue guidance range of $6.5 billion to $6.9 billion and fiscal year 2026 Adjusted EBITDA guidance range of $700 million to $900 million, which the Company previously announced on May 7, 2026.” source
  • Adjusted EBITDA fiscal year 2026 $700m to $900m Non-GAAP Maintained
    “DraftKings is maintaining its fiscal year 2026 revenue guidance range of $6.5 billion to $6.9 billion and fiscal year 2026 Adjusted EBITDA guidance range of $700 million to $900 million, which the Company previously announced on May 7, 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Draftkings Inc.'s revenue by +16.1% next year and +17.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.6%, weight 55%) , management guidance (+15.2%, weight 19%) and the company's own record (+20.0%, weight 26%) . How the weights are set.

Analyst recommendations

37 analysts, Oct 2026
Buy3184%
Hold514%
Sell13%

Monthly trend

  1. Oct 2026526537
  2. Sep 2026525637
  3. Aug 2026524636
  4. Jul 2026524636

Counts of recommendations published by analysts covering Draftkings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.2%
of tradable shares
Days to cover
2.55
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
8.6%
of shares
Employees
5,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −28.7%

$30.59 on October 31, 2025 to $21.81

ThenNowEffect
Revenue (last 12 months) $5.4bn $6.2bn +15.0%
P/S multiple 2.8x 1.7x −37.7%
Share count 489m 492m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −35.4%

$33.75 on November 3, 2023 to $21.81

ThenNowEffect
Revenue (last 12 months) $3.0bn $6.2bn +107.3%
P/S multiple 5.1x 1.7x −66.2%
Share count 454m 492m −7.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DKNG−41%−59%+210%+6%−7%−37%
Industry peers (median)+26%−19%+13%−10%−11%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DKNG33%33%67%50%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DKNG−63%−63%−19%−39%−48%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 25, 2019: 86% from March 19, 2021 to May 11, 2022. Getting back needed a 601% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$18.59 – $36.24
From 52-week high
−39.8%
vs 50-day average
+0.1%
vs 200-day average
−9.8%
Volatility (1 year)
52%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.8%
After a week
6 up, 6 down
typical move ±9.1%
After a month
8 up, 4 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 +9.5% +0.6% +17.9% +7.7%
May 8, 2026 −2.8% +1.1% −0.9% +9.4%
February 13, 2026 −10.2% +0.2% −13.3% +0.2%
November 7, 2025 +9.1% +1.7% +5.7% +24.9%
August 7, 2025 −5.5% +0.7% −3.7% +2.1%
May 9, 2025 +7.3% +3.2% +4.4% +6.3%
February 14, 2025 +10.9% +0.3% −4.7% −20.5%
November 8, 2024 +10.9% +0.5% +2.2% +7.0%
August 1, 2024 −13.3% −3.3% −17.3% −6.6%
May 2, 2024 0.0% +2.2% +5.3% −15.1%
February 15, 2024 +1.6% +0.2% −5.9% −0.8%
November 2, 2023 +23.9% +2.8% +27.8% +36.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Draftkings Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.34× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DKNG Draftkings Inc. Grade C $21.83

Own 100 shares, sell the $25.00 call expiring November 27, 2026 (25 days) for $0.48 a share — $48.00 per contract.

Previous session · Bid $0.48, ask $0.55, quoted Mon 2 Nov, 17:21 New York time with DKNG at $21.83. Option prices move with the shares: check the live chain at your broker before trading.

  • If DKNG ends below $25.00: you keep your shares and the $48.00 — 2.2% extra on the position, 32.1% a year at that pace.
  • If it ends above $25.00: your shares are sold at $25.00, a total return of 16.7% including the premium — at or above our value of ~$6.7.
$365 $0 −$427 Break-even $21.35 Price $21.83 ← Our value ~$6.7
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$48.00
Annualised
32.1%
Break-even
$21.35
Max gain
$365
Chance of selling
~25%

Results are expected around November 6, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $19.00 put and sell the $25.00 call, both expiring November 27, 2026 (25 days).

  • Net cost of $0.10 a share ($10.00 per contract of 100 shares).
  • Worst case at expiry: -13.4%, if the shares fall below $19.00 (-13.0% from today).
  • Best case at expiry: +14.1%, if the shares rise above $25.00 (+14.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $6.70: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Draftkings Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Draftkings Inc.
$3B $4B $5B $6B $7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.3B Revenue (TTM), FY23 Q4: $3.7B Revenue (TTM), FY24 Q1: $4.1B Revenue (TTM), FY24 Q2: $4.3B Revenue (TTM), FY24 Q3: $4.6B Revenue (TTM), FY24 Q4: $4.8B Revenue (TTM), FY25 Q1: $5B Revenue (TTM), FY25 Q2: $5.4B Revenue (TTM), FY25 Q3: $5.5B Revenue (TTM), FY25 Q4: $6.1B Revenue (TTM), FY26 Q1: $6.3B Revenue (TTM), FY26 Q2: $6.2B $6.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.3B
FY23 Q4 $3.7B
FY24 Q1 $4.1B
FY24 Q2 $4.3B
FY24 Q3 $4.6B
FY24 Q4 $4.8B
FY25 Q1 $5B
FY25 Q2 $5.4B
FY25 Q3 $5.5B
FY25 Q4 $6.1B
FY26 Q1 $6.3B
FY26 Q2 $6.2B
Revenue growth, TTM YoY Draftkings Inc.
0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 77.0% Revenue growth, TTM YoY, FY23 Q4: 63.6% Revenue growth, TTM YoY, FY24 Q1: 57.0% Revenue growth, TTM YoY, FY24 Q2: 43.3% Revenue growth, TTM YoY, FY24 Q3: 40.0% Revenue growth, TTM YoY, FY24 Q4: 30.1% Revenue growth, TTM YoY, FY25 Q1: 22.9% Revenue growth, TTM YoY, FY25 Q2: 25.8% Revenue growth, TTM YoY, FY25 Q3: 18.5% Revenue growth, TTM YoY, FY25 Q4: 27.0% Revenue growth, TTM YoY, FY26 Q1: 25.8% Revenue growth, TTM YoY, FY26 Q2: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 77.0%
FY23 Q4 63.6%
FY24 Q1 57.0%
FY24 Q2 43.3%
FY24 Q3 40.0%
FY24 Q4 30.1%
FY25 Q1 22.9%
FY25 Q2 25.8%
FY25 Q3 18.5%
FY25 Q4 27.0%
FY26 Q1 25.8%
FY26 Q2 15.0%
Operating margin (TTM) Draftkings Inc.
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -29.7% Operating margin (TTM), FY23 Q4: -21.5% Operating margin (TTM), FY24 Q1: -13.2% Operating margin (TTM), FY24 Q2: -11.7% Operating margin (TTM), FY24 Q3: -11.2% Operating margin (TTM), FY24 Q4: -12.8% Operating margin (TTM), FY25 Q1: -10.3% Operating margin (TTM), FY25 Q2: -6.2% Operating margin (TTM), FY25 Q3: -5.6% Operating margin (TTM), FY25 Q4: -0.3% Operating margin (TTM), FY26 Q1: 0.6% Operating margin (TTM), FY26 Q2: -2.9% -2.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -29.7%
FY23 Q4 -21.5%
FY24 Q1 -13.2%
FY24 Q2 -11.7%
FY24 Q3 -11.2%
FY24 Q4 -12.8%
FY25 Q1 -10.3%
FY25 Q2 -6.2%
FY25 Q3 -5.6%
FY25 Q4 -0.3%
FY26 Q1 0.6%
FY26 Q2 -2.9%
FCF margin (TTM) Draftkings Inc.
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -7.7% FCF margin (TTM), FY23 Q4: -0.6% FCF margin (TTM), FY24 Q1: 2.8% FCF margin (TTM), FY24 Q2: 3.7% FCF margin (TTM), FY24 Q3: 3.4% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 7.2% FCF margin (TTM), FY25 Q2: 9.3% FCF margin (TTM), FY25 Q3: 12.0% FCF margin (TTM), FY25 Q4: 10.7% FCF margin (TTM), FY26 Q1: 11.3% FCF margin (TTM), FY26 Q2: 10.5% 10.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -7.7%
FY23 Q4 -0.6%
FY24 Q1 2.8%
FY24 Q2 3.7%
FY24 Q3 3.4%
FY24 Q4 8.5%
FY25 Q1 7.2%
FY25 Q2 9.3%
FY25 Q3 12.0%
FY25 Q4 10.7%
FY26 Q1 11.3%
FY26 Q2 10.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 615 1,296 2,240 3,665 4,768 6,055 6,223
Gross profit 268 502 756 1,373 1,817 2,498 2,523
EBITDA −766 −1,440 −1,343 −587 −338 260 110
Operating income −843 −1,562 −1,512 −789 −609 −16 −182
Net income −1,232 −1,523 −1,378 −802 −507 4 −167
Diluted EPS −$4.03 −$3.78 −$3.16 −$1.73 −$1.05 −$0.01 −$0.34
Growth (year on year)
Revenue — +110.9% +72.9% +63.6% +30.1% +27.0% +15.0%
Margins
Gross margin 43.6% 38.7% 33.8% 37.5% 38.1% 41.3% 40.5%
EBITDA margin −124.6% −111.1% −59.9% −16.0% −7.1% 4.3% 1.8%
Operating margin −137.2% −120.5% −67.5% −21.5% −12.8% −0.3% −2.9%
Net margin −200.5% −117.5% −61.5% −21.9% −10.6% 0.1% −2.7%
Free-cash-flow margin −33.5% −33.6% −29.4% −0.6% 8.5% 10.7% 10.5%
Cash flow
Cash from operations −194 −420 −626 −2 418 663 671
Capital spending 12 16 32 21 10 15 20
Free cash flow −206 −435 −658 −23 408 648 651
Stock-based pay 325 683 579 398 381 339 324
Free cash flow after stock pay −531 −1,119 −1,237 −421 26 308 327
Balance sheet
Cash 1,817 2,153 1,309 1,271 788 1,128 984
Total debt 0 1,248 1,251 1,254 1,256 1,861 1,858
Net debt (negative = net cash) −1,817 −904 −58 −17 468 733 874
Diluted shares 306m 402m 437m 463m 482m 496m 492m
Returned to shareholders
Buybacks 289 18 0 0 48 572 483
Total returned 289 18 0 0 48 572 483

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $4.3bn
Short-term assets $1.6bnLonger-term assets $2.7bn
What it owes, and who funded it · $4.3bn
Short-term liabilities $1.6bnLonger-term liabilities $2.2bnShareholders' equity $569m
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.6bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt $984m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 221% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 221% over five years.
  • A year's operating cash flow covers at least 20% of debt $671m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Draftkings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$483M
Returned to shareholders
74%
of free cash flow
Buybacks, last 3 fiscal years
$620M
Diluted share count
+0.5%
year over year
Total shareholder yield
4.5%
dividends 0.0% + buybacks 4.5% of market value
Days sales outstanding
5 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated DKNG PENN WYNN MLCO BYD CZR Median
Revenue, last 12 months $6.2bn $7.2bn $7.4bn $5.2bn $4.1bn $11.7bn $2.4bn
Revenue growth, last 12 months 15.0% 6.1% 6.4% 11.3% 0.3% 3.1% 5.5%
Revenue growth, 3-year average 27.5% 3.0% 14.7% 0.5% 3.3% 0.6% 6.5%
Revenue growth, latest quarter −4.6% 5.2% 6.9% — −1.4% 2.5% 2.4%
Operating margin −2.9% −7.9% 15.7% 11.6% 17.8% 15.4% 10.1%
Operating margin, 3-year average −6.9% −7.5% 15.1% −1.9% 20.0% 18.0% 7.1%
Net margin −2.7% −12.7% 6.1% 3.6% 12.3% −4.5% 3.1%
Cash from operations / revenue 10.8% 9.1% 19.7% 15.8% 14.4% 10.6% 14.4%
Free-cash-flow margin 10.5% 1.3% 10.7% 15.5% −0.4% 5.0% 8.5%
Free-cash-flow margin, 3-year average 7.8% −1.0% 11.6% −2.9% 7.8% 2.4% 4.5%
Stock pay / revenue 5.2% 0.8% 1.2% 0.6% 0.8% 0.8% 0.9%
Change in share count 0.5% −14.1% −3.2% −7.5% 0.1% −3.0% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 15.0% 6.1% 3 of 21
Change in growth rate Growth -10.8pp -0.4pp 18 of 21
Gross margin Profitability 40.5% 55.0% 4 of 6
Operating margin Profitability -2.9% 10.1% 17 of 20
Net margin Profitability -2.7% 3.6% 15 of 22
Free-cash-flow margin Cash generation 10.5% 8.5% 9 of 21
Stock pay as % of revenue Cash generation 5.2% 0.9% 20 of 20
Long-term debt as % of assets Balance sheet 29.5% 44.3% 6 of 17
Change in share count Balance sheet 0.5% -3.0% 12 of 16
Days sales outstanding Balance sheet 5 days 13 days 5 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Sportsbook $3.8B 62.9% ▲ 31.8%
iGaming $1.8B 29.7% ▲ 19.7%
Other $423M 7.0% ▲ 18.4%
Product and Service Other Interest Income $25.6M 0.4% —
Geography
Region Revenue Share YoY
United States $5.9B 97.4% ▲ 26.8%
Outside the US $159M 2.6% ▲ 34.2%

From Draftkings Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.3B
Institutions reporting
683
Shares held vs prior quarter
▲ 5.9%
Positions opened / closed
111 / 128

Top buyers and sellers, Q2 2026: 294 institutions bought and 376 sold ; the biggest buyer was CIBC Bancorp Usa Inc (+25.1M shares) and the biggest seller FMR LLC (−4.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
CIBC Bancorp Usa Inc. $943M 37.3M 9.1% ▲ 205.0%
AQR Capital Management LLC $749M 29.7M 7.3% ▲ 29.8%
Jupiter Topco LLC $638M 25.3M 6.2% —
Capital World Investors $626M 24.8M 6.1% ▲ 0.3%
Blackrock, Inc. $580M 23.0M 5.6% ▼ 13.7%
Vanguard Capital Management LLC $545M 21.6M 5.3% ▲ 1.2%
Vanguard Portfolio Management LLC $485M 19.2M 4.7% ▲ 3.2%
Norges Bank $299M 11.8M 2.9% —
Spruce House Investment Management LLC $244M 9.7M 2.4% 0.0%
Geode Capital Management, LLC $240M 9.5M 2.3% ▼ 1.9%
Pointstate Capital LP $227M 9.0M 2.2% New
State Street Corp $211M 8.4M 2.0% ▼ 17.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Draftkings Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.2M 3 trades by 2 insiders, last 12 months Insider sales History → $20.7M 17 trades by 6 insiders · 96% under pre-set plans
Net ▼ $17.5M net selling
Insider Date Trade Shares Price Value
Moore Jocelyn Director August 19, 2026 Sell pre-set plan 10,759 $24.05 $258,754
Dodge R Stanton Chief Legal Officer June 11, 2026 Sell pre-set plan 54,311 $29.64 $1.6M
Dodge R Stanton Chief Legal Officer June 11, 2026 Sell pre-set plan 8,189 $29.97 $245,424
Bradbury Erik Chief Accounting Officer May 20, 2026 Sell pre-set plan 862 $25.33 $21,834
Levin Woodrow Director May 18, 2026 Sell 34,234 $25.71 $880,156
Moore Jocelyn Director March 13, 2026 Sell pre-set plan 2,150 $25.60 $55,040
Liberman Paul See Remarks March 11, 2026 Sell pre-set plan 53,870 $25.16 $1.4M
Liberman Paul See Remarks March 11, 2026 Sell pre-set plan 430,547 $25.16 $10.8M
Bradbury Erik Chief Accounting Officer March 3, 2026 Sell pre-set plan 1,354 $24.77 $33,539
Bradbury Erik Chief Accounting Officer March 3, 2026 Sell pre-set plan 1,529 $24.37 $37,262
Bradbury Erik Chief Accounting Officer February 19, 2026 Sell pre-set plan 7,268 $22.50 $163,530
Sloan Harry Director February 17, 2026 Buy 100,000 $21.85 $2.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

No trades in Draftkings Inc. disclosed in the last 12 months; 24 earlier trades on record.

  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded January 21, 2021, filed February 19, 2021
  • Alan S. Lowenthal(D-CA 47):Sale (full), $1,001 - $15,000, traded January 19, 2021, filed February 2, 2021
  • Alan S. Lowenthal(D-CA 47):Sale (full), $614.78, traded January 19, 2021, filed February 2, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 13, 2026
  • November 7, 2025
  • August 7, 2025
  • May 9, 2025

Recent SEC filings

Data status

When each part of this page on Draftkings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Draftkings Inc. in brief

What does Draftkings Inc. do?
Draftkings Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Draftkings Inc.'s stock ticker?
Draftkings Inc. trades under the ticker DKNG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Draftkings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Draftkings Inc. reported revenue of $6.2B, 15.0% higher than a year earlier, according to its SEC filings.
What is Draftkings Inc.'s free cash flow?
Draftkings Inc.'s free-cash-flow margin is 10.5% of revenue over the trailing twelve months, ranking 9 of the 21 casinos & gaming companies we cover.
What is Draftkings Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Draftkings Inc.'s free cash flow after stock-based pay gives ~$6.7 per share in the base case, and ~$4.6–$9.3 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Draftkings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are CIBC Bancorp Usa Inc., AQR Capital Management LLC and Jupiter Topco LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Draftkings Inc. buying back stock, and does it pay a dividend?
Draftkings Inc. spent $483M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.5% over the year.
What is Draftkings Inc.'s market cap?
On November 2, 2026, Draftkings Inc.'s market capitalisation was about $10.7B and net debt of $874M. Market figures come from third-party market data and may be delayed.
How much debt does Draftkings Inc. have?
Draftkings Inc.'s debt-to-equity ratio is 221.3%, from its latest balance sheet (74.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Draftkings Inc.'s competitors?
In our Casinos & Gaming peer group, the companies closest to Draftkings Inc. are Penn Entertainment, Inc., Wynn Resorts, Melco Resorts & Entertainment LTD, Boyd Gaming Corp and Caesars Entertainment, Inc. The side-by-side comparison below sets their revenue, margins and growth against Draftkings Inc.'s.
Are insiders buying or selling Draftkings Inc. stock?
Over the last 12 months, Draftkings Inc.'s directors and officers reported 3 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Draftkings Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Draftkings Inc. announces its own schedule.