10-K · February 13, 2026
DraftKings' 2025 10-K shows continued top-line scale with revenue of $6,054.5 million in 2025 (up from $4,767.7M in 2024 and $3,665.4M in 2023) and user metrics improving (4.0M MUPs in 2025). The business remains…
Earnings analysis · 10-Q
DKNG earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
DraftKings reported Q1 2026 earnings with impressive growth in both revenue and profits, achieving $1.646 billion in revenue (up 16.8% year-over-year) and an EPS of $0.20, exceeding analyst expectations. The company…
Read full summary
DraftKings reported Q1 2026 earnings with impressive growth in both revenue and profits, achieving $1.646 billion in revenue (up 16.8% year-over-year) and an EPS of $0.20, exceeding analyst expectations. The company demonstrated strong performance in its Sportsbook and iGaming segments but faced some challenges in maintaining its Monthly Unique Payers (MUPs).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.2
What stood out
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Revenue Growth of 16.8%
DraftKings generated $1,646 million in revenue for Q1 2026, up from $1,409 million in Q1 2025.
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EPS of $0.20 Surpasses Estimates
The reported diluted EPS was $0.20, comparing favorably against estimates of $0.16.
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Significant Growth in Sportsbook Revenue
Sportsbook revenue surged by 24.1% to $1,095 million from $882 million year-over-year.
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Increase in Average Revenue per MUP
ARPMUP rose by 21.3% to $134 for Q1 2026, reflecting improved monetization.
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Positive Adjusted EBITDA of $167.9M
Adjusted EBITDA was $167.8 million, up from $102.6 million in the same quarter last year.
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Strong Cash Position
DraftKings ended the quarter with $999.4 million in cash and cash equivalents.
What to watch
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Decline in Monthly Unique Payers
MUPs decreased by 3.6% year-over-year, mainly due to the exit from the Texas Lottery market.
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High Sales and Marketing Expenses
Sales and marketing expenses increased by 16.9% to $401.7 million, impacting margins.
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Increased Interest Expenses
Net interest expense for Q1 2026 was $5.7 million, a swing from $4.4 million of net interest income in Q1 2025.
Management's outlook
DraftKings maintains fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and expects Adjusted EBITDA between $700 million to $900 million.
Earlier filings 4
10-Q · November 7, 2025
DraftKings reported Q3 revenue of $1,144,019,000, up $48,529,000 (+4.4%) year-over-year but down materially versus the prior quarter. Gross margin compressed to ~31.5% and the company generated an operating loss of…
10-Q · August 7, 2025
DraftKings posted a strong June quarter: revenue of $1,512,507,000 (Q2 2025) increased sequentially and year-over-year, with gross margin expanding to 43.5% and operating income of $150,644,000 driving GAAP diluted EPS…
10-Q · May 9, 2025
DraftKings reported Q1 2025 revenue of $1,408,806,000, up from $1,174,996,000 in Q1 2024, with gross margin roughly stable at 40.1%. Operating loss narrowed to $(46,331,000) and diluted EPS improved to $(0.07) from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.