$DKNG

DraftKings Inc.

CIK:0001883685|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,443,235	$ 1,512,507	$ 3,089,311	$ 2,921,313
Cost of revenue	891,782	854,559	1,841,167	1,698,362
Sales and marketing	322,536	233,187	724,270	576,867
Product and technology	127,649	108,417	250,825	211,677
General and administrative	169,442	165,700	335,376	330,094
Income (loss) from operations	(68,174)	150,644	(62,327)	104,313
Other income (expense):
Interest (income) expense, net	(7,434)	665	(13,173)	5,060
Gain (loss) on remeasurement of warrant liabilities	0	(5,851)	0	(3,356)
Other gain (loss), net	3,750	24,459	26,564	24,481
Income (loss) before income tax and equity method investments	(71,858)	169,917	(48,936)	130,498
Income tax provision (benefit)	(1,797)	11,790	4,572	6,190
(Gain) loss from equity method investments	(2,451)	191	(6,968)	236
Net income (loss) attributable to common stockholders	$ (67,610)	$ 157,936	$ (46,540)	$ 124,072
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.14)	$ 0.32	$ (0.09)	$ 0.25
Diluted (in dollars per share)	$ (0.14)	$ 0.30	$ (0.09)	$ 0.23

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income (loss) attributable to common stockholders	$ (46,540)	$ 124,072
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization	152,003	135,415
Non-cash interest (income) expense, net	2,451	939
Stock-based compensation	147,769	163,547
(Gain) loss on remeasurement of warrant liabilities	0	3,356
(Gain) loss from equity method investments	(6,968)	236
Deferred income taxes	(215)	96
Other non-cash (gain) loss, net	(26,303)	(16,422)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	23,498	(11,111)
Prepaid expenses and other current assets	(4,009)	(7,625)
Deposits and other non-current assets	2,220	2,759
Accounts payable and accrued expenses	(95,746)	(98,441)
Liabilities to users	(94,740)	(254,484)
Long-term income tax liability	9,341	7,953
Other long-term liabilities	240	4,615
Net cash flows provided by (used in) operating activities	63,001	54,905
Cash Flows from Investing Activities:
Purchases of property and equipment	(11,671)	(6,963)
Cash paid for internally developed software costs	(75,064)	(60,414)
Cash paid for gaming market access and licenses	(1,992)	(2,234)
Other investing activities	(4,717)	(4,667)
Net cash flows provided by (used in) investing activities	(93,444)	(74,278)
Cash Flows from Financing Activities:
Proceeds from Term B Loan, net	0	588,116
Repayment of Term B Loan principal	(3,000)	(1,500)
Purchase of treasury stock for RSU withholding	(43,480)	(101,852)
Purchase of treasury stock under Stock Repurchase Program	(154,218)	(242,741)
Proceeds from exercise of stock options	4,067	6,304
Proceeds from shares issued under Employee Stock Purchase Plan	9,987	6,900
Other financing activities	0	(2,093)
Net cash flows provided by (used in) financing activities	(186,644)	253,134
Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users	(217,087)	233,761
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period	1,604,595	1,330,193
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,387,508	1,563,954
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users
Cash and cash equivalents	983,882	1,261,969
Restricted cash	8,596	4,616
Cash reserved for users	395,030	297,369
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period	1,387,508	1,563,954
Supplemental Disclosure of Noncash Investing and Financing Activities:
Decrease in warrant liabilities from cashless exercise of warrants	0	11,185
Shares issued for contingent consideration	9,420	4,962
Stock-based compensation capitalized to internally developed software costs	13,553	11,955
Supplemental Disclosure of Cash Activities:
(Decrease) increase in cash reserved for users	(74,419)	(228,038)
Cash paid for interest	17,624	9,421
Cash paid for income taxes, net of refunds	$ 2,440	$ 8,186

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 983,882	$ 1,127,545
Restricted cash	8,596	7,601
Cash reserved for users	395,030	469,449
Accounts receivable	82,079	105,577
Prepaid expenses and other current assets	107,436	104,837
Total current assets	1,577,023	1,815,009
Property and equipment, net	52,726	51,081
Intangible assets, net	837,441	889,201
Goodwill	1,597,647	1,597,647
Operating lease right-of-use assets	76,760	49,810
Equity method investments	30,312	18,938
Deposits and other non-current assets	105,470	109,098
Total assets	4,277,379	4,530,784
Current liabilities:
Accounts payable and accrued expenses	689,247	785,441
Liabilities to users	840,261	935,001
Operating lease liabilities, current portion	9,735	9,795
Other current liabilities	11,445	25,234
Total current liabilities	1,550,688	1,755,471
Convertible notes, net of issuance costs	1,260,421	1,259,096
Term B Loan, net of issuance costs	574,574	576,544
Operating lease liabilities	71,279	44,391
Long-term income tax liabilities	100,959	91,618
Other long-term liabilities	150,030	172,203
Total liabilities	3,707,951	3,899,323
Commitments and contingent liabilities (Notes 5 and 13)
Stockholders’ equity:
Treasury stock, at cost; 45,525 and 38,243 shares as of June 30, 2026 and December 31, 2025, respectively	(1,590,131)	(1,392,433)
Additional paid-in capital	8,607,037	8,424,833
Accumulated deficit	(6,484,058)	(6,437,518)
Accumulated other comprehensive income	36,488	36,488
Total stockholders’ equity	569,428	631,461
Total liabilities and stockholders’ equity	4,277,379	4,530,784
Class A Common Stock
Stockholders’ equity:
Common stock	53	52
Class B Common Stock
Stockholders’ equity:
Common stock	$ 39	$ 39