Q4 25 EPS
$0.36
BEAT +100.00%
Est. $0.18
Q4 25 Revenue
$1.99B
BEAT +0.80%
Est. $1.97B
vs S&P Since Q4 25
-0.5%
TRAILING MARKET
DKNG +5.2% vs S&P +5.7%
Full Year 2025 Results
FY 25 EPS
$0.66
MISS 16.28%
Est. $0.79
FY 25 Revenue
$6.05B
BEAT +0.26%
Est. $6.04B
Market Reaction
Did DKNG Beat Earnings? Q4 2025 Results
DraftKings capped fiscal 2025 with a standout fourth quarter, doubling Wall Street's earnings expectations and delivering its first full-year GAAP profit as the online betting giant's scale advantages came into sharp focus. The company posted Q4 adju… Read more DraftKings capped fiscal 2025 with a standout fourth quarter, doubling Wall Street's earnings expectations and delivering its first full-year GAAP profit as the online betting giant's scale advantages came into sharp focus. The company posted Q4 adjusted diluted EPS of $0.36, well ahead of the $0.18 consensus estimate, while revenue climbed 42.8% year-over-year to $1.99 billion, edging past the $1.97 billion forecast. The key driver was a meaningful expansion in Sportsbook net revenue margin alongside efficient customer acquisition, which propelled Adjusted EBITDA to $343.20 million in the quarter, nearly four times the year-ago level. For the full year, DraftKings generated $6.05 billion in revenue and $619.99 million in Adjusted EBITDA, while recording a slim but historic positive GAAP net income of $3.71 million. Despite the strong results, shares fell sharply following the report, as investors weighed 2026 guidance of $6.50 billion to $6.90 billion in revenue against planned investment in DraftKings Predictions, a new federally regulated event contracts platform management views as a significant long-term growth opportunity.
Key Takeaways
- • Continued healthy customer engagement
- • Efficient acquisition of new customers
- • Higher Sportsbook net revenue margin
- • 43% increase in Average Revenue per MUP to $139
- • Higher net revenue margin across both Sportsbook and iGaming
DKNG Forward Guidance & Outlook
DraftKings introduced fiscal year 2026 revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million. The guidance ranges reflect expected investment in DraftKings Predictions, line-of-sight jurisdiction launches, and disciplined planning as business conditions evolve. The company assumes state tax rates will remain consistent with current levels. The guidance ranges exclude potential variance related to sport outcomes and do not include the modest benefit from year-to-date sport outcomes.
DKNG YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DKNG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We closed 2025 on a high note. Fourth quarter revenue increased 43% year-over-year and we achieved records for revenue and Adjusted EBITDA. Our core business is strong as we enter 2026.”
— Jason Robins, Q4 2025 Earnings Press Release
DKNG Earnings Trends
DKNG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DKNG EPS Trend
Earnings per share: estimate vs actual
DKNG Revenue Trend
Quarterly revenue: estimate vs actual
DKNG Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $0.18 | $0.36 | +100.00% | $1.99B | +0.80% |
| FY Full Year | $0.79 | $0.66 | -16.28% | $6.05B | +0.26% |
| Q3 25 MISS | $-0.26 | $-0.26 | -1.84% | $1.14B | -4.81% |
| Q2 25 MISS | $0.41 | $0.38 | -6.31% | $1.51B | +6.03% |
| Q1 25 MISS | $0.12 | $0.12 | -2.44% | $1.41B | -1.23% |
| Q1 24 BEAT | $-0.28 | $0.03 | +110.71% | $1.17B | +4.51% |
| Q4 23 BEAT FY | $0.08 | $0.29 | +262.50% | $1.23B | -0.75% |
| FY Full Year | — | $-0.41 | — | $3.67B | — |
| Q4 22 | $-0.59 | — | — | — | — |