# DraftKings Inc. (DKNG)

> Source: Nexqual · https://nexqual.com/DKNG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DraftKings Inc. (DKNG), nexqual.com/DKNG" · informational, not investment advice.

**Price:** USD 20.94 (+2.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.53 · day 20.31–21.26 · 52w 18.35–36.98 · market cap $10.4B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.22B, net income -$167M (-2.7% margin), free cash flow $651M (SEC filings).
- Total return with dividends: 1Y -39.6% vs S&P 500 +14.9%; 5Y -54.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.18, revenue estimate $1.40B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.30B | $2.24B | $3.67B | $4.77B | $6.05B | $6.22B |
| Gross profit | $502M | $756M | $1.37B | $1.82B | $2.50B | — |
| Operating income | -$1.56B | -$1.51B | -$789M | -$609M | -$15.8M | -$182M |
| Net income | -$1.52B | -$1.38B | -$802M | -$507M | $3.7M | -$167M |
| EPS (diluted) | -$3.78 | -$3.16 | -$1.73 | -$1.05 | -$0.01 | — |
| Free cash flow | -$435M | -$658M | -$22.7M | $408M | $648M | $651M |
| Gross margin | 38.7% | 33.8% | 37.5% | 38.1% | 41.3% | — |
| Operating margin | -120.5% | -67.5% | -21.5% | -12.8% | -0.3% | -2.9% |
| Net margin | -117.5% | -61.5% | -21.9% | -10.6% | 0.1% | -2.7% |
| Revenue growth | +110.9% | +72.9% | +63.6% | +30.1% | +27.0% | — |
| Cash + short-term investments | $2.15B | $1.31B | $1.27B | $788M | $1.13B | — |
| Total debt | $1.25B | $1.25B | $1.25B | $1.26B | $1.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.7x · EV/EBITDA 97.4x · EV/Sales 1.7x · P/FCF 16.0x · P/B 18.3x · FCF yield 6.26% · Earnings yield -1.61% · Buyback yield (TTM) 4.65% · Net debt $277M · EV $10.7B
P/E at fiscal year-ends: Dec 2025 4606.2x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $33 → $30 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $29 → $26 |
| 2026-10-19 | Morgan Stanley | Target lowered | Overweight | $36 → $31 |
| 2026-10-19 | Wells Fargo | Target raised | Overweight | $29 → $30 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $32 → $28 |
| 2026-10-08 | Susquehanna | Target lowered | Positive | $33 → $27 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $38 → $34 |
| 2026-10-07 | Guggenheim | Target lowered | Buy | $33 → $30 |
| 2026-10-05 | B of A Securities | Upgrade | Neutral → Buy | $27 |
| 2026-10-01 | BTIG | Target lowered | Buy | $30 → $25 |
| 2026-09-24 | Citizens | Target lowered | Market Outperform | $37 → $35 |
| 2026-09-18 | UBS | Target lowered | Buy | $49 → $48 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -39.6% | -54.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -39.8% | -14.6% |
| Volatility (annualized) | 52.7% | 65.4% |
| Max drawdown | -48.7% (Jan 2026→Oct 2026) | -75.7% (Oct 2021→Oct 2022) |

## Peers (Gambling)
FLUT (Flutter Entertainment plc) USD 81.69 +4.38% · CHDN (Churchill Downs, Incorporated) USD 84.45 +2.01% · SGHC (Super Group (SGHC) Limited) USD 11.35 +1.98% · RSI (Rush Street Interactive, Inc.) USD 16.36 -2.91% · BRSL (Brightstar Lottery PLC Trading ) USD 9.56 +3.58% · ACEL (Accel Entertainment, Inc.) USD 10.97 +1.76%

## More
Full page: https://nexqual.com/DKNG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DKNG's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1883685/000188368526000013/dkng-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We rely on Amazon Web Services to deliver our product offerings to users, and any disruption of or interference with our use of Amazon Web Services could adversely affect our business, financial condition, results of ope…" |
| Supplier | Light & Wonder, Inc. (LNWO) | "Our iGaming product offering consists of a combination of games that we have built in-house and licensed content from suppliers such as International Gaming Technology, Light & Wonder Inc., Spin and Evolution for live de…" |
| Partner | Chicago Mercantile Exchange | "If any of these third parties (other than CME or CDNA in their capacities as DCOs) terminates its relationship with us or refuses to renew its agreement with us on commercially reasonable terms, or if any such third part…" |

Other companies that name DKNG in their own reports (relationship from DKNG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Walt Disney Co (DIS) | 10-K 2025-11-13 | "In November 2025, this agreement was terminated effective December 1, 2025, and ESPN entered into a promotional services agreement with DraftKings Inc., under which DraftKings Inc. will serve as the e…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sports | $891.9M | 61.8% | -10.6% |
| iGaming | $461.9M | 32.0% | +7.5% |
| Other | $89.4M | 6.2% | +5.2% |
| Total revenue | $1.44B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.90B | 97.4% | +26.8% |
| Non Us | $159.1M | 2.6% | +34.2% |
| Total revenue | $6.05B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.18 | $-0.11 | +69.7% | $1.40B | 9 |
| Next quarter (ends 2026-12-31) | $0.67 | $0.69 | -2.5% | $2.18B | 8 |
| Current fiscal year (ends 2026-12-31) | $0.85 | $1.02 | -16.5% | $6.67B | 13 |
| Next fiscal year (ends 2027-12-31) | $1.71 | $1.70 | +0.4% | $7.59B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±12.7%; earnings reaction alone ±7.6%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 63.6% | ±7.6% |
| 2026-11-06 | 14 | 77.7% | ±12.7% |
| 2026-11-13 | 21 | 72.3% | ±14.3% |
| 2026-11-20 | 28 | 68.7% | ±15.6% |
| 2026-11-27 | 35 | 64.1% | ±16.2% |
| 2026-12-04 | 42 | 50.3% | ±13.9% |
| 2026-12-18 | 56 | 62.1% | ±19.7% |
| 2027-01-15 | 84 | 60.1% | ±23.1% |