DKNG
DraftKings Inc.
DKNG lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
DKNG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Stable | |
| Stable |
DKNG's revenue, cash flow and balance sheet are currently stable, but its profitability is under pressure.
DKNG PE Valuation
DKNG has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 252x next year's earnings.
DKNG Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect DKNG to return to profit, with revenue growing. However, they disagree widely on these estimates.
DKNG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.08 | — |
| Q3 2026 | -$0.77 | -$0.23 |
| Q2 2026 | -$0.35 | +$0.27 |
| Q1 2026 | $0.09 | +$0.91 |
| Q4 2025 | -$0.01 | +$1.04 |
| Q3 2025 | -$0.54 | +$0.34 |
| Q2 2025 | -$0.62 | +$0.27 |
| Q1 2025 | -$0.82 | +$0.34 |
| Q4 2024 | -$1.05 | +$0.68 |
DKNG is still losing money, but far less than before: $0.77 per share over the past year, against $4.93 at its worst in late 2021.
DKNG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +16% |
| Q2 2026 | $1.4B | -4.6% |
| Q1 2026 | $1.6B | +17% |
| Q4 2025 | $2B | +43% |
| Q3 2025 | $1.1B | +4.4% |
| Q2 2025 | $1.5B | +37% |
| Q1 2025 | $1.4B | +20% |
| Q4 2024 | $1.4B | +13% |
DKNG's revenue is growing: $1.3B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -37% | -13 points |
| Q2 2026 | -4.7% | -15 points |
| Q1 2026 | 0.4% | +3.6 points |
| Q4 2025 | 7.6% | +18 points |
| Q3 2025 | -24% | +3.5 points |
| Q2 2025 | 10% | +13 points |
| Q1 2025 | -3.3% | +8.5 points |
| Q4 2024 | -10% | -6.4 points |
DKNG's operating margin was −37% last quarter, down 13 points from the same quarter a year ago.
DKNG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$43.7M | -115% |
| Q2 2026 | $106.9M | -37% |
| Q1 2026 | -$55.5M | +$66.1M |
| Q4 2025 | $316.5M | -2.1% |
| Q3 2025 | $283M | +116% |
| Q2 2025 | $169.6M | +529% |
| Q1 2025 | -$121.7M | -$48.2M |
| Q4 2024 | $323.2M | +355% |
DKNG has burned cash in most quarters: $324M over the past year, down 50% from the year before.
DKNG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +843K shares |
| 1 year | +0.1% | +293K shares |
| 3 years | +6.9% | +32.2M shares |
| 5 years | +23% | +93.1M shares |
| Available history | +170% | +313M shares |
DKNG has 497M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $55.6M |
| Q1 2026 | $98.6M |
| Q4 2025 | $257.6M |
| Q3 2025 | $71.2M |
| Q2 2025 | $100.5M |
| Q1 2025 | $142.3M |
| Q4 2024 | $30.1M |
DKNG spent $412M buying back its own shares over the past year, up 20% from the year before.
DKNG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.5x | Very low |
DKNG's net debt is about 2.5 years of its operating earnings (EBITDA).
DKNG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.7 | Neutral |
| Stochastic | 25.3 | Neutral |
DKNG's weekly RSI is 39 (neutral) and its Stochastic is 25 (neutral).
DKNG PE vs Consumer Cyclical Sector
| Metric | DKNG | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 18x | — |
DKNG has no meaningful PE right now: it lost money over the past year.
DKNG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.8 | 3.5% below |
| 20 week MA | $22.7 | 16% below |
| 50 week MA | $25.3 | 24% below |
| 100 week MA | $32.1 | 40% below |
| 200 week MA | $32.5 | 41% below |
DKNG is in a downtrend: it's below all five of its weekly moving averages, and 41% below its 200-week average.
DKNG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.7 | $52.1 | +388% |
| 2021 | $52.1 | $29.4 | -44% |
| 2022 | $29.4 | $11.5 | -61% |
| 2023 | $11.5 | $35.3 | +206% |
| 2024 | $35.3 | $37.9 | +7.6% |
| 2025 | $37.9 | $34.9 | -8% |
| 2026 YTD | $34.9 | $19.1 | -45% |
DKNG's yearly returns have swung widely, from +388% in 2020 to −61% in 2022. It's down 45% so far in 2026.