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DraftKings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$43.7M in Q3 2026 · $324M over twelve months

Operating cash flow$25K
Capital spending−$43.8M
Free cash flow−$43.7M
Cash conversion cycle-73 days

Analysis

In Q3 2026, DraftKings generated $25K of operating cash flow and spent $43.8M on capital projects, leaving free cash flow of −$43.7M. That is $327M less than in Q3 2025 ($283M).

Over the twelve months to Sep 30, 2026, operating cash flow was $383M; the largest uses were buybacks ($412M), taxes on employees’ shares ($187M), other investing ($168M); besides operations, cash came from other financing ($396M), shares issued ($7.4M); the cash balance fell by $38.8M.

Operating cash flow was $25K against net income of −$469M. The largest differences: payables +$223M, stock-based pay +$86.0M, depreciation & amortization +$77.4M.

Its cash conversion cycle was -73 days (receivables 6 + inventory 0 − payables 79): suppliers fund its working capital.

Free cash flow

DraftKings: free cash flow by quarterDraftKings: free cash flow by quarter$323MQ4 2024−$122MQ1 2025$170MQ2 2025$283MQ3 2025$317MQ4 2025−$55.5MQ1 2026$107MQ2 2026−$43.7MQ3 2026
Operating cash flow less capital spending.
DraftKings: operating cash flow against capital spendingDraftKings: operating cash flow against capital spendingOperating cash flowCapital spending$325M$2.0MQ4 2024−$119M$2.6MQ1 2025$174M$4.3MQ2 2025$287M$4.4MQ3 2025$320M$4.0MQ4 2025−$48.4M$7.1MQ1 2026$111M$4.6MQ2 2026$25K$43.8MQ3 2026
Latest (Q3 2026): Operating cash flow $25K, Capital spending $43.8M.

Capital allocation, year by year

DraftKings: where the cash came from (up) and went (down), by fiscal yearDraftKings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$420MFY2021: Net borrowing $1.2BFY2021: Shares issued $31.5MFY2021: Capital spending −$15.9MFY2021: Acquisitions −$65.0MFY2021: Buybacks −$17.8M$1.3BFY2021FY2022: Operating cash flow −$626MFY2022: Shares issued $8.7MFY2022: Capital spending −$32.4MFY2022: Acquisitions −$96.5M$8.7MFY2022FY2023: Operating cash flow −$1.8MFY2023: Shares issued $16.5MFY2023: Capital spending −$20.9M$16.5MFY2023FY2024: Operating cash flow $418MFY2024: Shares issued $9.2MFY2024: Capital spending −$10.2MFY2024: Acquisitions −$441MFY2024: Buybacks −$48.1M$427MFY2024FY2025: Operating cash flow $663MFY2025: Net borrowing $584MFY2025: Shares issued $10.6MFY2025: Capital spending −$15.4MFY2025: Acquisitions −$16.4MFY2025: Buybacks −$572M$1.3BFY2025
Over these 5 years operating cash flow totalled $33.8M; the largest uses were operating cash flow ($1.0B) and buybacks ($637M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debtnone
Net cash$1.1B
Due within a year$5.9M

DraftKings funds itself: free cash flow was $324M over the last twelve months, with $1.1B of cash and investments and no debt on the balance sheet ($5.9M due within a year, 185.6× covered by cash).

DraftKings: debt maturities by year (FY2025)DraftKings: debt maturities by year (FY2025)$5.9MYear 1$5.9MYear 2$1.3BYear 3$5.8MYear 4$5.7MYear 5$566MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

DraftKings: sources (+) and uses (−) of cash, Q3 2026DraftKings: sources (+) and uses (−) of cash, Q3 2026Other financing$383MCash drawn (+) / kept (−)−$282MCapital spending−$43.8MOther investing−$40.2MTaxes on employees’ shares−$19.0MShares issued$2.0MOperating cash flow$25K
DraftKings: sources (+) and uses (−) of cash, TTM to Q3 2026DraftKings: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$412MOther financing$396MOperating cash flow$383MTaxes on employees’ shares−$187MOther investing−$168MCapital spending−$59.4MCash drawn (+) / kept (−)$38.8MShares issued$7.4M

From profit to cash

DraftKings: net income to operating cash flow, Q3 2026DraftKings: net income to operating cash flow, Q3 2026Net income−$469MDepreciation & amortization$77.4MStock-based pay$86.0MDeferred taxes$472KOther non-cash−$5.0MReceivables−$9.7MPayables$223MPrepaid and other assets−$14.1MOther liabilities$1.7MIncome taxes payable−$880KOperating cash flow$25K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266—79-73
Q2 20265—71-66
Q1 20265—71-65
Q3 20255—74-69
Q2 20254—60-56
Q1 20254—66-62

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$25K−$43.8M———$2.0M−$282M−$43.7M
Q2 2026$111M−$4.6M—−$55.6M−$1.5M$752K−$688K$107M
Q1 2026−$48.4M−$7.1M—−$98.6M−$1.5M$3.3M$218M−$55.5M
Q4 2025$320M−$4.0M−$16.4M−$258M−$1.5M$1.3M$104M$317M
Q3 2025$287M−$4.4M—−$71.2M−$1.5M$2.9M−$144M$283M
Q2 2025$174M−$4.3M—−$100M−$1.5M$2.9M−$19.0M$170M
Q1 2025−$119M−$2.6M—−$142M$588M$3.4M−$215M−$122M
Q4 2024$325M−$2.0M−$49.0M−$48.1M—$2.4M−$174M$323M

DraftKings: income statement and cash flow

DraftKings, Q3 2026: revenue $1.3B (+16% year over year), operating margin -37.1%. The chart follows the revenue to costs, profit and cash.

DraftKings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.