Filing Flows › DraftKings (DKNG) › Q3 2025
DraftKings (DKNG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
DraftKings (DKNG) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -24% from the quarter before. Operating margin was -23.8%, net loss $257M (22.4% of revenue).
DraftKings, Q3 2025: revenue $1.1B (+4% year over year), operating margin -23.8%, net loss $257M, operating cash flow $287M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -24% | +4% |
| Operating profit | −$272M | -280% | — |
| Net earnings | −$257M | -263% | — |
| Operating cash flow | $287M | +65% | +115% |
| Free cash flow | $283M | +67% | +116% |
What changed
Revenue was $1.1B in Q3 2025, up 4% year over year and down 24% from the previous quarter. Sportsbook was the largest line at 52% of revenue. iGaming added $0.09B year over year (up 25%), 185% of the total change. Sportsbook declined 9%.
Operating costs exceeded revenue by $0.27B, an operating margin of -23.8%. Total costs grew 2% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+11%). The quarter ended with a net loss of $0.26B, after a profit of $0.16B the previous quarter.
Operating cash flow was $0.29B (up 115% year over year). Non-cash charges added back $0.07B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.41B. Capital expenditures of $4.4M left free cash flow of $0.28B.
Questions
What was DraftKings' revenue in the third quarter 2025?
DraftKings (DKNG) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +4% from a year earlier and -24% from the quarter before.
Was DraftKings profitable in the third quarter 2025?
Operating loss was $272M (-23.8% of revenue) and net loss $257M.
Source: DraftKings 10-Q on SEC EDGAR.