Filing Flows › DraftKings (DKNG) › Q4 2025
DraftKings (DKNG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
DraftKings (DKNG) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +74% from the quarter before. Operating margin was 7.6%, net earnings $136M (6.9% of revenue).
DraftKings, Q4 2025: revenue $2.0B (+43% year over year), operating margin 7.6%, net earnings $136M, operating cash flow $320M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +74% | +43% |
| Operating profit | $152M | — | — |
| Net earnings | $136M | — | — |
| Operating cash flow | $320M | +11% | -1% |
| Free cash flow | $317M | +12% | -2% |
What changed
Revenue was $2.0B in Q4 2025, up 43% year over year and up 74% from the previous quarter. Sportsbook was the largest line at 68% of revenue.
Operating profit was $0.15B, a 7.6% margin (up 17.6 points year over year). Total costs grew 20% against revenue growth of 43%. The fastest-growing cost line was Cost of revenue (+29%). Net earnings were $0.14B. The effective tax rate was 6.9%.
Operating cash flow was $0.32B (down 1% year over year), 235% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.10B of share-based compensation. Capital expenditures of $4.0M left free cash flow of $0.32B.
Questions
What was DraftKings' revenue in the fourth quarter 2025?
DraftKings (DKNG) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), +43% from a year earlier and +74% from the quarter before.
Was DraftKings profitable in the fourth quarter 2025?
Operating profit was $152M (7.6% of revenue) and net earnings $136M.
Source: DraftKings 10-K on SEC EDGAR.