For the year ending 2025-12-31, DKNG had $274,402K increase in cash & cash equivalents over the period. $647,503K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Total revenue | 6,054,525 | 4,767,699 | - | - |
| Gaming tax | - | 1,658,114 | - | - |
| Other adjusted cost of revenue | - | 1,061,992 | - | - |
| Cost of revenue | 2,110,590 | - | - | - |
| Total adjusted cost of revenue | - | 2,720,106 | - | - |
| Other adjusted cost of revenue | 1,189,909 | - | - | - |
| Sales and marketing expenses | 1,338,553 | 1,224,561 | - | - |
| Product and technology expenses | 370,260 | 292,991 | - | - |
| General and administrative expenses | 425,226 | 348,734 | - | - |
| Depreciation and amortization | 275,488 | 270,854 | - | - |
| Interest income | - | 47,259 | - | - |
| Interest expense | - | 2,959 | - | - |
| Interest (income) expense, net | -19,941 | - | - | - |
| Stock-based compensation | 339,311 | 381,367 | - | - |
| Transaction-related costs | - | 26,386 | - | - |
| Litigation, settlement and related costs | - | 81,246 | - | - |
| Advocacy and other related legal expenses | - | 16,049 | - | - |
| Loss (gain) on remeasurement of warrant liabilities | - | 4,945 | - | - |
| Loss from equity method investment | - | -468 | - | - |
| Income tax expense | 4,274 | -86,341 | - | - |
| Other expenses | - | 37,917 | - | - |
| Other segment items | -22,737 | - | - | - |
| Net loss attributable to common stockholders | 3,710 | -507,285 | -802,142 | -1,377,987 |
| Depreciation and amortization | 275,488 | 270,854 | 201,920 | 169,252 |
| Non-cash interest expense, net | - | - | 386 | 870 |
| Non-cash interest (income) expense, net | -2,300 | 15 | - | - |
| Stock-based compensation expense | 339,311 | 381,367 | 398,463 | 578,799 |
| (gain) loss on remeasurement of warrant liabilities | -4,747 | 4,945 | 57,543 | -29,396 |
| (gain) loss from equity method investment | 971 | -468 | -719 | -2,895 |
| (gain) loss on marketable equity securities and other financial assets, net | -4,406 | -12,940 | -75 | 10,999 |
| Loss on sale of vegas sports information network, llc | 0 | -5,865 | - | - |
| Deferred income taxes | -18,225 | -92,733 | 5,849 | -73,407 |
| Other non-cash (gain) loss, net | 35,765 | -6,280 | -554 | 7,268 |
| Receivables reserved for users | -60,688 | -248,320 | 141,687 | 105,320 |
| Accounts receivable | 57,695 | 10,116 | -3,558 | -2,506 |
| Prepaid expenses and other current assets | 16,423 | 26,266 | -2,451 | 26,217 |
| Deposits and other non-current assets | -1,950 | -1,701 | 19,355 | 4,921 |
| Operating leases, net | 0 | 130 | 6,558 | 1,304 |
| Accounts payable and accrued expenses | 132,182 | -18,200 | 103,593 | 95,269 |
| Liabilities to users | -44,452 | 110,678 | 165,725 | 152,985 |
| Long-term income tax liability | 15,243 | 3,565 | 2,952 | -9,267 |
| Other long-term liabilities | 5,855 | 25,269 | 11,087 | 15,383 |
| Net cash flows provided by (used in) operating activities | 662,855 | 417,767 | -1,751 | -625,519 |
| Purchases of property and equipment | 15,352 | 10,176 | 20,902 | 32,402 |
| Cash paid for internally developed software costs | 131,154 | 95,698 | 80,378 | 64,030 |
| Cash paid for gaming market access and licenses | 7,956 | 14,983 | 12,105 | 7,213 |
| Purchase of marketable equity securities and other financial assets | - | - | - | 0 |
| Proceeds from marketable equity securities and other financial assets | 0 | 0 | -24,425 | - |
| Cash paid for acquisitions, net of cash acquired | 16,381 | 441,487 | 0 | 96,507 |
| Collection of loan receivable | 11,784 | - | - | - |
| Other investing activities | 6,938 | 4,257 | 1,400 | 8,614 |
| Net cash flows provided by (used in) investing activities | -165,997 | -566,601 | -90,360 | -208,766 |
| Proceeds from revolving credit line | - | - | - | 0 |
| Repayments of revolving credit line | - | - | - | 0 |
| Cash buyout of unaccredited investors | - | - | - | 0 |
| Issuance costs related to merger recapitalization | - | - | - | 0 |
| Proceeds from issuance of convertible notes, net | - | - | 0 | 0 |
| Purchase of capped call options | - | - | 0 | 0 |
| Proceeds from term b loan, net | 588,116 | - | - | - |
| Proceeds from recapitalization of deac shares, net of issuance costs | - | - | - | 0 |
| Repayment of term b loan principal | 4,500 | - | - | - |
| Proceeds from exercise of warrants | 0 | 0 | 288 | 44 |
| Purchase of treasury stock for rsu withholding | 257,759 | 102,897 | - | - |
| Proceeds from issuance of classa common stock, net of issuance costs | - | - | - | 0 |
| Proceeds from exercise of stock options | 10,573 | 9,165 | 16,540 | 8,743 |
| Purchase of treasury stock under stock repurchase program | 571,528 | 48,067 | 80,049 | 25,519 |
| Proceeds from shares issued under employee stock purchase plan | 15,243 | - | - | - |
| Other financing activities | -2,601 | -2,667 | 0 | 0 |
| Net cash flows provided by (used in) financing activities | -222,456 | -144,466 | -63,221 | -16,732 |
| Effect of foreign exchange rates on cash and cash equivalents, restricted cash, and cash reserved for users | - | - | 0 | 0 |
| Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users | 274,402 | -293,300 | -155,332 | -851,017 |
| Cash and cash equivalents at beginning of period | 1,330,193 | 1,623,493 | 1,778,825 | 2,629,842 |
| Cash and cash equivalents at end of period | 1,604,595 | 1,330,193 | 1,623,493 | 1,778,825 |
DraftKings Inc. (DKNG)
DraftKings Inc. (DKNG)