{ "ok": true, "cik": "1883685", "ticker": "DKNG", "name": "DRAFTKINGS INC.", "filings": [ { "form": "8-K", "filed": "2026-09-25", "items": [ "4.01 Changes in Registrant's Certifying Accountant", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000034/0001883685-26-000034-index.htm" }, { "form": "8-K", "filed": "2026-08-25", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000110465926100812/0001104659-26-100812-index.htm" }, { "form": "10-Q", "filed": "2026-08-07", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000029/0001883685-26-000029-index.htm" }, { "form": "8-K", "filed": "2026-08-07", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000027/0001883685-26-000027-index.htm" }, { "form": "8-K", "filed": "2026-06-26", "items": [ "7.01 Regulation FD Disclosure" ], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000110465926078269/0001104659-26-078269-index.htm" }, { "form": "8-K", "filed": "2026-06-09", "items": [ "7.01 Regulation FD Disclosure" ], "url": "https://www.sec.gov/Archives/edgar/data/1883685/000110465926071581/0001104659-26-071581-index.htm" } ], "events12m": 11, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "4.01", "label": "Auditor change", "count": 1, "latest": { "filed": "2026-09-25", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000034/0001883685-26-000034-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-05-29", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000110465926068267/0001104659-26-068267-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001883685.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1883685" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up DRAFTKINGS INC. ($DKNG). Last filing: 8-K (4.01 Changes in Registrant's Certifying Accountant), 2026-09-25. 11 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-09-25.", "auditor": { "changes": [ { "filed": "2026-09-25", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000034/0001883685-26-000034-index.htm" } ], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 6054525000, "revenueGrowth1y": 0.2699050422436484, "revenueGrowthPerYear": 0.47016701447215903, "yearsOfData": 5, "operatingMargin": -0.0026124262431817527, "operatingMarginPrior": -0.127734364103103, "netMargin": 0.0006127648329142253, "operatingCashFlow": 662855000, "capitalSpending": 15352000, "freeCashFlow": 647503000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 1127545000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 1296025000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 2240461000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 3665393000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 4767699000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 6054525000 } ], "totalEquity": 631461000, "totalAssets": 4530784000, "equityRatio": 0.13937124347574284, "returnOnEquity": 0.005875263872194799, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -0.01, "sharesOutstanding": 495903000, "bookValuePerShare": 1.2733558780648635, "revenuePerShare": 12.209091294063557, "range80": { "low": 6521911498.895293, "high": 9512041730.794249, "baseline": 8060954419.925244, "n": 4599, "band": "b1", "bandLabel": "$1B–10B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.15716704454901306, "classVolatility": 0.07701947805587882, "volatility": 0.12376081749138428 }, "ifPaceHeld": { "low": 6521911498.895293, "high": 9512041730.794249 } }, "edgarette": "🔖 Exposure: revenue $6.1B (FY2025). Experience: revenue up 27.0% on the year, up 47.0% a year over 4 years; operating margin -0.3%, up from -12.8%. Soundness: equity 13.9% of assets, return on equity 0.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $6.5B and $9.5B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $5.7B to $10.9B. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, services-miscellaneous amusement & recreation): operating margin -0.3% against a 7.0% median; growth 27.0% against 2.0%.", "peers": { "sic": 7990, "sicDescription": "Services-Miscellaneous Amusement & Recreation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7990", "growth": [ 0.0196, 12 ], "opMargin": [ 0.07, 10 ], "equityRatio": [ 0.0966, 12 ], "returnOnEquity": [ 0.0767, 8 ] }, "summary": "Draftkings (DKNG) grew revenue 27.0% in FY2025 to $6.1 billion, operating margin -0.3% against a 7.0% median for services-miscellaneous amusement & recreation, equity 13.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
DRAFTKINGS INC. against its own record and its peers
Operating marginPeer median 7.0%-0.3%Revenue, on the yearPeer median 2.0%27.0%Equity of assetsPeer median 9.7%13.9%Return on equityPeer median 7.7%0.6%Gold tick: the median of 8–12 peers with $50M+ revenue in services-miscellaneous amusement & recreation
", "chartHorizon": null, "backtest": { "tests": 2, "hits": 1, "rate": 0.5, "method": "v4", "byYear": { "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-27T20:01:04.069Z", "hash": "c972ed7acef33f44", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Draftkings (DKNG) grew revenue 27.0% in FY2025 to $6.1 billion, operating margin -0.3% against a 7.0% median for services-miscellaneous amusement & recreation, equity 13.9% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 6054525000, "totalDebt": null, "cash": 1127545000 }, "experience": { "revenueGrowth1y": 0.2699050422436484, "revenueGrowthPerYear": 0.47016701447215903, "operatingMargin": -0.0026124262431817527, "operatingMarginPrior": -0.127734364103103, "netMargin": 0.0006127648329142253, "freeCashFlow": 647503000 }, "soundness": { "equityRatio": 0.13937124347574284, "returnOnEquity": 0.005875263872194799, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 7990, "sicDescription": "Services-Miscellaneous Amusement & Recreation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7990", "growth": [ 0.0196, 12 ], "opMargin": [ 0.07, 10 ], "equityRatio": [ 0.0966, 12 ], "returnOnEquity": [ 0.0767, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": { "filed": "2026-09-25", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000034/0001883685-26-000034-index.htm" } }, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "4.01", "label": "Auditor change", "count": 1, "latest": { "filed": "2026-09-25", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000188368526000034/0001883685-26-000034-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 2, "latest": { "filed": "2026-05-29", "url": "https://www.sec.gov/Archives/edgar/data/1883685/000110465926068267/0001104659-26-068267-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 6521911498.895293, "high": 9512041730.794249, "baseline": 8060954419.925244, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4599, "sizeBand": "$1B–10B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.15716704454901306, "classVolatility": 0.07701947805587882, "pricedVolatility": 0.12376081749138428, "k": 3 }, "stress": { "low": 5682215299.652955, "high": 10919148295.347109, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 2, "hits": 1, "rate": 0.5, "method": "v4", "byYear": { "2024": [ 0, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-27T20:01:04.069Z", "hash": "c972ed7acef33f44", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001883685.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1883685" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1095, "growth3y": 0.3929, "volatility": 0.1572, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1394, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 10.9% of revenue into operating cash; revenue growing 39.3% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 39th percentile for cash, 96th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 39, "growthPctInClass": 96, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed auditor change in the last 12 months" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 662855000, "investing": -165997000, "financing": -222456000, "capitalSpending": 15352000, "free": 647503000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -419508000, "free": -435433000 }, { "fiscalYearEnd": "2022-12-31", "operating": -625519000, "free": -657921000 }, { "fiscalYearEnd": "2023-12-31", "operating": -1751000, "free": -22653000 }, { "fiscalYearEnd": "2024-12-31", "operating": 417767000, "free": 407591000 }, { "fiscalYearEnd": "2025-12-31", "operating": 662855000, "free": 647503000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 1127545000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 4530784000, "ladder": null, "currentRatio": 1.03, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1095, "growth3y": 0.3929, "volatility": 0.1572, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.1394, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "between", "inside": "Turns 10.9% of revenue into operating cash; revenue growing 39.3% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 39th percentile for cash, 96th for growth.", "emoji": "🌊", "label": "In between", "plain": "no clear cash pattern yet" }, "band": "$1B-10B", "cashPctInClass": 39, "growthPctInClass": 96, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "warning", "text": "filed auditor change in the last 12 months" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 1, "name": "Sound ship", "plain": "one warning sign" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 662855000, "investing": -165997000, "financing": -222456000, "capitalSpending": 15352000, "free": 647503000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -419508000, "free": -435433000 }, { "fiscalYearEnd": "2022-12-31", "operating": -625519000, "free": -657921000 }, { "fiscalYearEnd": "2023-12-31", "operating": -1751000, "free": -22653000 }, { "fiscalYearEnd": "2024-12-31", "operating": 417767000, "free": 407591000 }, { "fiscalYearEnd": "2025-12-31", "operating": 662855000, "free": 647503000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 1127545000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 4530784000, "ladder": null, "currentRatio": 1.03, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }