DraftKings (DKNG) · Media & Streaming
DraftKings Q2 2026 earnings: summary, key numbers & outlook
Results filed 7 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
DraftKings reported revenue of $1,443 million, a decrease of $69 million, or 5%, on Sports Consumer Volume of $13.1 billion, an increase of 15%, and a diluted loss per share of $(0.14).
DraftKings' second-quarter revenue fell 5% to $1,443 million even though customers wagered more. Sports Consumer Volume rose 15% to $13.1 billion and Monthly Unique Payers rose about 9% to 3.6 million. Revenue fell because of customer-friendly sport outcomes and heavier promotions to win new Sportsbook and Predictions customers. The company posted a net loss of $(67,610) thousand, against a profit of $157,936 thousand a year earlier.
Management kept its 2026 guidance of $6.5 billion to $6.9 billion in revenue and $700 million to $900 million in Adjusted EBITDA. It says the core business should earn about $1 billion of Adjusted EBITDA and that this funds investment in Predictions ahead of the NFL season. The tension is that growth is costing more. Sales and marketing rose to $322,536 thousand, and Adjusted EBITDA fell to $114,597 thousand from $300,644 thousand.
Key numbers
- Revenue · GAAP
- $1,443 million
- Net income (loss) attributable to common stockholders · GAAP
- -$67.6M
- Diluted earnings (loss) per share · GAAP
- $(0.14)
- Adjusted diluted earnings (loss) per share · non-GAAP
- $0.09
- Income (loss) from operations · GAAP
- -$68.2M
- Adjusted EBITDA · non-GAAP
- $114.6M
- Net cash from operating activities (six months) · GAAP
- $63.0M
a decrease of $69 million, or 5%, compared to $1,513 million
vs. $157,936 a year ago
vs. $0.30 a year ago
vs. $0.38 a year ago
vs. 150,644 a year ago
vs. $300,644 a year ago
vs. $54,905 in the prior-year six months
| Segment or metric | Value | Change |
|---|---|---|
| Sports Consumer Volume | $13.1 billion | an increase of $1.7 billion, or 15% |
| Sports Revenue | $891.9M | (10.6)% |
| iGaming Revenue | $461.9M | 7.5% |
| Other Revenue | $89.4M | 5.2% |
| Sports Net Revenue Margin | 6.8% | vs. 8.7% a year ago |
| Monthly Unique Payers | 3.6 million | increased approximately 9% |
| Average Revenue per MUP | $132 | decreased approximately 13%, or $19 |
Where each number comes from
- Revenue: “DraftKings reported revenue of $1,443 million, a decrease of $69 million, or 5%, compared to $1,513 million during the same period in 2025.”
- Net income (loss) attributable to common stockholders: “Net income (loss) attributable to common stockholders | $(67,610) | $157,936 | $(46,540) | $124,072”
- Diluted earnings (loss) per share: “Earnings (loss) per share attributable to common stockholders: Basic | $(0.14) | $0.32 | $(0.09) | $0.25 Diluted | $(0.14) | $0.30 | $(0.09) | $0.23”
- Adjusted diluted earnings (loss) per share: “Adjusted Diluted Earnings (Loss) Per Share | $0.09 | $0.38 | $0.29 | $0.50”
- Income (loss) from operations: “General and administrative | 169,442 | 165,700 | 335,376 | 330,094 Income (loss) from operations | (68,174) | 150,644 | (62,327) | 104,313”
- Adjusted EBITDA: “Adjusted EBITDA | $114,597 | $300,644 | $282,450 | $403,273 Adjusted Diluted Earnings (Loss) Per Share | $0.09 | $0.38 | $0.29 | $0.50”
- Net cash from operating activities (six months): “Net cash flows provided by (used in) operating activities | $63,001 | $54,905 Cash Flows from Investing Activities: Purchases of property and equipment”
- Sports Consumer Volume: “DraftKings reported Sports Consumer Volume of $13.1 billion, an increase of $1.7 billion, or 15%, compared to $11.5 billion during the same period in 2025.”
- Sports Revenue: “Sports Revenue | $891,883 | $997,872 | $(105,989) | (10.6)% iGaming Revenue | 461,930 | 429,660 | 32,270 | 7.5%”
- iGaming Revenue: “Sports Revenue | $891,883 | $997,872 | $(105,989) | (10.6)% iGaming Revenue | 461,930 | 429,660 | 32,270 | 7.5%”
- Other Revenue: “iGaming Revenue | 461,930 | 429,660 | 32,270 | 7.5% Other Revenue | 89,422 | 84,975 | 4,447 | 5.2% Total Revenue | $1,443,235 | $1,512,507”
- Sports Net Revenue Margin: “Sports Consumer Volume | $13,140,417 | $11,474,841 | $1,665,576 | 14.5% Sports Revenue | 891,883 | 997,872 | (105,989) | (10.6)% Sports Net Revenue Margin | 6.8% | 8.7% | N/A | N/A”
- Monthly Unique Payers: “Monthly Unique Payers (“MUPs”) increased approximately 9% to 3.6 million in the three months ended June 30, 2026, compared to the three months ended June 30, 2025.”
- Average Revenue per MUP: “Average Revenue per MUP (“ARPMUP”) decreased approximately 13%, or $19, to $132 for the three months ended June 30, 2026, compared to the three months ended June 30, 2025”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $1.4B | −4.6% | −12.3% |
| Operating income | -$68.2M | — | — |
| Net income | -$67.6M | — | — |
| Diluted EPS | -$0.14 | — | — |
| Free cash flow | $106.9M | −37.0% | — |
| Operating margin | -4.7% | −14.7 pts | −5.1 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | fiscal year 2026 | $6.5 billion to $6.9 billion |
| Adjusted EBITDA | fiscal year 2026 | $700 million to $900 million |
| Core business Adjusted EBITDA | this year | approximately $1 billion |
Key takeaways
Revenue fell 5% despite higher betting volume
Revenue was $1,443 million, down from $1,513 million, while Sports Consumer Volume rose 15% to $13.1 billion. Customer-friendly sport outcomes and promotions drove the gap.
Sports Net Revenue Margin dropped sharply
Sports Net Revenue Margin was 6.8% versus 8.7% a year earlier, and Sports Revenue fell (10.6)% to $891,883 thousand.
Quarter swung to a net loss
Net loss attributable to common stockholders was $(67,610) thousand, against net income of $157,936 thousand a year earlier. Diluted EPS was $(0.14), and Adjusted Diluted EPS was $0.09.
Full-year guidance maintained despite weaker quarter
DraftKings kept revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million. Q2 Adjusted EBITDA was $114,597 thousand.
Predictions investment is squeezing profitability
Sales and marketing rose to $322,536 thousand from $233,187 thousand. Management says the core business's roughly $1 billion of Adjusted EBITDA funds the Predictions push.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $1.4B * |
| Q1 2025 | $1.4B |
| Q2 2025 | $1.5B |
| Q3 2025 | $1.1B |
| Q4 2025 | $2.0B * |
| Q1 2026 | $1.6B |
| Q2 2026 | $1.4B |
| Q3 2026 | $1.3B |
Data
| Q1 2025 | -$0.07 |
| Q2 2025 | $0.30 |
| Q3 2025 | -$0.52 |
| Q1 2026 | $0.03 |
| Q2 2026 | -$0.14 |
| Q3 2026 | -$0.94 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -10.0% |
| Q1 2025 | -3.3% |
| Q2 2025 | 10.0% |
| Q3 2025 | -23.8% |
| Q4 2025 | 7.6% |
| Q1 2026 | 0.4% |
| Q2 2026 | -4.7% |
| Q3 2026 | -37.1% |
Data
| Q4 2024 | $323.2M |
| Q1 2025 | -$121.7M |
| Q2 2025 | $169.6M |
| Q3 2025 | $283.0M |
| Q4 2025 | $316.5M |
| Q1 2026 | -$55.5M |
| Q2 2026 | $106.9M |
| Q3 2026 | -$43.7M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were DraftKings' Q2 2026 headline results?
Revenue was $1,443 million, a decrease of $69 million, or 5%, from $1,513 million a year earlier. Net loss attributable to common stockholders was $(67,610) thousand, with diluted EPS of $(0.14).
Why did revenue fall while betting volume grew?
Sports Consumer Volume rose 15% to $13.1 billion, but revenue fell because of customer-friendly sport outcomes and higher promotional reinvestment on Sportsbook and Predictions. Sports Net Revenue Margin fell to 6.8% from 8.7%.
Did DraftKings change its 2026 guidance?
No. It maintained revenue guidance of $6.5 billion to $6.9 billion and Adjusted EBITDA guidance of $700 million to $900 million, first announced on May 7, 2026.
How did Adjusted EBITDA and adjusted EPS compare with last year?
Q2 Adjusted EBITDA was $114,597 thousand versus $300,644 thousand a year earlier. Adjusted Diluted EPS was $0.09 versus $0.38.
How is DraftKings' user base trending?
Monthly Unique Payers rose about 9% to 3.6 million, but Average Revenue per MUP fell about 13% to $132.
Documents
SEC filing