# DraftKings (DKNG) Q2 2026 earnings

Results filed 2026-08-07 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/dkng/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1883685/000188368526000027/0001883685-26-000027-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $1,443 million | a decrease of $69 million, or 5%, compared to $1,513 million | GAAP |
| Net income (loss) attributable to common stockholders | $(67,610) | vs. $157,936 a year ago | GAAP |
| Diluted earnings (loss) per share | $(0.14) | vs. $0.30 a year ago | GAAP |
| Adjusted diluted earnings (loss) per share | $0.09 | vs. $0.38 a year ago | non-GAAP |
| Income (loss) from operations | (68,174) | vs. 150,644 a year ago | GAAP |
| Adjusted EBITDA | $114,597 | vs. $300,644 a year ago | non-GAAP |
| Net cash from operating activities (six months) | $63,001 | vs. $54,905 in the prior-year six months | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Sports Consumer Volume | $13.1 billion | an increase of $1.7 billion, or 15% |
| Sports Revenue | $891,883 | (10.6)% |
| iGaming Revenue | 461,930 | 7.5% |
| Other Revenue | 89,422 | 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 |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.