DraftKings Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
DKNG$19.36+3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows from Operating Activities: | |||
| Net income (loss) attributable to common stockholders | $3,710 | $(507,285) | $(802,142) |
| Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: | |||
| Depreciation and amortization | 275,488 | 270,854 | 201,920 |
| Non-cash interest (income) expense, net | 2,300 | (15) | 386 |
| Stock-based compensation expense | 339,311 | 381,367 | 398,463 |
| (Gain) loss on remeasurement of warrant liabilities | (4,747) | 4,945 | 57,543 |
| (Gain) loss from equity method investment | (971) | 468 | 719 |
| (Gain) loss on marketable equity securities and other financial assets, net | 4,406 | 12,940 | 75 |
| Loss on sale of Vegas Sports Information Network, LLC | — | 5,865 | — |
| Deferred income taxes | (18,225) | (92,733) | 5,849 |
| Other non-cash (gain) loss, net | (35,765) | 6,280 | 554 |
| Change in operating assets and liabilities, net of effect of acquisitions: | |||
| Receivables reserved for users | 60,688 | 248,320 | (141,687) |
| Accounts receivable | (57,695) | (10,116) | 3,558 |
| Prepaid expenses and other current assets | (16,423) | (26,266) | 2,451 |
| Deposits and other non-current assets | 1,950 | 1,701 | (19,355) |
| Operating leases, net | — | 130 | 6,558 |
| Accounts payable and accrued expenses | 132,182 | (18,200) | 103,593 |
| Liabilities to users | (44,452) | 110,678 | 165,725 |
| Long-term income tax liability | 15,243 | 3,565 | 2,952 |
| Other long-term liabilities | 5,855 | 25,269 | 11,087 |
| Net cash flows provided by (used in) operating activities | 662,855 | 417,767 | (1,751) |
| Cash Flows from Investing Activities: | |||
| Purchases of property and equipment | (15,352) | (10,176) | (20,902) |
| Cash paid for internally developed software costs | (131,154) | (95,698) | (80,378) |
| Cash paid for gaming market access and licenses | (7,956) | (14,983) | (12,105) |
| Proceeds from marketable equity securities and other financial assets | — | — | 24,425 |
| Cash paid for acquisitions, net of cash acquired | (16,381) | (441,487) | — |
| Collection of loan receivable | 11,784 | — | — |
| Other investing activities | (6,938) | (4,257) | (1,400) |
| Net cash flows provided by (used in) investing activities | (165,997) | (566,601) | (90,360) |
| Cash Flows from Financing Activities: | |||
| Proceeds from Term B Loan, net | 588,116 | — | — |
| Repayment of Term B Loan principal | (4,500) | — | — |
| Proceeds from exercise of warrants | — | — | 288 |
| Purchase of treasury stock for RSU withholding | (257,759) | (102,897) | (80,049) |
| Proceeds from exercise of stock options | 10,573 | 9,165 | 16,540 |
| Purchase of treasury stock under Stock Repurchase Program | (571,528) | (48,067) | — |
| Proceeds from shares issued under Employee Stock Purchase Plan | 15,243 | — | — |
| Other financing activities | (2,601) | (2,667) | — |
| Net cash flows provided by (used in) financing activities | (222,456) | (144,466) | (63,221) |
| Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users | 274,402 | (293,300) | (155,332) |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period | 1,330,193 | 1,623,493 | 1,778,825 |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period | $1,604,595 | $1,330,193 | $1,623,493 |
| Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users | |||
| Cash and cash equivalents | $1,127,545 | $788,287 | $1,270,503 |
| Restricted cash | 7,601 | 16,499 | 11,700 |
| Cash reserved for users | 469,449 | 525,407 | 341,290 |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period | $1,604,595 | $1,330,193 | $1,623,493 |
| Supplemental Disclosure of Noncash Investing and Financing Activities: | |||
|---|---|---|---|
| Investing activities included in accounts payable and accrued expenses | — | 3,462 | 569 |
| Equity consideration issued in connection with acquisitions | 28,708 | 376,702 | — |
| Shares issued for contingent consideration | 4,962 | — | — |
| Fair value of contingent consideration in connection with acquisitions | 37,785 | 77,965 | — |
| Decrease of warrant liabilities from cashless exercise of warrants | 17,287 | 46,484 | 4,654 |
| Supplemental Disclosure of Cash Activities: | |||
| Increase (decrease) in cash reserved for users | (55,958) | 184,117 | (128,363) |
| Cash paid for interest | 27,881 | — | — |
| Cash paid for income taxes | 8,236 | 5,268 | 8,341 |
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