DraftKings (NASDAQ: DKNG) Earnings beat all forecasts. DraftKings Q4 2025 earnings posted record quarterly revenue. Q4 revenue hit $1.99 billion. This marks a 43% jump from last year. Also, adjusted EBITDA grew to $343 million.
DraftKings Q4 2025 Earnings: Full Year Results
Full year 2025 revenue topped $6.05 billion. This grew 27% from 2024. Also, full year adjusted EBITDA hit $620 million. So, the EBITDA margin rose to 10.2%. Plus, the company reported positive net income for FY 2025. This was a first for the company. Net income was $3.7 million for the year.
DraftKings Q4 2025 Earnings: Key Metrics
Q4 2025 revenue was $1.99 billion. This beat Q4 2024’s $1.39 billion by 43%. So, the EBITDA margin hit 17.3% in Q4. This compares to 6.4% last year. Also, operating income was $152 million. Last year showed a loss of $139 million. The turnaround was massive.
DraftKings Q4 2025 Earnings: Quarterly Revenue Performance
Customer Growth and Engagement
Monthly unique payers held steady at 4.8 million. But average revenue per user soared 43%. It went from $97 to $139. So, the company earned more from each customer. In fact, unique customers reached 10.9 million over 12 months. This grew from 8.4 million last year.
DraftKings Q4 2025 Earnings: Adjusted EBITDA Growth
Sportsbook and iGaming Growth
Sportsbook handle hit $16.8 billion in Q4. This grew from $14.9 billion last year. Also, net revenue margin reached 8.0%. This beat Q4 2024’s 5.5%. So, the company kept more of each bet. iGaming revenue grew to $500 million. This rose from $426 million in Q4 2024. Plus, Missouri launched as one of the best state openings ever.
Management Outlook
“We closed 2025 on a high note,” said CEO Jason Robins. “Q4 revenue grew 43% year over year. Also, we hit records for revenue and adjusted EBITDA.” CFO Alan Ellingson added: “We are proud to report positive net income. For the year, revenue grew 27% to above $6 billion.”
Fiscal 2026 Guidance
FY 2026 revenue guidance is $6.5 billion-$6.9 billion. So, growth should continue in 2026. Also, adjusted EBITDA guidance is $700 million-$900 million. This reflects investments in DraftKings Predictions. Plus, new state launches will add to growth. The company sees massive potential in its Predictions product.
Key Takeaways
DraftKings delivered a breakout Q4. Revenue surged 43% to a record $1.99 billion. Also, adjusted EBITDA jumped nearly 4x to $343 million. So, the margin expanded to 17.3%. Full year revenue topped $6 billion for the first time. Plus, the company turned profitable on a net income basis. Looking ahead, 2026 guidance points to continued growth. For more details, see the DraftKings Q4 2025 earnings press release and investor relations page.
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