DraftKings hits Q4 2025 records with $1.99bn revenue

• DraftKings reported Q4 2025 revenue of $1.99bn, a 43% year-on-year increase, driven by stronger sportsbook and iGaming margins.
• Full-year 2025 revenue reached $6.05bn, up 27%, with adjusted EBITDA rising from $181.3m to $619.99m.
• CEO Jason Robins says DraftKings will invest in acquiring “millions” of new customers through its newly launched Predictions product.

DraftKings reported record fourth-quarter revenue and adjusted EBITDA for 2025 on 12 February 2026. Q4 revenue reached $1.99bn, up 43% from $1.39bn in Q4 2024. Full-year revenue rose 27% to $6.05bn.

Monthly unique players in Q4 held steady at 4.8 million year-on-year, rising 5% when the Jackpocket lottery platform is excluded. Average revenue per monthly unique player climbed 43% to $139, reflecting higher net revenue across both sportsbook and iGaming.

Profitability trajectory improves sharply

Q4 adjusted EBITDA reached $343.2m, up from $89.5m a year earlier. Full-year adjusted EBITDA improved from $181.3m to $619.99m.

The company’s full-year operating loss narrowed from $609m in 2024 to $15.8m in 2025. In Q4, DraftKings reported income from operations of $151.8m, reversing a loss of $139.2m in Q4 2024.

“We closed 2025 on a high note. Fourth quarter revenue increased 43 per cent year-over-year and we achieved records for revenue and adjusted EBITDA,” said Jason Robins, CEO.

“Our core business is strong as we enter 2026.”

Predictions opens new growth avenue

Robins pointed to DraftKings Predictions as a major incremental growth opportunity beyond the core business. The operator secured federal approvals ahead of the Predictions launch and has since expanded its prediction markets catalogue through a deal with Crypto.com.

The push into prediction markets has not been without cost. Both DraftKings and FanDuel left the American Gaming Association in November 2025 to pursue prediction markets, and both operators subsequently exited Nevada over the state’s conflict with prediction market platforms.

“We also see a massive, incremental opportunity in DraftKings Predictions,” Robins added. “We plan to deploy growth capital to build the best customer experience in Predictions and acquire millions of customers. We have the playbook to execute and win.”

Chief Financial Officer Alan Ellingson signalled that investors would receive greater detail at DraftKings’ virtual Investor Day on 2 March.

“We have built an efficient and powerful business model and are excited to share more detail at our virtual Investor Day on March 2,” Ellingson said.

The company is also reportedly set to accept crypto-to-cash deposits in four US states, further differentiating its payments offering. The operator has also been at the centre of attention for recently paying out a record $22.4 million casino jackpot in Michigan.

2026 guidance and investment plans

DraftKings guided 2026 revenue of between $6.5bn and $6.9bn, with adjusted EBITDA expected in a range of $700m to $900m.

“The company’s guidance ranges reflect expected investment in DraftKings Predictions, line-of-sight jurisdictions launches and disciplined planning as business conditions evolve,” the company said.

“The company assumes state tax rates will remain consistent with where they are today.”

For investors, the 2 March Investor Day will be a key moment to assess how management balances growth capital deployment against the legal risks of operating in a rapidly evolving regulatory environment.