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DraftKings released its latest financial results on Thursday, outlining a strong close to 2025 supported by steady demand across U.S. sports betting and iGaming. Performance during the NFL calendar and continued product expansion helped lift both revenue and profitability as the company heads into 2026 with higher expectations.
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Growth came from a combination of customer activity, improved margins, and disciplined acquisition spending, according to company leadership. Performance across multiple jurisdictions also aligned with a favorable stretch for operators during football season, when sportsbooks reported strong hold levels against bettors.
Sports betting revenue alone beat projections and totaled $1.3 billion in the fourth quarter, a 63% increase year over year, reflecting how critical the NFL schedule remains to the economics of U.S. online wagering. Monthly Unique Players across sportsbook and casino products rose 5%, while revenue per user jumped 43% to $139 as margins improved.
“We closed 2025 on a high note. Fourth quarter revenue increased 43% year-over-year, and we achieved records for revenue and Adjusted EBITDA,” Jason Robins, DraftKings CEO and co-founder, said. “Our core business is strong as we enter 2026.”
Adjusted EBITDA for the quarter reached $343 million, up sharply from $89.4 million during the same period in 2024. Full-year revenue increased 27% to more than $6 billion, while Adjusted EBITDA climbed 242.5% to $620 million. Fiscal 2025 also marked the first year of positive net income since DraftKings went public in 2020, a milestone often viewed by analysts as a turning point for digital betting operators seeking sustainable profitability.
Online casino products continued to play a larger role in the overall mix. Digital table games and slots generated $500 million in Q4 revenue, reinforcing the importance of iGaming as a higher-margin complement to sportsbook wagering.
“We are proud to have generated positive net income in fiscal year 2025. For the year, we increased revenue 27% to above $6 billion, continued to grow Adjusted EBITDA, and repurchased 16 million shares,” CFO Alan Ellingson said. “We have built an efficient and powerful business model and are excited to share more detail at our virtual Investor Day on March 2nd.”
Operational expansion also contributed to the annual performance. Launch of mobile sports betting in Missouri, the twenty sixth U.S. state for DraftKings, added new users and reinforced national scale. Broader market access remains a core lever for customer growth across regulated jurisdictions.
Late in the quarter, the company introduced DraftKings Predictions, a trading style exchange now available in 38 states. Leadership views the product as an additional engagement channel rather than a replacement for traditional wagering, and executives reported no “discernible” business impact from existing prediction market competitors.
“We also see a massive, incremental opportunity in DraftKings Predictions,” Robins said. “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.”
DraftKings expects the Predictions platform to generate hundreds of millions of dollars in future revenue, supported by cross sell opportunities among sportsbook and casino users.
Looking ahead, company guidance projects fiscal 2026 revenue between $6.5 billion and $6.9 billion, alongside an Adjusted EBITDA range of $700 million to $900 million. Forecasts account for continued investment in new products, jurisdiction launches, and stable tax structures across major betting states.
Higher engagement during the NFL season, improved sportsbook margins, and strong iGaming performance contributed to the quarterly increase.
Digital casino products generated a record $500 million in Q4 revenue, highlighting the value of iGaming alongside sports betting.
Company leadership reported no discernible impact from prediction market activity on the core sportsbook business.
Guidance calls for revenue between $6.5 billion and $6.9 billion with Adjusted EBITDA projected at $700 million to $900 million.