Q4 22 EPS
$N/A
Est. $-0.59
Q4 22 Revenue
N/A
Est. $800.2M
vs S&P Since Q4 22
-54.8%
TRAILING MARKET
DKNG +34.3% vs S&P +89.1%
Market Reaction
Did DKNG Beat Earnings? Q4 2022 Results
DraftKings delivered a disappointing second quarter, missing on both the top and bottom lines as a combination of customer-friendly sports outcomes and heavy promotional investment weighed on results. Revenue fell 4.6% year-over-year to $1.44 billion… Read more DraftKings delivered a disappointing second quarter, missing on both the top and bottom lines as a combination of customer-friendly sports outcomes and heavy promotional investment weighed on results. Revenue fell 4.6% year-over-year to $1.44 billion, coming in 4.48% below the $1.51 billion consensus, while adjusted EPS of $0.09 fell sharply short of the $0.19 analysts had expected, a 53.05% miss. The core culprit was margin compression in the sportsbook, where Sports Net Revenue Margin narrowed to 6.8% from 8.7% a year ago, even as Sports Consumer Volume climbed 15% to $13.14 billion. Sales and marketing costs surged to $322.54 million from $233.19 million, reflecting aggressive investment behind the December 2025 launch of Predictions and broader customer acquisition. Adjusted EBITDA tumbled to $114.60 million from $300.64 million in Q2 2025, and the company swung to a GAAP net loss of $67.61 million from net income of $157.94 million a year ago. Management maintained full-year 2026 revenue guidance of $6.50 billion to $6.90 billion and Adjusted EBITDA guidance of $700 million to $900 million, expressing confidence that the core business remains on track to generate approximately $1.00 billion of Adjusted EBITDA.
Key Takeaways
- • Sports Consumer Volume increased 15% YoY to $13.1 billion
- • Monthly Unique Payers increased approximately 9% to 3.6 million
- • iGaming revenue grew 7.5% YoY
- • Customer-friendly sport outcomes negatively impacted revenue
- • Increased promotional reinvestment for Sportsbook and Predictions customer acquisition compressed margins
- • ARPMUP decreased approximately 13% to $132
- • Sports Net Revenue Margin compressed to 6.8% from 8.7%
DKNG YoY Financials
Q4 2022 vs Q4 2021, source: SEC Filings
DKNG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong second quarter and enter the back half of the year with real momentum, as our core business grew across handle, users, and engagement.”
— Jason Robins, Q4 2022 Earnings Press Release
DKNG Earnings Trends
DKNG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DKNG EPS Trend
Earnings per share: estimate vs actual
DKNG Revenue Trend
Quarterly revenue: estimate vs actual
DKNG Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.19 | $0.09 | -53.05% | $1.44B | -4.48% |
| Q1 26 BEAT | $0.17 | $0.20 | +16.41% | $1.65B | +0.92% |
| Q4 25 MISS FY | $0.41 | $0.36 | -12.47% | $1.99B | +0.04% |
| FY Full Year | $0.79 | $0.66 | -16.28% | $6.05B | +0.26% |
| Q3 25 MISS | $-0.26 | $-0.26 | -1.84% | $1.14B | -4.81% |
| Q2 25 MISS | $0.41 | $0.38 | -6.31% | $1.51B | +6.03% |
| Q1 25 MISS | $0.12 | $0.12 | -2.44% | $1.41B | -1.23% |
| Q1 24 BEAT | $-0.28 | $0.03 | +110.71% | $1.17B | +4.51% |
| Q4 23 BEAT FY | $0.08 | $0.29 | +262.50% | $1.23B | -0.75% |
| FY Full Year | — | $-0.41 | — | $3.67B | — |
| Q4 22 | $-0.59 | — | — | — | — |