← DraftKings Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| Depreciation and amortization | $77.4m | $121.1m | $169.3m | $201.9m | $270.9m | $275.5m | |
| Deferred income taxes | ($2.3m) | ($15.5m) | ($73.4m) | $5.8m | ($92.7m) | ($18.2m) | |
| Non-cash interest (income) expense, net | $3.1m | $2.1m | $870k | $386k | ($15k) | $2.3m | |
| (Gain) loss from equity method investment | $566k | ($2.7m) | $2.9m | $719k | $468k | ($971k) | |
| Operating leases, net | $2.6m | ($1.1m) | $1.3m | $6.6m | $130k | $0 | |
| Net loss attributable to common stockholders | ($1.2b) | ($1.5b) | ($1.4b) | ($802.1m) | ($507.3m) | $3.7m | |
| Stock-based compensation expense | $325.0m | $683.3m | $578.8m | $398.5m | $381.4m | $339.3m | |
| (Gain) loss on remeasurement of warrant liabilities | $387.6m | ($30.1m) | ($29.4m) | $57.5m | $4.9m | ($4.7m) | |
| (Gain) loss on marketable equity securities and other financial assets, net | $0 | ($11.3m) | ($11.0m) | $75k | $12.9m | $4.4m | |
| Loss on sale of Vegas Sports Information Network, LLC | — | — | $0 | $0 | $5.9m | $0 | |
| Other non-cash (gain) loss, net | $0 | $0 | ($7.3m) | $554k | $6.3m | ($35.8m) | |
| Receivables reserved for users | ($10.4m) | ($21.7m) | ($105.3m) | ($141.7m) | $248.3m | $60.7m | |
| Accounts receivable | ($13.8m) | ($1.8m) | $2.5m | $3.6m | ($10.1m) | ($57.7m) | |
| Prepaid expenses and other current assets | $1.2m | ($10.1m) | ($26.2m) | $2.5m | ($26.3m) | ($16.4m) | |
| Deposits and other non-current assets | ($3.7m) | ($6.5m) | ($4.9m) | ($19.4m) | $1.7m | $1.9m | |
| Accounts payable and accrued expenses | $103.6m | $167.9m | $95.3m | $103.6m | ($18.2m) | $132.2m | |
| Liabilities to users | $154.9m | $210.9m | $153.0m | $165.7m | $110.7m | ($44.5m) | |
| Long-term income tax liability | ($411k) | $13.2m | ($9.3m) | $3.0m | $3.6m | $15.2m | |
| Other long-term liabilities | $12.4m | $5.7m | $15.4m | $11.1m | $25.3m | $5.9m | |
| Purchases of property and equipment | ($11.8m) | ($15.9m) | ($32.4m) | ($20.9m) | ($10.2m) | ($15.4m) | |
| Cash paid for internally developed software costs | ($27.5m) | ($46.5m) | ($64.0m) | ($80.4m) | ($95.7m) | ($131.2m) | |
| Cash paid for gaming market access and licenses | ($6.8m) | ($35.8m) | ($7.2m) | ($12.1m) | ($15.0m) | ($8.0m) | |
| Proceeds from marketable equity securities and other financial assets | — | ($25.0m) | $0 | $24.4m | $0 | $0 | |
| Cash paid for acquisitions, net of cash acquired | ($178.6m) | ($65.0m) | ($96.5m) | $0 | ($441.5m) | ($16.4m) | |
| Collection of loan receivable | — | — | — | $0 | $0 | $11.8m | |
| Proceeds from Term B Loan, net | — | — | — | $0 | $0 | $588.1m | |
| Repayment of Term B Loan principal | — | — | — | $0 | $0 | ($4.5m) | |
| Proceeds from exercise of warrants | $202.0m | $693k | $44k | $288k | $0 | $0 | |
| Purchase of treasury stock for RSU withholding | — | — | ($25.5m) | ($80.0m) | ($102.9m) | ($257.8m) | |
| Proceeds from exercise of stock options | $27.6m | $31.5m | $8.7m | $16.5m | $9.2m | $10.6m | |
| Purchase of treasury stock under Stock Repurchase Program | ($288.8m) | ($17.8m) | ($25.5m) | ($80.0m) | ($48.1m) | ($571.5m) | |
| Proceeds from shares issued under Employee Stock Purchase Plan | — | — | — | $0 | $0 | $15.2m | |
| Cash reserved for users | $287.7m | $476.9m | $469.7m | $341.3m | $525.4m | $469.4m | |
| Investing activities included in accounts payable and accrued expenses | $5.0m | ($3.8m) | $9.2m | $569k | $3.5m | $0 | |
| Equity consideration issued for acquisitions | $789.1m | $33.1m | $460.1m | $0 | $376.7m | $28.7m | |
| Shares issued for contingent consideration | — | — | — | $0 | $0 | $5.0m | |
| Fair value of contingent consideration in connection with acquisitions | — | — | $0 | $0 | $78.0m | $37.8m | |
| Net cash flows provided by (used in) operating activities | ($194.2m) | ($419.5m) | ($625.5m) | ($1.8m) | $417.8m | $662.9m | |
| Other investing activities | ($2.6m) | ($6.8m) | ($8.6m) | ($1.4m) | ($4.3m) | ($6.9m) | |
| Net cash flows provided by (used in) investing activities | ($227.3m) | ($195.0m) | ($208.8m) | ($90.4m) | ($566.6m) | ($166.0m) | |
| Other financing activities | $0 | $416k | $0 | $0 | ($2.7m) | ($2.6m) | |
| Net cash flows provided by (used in) financing activities | $2.3b | $1.1b | ($16.7m) | ($63.2m) | ($144.5m) | ($222.5m) | |
| Net increase (decrease) in cash and cash equivalents, restricted cash, and cash reserved for users | $1.9b | $524.9m | ($851.0m) | ($155.3m) | ($293.3m) | $274.4m | |
| Decrease of warrant liabilities from cashless exercise of warrants | — | $0 | $0 | $4.7m | $46.5m | $17.3m | |
| Increase (decrease) in cash reserved for users | $143.7m | $189.2m | ($7.3m) | ($128.4m) | $184.1m | ($56.0m) | |
| Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period | $2.1b | $2.6b | $1.8b | $1.6b | $1.3b | $1.6b | |
| Cash and cash equivalents | $1.8b | $2.2b | $1.3b | $1.3b | $788.3m | $1.1b | |
| Restricted cash | — | $0 | $0 | $11.7m | $16.5m | $7.6m | |
| Cash paid for interest | $417k | $0 | $0 | $0 | $0 | $27.9m | |
| Cash paid for income taxes | $1.4m | $5.6m | $10.4m | $8.3m | $5.3m | $8.2m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.