DraftKings Inc. · DKNG · FY2026 Q1 · Calendar Q2 2026

DraftKings Reaffirms 2026 Outlook as Predictions Investment Accelerates

The supplied analysis supports a constructive but conditional view: resilient core results and early Predictions traction can support growth, while investment intensity, regulation and execution remain important constraints.

Reported After market closeNASDAQConsumer Cyclical $10.54B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.20 Consensus $0.22
EPS surprise -9.1% Reported versus consensus
Reported revenue $1.65B Consensus $1.63B
Revenue surprise +0.9% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +1.2% Event window
SPY move +0.8% Same window
Abnormal move +0.4% Stock minus SPY
Volume 2.5× Versus trailing sessions
Subsequent drift -2.9% Up to 20 sessions
DKNGSPY benchmark

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Transcript intelligence

What changed

Predictions became a larger strategic and capital-allocation focus, with management citing lower acquisition costs, higher engagement and $200 million to $300 million of planned 2026 investment. New exchange and combo products, a Spanish-language app and World Cup initiatives were added to the forward plan.

Guidance delta

FY2026 revenue and adjusted EBITDA guidance was reaffirmed; management plans substantial Predictions investment despite added Arkansas launch costs.

Key takeaways

  • Q1 revenue and EBITDA exceeded expectations, with positive net income and nearly $100 million of share repurchases.
  • Predictions is a strategic priority, supported by sharply lower customer-acquisition cost and planned investment of $200 million to $300 million in 2026.
  • Upcoming initiatives include a proprietary exchange, combo bets, a Spanish-language app and World Cup-related customer acquisition.

Management priorities

  • Scale Predictions while investing in marketing, technology and market-making.
  • Expand Sportsbook and iGaming through product launches, media partnerships and additional state opportunities.
  • Develop the proprietary exchange and related products while pursuing further legalization.

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Earnings History

Estimate Beat Miss Match
DKNG EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $-0.29 Q1 '24 actual $-0.30, miss Q2 '24 estimate $0.01 Q2 '24 actual $0.12, beat Q3 '24 estimate $-0.42 Q3 '24 actual $-0.60, miss Q2 '25 estimate $0.15 Q2 '25 actual $0.38, beat Q3 '25 estimate $-0.43 Q3 '25 actual $-0.26, beat Q4 '25 estimate $0.36 Q4 '25 actual $0.36, match Q1 '26 estimate $0.22 Q1 '26 actual $0.20, miss Q2 '26 estimate $0.02 Q2 '26 actual $-0.14, miss Q3 '26 estimate $-0.34 Q4 '26 estimate $0.46 Q1 '27 estimate $0.17
Show 1 more >

Analyst Consensus ?

ConsensusBuy48 ratings
Bullish3572.9%
Neutral918.8%
Bearish48.3%

Analyst 52W Price Targets

$21.25Previous close
$15Low
$42.47Average
$105High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainSep 18, 2026
Needham Buy BuyMaintainSep 18, 2026
Citizens Market Outperform Market OutperformMaintainSep 8, 2026
Bernstein Outperform OutperformMaintainSep 3, 2026
Macquarie Outperform OutperformMaintainAug 11, 2026
Citigroup Buy BuyMaintainAug 11, 2026
JP Morgan Overweight OverweightMaintainAug 10, 2026
Guggenheim Buy BuyMaintainAug 10, 2026
Barclays Overweight OverweightMaintainAug 10, 2026
Benchmark Buy BuyMaintainAug 7, 2026
Stifel Buy BuyMaintainJul 22, 2026
Wells Fargo Overweight OverweightMaintainJul 20, 2026
Truist Securities Buy BuyMaintainJul 20, 2026
TD Cowen Buy BuyMaintainJul 10, 2026
Deutsche Bank Hold HoldMaintainJul 9, 2026
Susquehanna Positive PositiveMaintainJul 1, 2026
Morgan Stanley Overweight OverweightMaintainMay 14, 2026
Mizuho Outperform OutperformMaintainMay 12, 2026
BTIG Buy BuyMaintainMay 8, 2026
MoffettNathanson Neutral BuyDowngradeApr 24, 2026
Argus Research Hold BuyDowngradeMar 17, 2026
BMO Capital Outperform OutperformMaintainMar 3, 2026
Oppenheimer Outperform OutperformMaintainFeb 17, 2026
Goldman Sachs Buy BuyMaintainFeb 17, 2026
Canaccord Genuity Buy BuyMaintainFeb 13, 2026
B of A Securities Neutral NeutralMaintainFeb 13, 2026
Berenberg Buy HoldUpgradeOct 9, 2025
Jefferies Buy BuyMaintainOct 6, 2025
Northland Capital Markets Underperform OutperformDowngradeOct 1, 2025
JMP Securities Market Outperform Market PerformUpgradeOct 1, 2025
TD Securities Buy BuyMaintainApr 24, 2025
Citizens Capital Markets Market Outperform Market OutperformMaintainApr 2, 2025
Piper Sandler Overweight OverweightMaintainFeb 18, 2025
Exane BNP Paribas Underperform NeutralDowngradeJan 19, 2024
Craig-Hallum Buy BuyMaintainNov 15, 2023
Roth MKM Sell SellMaintainAug 7, 2023
Roth Capital Sell SellMaintainMay 8, 2023
CFRA Hold BuyDowngradeMay 5, 2023
Cowen & Co. Outperform OutperformMaintainNov 7, 2022
Redburn Partners Neutral NeutralMaintainOct 12, 2022
Loop Capital Buy BuyMaintainMay 9, 2022
CBRE Hold HoldMaintainDec 7, 2021
Rosenblatt Buy BuyMaintainMar 10, 2021
Credit Suisse Outperform OutperformMaintainMar 10, 2021
Wolfe Research Perform Peer PerformMaintainSep 14, 2020
Evercore ISI Group Outperform OutperformMaintainSep 9, 2020
Bank of America Neutral NeutralMaintainSep 8, 2020
Stephens & Co. Overweight OverweightMaintainJul 1, 2020
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Named analyst price targets

Upside is calculated against the persisted previous close $21.25. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSRobin Farley$48$22.58 +125.9%Sep 18, 2026
BernsteinIan Moore$29$24.21 +36.5%Sep 3, 2026
Wolfe ResearchAnalyst unavailable$40$23.44 +88.2%Sep 2, 2026
CBREAnalyst unavailable$27$25.03 +27.1%Aug 21, 2026
Truist FinancialBarry Jonas$29$24.85 +36.5%Aug 10, 2026
Northland SecuritiesAnalyst unavailable$28$24.68 +31.8%Aug 10, 2026
GuggenheimCurry Baker$33$24.03 +55.3%Aug 10, 2026
BarclaysAnalyst unavailable$34$24.03 +60.0%Aug 10, 2026
BernsteinAnalyst unavailable$27$21.54 +27.1%Aug 6, 2026
Stifel NicolausJeffrey Stantial$38$23.85 +78.8%Jul 22, 2026
Wells FargoAnalyst unavailable$29$24.94 +36.5%Jul 20, 2026
Deutsche BankAnalyst unavailable$28$26.53 +31.8%Jul 9, 2026
SusquehannaAnalyst unavailable$31$25.26 +45.9%Jul 1, 2026
UBSAnalyst unavailable$49$25.37 +130.6%Jun 5, 2026
New StreetAnalyst unavailable$29$26.38 +36.5%Jun 1, 2026
UBSRobin Farley$43$25.25 +102.4%May 20, 2026
Morgan StanleyAnalyst unavailable$39$24.7 +83.5%May 14, 2026
Mizuho SecuritiesBen Chaiken$45$24.51 +111.8%May 12, 2026
Northland SecuritiesAnalyst unavailable$27$24.59 +27.1%May 11, 2026
GuggenheimCurry Baker$35$25.52 +64.7%May 11, 2026
BarclaysAnalyst unavailable$35$25.52 +64.7%May 11, 2026
Wells FargoAnalyst unavailable$32$25.52 +50.6%May 10, 2026
BTIGAnalyst unavailable$30$25.22 +41.2%May 8, 2026
BarclaysAnalyst unavailable$33$23.64 +55.3%Apr 16, 2026
BernsteinIan Moore$30$25.29 +41.2%Mar 5, 2026
JefferiesDavid Katz$46$23.82 +116.5%Mar 3, 2026
BTIGClark Lampen$35$23.82 +64.7%Mar 3, 2026
Wells FargoAnalyst unavailable$50$23.82 +135.3%Mar 3, 2026
Berenberg BankAnalyst unavailable$26.4$22.26 +24.2%Feb 24, 2026
Morgan StanleyAnalyst unavailable$40$21.81 +88.2%Feb 24, 2026
NeedhamAnalyst unavailable$35$22.29 +64.7%Feb 17, 2026
Truist FinancialAnalyst unavailable$33$21.6 +55.3%Feb 17, 2026
Deutsche BankAnalyst unavailable$26$21.88 +22.4%Feb 17, 2026
Northland SecuritiesGreg Gibas$24$21.7 +12.9%Feb 17, 2026
MacquarieAnalyst unavailable$40$21.72 +88.2%Feb 17, 2026
SusquehannaAnalyst unavailable$33$21.48 +55.3%Feb 17, 2026
OppenheimerJed Kelly$35$21.78 +64.7%Feb 17, 2026
Stifel NicolausAnalyst unavailable$40$21.42 +88.2%Feb 17, 2026
GuggenheimAnalyst unavailable$37$21.86 +74.1%Feb 17, 2026
Mizuho SecuritiesAnalyst unavailable$44$21.76 +107.1%Feb 17, 2026
BarclaysAnalyst unavailable$37$21.76 +74.1%Feb 17, 2026
BernsteinAnalyst unavailable$28$21.76 +31.8%Feb 16, 2026
Wells FargoAnalyst unavailable$30$21.76 +41.2%Feb 16, 2026
BTIGClark Lampen$37$21.76 +74.1%Feb 16, 2026
BMO CapitalBrian Pitz$42$21.48 +97.6%Feb 13, 2026
Canaccord GenuityAnalyst unavailable$44$25.16 +107.1%Feb 13, 2026
BernsteinAnalyst unavailable$32$27.01 +50.6%Feb 6, 2026
Canaccord GenuityMichael Graham$50$27.42 +135.3%Feb 3, 2026
Redburn PartnersAnalyst unavailable$35$28.74 +64.7%Jan 30, 2026
Stifel NicolausAnalyst unavailable$44$29.94 +107.1%Jan 30, 2026
GuggenheimAnalyst unavailable$42$30.12 +97.6%Jan 29, 2026
SusquehannaAnalyst unavailable$44$30.58 +107.1%Jan 27, 2026
Morgan StanleyAnalyst unavailable$53$35.46 +149.4%Jan 16, 2026
Wells FargoAnalyst unavailable$49$34.32 +130.6%Jan 14, 2026
Truist FinancialAnalyst unavailable$43$34.21 +102.4%Dec 22, 2025
UBSBen Chaiken$46$33.72 +116.5%Dec 19, 2025
BMO CapitalAnalyst unavailable$63$30.57 +196.5%Nov 4, 2025
BernsteinIan Moore$50$30.59 +135.3%Nov 3, 2025
SusquehannaAnalyst unavailable$59$33.51 +177.6%Oct 14, 2025
Northland SecuritiesAnalyst unavailable$30$33.2 +41.2%Oct 13, 2025
Berenberg BankJack Cummins$43$33.98 +102.4%Oct 9, 2025
Mizuho SecuritiesAnalyst unavailable$54$32.95 +154.1%Oct 7, 2025
JefferiesAnalyst unavailable$51$35.46 +140.0%Oct 6, 2025
JefferiesAnalyst unavailable$52$35.37 +144.7%Oct 6, 2025
BTIGAnalyst unavailable$45$35.16 +111.8%Oct 2, 2025
Northland SecuritiesGreg Gibas$33$37.4 +55.3%Oct 1, 2025
JMP SecuritiesAnalyst unavailable$51$37.4 +140.0%Oct 1, 2025
JefferiesAnalyst unavailable$54$46.09 +154.1%Aug 21, 2025
SusquehannaJoseph Stauff$64$43.3 +201.2%Aug 8, 2025
Deutsche BankSteven Pizzella$47$42.88 +121.2%Aug 8, 2025
BarclaysBrandt Montour$51$43.94 +140.0%Jul 18, 2025
BernsteinIan Moore$46$34.32 +116.5%Jun 3, 2025
Mizuho SecuritiesAnalyst unavailable$59$33.28 +177.6%Apr 28, 2025
Northland SecuritiesAnalyst unavailable$50$33.79 +135.3%Apr 25, 2025
BMO CapitalBrian Pitz$65$34.5 +205.9%Apr 24, 2025
Stifel NicolausAnalyst unavailable$53$33.47 +149.4%Apr 22, 2025
JefferiesDavid Katz$60$34.22 +182.4%Apr 13, 2025
JMP SecuritiesJordan Bender$57$34.43 +168.2%Apr 2, 2025
NeedhamAnalyst unavailable$65$50.95 +205.9%Feb 18, 2025
Argus ResearchJohn Staszak$60$53.49 +182.4%Feb 18, 2025
BTIGClark Lampen$59$41.39 +177.6%Feb 3, 2025
CBREJohn DeCree$54$41.9 +154.1%Jan 29, 2025
Deutsche BankCarlo Santarelli$33$36.51 +55.3%Nov 8, 2024
CFRAZachary Warring$46$40.13 +116.5%Nov 8, 2024
Piper SandlerMatt Farrell$53$40.13 +149.4%Nov 8, 2024
Mizuho SecuritiesJed Kelly$62$37.65 +191.8%Oct 18, 2024
BNP ParibasAlistair Johnson$35$35.9 +64.7%Sep 10, 2024
SusquehannaJoseph Stauff$48$33.65 +125.9%Sep 4, 2024
Craig-HallumRyan Sigdahl$57$36.12 +168.2%Aug 23, 2024
Argus ResearchJohn Staszak$40$32.06 +88.2%Aug 15, 2024
Morgan StanleyStephen Grambling$47$29.85 +121.2%Aug 13, 2024
Stifel NicolausJeffrey Stantial$48$32.02 +125.9%Aug 5, 2024
Truist FinancialBarry Jonas$50$31.86 +135.3%Aug 5, 2024
CFRAZachary Warring$42$32.02 +97.6%Aug 2, 2024
BMO CapitalBrian Pitz$48$31.62 +125.9%Aug 2, 2024
Truist FinancialBarry Jonas$53$38.35 +149.4%Jul 18, 2024
MacquarieChad Beynon$52$38.35 +144.7%Jul 17, 2024
BarclaysBrandt Montour$53$36.74 +149.4%Jul 10, 2024
UBSRobin Farley$56$37.9 +163.5%Jul 8, 2024
OppenheimerJed Kelly$58$38.17 +172.9%Jul 1, 2024
SusquehannaJoseph Stauff$49$35.68 +130.6%Jun 5, 2024
Stifel NicolausJeff Stantial$50$36.61 +135.3%May 29, 2024
Morgan StanleyEd Young$51$35.56 +140.0%May 28, 2024
UBSRobin Farley$60$44.13 +182.4%May 15, 2024
Deutsche BankCarlo Santarelli$35$44.02 +64.7%May 6, 2024
Stifel NicolausJeff Stantial$51$41.79 +140.0%May 6, 2024
BTIGClark Lampen$55$41.79 +158.8%May 6, 2024
NeedhamBernie McTernan$60$41.79 +182.4%May 6, 2024
BarclaysBrandt Montour$54$41.79 +154.1%May 6, 2024
Truist FinancialBarry Jonas$55$41.82 +158.8%May 3, 2024
Craig-HallumRyan Sigdahl$55$43.86 +158.8%May 3, 2024
SusquehannaJoseph Stauff$56$43.22 +163.5%Apr 29, 2024
OppenheimerJed Kelly$60$40.55 +182.4%Apr 22, 2024
Goldman SachsBen Miller$60$43.72 +182.4%Apr 16, 2024
Morgan StanleyStephen Grambling$50$45.03 +135.3%Apr 9, 2024
New StreetShaun Kelley$54$45.35 +154.1%Mar 28, 2024
MoffettNathansonRobert Fishman$55$45.35 +158.8%Mar 28, 2024
NeedhamBernie McTernan$58$48.68 +172.9%Mar 27, 2024
Mizuho SecuritiesBen Chaiken$58$48.62 +172.9%Mar 26, 2024
SusquehannaJoseph Stauff$54$47.32 +154.1%Mar 25, 2024
BarclaysBrandt Montour$50$41.28 +135.3%Feb 23, 2024
Truist FinancialBarry Jonas$45$44.91 +111.8%Feb 16, 2024
Stifel NicolausJeff Stantial$45$37.62 +111.8%Jan 19, 2024
BMO CapitalBrian Pitz$43$34.4 +102.4%Jan 9, 2024
NeedhamBernie McTernan$50$38.68 +135.3%Nov 20, 2023
GuggenheimCurry Baker$45$37.11 +111.8%Nov 16, 2023
Morgan StanleyStephen Grambling$36$26.92 +69.4%Oct 30, 2023
NeedhamBernie McTernan$44$31.38 +107.1%Sep 18, 2023
OppenheimerJed Kelly$40$28.51 +88.2%Aug 9, 2023
Roth CapitalEdward Engel$20$30.95 -5.9%Aug 4, 2023
MKM PartnersEdward Engel$20$31.36 -5.9%Jul 18, 2023
Truist FinancialBarry Jonas$26$24.68 +22.4%Jun 20, 2023
JMP SecuritiesJordan Bender$26$24.7 +22.4%May 5, 2023
NeedhamBernie McTernan$28$18.22 +31.8%Apr 10, 2023
Argus ResearchJohn Eade$22$19.5 +3.5%Mar 7, 2023
NeedhamBernie McTernan$20.28$20.54 -4.6%Feb 21, 2023
Roth CapitalEdward Engel$15$16.83 -29.4%Feb 9, 2023
Piper SandlerAnalyst unavailable$15$11.48 -29.4%Jan 6, 2023
NeedhamBernie McTernan$20$11.16 -5.9%Dec 27, 2022
JMP SecuritiesJordan Bender$23$14.66 +8.2%Nov 29, 2022
Piper SandlerAnalyst unavailable$21$14.9 -1.2%Nov 18, 2022
SusquehannaAnalyst unavailable$24$15.62 +12.9%Sep 6, 2022
Truist FinancialBarry Jonas Jonas$20$16.5 -5.9%Aug 30, 2022
BarclaysAnalyst unavailable$18$18.44 -15.3%Aug 8, 2022
Truist FinancialBarry Jonas$16$13.73 -24.7%Jul 30, 2022
CitigroupAnalyst unavailable$20$12.37 -5.9%Jul 7, 2022
BarclaysBrandt Montour$14$12.76 -34.1%Jun 28, 2022
National BankJordan Bender$25$12.76 +17.6%Jun 28, 2022
CitigroupAnalyst unavailable$28$14.72 +31.8%May 31, 2022
JefferiesDavid Katz$33$12.8 +55.3%May 16, 2022
Craig-HallumRyan Sigdahl$30$12.61 +41.2%May 15, 2022
Canaccord GenuityMichael Graham$34$10.99 +60.0%May 10, 2022
NeedhamAnalyst unavailable$25$13.15 +17.6%May 9, 2022
NeedhamBernie McTernan$32$18.2 +50.6%Mar 25, 2022
Roth CapitalEd Engel$19$18.59 -10.6%Feb 22, 2022
Northland SecuritiesGreg Gibas$40$18.59 +88.2%Feb 22, 2022
Wells FargoDaniel Politzer$19$18.59 -10.6%Feb 22, 2022
Truist FinancialBarry Jonas$22$18.59 +3.5%Feb 22, 2022
OppenheimerJed Kelly$32$18.59 +50.6%Feb 22, 2022
CitigroupJason Bazinet$40$18.59 +88.2%Feb 22, 2022
Cowen & Co.Stephen Glagola$60$22.06 +182.4%Feb 17, 2022
Morgan StanleyThomas Allen$31$20.33 +45.9%Jan 26, 2022
MacquarieChad Beynon$42$20.33 +97.6%Jan 26, 2022
MoffettNathansonRobert Fishman$23$19.32 +8.2%Jan 25, 2022
Northland SecuritiesGreg Gibas$45$20.03 +111.8%Jan 24, 2022
Truist FinancialBarry Jonas$30$23.19 +41.2%Jan 17, 2022
CBREJohn DeCree$36$31.27 +69.4%Dec 7, 2021
Benchmark Co.Mike Hickey$50$31.3 +135.3%Dec 2, 2021
SusquehannaJoseph Stauff$65$39.28 +205.9%Nov 16, 2021
Loop Capital MarketsDaniel Adam$105$57 +394.1%Sep 20, 2021
Credit SuisseBenjamin Chaiken$85$59.84 +300.0%Sep 15, 2021
Goldman SachsStephen Grambling$73$52.36 +243.5%Aug 9, 2021
JefferiesDavid Katz$75$48.81 +252.9%Jun 16, 2021
Cannonball ResearchVasily Karasyov$80$48.42 +276.5%May 7, 2021
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Company context

Snapshot as of publication

DraftKings Inc. operates as a leading digital enterprise specializing in sports entertainment and gaming. The company provides sophisticated multi-channel sports betting and gaming technology solutions to operators across 17 countries, facilitating diverse entertainment experiences. Directly, DraftKings manages its own iGaming services under the DraftKings brand in five U.S. states, and separately operates Golden Nugget Online Gaming, another iGaming offering, in three states. Its Sportsbook platform is accessible for both mobile and physical wagers in 18 U.S.…

Historical context

All DKNG earnings

Consumer Cyclical peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-06-01T17:24:37.602195+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-24T07:40:55.561263+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T07:40:55.558731+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.