DraftKings Inc. · DKNG · FY2026 Q2 · Calendar Q3 2026

DraftKings Maintains FY2026 Guidance as Predictions Scales

The quarter supports a constructive operating trajectory: management reported growth in revenue and adjusted EBITDA, rapid Predictions adoption, and maintained full-year guidance. The main test is whether customer-acquisition efficiency and vertical integration translate into durable economics without greater regulatory or promotional pressure.

Reported After market closeNASDAQConsumer Cyclical $10.79B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.14 Consensus $0.02
EPS surprise -741.6% Reported versus consensus
Reported revenue $1.44B Consensus $1.51B
Revenue surprise -4.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +8.4% Event window
SPY move +0.6% Same window
Abnormal move +7.8% Stock minus SPY
Volume 3.0× Versus trailing sessions
Subsequent drift -0.1% Up to 20 sessions
DKNGSPY benchmark

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What changed

Compared with the prior quarter, Predictions had scaled to more than 600,000 customers and annualized trading volume had risen from $2.3 billion to $11 billion between April and July. DraftKings also highlighted the launch of DKeX and receipt of an FCM license, while maintaining FY2026 guidance.

Guidance delta

Management maintained FY2026 revenue guidance of $6.5-$6.9 billion and adjusted EBITDA guidance of $700-$900 million.

Key takeaways

  • Q2 revenue grew 10% year over year and adjusted EBITDA reached $115 million despite a one-time sports-outcome headwind.
  • Predictions expanded rapidly, with annualized trading volume increasing from $2.3 billion to $11 billion between April and July.
  • Management highlighted Super App integration, DKeX, the FCM license, and customer-acquisition efficiency as supports for longer-term unit economics.

Management priorities

  • Scale Predictions, combo bets, and the Super App.
  • Increase DKeX exchange and market-making participation while using the FCM license.
  • Continue iGaming product launches and expand market coverage.

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Earnings History

Estimate Beat Miss Match
DKNG REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $1B Q4 '23 actual $1B, miss Q1 '24 estimate $1B Q1 '24 actual $1B, beat Q2 '24 estimate $1B Q2 '24 actual $1B, miss Q3 '24 estimate $1B Q3 '24 actual $1B, match Q2 '25 estimate $1B Q2 '25 actual $2B, beat Q3 '25 estimate $1B Q3 '25 actual $1B, miss Q4 '25 estimate $2B Q4 '25 actual $2B, match Q1 '26 estimate $2B Q1 '26 actual $2B, beat Q2 '26 estimate $2B Q2 '26 actual $1B, miss Q3 '26 estimate $1B Q4 '26 estimate $2B Q1 '27 estimate $2B
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Analyst Consensus ?

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

Analyst 52W Price Targets

$21.97Current
$15Low
$42.47Average
$105High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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
Show 43 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $21.97. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSRobin Farley$48$22.58 +118.5%Sep 18, 2026
BernsteinIan Moore$29$24.21 +32.0%Sep 3, 2026
Wolfe ResearchAnalyst unavailable$40$23.44 +82.1%Sep 2, 2026
CBREAnalyst unavailable$27$25.03 +22.9%Aug 21, 2026
Truist FinancialBarry Jonas$29$24.85 +32.0%Aug 10, 2026
See 169 more

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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.…

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-07T17:12:56.301534+00:00
  2. FN2 earnings calendar · 2026-09-11T01:23:15.000588+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T00:50:48.683853+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T00:50:48.680483+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 . For educational purposes only; not investment advice.