Slide 1: FY 2025 Earnings Presentation
FY 2025 EARNINGS PRESENTATION February 12, 2026 | 1
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about DraftKings Inc. (“DraftKings”,
Slide 3: Current business highlights
Current business highlights 1 We closed 2025 on a high note; Q4 revenue increased 43% YoY to nearly $2B and Adj. EBITDA(1) of $343M was 4x the prior-year period 2 For FY 2025, we grew revenue 27% YoY to above $6B as Adjusted EBITDA was more than 3x the prior-year period at over $600M; we also report
Slide 4: We closed 2025 on a high note; Q4 revenue and Adj. EBITDA were strong
We closed 2025 on a high note; Q4 revenue and Adj. EBITDA(1) were strong X Revenue Adjusted EBITDA Adjusted EBITDA Margin (1) $1,989 +43% Millions of Dollars $1,393 17% $343 6% $89 Q4 2024 Q4 2025 (1) Non-GAAP financial measure. Please refer to the end of this document for the definition of such non
Slide 5: We grew revenue and improved Adj. EBITDA in FY 2025
We grew revenue and improved Adj. EBITDA(1) in FY 2025 X Revenue Adjusted EBITDA Adjusted EBITDA Margin (1) $6,055 +27% Millions of Dollars $4,768 10% $620 4% $181 FY 2024 FY 2025 (1) Non-GAAP financial measure. Please refer to the end of this document for the definition of such non-GAAP financial m
Slide 6: Our launch of Sportsbook in Missouri was one of our most successful ever
Our launch of Sportsbook in Missouri was one of our most successful ever X Highest Customer Acquisition Penetration 2nd Highest Gross Revenue Per Adult Sportsbook Gross Revenue Per Adult Population, 62 Days Post-Launch ($) Adult Population Acquired on Sportsbook, 62 Days Post-Launch (%) States That
Slide 7: We are not seeing a discernible impact from Predictions on our revenue
We are not seeing a discernible impact from Predictions on our revenue Wallet Share(1) of Leading Sportsbooks and Leading Predictions Operator Leading Predictions Operator Regulated Sportsbook Operators 0% 0% 0% 1% 1% 100% 100% 100% 99% 99% Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 (1) Wallet share reflect
Slide 8: We are excited about our results and financial trajectory
We are excited about our results and financial trajectory X Revenue Adjusted EBITDA $6,500 to $6,900 $700 to $900 $6,055 $620 Millions of Dollars Millions of Dollars $4,768 $181 FY 2024 FY 2025 FY 2026 Guidance FY 2024 FY 2025 FY 2026 Guidance | 8
Slide 9: Appendix
APPENDIX | 9
Slide 10: Our Sportsbook Handle and Sportsbook revenue continue to increase on a YoY basis
Our Sportsbook Handle(1) and Sportsbook revenue continue to increase on a YoY basis X $16,796 Sportsbook Handle Sportsbook Revenue $14,902 Sportsbook Net Revenue Margin (%)(2) $13,880 $12,943 $12,001 $11,475 $11,402 $10,793 Millions of Dollars $10,365 $8,842 $8,190 $8,292 $7,359 $6,122 7.5 $4,509 $4
Slide 11: Our iGaming revenue is continuing to grow
Our iGaming revenue is continuing to grow iGaming Revenue $500 $451 $426 $430 $423 $370 $361 Millions of Dollars $352 $351 $296 $288 $281 $257 $209 $182 $174 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 | 11
Slide 12: The number of unique customers on our platform is rising
The number of unique customers on our platform is rising Unique Customers in the Prior Twelve Months(1) 10.8 10.9 10.4 10.4 10.1 9.3 8.4 7.5 7.1 6.6 6.2 6.0 Millions 5.2 4.9 4.4 4.5 4.0 3.8 3.4 3.2 2.6 2.4 1.9 1.8 1.8 1.9 1.9 1.9 1.9 1.7 1.7 1.7 1.7 1.4 0.8 0.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted Earnings (Loss) Per Share, and Adjusted Operating Expenses, which are non-GAAP financial measures that DraftKings uses to supplement its results presented in accordance with GAAP. The Com
Slide 14: Reconciliation of GAAP Expenses to Non-GAAP Expenses
Reconciliation of GAAP Expenses to Non-GAAP Expenses GAAP to Non-GAAP Expense Reconciliation $ Millions 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 GAAP Expenses Cost of Revenue $1,075 $784 $855 $844 $835 $742 $663 $710 $717
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, Net Income (Loss) to Non-GAAP Adjusted EBITDA Reconciliation 2025 2024 2025 2024 $ Thousands Revenue $ 1,989,193 $ 1,392,772 $ 6,054,525 $ 4,767,699 Cost of revenue 1,074,506 834,644 3,556,
Slide 16: Adjusted Diluted Earnings (Loss) Per Share Reconciliation
Adjusted Diluted Earnings (Loss) Per Share Reconciliation Adjusted Diluted Earnings (Loss) Per Share Reconciliation: Three Months Ended December 31, 2025 Dollars $0.00 $0.07 ($0.15) $0.36 $0.20 $0.25 GAAP Diluted EPS Stock Based Amort. of Acquired Other Non-GAAP Adj.(1) Tax Impact of Adjusted Dilute
Slide 17: DraftKings Share Count Detail
DraftKings Share Count Detail Share Count as of December 31, 2025 Thousands Common Shares Outstanding (31-Dec-25) 495,053 Vested Stock Options @ TSM(1) 13,131 Memo: Vested Stock Options 17,507 Diluted Shares Outstanding (With Vested Stock Options @ TSM) 508,184 GNOG Private Placement Warrants(2) - F
Slide 18: Comparison of Monthly Unique Payers and Average Revenue per MUP
Comparison of Monthly Unique Payers and Average Revenue per MUP Key Performance Indicators Millions; Dollars ◼ Monthly Unique Payers (“MUPs”) Three months ended December 31, — We define MUPs as the number of unique paid users per month who had one or more real-money, paid engagements across one or m