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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dave Katz | Jefferies | 7 questions · 14% challenging |
| Brandt Montour | Barclays | 7 questions · 14% challenging |
| Ben Chaiken | Mizuho Securities | 7 questions · 0% challenging |
| Clark Lampen | BTIG | 7 questions · 0% challenging |
| Robin Farley | UBS | 7 questions · 43% challenging |
| Stephen Grambling | Morgan Stanley | 7 questions · 14% challenging |
| Robert Fishman | MoffettNathanson | 6 questions · 0% challenging |
| Shaun Kelley | Bank of America | 6 questions · 17% challenging |
| Dan Politzer | JPMorgan | 6 questions · 17% challenging |
| Jed Kelly | Oppenheimer | 6 questions · 33% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 analyst | 7 questions · 43% challenging |
| Barclays | 1 analyst | 7 questions · 14% challenging |
| Mizuho Securities | 1 analyst | 7 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 7 questions · 14% challenging |
| BTIG | 1 analyst | 7 questions · 0% challenging |
| Jefferies | 1 analyst | 7 questions · 14% challenging |
| JPMorgan | 1 analyst | 6 questions · 17% challenging |
| Bank of America | 1 analyst | 6 questions · 17% challenging |
DraftKings closed 2025 with record fourth-quarter revenue up 43% year-over-year to nearly $2 billion and adjusted EBITDA of $343 million (4x the prior year, margin up more than 1,000 basis points to 17%). For the full year, revenue grew 27% to above $6 billion, adjusted EBITDA more than tripled to over $600 million and beat the high end of guidance, and the company reported positive GAAP net income for the first time. Sportsbook was the standout, with Q4 revenue up 64% to $1.4 billion, handle accelerating to 13%, net revenue margin up 250 basis points to 8%, and the Missouri launch posting the strongest adoption in company history. Management introduced deliberately conservative FY2026 guidance of $6.5-$6.9 billion revenue and $700-$900 million adjusted EBITDA after candidly owning the 2025 miss, and leaned aggressively into a predictions opportunity it sized at a roughly $10 billion analyst-estimated TAM, with Railbird integration and market-making to come.
Demand | Product Launch | Margin | Competitive Dynamics | Regulation Policy | Guidance Reliability | Geographic Expansion | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 4 | 4 | 2 | 3 | 2 | 2 | 2 |
| 2025Q1 | 4 | 3 | 4 | 2 | 1 | 1 | 1 | |
| 2025Q2 | 7 | 4 | 4 | 4 | 5 | 1 | 1 | 1 |
| 2025Q3 | 1 | 5 | 4 | 6 | 2 | 2 | 3 | |
| 2025Q4 | 2 | 4 | 2 | 3 | 2 | 2 | 1 | 3 |
| 2026Q1 | 6 | 5 | 5 | 5 | 1 | 3 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 4 | 7 | 1 | 2 | 6 |
| Product Launch | 4 | 3 | 4 | 5 | 4 | 5 |
| Margin | 4 | 4 | 4 | 4 | 2 | 5 |
| Competitive Dynamics | 2 | 2 | 4 | 6 | 3 | 5 |
| Regulation Policy | 3 | 5 | 2 | 2 | 1 | |
| Guidance Reliability | 2 | 1 | 1 | 2 | 2 | 3 |
| Geographic Expansion | 2 | 1 | 1 | 3 | 1 | 2 |
| Revenue Growth | 2 | 1 | 1 | 3 | 2 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.39B | +13.2% | $-0.28 | -193.8% | -10.0% | -9.7% | $323M |
| FY2025 Q1 | $1.41B | +19.9% | $-0.07 | +77.1% | -3.3% | -2.4% | $-122M |
| FY2025 Q2 | $1.51B | +36.9% | $0.30 | +130.8% | 10.0% | 10.4% | $170M |
| FY2025 Q3 | $1.14B | +4.4% | $-0.48 | +20.0% | -23.8% | -22.4% | $248M |
| FY2025 Q4Selected | $1.99B | +42.8% | $0.26 | +192.9% | 7.6% | 6.9% | $317M |
| FY2026 Q1 | $1.65B | +16.8% | $0.04 | +157.7% | 0.4% | 1.3% | $-56M |
| FY2026 Q2 | $1.44B | -4.6% | $-0.14 | -146.7% | -4.7% | -4.7% | $107M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 | $4.77B | — | $-1.05 | — | -12.8% | -10.6% | $344M |
| FY2025Selected | $6.05B | +27.0% |
| $0.01 |
| +101.1% |
| -0.3% |
| 0.1% |
| $612M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q4 2025Earnings call Feb 13, 2026
FY2025 Q4 in brief
DraftKings closed 2025 with record fourth-quarter revenue up 43% year-over-year to nearly $2 billion and adjusted EBITDA of $343 million (4x the prior year, margin up more than 1,000 basis points to 17%).
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +42.8% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for DraftKings Inc. (DKNG), FY2025 Q4: 10/10. Scores: DraftKings Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DKNG daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What DKNG and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“let the sports betting houses like DraftKings and Robinhood and FanDuel, let them take that”
Schwab explicitly declines to enter sports gambling, ceding it to DraftKings, Robinhood and FanDuel and noting most such customers lose money.
“We also have DraftKings predictions that are connected.”
CME cites DraftKings as a live distribution partner for its prediction-market event contracts, a positive signal for DraftKings' prediction-market ambitions.
“marketing relationships like ESPN and NBCUniversal that give us flexible, high-intent inventory to deploy as returns dictate.”
DraftKings frames its NBCUniversal (Comcast) marketing relationship as flexible, high-intent inventory, a signal on Comcast's sports-media ad relationships.
“marketing relationships like ESPN and NBCUniversal that give us flexible, high-intent inventory to deploy as returns dictate.”
DraftKings frames its ESPN marketing relationship as flexible, high-intent inventory to deploy across Sportsbook and Predictions, a signal on ESPN's ad/media relationships.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DKNG DraftKings Inc. | 10 | +42.8% | |
| LVS Las Vegas Sands | 9 | +26.0% | |
| MGM MGM Resorts | 7 | +6.0% | |
| WYNN Wynn Resorts | 4 | +1.5% |