The company maintains a precarious capital structure with a debt-to-equity ratio of 2.22 as of 2026Q1 and a persistent retained earnings deficit of $6.4 billion.
| Total Current Assets | 1.58B | 1.82B | 1.53B | 2.07B | 2.08B | 2.75B | 2.19B | 261.15M | 262.17M | 164.6M |
| Cash & Short-Term Investments | 999.4M | 1.6B | 788.29M | 1.27B | 1.31B | 2.15B | 1.82B | 76.53M | 117.91M | 49.27M |
| Cash Only | 999.4M | 1.6B | 788.29M | 1.27B | 1.31B | 2.15B | 1.82B | 76.53M | 117.91M | 49.27M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 86.12M | 105.58M | 120.38M | 349.31M | 211.18M | 97.81M | 74.77M | 29.84M | 21.33M | 0 |
| Days Sales Outstanding | 5.71 | 6.36 | 9.22 | 34.78 | 34.4 | 27.55 | 44.41 | 33.68 | 34.41 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 492.21M | 104.84M | 625.09M | 451.56M | 564.49M | 476.95M | 287.72M | 144M | 111.7M | 106.31M |
| Total Non-Current Assets | 2.73B | 2.72B | 2.75B | 1.87B | 1.96B | 1.32B | 1.25B | 69.58M | 37.22M | 18.43M |
| Property, Plant & Equipment | 131.59M | 100.89M | 125.47M | 154.68M | 126.06M | 109.85M | 108.9M | 25.95M | 14.1M | 1.6M |
| Fixed Asset Turnover | 53.21x | 60.01x | 38.00x | 23.70x | 17.77x | 11.80x | 5.64x | 12.47x | 16.05x | 119.68x |
| Goodwill | 1.6B | 1.6B | 1.56B | 886.37M | 886.37M | 615.65M | 569.6M | 4.74M | 4.74M | 4.4M |
| Intangible Assets | 868.06M | 889.2M | 933.12M | 690.62M | 776.93M | 535.02M | 555.93M | 33.94M | 16.88M | 10.2M |
| Long-Term Investments | 78.36M | 18.94M | 13.2M | 10.28M | 10.08M | 9.82M | 2.96M | 2.52M | 0 | 0 |
| Other Non-Current Assets | 106.35M | 109.1M | 123.06M | 131.55M | 155.87M | 45.38M | 7.63M | 2.43M | 1.5M | 2.23M |
| Total Assets | 4.31B | 4.53B | 4.28B | 3.94B | 4.04B | 4.07B | 3.44B | 330.73M | 299.39M | 183.03M |
| Asset Turnover | 1.40x | 1.34x | 1.11x | 0.93x | 0.55x | 0.32x | 0.18x | 0.98x | 0.76x | 1.05x |
| Asset Growth % | 15.45% | 5.77% | 8.59% | -2.36% | -0.71% | 18.31% | 939.94% | 10.47% | 63.57% | - |
| Total Current Liabilities | 1.55B | 1.76B | 1.65B | 1.55B | 1.25B | 929.42M | 554.41M | 255.08M | 195.94M | 161.48M |
| Accounts Payable | 0 | 785.44M | 53.66M | 34.13M | 10.15M | 52.54M | 28.08M | 16.62M | 11.63M | 13.07M |
| Days Payables Outstanding | 37.29 | 80.6 | 6.64 | 5.43 | 2.5 | 24.15 | 29.57 | 58.39 | 87.16 | 150.3 |
| Short-Term Debt | 10.94M | 9.79M | 0 | 0 | 0 | 0 | 0 | 6.75M | 3.75M | 2.5M |
| Deferred Revenue (Current) | 0 | 0 | 46.39M | 43.63M | 40.52M | 1.58M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.54B | 960.24M | 1.07B | 993.35M | 803.44M | 592.68M | 366.39M | 180.81M | 136.04M | 110.82M |
| Current Ratio | 1.02x | 1.03x | 0.93x | 1.34x | 1.67x | 2.96x | 3.96x | 1.02x | 1.34x | 1.02x |
| Quick Ratio | 1.02x | 1.03x | 0.93x | 1.34x | 1.67x | 2.96x | 3.96x | 1.02x | 1.34x | 1.02x |
| Cash Conversion Cycle | -31.58 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.15B | 2.14B | 1.62B | 1.55B | 1.47B | 1.46B | 253.57M | 125.22M | 288.68M | 20.91M |
| Long-Term Debt | 1.33B | 1.88B | 1.26B | 1.25B | 1.25B | 1.25B | 0 | 68.36M | 0 | 2.5M |
| Capital Lease Obligations | 165.9M | 44.39M | 67.66M | 80.83M | 69.33M | 57.34M | 68.78M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 822.71M | 219.43M | 294.02M | 220.35M | 150.57M | 155.31M | 184.8M | 56.86M | 288.68M | 18.41M |
| Total Liabilities | 3.7B | 3.9B | 3.27B | 3.1B | 2.72B | 2.39B | 807.98M | 380.31M | 484.62M | 182.39M |
| Total Debt | 1.34B | 1.93B | 1.34B | 1.35B | 1.32B | 1.32B | 81.61M | 75.11M | 3.75M | 5M |
| Net Debt | 342.89M | 329.62M | 546.79M | 75.58M | 15.52M | -834.28M | -1.74B | -1.42M | -114.16M | -44.27M |
| Debt / Equity | 2.22x | 3.06x | 1.32x | 1.60x | 1.00x | 0.79x | 0.03x | - | - | 7.76x |
| Debt / EBITDA | 4.28x | 7.45x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.09x | 1.27x | - | - | - | - | - | - | - | - |
| Interest Coverage | 4.48x | -0.79x | -199.46x | -294.35x | -543.31x | -718.60x | -788.09x | - | - | -47.50x |
| Total Equity | 605.05M | 631.46M | 1.01B | 840.31M | 1.32B | 1.68B | 2.63B | -49.58M | -185.23M | 644K |
| Equity Growth % | -122.4% | -37.52% | 20.27% | -36.47% | -21.2% | -36.21% | 5407.27% | 73.23% | -28861.96% | - |
| Book Value per Share | 1.14 | 1.27 | 2.10 | 1.82 | 3.03 | 4.17 | 8.61 | -0.27 | -1.00 | 0.00 |
| Total Shareholders' Equity | 605.05M | 631.46M | 1.01B | 840.31M | 1.32B | 1.68B | 2.63B | -49.58M | -185.23M | 644K |
| Common Stock | 92K | 91K | 87K | 85K | 84K | 80K | 79K | 18K | 384K | 380K |
| Retained Earnings | -6.42B | -6.44B | -6.44B | -5.93B | -5.13B | -3.75B | -2.23B | -998.78M | -856.05M | -779.83M |
| Treasury Stock | 0 | -1.39B | -563.15M | -412.18M | -332.13M | -306.61M | -288.78M | 0 | 0 | 0 |
| Accumulated OCI | 36.49M | 36.49M | 36.49M | 36.49M | 36.49M | 36.49M | 83.53M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory tax rate volatility
According to reported financial statements, DraftKings' total assets have fluctuated within a narrow $3.8 billion to $4.6 billion range over the last ten quarters, suggesting that the company is currently prioritizing operational efficiency and cash preservation over aggressive, asset-heavy expansion in the competitive US gaming market.
The relative stagnation in total asset growth indicates that the company has moved past its initial phase of heavy capital deployment. Investors should monitor whether this plateauing of the asset base reflects a mature market strategy or a lack of new, high-return investment opportunities.
As reported in recent filings, DraftKings' debt-to-equity ratio peaked at 3.06 in 2025Q4 before moderating to 2.22 in 2026Q1, highlighting a reliance on external financing that warrants close scrutiny given the company's ongoing sensitivity to interest rate environments and state-level regulatory tax pressures.
The elevated leverage levels suggest that the company has utilized debt to bridge the gap between aggressive customer acquisition and operational profitability. This reliance on debt may limit future financial flexibility if the company faces unexpected regulatory headwinds or a sustained downturn in consumer discretionary spending.
Based on the provided balance sheet data, goodwill accounts for approximately $1.6 billion of the company's $4.3 billion in total assets as of 2026Q1, which implies that a significant portion of the firm's valuation is tied to intangible assets acquired through past strategic M&A activities.
The high concentration of goodwill relative to total assets suggests that the company's book value is highly sensitive to potential impairment charges. If the expected synergies from acquisitions like SBTech or Jackpocket fail to materialize, the company may be forced to write down these assets, negatively impacting equity.
As indicated by recent quarterly reports, DraftKings maintained a cash position of $999.4 million in 2026Q1, with a current ratio of 1.02, suggesting that the company possesses sufficient short-term liquidity to meet its immediate obligations despite the inherent volatility of its seasonal, high-variable-cost business model.
While the current ratio remains above the critical threshold of 1.0, the narrow margin suggests limited room for error in managing working capital. Investors should monitor whether the company can maintain this liquidity buffer without further tapping into debt markets or diluting shareholders.
Based on reported figures, DraftKings' equity base has remained under pressure, with retained earnings showing a persistent deficit of $6.4 billion as of 2026Q1, reflecting the cumulative impact of years of aggressive marketing spend and operational losses incurred during the initial US market land-grab phase.
The persistent negative retained earnings highlight the long-term cost of establishing a dominant market position in the US digital gaming sector. Future equity growth will likely depend on the company's ability to transition from growth-at-all-costs to sustained, GAAP-positive net income generation.
Quick answers to the most common questions about buying DKNG stock.
As of 2025, DraftKings Inc. (DKNG) had total assets of $4.53B including $1.82B in current assets.
DraftKings Inc. (DKNG) carries total debt of $1.93B, offset by $1.60B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DraftKings Inc. (DKNG) has total shareholders' equity (book value) of $631.5M ($1.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DraftKings Inc. (DKNG) reported a current ratio of 1.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.