DraftKings historically incurred multi-hundred-million-dollar net losses annually during its aggressive growth and state expansion phases—posting a net loss of approximately $507 million in 2024 and over $800 million in 2023 due to heavy customer acquisition bonuses, marketing budgets, and stock-based compensation. However, the company achieved a major financial milestone by turning net profitable in fiscal year 2025 with over $3.7 million in annual net income and $620 million in Adjusted EBITDA. While past losses were significant, operating leverage and state market maturity have substantially curtailed annual net cash drain.