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Side-by-side financial comparison of DraftKings Inc. (DKNG) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
DraftKings Inc. is the larger business by last-quarter revenue ($2.0B vs $403.4M, roughly 4.9× Madison Square Garden Sports Corp.). DraftKings Inc. runs the higher net margin — 6.9% vs 2.0%, a 4.8% gap on every dollar of revenue. On growth, DraftKings Inc. posted the faster year-over-year revenue change (42.8% vs 12.8%). DraftKings Inc. produced more free cash flow last quarter ($316.5M vs $31.6M). Over the past eight quarters, DraftKings Inc.'s revenue compounded faster (30.1% CAGR vs -3.1%).
DraftKings Inc. is an American gambling company based in Boston, Massachusetts. It offers sportsbook and daily fantasy sports (DFS) services.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
DKNG vs MSGS — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $403.4M |
| Net Profit | $136.4M | $8.2M |
| Gross Margin | 46.0% | — |
| Operating Margin | 7.6% | 5.5% |
| Net Margin | 6.9% | 2.0% |
| Revenue YoY | 42.8% | 12.8% |
| Net Profit YoY | 201.2% | 641.9% |
| EPS (diluted) | $0.28 | $0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.0B | $403.4M | ||
| Q3 25 | $1.1B | $39.5M | ||
| Q2 25 | $1.5B | $204.0M | ||
| Q1 25 | $1.4B | $424.2M | ||
| Q4 24 | $1.4B | $357.8M | ||
| Q3 24 | $1.1B | $53.3M | ||
| Q2 24 | $1.1B | $227.3M | ||
| Q1 24 | $1.2B | $430.0M |
| Q4 25 | $136.4M | $8.2M | ||
| Q3 25 | $-256.8M | $-8.8M | ||
| Q2 25 | $157.9M | $-1.8M | ||
| Q1 25 | $-33.9M | $-14.2M | ||
| Q4 24 | $-134.9M | $1.1M | ||
| Q3 24 | $-293.7M | $-7.5M | ||
| Q2 24 | $63.8M | $25.5M | ||
| Q1 24 | $-142.6M | $37.9M |
| Q4 25 | 46.0% | — | ||
| Q3 25 | 31.5% | — | ||
| Q2 25 | 43.5% | — | ||
| Q1 25 | 40.1% | — | ||
| Q4 24 | 40.1% | — | ||
| Q3 24 | 32.2% | — | ||
| Q2 24 | 39.9% | — | ||
| Q1 24 | 39.6% | — |
| Q4 25 | 7.6% | 5.5% | ||
| Q3 25 | -23.8% | -69.5% | ||
| Q2 25 | 10.0% | -11.1% | ||
| Q1 25 | -3.3% | 7.6% | ||
| Q4 24 | -10.0% | 3.7% | ||
| Q3 24 | -27.3% | -15.5% | ||
| Q2 24 | -2.9% | 23.0% | ||
| Q1 24 | -11.8% | 18.5% |
| Q4 25 | 6.9% | 2.0% | ||
| Q3 25 | -22.4% | -22.3% | ||
| Q2 25 | 10.4% | -0.9% | ||
| Q1 25 | -2.4% | -3.4% | ||
| Q4 24 | -9.7% | 0.3% | ||
| Q3 24 | -26.8% | -14.1% | ||
| Q2 24 | 5.8% | 11.2% | ||
| Q1 24 | -12.1% | 8.8% |
| Q4 25 | $0.28 | $0.34 | ||
| Q3 25 | $-0.52 | $-0.37 | ||
| Q2 25 | $0.30 | $-0.08 | ||
| Q1 25 | $-0.07 | $-0.59 | ||
| Q4 24 | $-0.25 | $0.05 | ||
| Q3 24 | $-0.60 | $-0.31 | ||
| Q2 24 | $0.10 | $1.07 | ||
| Q1 24 | $-0.30 | $1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $631.5M | $-282.1M |
| Total Assets | $4.5B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $81.3M | ||
| Q3 25 | $1.2B | $48.6M | ||
| Q2 25 | $1.3B | $144.6M | ||
| Q1 25 | $1.1B | $96.5M | ||
| Q4 24 | $788.3M | $107.8M | ||
| Q3 24 | $877.8M | $52.3M | ||
| Q2 24 | $815.9M | $89.1M | ||
| Q1 24 | $1.2B | $40.0M |
| Q4 25 | $631.5M | $-282.1M | ||
| Q3 25 | $732.3M | $-294.2M | ||
| Q2 25 | $1.0B | $-281.4M | ||
| Q1 25 | $872.9M | $-283.4M | ||
| Q4 24 | $1.0B | $-273.1M | ||
| Q3 24 | $1.1B | $-277.5M | ||
| Q2 24 | $1.3B | $-266.3M | ||
| Q1 24 | $831.0M | $-294.0M |
| Q4 25 | $4.5B | $1.5B | ||
| Q3 25 | $4.6B | $1.5B | ||
| Q2 25 | $4.5B | $1.5B | ||
| Q1 25 | $4.5B | $1.5B | ||
| Q4 24 | $4.3B | $1.4B | ||
| Q3 24 | $4.3B | $1.4B | ||
| Q2 24 | $4.2B | $1.3B | ||
| Q1 24 | $3.8B | $1.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $320.5M | $32.4M |
| Free Cash FlowOCF − Capex | $316.5M | $31.6M |
| FCF MarginFCF / Revenue | 15.9% | 7.8% |
| Capex IntensityCapex / Revenue | 0.2% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.35× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $647.5M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $320.5M | $32.4M | ||
| Q3 25 | $287.5M | $-85.0M | ||
| Q2 25 | $173.9M | $49.7M | ||
| Q1 25 | $-119.0M | $6.3M | ||
| Q4 24 | $325.2M | $61.8M | ||
| Q3 24 | $133.6M | $-26.2M | ||
| Q2 24 | $29.4M | $108.4M | ||
| Q1 24 | $-70.4M | $4.0M |
| Q4 25 | $316.5M | $31.6M | ||
| Q3 25 | $283.0M | $-85.3M | ||
| Q2 25 | $169.6M | $49.4M | ||
| Q1 25 | $-121.7M | $3.9M | ||
| Q4 24 | $323.2M | $61.2M | ||
| Q3 24 | $130.9M | $-26.5M | ||
| Q2 24 | $27.0M | $108.0M | ||
| Q1 24 | $-73.4M | $3.9M |
| Q4 25 | 15.9% | 7.8% | ||
| Q3 25 | 24.7% | -216.3% | ||
| Q2 25 | 11.2% | 24.2% | ||
| Q1 25 | -8.6% | 0.9% | ||
| Q4 24 | 23.2% | 17.1% | ||
| Q3 24 | 11.9% | -49.7% | ||
| Q2 24 | 2.4% | 47.5% | ||
| Q1 24 | -6.2% | 0.9% |
| Q4 25 | 0.2% | 0.2% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.2% | 0.2% | ||
| Q1 24 | 0.3% | 0.0% |
| Q4 25 | 2.35× | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.10× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.46× | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DKNG
| Sportsbook | $1.4B | 68% |
| I Gaming | $500.2M | 25% |
| Other | $137.9M | 7% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
