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Side-by-side financial comparison of DraftKings Inc. (DKNG) and Toast, Inc. (TOST). Click either name above to swap in a different company.
DraftKings Inc. is the larger business by last-quarter revenue ($2.0B vs $1.6B, roughly 1.2× Toast, Inc.). DraftKings Inc. runs the higher net margin — 6.9% vs 6.2%, a 0.7% gap on every dollar of revenue. On growth, DraftKings Inc. posted the faster year-over-year revenue change (42.8% vs 22.0%). DraftKings Inc. produced more free cash flow last quarter ($316.5M vs $178.0M). Over the past eight quarters, DraftKings Inc.'s revenue compounded faster (30.1% CAGR vs 23.3%).
DraftKings Inc. is an American gambling company based in Boston, Massachusetts. It offers sportsbook and daily fantasy sports (DFS) services.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
DKNG vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.6B |
| Net Profit | $136.4M | $101.0M |
| Gross Margin | 46.0% | 25.9% |
| Operating Margin | 7.6% | 5.2% |
| Net Margin | 6.9% | 6.2% |
| Revenue YoY | 42.8% | 22.0% |
| Net Profit YoY | 201.2% | 215.6% |
| EPS (diluted) | $0.28 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | $136.4M | $101.0M | ||
| Q3 25 | $-256.8M | $105.0M | ||
| Q2 25 | $157.9M | $80.0M | ||
| Q1 25 | $-33.9M | $56.0M | ||
| Q4 24 | $-134.9M | $32.0M | ||
| Q3 24 | $-293.7M | $56.0M | ||
| Q2 24 | $63.8M | $14.0M | ||
| Q1 24 | $-142.6M | $-83.0M |
| Q4 25 | 46.0% | 25.9% | ||
| Q3 25 | 31.5% | 26.5% | ||
| Q2 25 | 43.5% | 25.3% | ||
| Q1 25 | 40.1% | 25.9% | ||
| Q4 24 | 40.1% | 24.9% | ||
| Q3 24 | 32.2% | 24.7% | ||
| Q2 24 | 39.9% | 23.0% | ||
| Q1 24 | 39.6% | 23.2% |
| Q4 25 | 7.6% | 5.2% | ||
| Q3 25 | -23.8% | 5.1% | ||
| Q2 25 | 10.0% | 5.2% | ||
| Q1 25 | -3.3% | 3.2% | ||
| Q4 24 | -10.0% | 2.5% | ||
| Q3 24 | -27.3% | 2.6% | ||
| Q2 24 | -2.9% | 0.4% | ||
| Q1 24 | -11.8% | -5.2% |
| Q4 25 | 6.9% | 6.2% | ||
| Q3 25 | -22.4% | 6.4% | ||
| Q2 25 | 10.4% | 5.2% | ||
| Q1 25 | -2.4% | 4.2% | ||
| Q4 24 | -9.7% | 2.4% | ||
| Q3 24 | -26.8% | 4.3% | ||
| Q2 24 | 5.8% | 1.1% | ||
| Q1 24 | -12.1% | -7.7% |
| Q4 25 | $0.28 | $0.18 | ||
| Q3 25 | $-0.52 | $0.16 | ||
| Q2 25 | $0.30 | $0.13 | ||
| Q1 25 | $-0.07 | $0.09 | ||
| Q4 24 | $-0.25 | $0.09 | ||
| Q3 24 | $-0.60 | $0.07 | ||
| Q2 24 | $0.10 | $0.02 | ||
| Q1 24 | $-0.30 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $631.5M | $2.1B |
| Total Assets | $4.5B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $788.3M | $903.0M | ||
| Q3 24 | $877.8M | $761.0M | ||
| Q2 24 | $815.9M | $691.0M | ||
| Q1 24 | $1.2B | $578.0M |
| Q4 25 | $631.5M | $2.1B | ||
| Q3 25 | $732.3M | $2.0B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $872.9M | $1.7B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $831.0M | $1.2B |
| Q4 25 | $4.5B | $3.1B | ||
| Q3 25 | $4.6B | $3.0B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $4.3B | $2.4B | ||
| Q3 24 | $4.3B | $2.2B | ||
| Q2 24 | $4.2B | $2.2B | ||
| Q1 24 | $3.8B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $316.5M | $178.0M |
| FCF MarginFCF / Revenue | 15.9% | 10.9% |
| Capex IntensityCapex / Revenue | 0.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.35× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $647.5M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $320.5M | $194.0M | ||
| Q3 25 | $287.5M | $165.0M | ||
| Q2 25 | $173.9M | $223.0M | ||
| Q1 25 | $-119.0M | $79.0M | ||
| Q4 24 | $325.2M | $147.0M | ||
| Q3 24 | $133.6M | $109.0M | ||
| Q2 24 | $29.4M | $124.0M | ||
| Q1 24 | $-70.4M | $-20.0M |
| Q4 25 | $316.5M | $178.0M | ||
| Q3 25 | $283.0M | $153.0M | ||
| Q2 25 | $169.6M | $208.0M | ||
| Q1 25 | $-121.7M | $69.0M | ||
| Q4 24 | $323.2M | $134.0M | ||
| Q3 24 | $130.9M | $97.0M | ||
| Q2 24 | $27.0M | $108.0M | ||
| Q1 24 | $-73.4M | $-33.0M |
| Q4 25 | 15.9% | 10.9% | ||
| Q3 25 | 24.7% | 9.4% | ||
| Q2 25 | 11.2% | 13.4% | ||
| Q1 25 | -8.6% | 5.2% | ||
| Q4 24 | 23.2% | 10.0% | ||
| Q3 24 | 11.9% | 7.4% | ||
| Q2 24 | 2.4% | 8.7% | ||
| Q1 24 | -6.2% | -3.1% |
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.4% | 0.7% | ||
| Q2 25 | 0.3% | 1.0% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.2% | 1.3% | ||
| Q1 24 | 0.3% | 1.2% |
| Q4 25 | 2.35× | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | 1.10× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 0.46× | 8.86× | ||
| Q1 24 | — | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
