DraftKings Inc-A 2025年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. DRAFTKINGS INC.(Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer IdentificationNo.) 222 Berkeley Street, 5th FloorBoston, MA 02116(Address of principal executive offices) (Zip Code) (617) 986-6744(Registrant’s telephone number, including area code) Securities Registered Pursuant to Section12(b)of the Act: Name of each exchange on which registered The Nasdaq Stock Market LLC Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of Registration S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer, a smaller reporting company oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting underSection404(b)of the Sarbanes-Oxley Act(15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).YesNo The aggregate value of voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant'smost recently completed second fiscal quarter, was $19.1 billionbased upon the closing price reported for such date on the Nasdaq Global Select Market. As of February10, 2026, there were 492,991,385 shares of the registrant’s ClassA common stock, par value $0.0001 per share, and 393,013,951shares of the registrant’s ClassB common stock, par value $0.0001 per share, outstanding. Documents Incorporated by Reference: Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, or the Proxy Statement, to be filed within 120days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect toinformation specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof. TABLE OF CONTENTS PageCautionary Statement Regarding Forward-Looking Statements2PartI.Item 1.Business3Item 1A.Risk Factors11Item 1B.Unresolved Staff Comments43Item 1C.Cybersecurity43Item 2.Properties44Item 3.Legal Proceedings44Item 4.Mine Safety Disclosures44PartII.Item 5.Market forRegistrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities45Item 6.[Reserved]47Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations48Item 7A.Quantitative and Qualitative Disclosures About Market Risks62Item 8.Financial Statements and Supplementary Data62Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure62Item 9A.Controls and Procedures62Item 9B.Other Information63Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections64PartIII.Item 10.Directors, Executive Officers and Corporate Go