Pay vs Performance Disclosure - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
PAY VERSUS PERFORMANCE
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following disclosure (the “Pay Versus Performance Disclosure”) describes the relationship between executive compensation and the Company’s performance with respect to select financial measures. For a complete description regarding the Company’s compensation program, please see “Compensation Discussion and Analysis.”
| | | | Summary Compensation Table Total (in millions) | | | Compensation “Actually Paid” Total (in millions)(2) | | | Value of Initial Fixed $100 Investment Based on Total Shareholder Return (“TSR”) | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| Year | | | PEO(1) | | | Average of Non-PEO NEOs(1) | | | PEO | | | Average of Non-PEO NEOs | | | DKNG | | | CDI(3) | | | Net Income (Loss) (in billions) | | | Revenue (in billions)(4) | | ||||||||||||||||||||||||
| 2025 | | | | $ | 22.6 | | | | | $ | 9.8 | | | | | $ | 20.4 | | | | | $ | 9.1 | | | | | $ | 74 | | | | | $ | 148 | | | | | $ | 0.0 | | | | | $ | 6.1 | | |
| 2024 | | | | $ | 20.9 | | | | | $ | 8.5 | | | | | $ | 33.9 | | | | | $ | 14.7 | | | | | $ | 80 | | | | | $ | 141 | | | | | $ | (0.5) | | | | | $ | 4.8 | | |
| 2023 | | | | $ | 20.8 | | | | | $ | 8.9 | | | | | $ | 168.2 | | | | | $ | 98.1 | | | | | $ | 76 | | | | | $ | 109 | | | | | $ | (0.8) | | | | | $ | 3.7 | | |
| 2022 | | | | $ | 47.5 | | | | | $ | 27.8 | | | | | $ | (28.4) | | | | | $ | (12.7) | | | | | $ | 24 | | | | | $ | 77 | | | | | $ | (1.4) | | | | | $ | 2.2 | | |
| 2021 | | | | $ | 14.0 | | | | | $ | 8.9 | | | | | $ | (67.4) | | | | | $ | (37.2) | | | | | $ | 59 | | | | | $ | 124 | | | | | $ | (1.5) | | | | | $ | 1.3 | | |
(1)
The NEOs for 2021-2023 presented above comprised Jason Robins, who is the Company’s Principal Executive Officer (the “PEO”), and Matthew Kalish, Paul Liberman, R. Stanton Dodge and Jason K. Park (collectively for such years, the “non-PEO NEOs”). The NEOs for 2024 comprised the PEO and Matthew Kalish, Paul Liberman, R. Stanton Dodge, Alan Ellingson and Jason K. Park (collectively for 2024, the “non-PEO NEOs”). The NEOs for 2025 comprised the PEO and Matthew Kalish, Paul Liberman, R. Stanton Dodge, and Alan Ellingson (collectively for 2025, the “non-PEO NEOs”).
(2)
SEC rules require that certain adjustments be made to the totals set forth in the Summary Compensation Table included in this Proxy Statement (the “Summary Compensation Table”) in order to determine “compensation actually paid” for purposes of this Pay Versus Performance Disclosure. “Compensation actually paid” does not represent cash and/or equity value transferred to the applicable NEO, but rather is a value calculated under applicable SEC rules for purposes of this Pay Versus Performance Disclosure. In general, “compensation actually paid” is calculated as total compensation set forth in the Summary Compensation Table, as adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). None of the NEOs received any awards that failed to meet the applicable vesting conditions during 2025, received any dividends or participated in a defined benefit plan and there have been no amendments to the exercise price of options, so the following table does not include an adjustment for such items. The Company has not adjusted or amended the exercise price of options exercisable for Class A Shares held by the NEOs during 2025. The below table reflects the required adjustments to reconcile total compensation as set forth in the Summary Compensation Table to “Compensation actually paid” for purposes of the Pay Versus Performance Disclosure (in millions unless otherwise noted).
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2025 | | | PEO | | | | $ | 22.6 | | | | | $ | (19.2) | | | | | $ | 14.0 | | | | | $ | (8.5) | | | | | $ | 1.6 | | | | | $ | 9.8 | | | | | | | | | | $ | 20.4 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 9.8 | | | | | $ | (7.7) | | | | | $ | 5.7 | | | | | $ | (3.5) | | | | | $ | 0.8 | | | | | $ | 6.0 | | | | | $ | (2.0) | | | | | $ | 9.1 | | |
| 2024 | | | PEO | | | | $ | 20.9 | | | | | $ | (19.1) | | | | | $ | 9.8 | | | | | $ | 17.7 | | | | | $ | 3.4 | | | | | $ | 1.2 | | | | | | | | | | $ | 33.9 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.5 | | | | | $ | (8.0) | | | | | $ | 4.9 | | | | | $ | 7.4 | | | | | $ | 1.4 | | | | | $ | 0.5 | | | | | | | | | | $ | 14.7 | | | |
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2023 | | | PEO | | | | $ | 20.8 | | | | | $ | (16.1) | | | | | $ | 80.9 | | | | | $ | 40.9 | | | | | $ | 4.0 | | | | | $ | 37.7 | | | | | | | | | | $ | 168.2 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.6) | | | | | $ | 50.4 | | | | | $ | 19.2 | | | | | $ | 1.9 | | | | | $ | 25.3 | | | | | | | | | | $ | 98.1 | | | |
| 2022 | | | PEO | | | | $ | 47.5 | | | | | $ | (43.7) | | | | | $ | 26.6 | | | | | $ | (37.9) | | | | | $ | 1.5 | | | | | $ | (22.4) | | | | | | | | | | $ | (28.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 27.8 | | | | | $ | (26.7) | | | | | $ | 16.5 | | | | | $ | (23.4) | | | | | $ | 0.9 | | | | | $ | (7.8) | | | | | | | | | | $ | (12.7) | | | |
| 2021 | | | PEO | | | | $ | 14.0 | | | | | $ | (11.3) | | | | | $ | 4.7 | | | | | $ | (80.2) | | | | | $ | 0.8 | | | | | $ | 4.6 | | | | | | | | | | $ | (67.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.7) | | | | | $ | 3.2 | | | | | $ | (45.2) | | | | | $ | 0.6 | | | | | $ | 3.1 | | | | | | | | | | $ | (37.2) | | | |
(a)
Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table.
(b)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year.
(c)
Change in fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year.
(d)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year.
(e)
Change in fair value, calculated in accordance with FASB ASC Topic 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year.
(f)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the prior fiscal year, of equity awards granted in prior years that were forfeited during the reported year.
(3)
The S&P 500 Consumer Discretionary Index (“CDI”) is a comprehensive index of companies included in the S&P 500 that are classified as members of the consumer discretionary sector, which is used by the Company for purposes of compliance with Item 201(e) of Regulation S-K.
(4)
For 2025 compensation decisions, the Company focused on achievement of Revenue growth, as well as other metrics such as Adjusted EBITDA, through highly effective customer acquisition, retention, engagement, and monetization, enabled by innovative product offerings and technology enhancements across the Company’s product offerings.
(1)
The NEOs for 2021-2023 presented above comprised Jason Robins, who is the Company’s Principal Executive Officer (the “PEO”), and Matthew Kalish, Paul Liberman, R. Stanton Dodge and Jason K. Park (collectively for such years, the “non-PEO NEOs”). The NEOs for 2024 comprised the PEO and Matthew Kalish, Paul Liberman, R. Stanton Dodge, Alan Ellingson and Jason K. Park (collectively for 2024, the “non-PEO NEOs”). The NEOs for 2025 comprised the PEO and Matthew Kalish, Paul Liberman, R. Stanton Dodge, and Alan Ellingson (collectively for 2025, the “non-PEO NEOs”).
(3)
The S&P 500 Consumer Discretionary Index (“CDI”) is a comprehensive index of companies included in the S&P 500 that are classified as members of the consumer discretionary sector, which is used by the Company for purposes of compliance with Item 201(e) of Regulation S-K.
(2)
SEC rules require that certain adjustments be made to the totals set forth in the Summary Compensation Table included in this Proxy Statement (the “Summary Compensation Table”) in order to determine “compensation actually paid” for purposes of this Pay Versus Performance Disclosure. “Compensation actually paid” does not represent cash and/or equity value transferred to the applicable NEO, but rather is a value calculated under applicable SEC rules for purposes of this Pay Versus Performance Disclosure. In general, “compensation actually paid” is calculated as total compensation set forth in the Summary Compensation Table, as adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). None of the NEOs received any awards that failed to meet the applicable vesting conditions during 2025, received any dividends or participated in a defined benefit plan and there have been no amendments to the exercise price of options, so the following table does not include an adjustment for such items. The Company has not adjusted or amended the exercise price of options exercisable for Class A Shares held by the NEOs during 2025. The below table reflects the required adjustments to reconcile total compensation as set forth in the Summary Compensation Table to “Compensation actually paid” for purposes of the Pay Versus Performance Disclosure (in millions unless otherwise noted).
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2025 | | | PEO | | | | $ | 22.6 | | | | | $ | (19.2) | | | | | $ | 14.0 | | | | | $ | (8.5) | | | | | $ | 1.6 | | | | | $ | 9.8 | | | | | | | | | | $ | 20.4 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 9.8 | | | | | $ | (7.7) | | | | | $ | 5.7 | | | | | $ | (3.5) | | | | | $ | 0.8 | | | | | $ | 6.0 | | | | | $ | (2.0) | | | | | $ | 9.1 | | |
| 2024 | | | PEO | | | | $ | 20.9 | | | | | $ | (19.1) | | | | | $ | 9.8 | | | | | $ | 17.7 | | | | | $ | 3.4 | | | | | $ | 1.2 | | | | | | | | | | $ | 33.9 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.5 | | | | | $ | (8.0) | | | | | $ | 4.9 | | | | | $ | 7.4 | | | | | $ | 1.4 | | | | | $ | 0.5 | | | | | | | | | | $ | 14.7 | | | |
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2023 | | | PEO | | | | $ | 20.8 | | | | | $ | (16.1) | | | | | $ | 80.9 | | | | | $ | 40.9 | | | | | $ | 4.0 | | | | | $ | 37.7 | | | | | | | | | | $ | 168.2 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.6) | | | | | $ | 50.4 | | | | | $ | 19.2 | | | | | $ | 1.9 | | | | | $ | 25.3 | | | | | | | | | | $ | 98.1 | | | |
| 2022 | | | PEO | | | | $ | 47.5 | | | | | $ | (43.7) | | | | | $ | 26.6 | | | | | $ | (37.9) | | | | | $ | 1.5 | | | | | $ | (22.4) | | | | | | | | | | $ | (28.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 27.8 | | | | | $ | (26.7) | | | | | $ | 16.5 | | | | | $ | (23.4) | | | | | $ | 0.9 | | | | | $ | (7.8) | | | | | | | | | | $ | (12.7) | | | |
| 2021 | | | PEO | | | | $ | 14.0 | | | | | $ | (11.3) | | | | | $ | 4.7 | | | | | $ | (80.2) | | | | | $ | 0.8 | | | | | $ | 4.6 | | | | | | | | | | $ | (67.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.7) | | | | | $ | 3.2 | | | | | $ | (45.2) | | | | | $ | 0.6 | | | | | $ | 3.1 | | | | | | | | | | $ | (37.2) | | | |
(a)
Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table.
(b)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year.
(c)
Change in fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year.
(d)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year.
(e)
Change in fair value, calculated in accordance with FASB ASC Topic 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year.
(f)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the prior fiscal year, of equity awards granted in prior years that were forfeited during the reported year.
(2)
SEC rules require that certain adjustments be made to the totals set forth in the Summary Compensation Table included in this Proxy Statement (the “Summary Compensation Table”) in order to determine “compensation actually paid” for purposes of this Pay Versus Performance Disclosure. “Compensation actually paid” does not represent cash and/or equity value transferred to the applicable NEO, but rather is a value calculated under applicable SEC rules for purposes of this Pay Versus Performance Disclosure. In general, “compensation actually paid” is calculated as total compensation set forth in the Summary Compensation Table, as adjusted to include the fair market value of equity awards as of December 31 of the applicable year or, if earlier, the vesting date (rather than the grant date). None of the NEOs received any awards that failed to meet the applicable vesting conditions during 2025, received any dividends or participated in a defined benefit plan and there have been no amendments to the exercise price of options, so the following table does not include an adjustment for such items. The Company has not adjusted or amended the exercise price of options exercisable for Class A Shares held by the NEOs during 2025. The below table reflects the required adjustments to reconcile total compensation as set forth in the Summary Compensation Table to “Compensation actually paid” for purposes of the Pay Versus Performance Disclosure (in millions unless otherwise noted).
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2025 | | | PEO | | | | $ | 22.6 | | | | | $ | (19.2) | | | | | $ | 14.0 | | | | | $ | (8.5) | | | | | $ | 1.6 | | | | | $ | 9.8 | | | | | | | | | | $ | 20.4 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 9.8 | | | | | $ | (7.7) | | | | | $ | 5.7 | | | | | $ | (3.5) | | | | | $ | 0.8 | | | | | $ | 6.0 | | | | | $ | (2.0) | | | | | $ | 9.1 | | |
| 2024 | | | PEO | | | | $ | 20.9 | | | | | $ | (19.1) | | | | | $ | 9.8 | | | | | $ | 17.7 | | | | | $ | 3.4 | | | | | $ | 1.2 | | | | | | | | | | $ | 33.9 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.5 | | | | | $ | (8.0) | | | | | $ | 4.9 | | | | | $ | 7.4 | | | | | $ | 1.4 | | | | | $ | 0.5 | | | | | | | | | | $ | 14.7 | | | |
| | | | Add Year-End Change in: | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Year | | | NEO(s) | | | Summary Compensation Table Total | | | Subtract Stock Awards(a) | | | Granted Award Fair Value(b) | | | Change in Value of Prior Awards Unvested at Year End(c) | | | Value of Awards Granted and Vested in Year(d) | | | Change in Value of Prior Awards Vested in Year(e) | | | Value of Prior Awards Forfeited During Year(f) | | | Compensation Actually Paid | | ||||||||||||||||||||||||
| 2023 | | | PEO | | | | $ | 20.8 | | | | | $ | (16.1) | | | | | $ | 80.9 | | | | | $ | 40.9 | | | | | $ | 4.0 | | | | | $ | 37.7 | | | | | | | | | | $ | 168.2 | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.6) | | | | | $ | 50.4 | | | | | $ | 19.2 | | | | | $ | 1.9 | | | | | $ | 25.3 | | | | | | | | | | $ | 98.1 | | | |
| 2022 | | | PEO | | | | $ | 47.5 | | | | | $ | (43.7) | | | | | $ | 26.6 | | | | | $ | (37.9) | | | | | $ | 1.5 | | | | | $ | (22.4) | | | | | | | | | | $ | (28.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 27.8 | | | | | $ | (26.7) | | | | | $ | 16.5 | | | | | $ | (23.4) | | | | | $ | 0.9 | | | | | $ | (7.8) | | | | | | | | | | $ | (12.7) | | | |
| 2021 | | | PEO | | | | $ | 14.0 | | | | | $ | (11.3) | | | | | $ | 4.7 | | | | | $ | (80.2) | | | | | $ | 0.8 | | | | | $ | 4.6 | | | | | | | | | | $ | (67.4) | | | |
| | | | Average of Non- PEO NEOs | | | | $ | 8.9 | | | | | $ | (7.7) | | | | | $ | 3.2 | | | | | $ | (45.2) | | | | | $ | 0.6 | | | | | $ | 3.1 | | | | | | | | | | $ | (37.2) | | | |
(a)
Deduction for the amounts reported in the “Stock Awards” column of the Summary Compensation Table.
(b)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year of equity awards granted in the reported fiscal year that were outstanding and unvested as of the end of the reported fiscal year.
(c)
Change in fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the reported fiscal year from the end of the prior fiscal year, of equity awards granted in prior years that are outstanding and unvested as of the end of the reported fiscal year.
(d)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the vesting date for awards that are granted and vest in the same reported fiscal year.
(e)
Change in fair value, calculated in accordance with FASB ASC Topic 718, from the end of the prior fiscal year to the vesting date for awards granted in prior years that vest in the reported year.
(f)
Fair value, calculated in accordance with FASB ASC Topic 718, as of the end of the prior fiscal year, of equity awards granted in prior years that were forfeited during the reported year.
![[MISSING IMAGE: bc_payvstsr-4c.jpg]](bc_payvstsr-4c.jpg)
![[MISSING IMAGE: bc_payvsnetloss-4c.jpg]](bc_payvsnetloss-4c.jpg)
![[MISSING IMAGE: bc_payvsrevenue-4c.jpg]](bc_payvsrevenue-4c.jpg)
Unranked Tabular List of the Company’s Most Important Financial Performance Measures
The following is an unranked list of the most important financial performance measures used by the Company to link compensation actually paid to the NEOs, for the year ended December 31, 2025, to Company performance:
| | | Financial Performance Measures | | |
| | | Revenue | | |
| | | Adjusted EBITDA | | |
(4)
For 2025 compensation decisions, the Company focused on achievement of Revenue growth, as well as other metrics such as Adjusted EBITDA, through highly effective customer acquisition, retention, engagement, and monetization, enabled by innovative product offerings and technology enhancements across the Company’s product offerings.