DraftKings just posted blowout earnings. So why did the stock crater?

For investors, DraftKings has been anything but a sure bet.

The company reported earnings on Thursday, which showed revenue of nearly $2 billion—an increase of 43% year over year—and earnings per share of $0.25. “We closed 2025 on a high note. Fourth-quarter revenue increased 43% year over year, and we achieved records for revenue and adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization]. Our core business is strong as we enter 2026,” said Jason Robins, DraftKings’ chief executive officer and cofounder...