Analysts lower DraftKings’ 3Q25 EBITDA estimate to -$145 million
J.P. Morgan analyst Dan Politzer lowered his DraftKings 3Q25 adjusted EBITDA estimate to -$145 million from $36 million, with revenue forecast at $1.13 billion. He attributed the revisions mainly to customer-friendly September NFL results and, secondarily, higher expenses tied to the Ghost Leg promotion; he also cut FY26/27 estimates by 3-4%.
The lower estimates indicate greater promotional-cost and sports-outcome pressure on DraftKings’ forecast earnings.