DoubleDown Interactive Co. (DDI) Q4 2025 earnings summary

Executive summary

• Q4 2025 consolidated revenue reached $95.8 million, up 17% year-over-year, driven by social casino and iGaming growth, including the first full quarter of WHOW Games revenue.

• Full year 2025 revenue was $359.9 million, a 5.5% increase year-over-year, with DTC and SuprNation iGaming showing strong gains.

• Adjusted EBITDA for Q4 2025 was $40.6 million (42.4% margin), up 16% year-over-year.

• Profit for Q4 2025 was $24.1 million, down from $35.7 million in Q4 2024, mainly due to a non-cash goodwill impairment on SuprNation.

• Net cash flow from operations was $42.6 million in Q4 and $136.8 million for the full year, with a year-end net cash position of $455 million.

Financial highlights

• Social casino revenue grew 9% year-over-year to $79.7 million in Q4 2025; DTC revenue rose to $26.0 million, 33% of social casino revenue.

• SuprNation iGaming revenue increased 78% year-over-year to $16.1 million in Q4 2025.

• Operating expenses increased to $65.9 million in Q4 2025, mainly due to goodwill impairment and WHOW Games integration.

• Cash and short-term investments totaled $490 million at year-end, with cash and cash equivalents at $388.9 million.

• Full year SuprNation revenue grew 84.5% to $61.0 million.

Outlook and guidance

• Continued focus on DTC revenue growth, product innovation, and scaling new player acquisition for iGaming in 2026.

• Ongoing disciplined marketing spend, especially in response to UK gaming tax changes and new SuprNation brand launch.

• Management highlighted flexibility for organic and M&A-driven growth, supported by strong free cash flow.

• No explicit guidance provided, but management expects further DTC ramp and margin expansion.