Rush Street Interactive Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Rush Street Interactive (NYSE: RSI) reported record Q4 2025 revenue of $324.9 million (up 28% YoY) and full-year 2025 revenue of $1,134 million (up 23%), both exceeding guidance. Full-year adjusted EBITDA was $153.7 million (up 66%). Q4 net income was $19.1 million; FY net income was $74.0 million. RSI provided 2026 guidance: revenue of $1,375–$1,425 million and adjusted EBITDA of $210–$230 million.
MAUs grew strongly (North America and Latin America) and unrestricted cash rose to $336 million as of Dec 31, 2025.
Positive
- Revenue +23% YoY full year to $1,134 million
- Adjusted EBITDA +66% YoY full year to $153.7 million
- Q4 revenue record of $324.9 million, up 28% YoY
- Unrestricted cash +$107M to $336 million at year-end 2025
- MAU growth: US/Canada +37% YoY; Latin America +47% YoY
Negative
- ARPMAU gap: US/Canada $331 vs Latin America $32, signaling lower monetization in LATAM
- Guidance contingent on operating only in jurisdictions live as of Feb 17, 2026
- Assumed tax exposure includes Colombia emergency VAT decree, a potential headwind to margins
Market Reaction
Following this news, RSI has gained 7.50%, reflecting a notable positive market reaction. Our momentum scanner has triggered 31 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $18.21. This price movement has added approximately $271M to the company's valuation. Trading volume is above average at 1.9x the average, suggesting increased trading activity.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
RSI is up 0.88% pre-news while peers are mixed: SGHC +2.87%, SBET +4.9%, DKNG +0.97%, but CHDN -1.73% and LNW -4.2%, pointing to a stock-specific setup rather than a unified gambling-sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 29 | Q3 2025 earnings | Positive | -2.8% | Reported strong Q3 growth and raised full-year 2025 revenue and EBITDA guidance. |
| Jul 30 | Q2 2025 earnings | Positive | +25.5% | Record Q2 revenue and net income with higher full-year 2025 guidance. |
| Apr 30 | Q1 2025 earnings | Positive | -5.6% | Returned to profitability and nearly doubled Adjusted EBITDA year over year. |
| Feb 26 | Q4 2024 results | Positive | -15.3% | Delivered strong 2024 growth, turned profitable, and issued 2025 growth guidance. |
| Oct 30 | Q3 2024 earnings | Positive | +0.6% | Reported robust Q3 2024 growth, raised guidance, and announced share repurchase. |
Earnings updates are generally positive, but price has often sold off afterward, with more divergences than alignments.
Over the last five earnings announcements from Oct 2024 through Oct 2025, RSI consistently reported strong revenue growth, expanding Adjusted EBITDA, and a shift to sustained profitability. Guidance was raised multiple times, including for full-year 2024 and 2025, and a $50M buyback was introduced in Q3 2024. Despite these fundamentals, several earnings days saw negative next‑day moves, indicating that strong results have not always translated into immediate price strength.
Historical Comparison
Across the last five earnings releases, RSI’s average next-day move was 0.48%, with several cases where strong fundamentals were followed by weak price action.
Earnings releases since late 2024 show a steady climb in revenue, expanding Adjusted EBITDA, and a shift from losses to consistent profitability, alongside repeated guidance raises for 2024 and 2025.
Market Pulse Summary
The stock is up +7.5% following this news. A strong positive reaction aligns with RSI’s record Q4 and full-year 2025 performance, including revenue of $324.9M for the quarter and $1,134M for the year, both exceeding guidance. However, past earnings days have sometimes seen weakness despite solid numbers. Investors may watch whether robust guidance for 2026 Adjusted EBITDA of $210–$230M and user growth sustain sentiment once initial enthusiasm fades.
Key Terms
adjusted ebitda financial
monthly active users technical
arpmau financial
non-gaap financial measures financial
vat regulatory
AI-generated analysis. Not financial advice.
- Record Quarterly Revenue of
- Full Year 2025 Revenue Exceeding High End of Guidance at
- Quarterly Net Income of
- Record Quarterly Adjusted EBITDA of
- Full Year Adjusted EBITDA Exceeding High End of Guidance at
- Initiating Full Year 2026 Revenue Guidance of Between
CHICAGO, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Rush Street Interactive, Inc. (NYSE: RSI) (“RSI”), a leading online casino and sports betting company in the United States and the rest of the Americas, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Revenue was
$324.9 million during the fourth quarter of 2025, a new quarterly record and an increase of28% , compared to$254.2 million during the fourth quarter of 2024. - Net income was
$19.1 million during the fourth quarter of 2025, compared to$6.5 million during the fourth quarter of 2024. - Adjusted EBITDA1 was
$44.1 million during the fourth quarter of 2025, a new quarterly record and an increase of44% compared to$30.6 million during the fourth quarter of 2024. - Adjusted sales and marketing expense1 was
$45.4 million during the fourth quarter of 2025, representing14% of Revenue. - Total Monthly Active Users (“MAU”) in the United States and Canada were over 278,000, up
37% year-over-year, and up51% year-over-year in online casino. MAUs in Latin America (which includes Mexico) were over 493,000, up47% year-over-year. - Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was
$331 during the fourth quarter of 2025 while ARPMAU in Latin America was$32.
Full Year 2025 Highlights
- Revenue for full year 2025 was
$1,134 million , exceeding the high end of guidance, and reflecting an increase of23% , compared to$924 million during full year 2024. - Net income for full year 2025 was
$74.0 million , compared to$7.2 million during full year 2024. - Adjusted EBITDA1 for full year 2025 was
$153.7 million , exceeding the high end of guidance, and reflecting an increase of66% , compared to$92.5 million during full year 2024. - Adjusted sales and marketing expense1 for full year 2025 was
$158.4 million , representing14% of Revenue, a decrease of 290 basis points from16.9% during full year 2024. - As of December 31, 2025, unrestricted cash and cash equivalents were
$336 million , up$107 million for the full year 2025.
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
Richard Schwartz, Chief Executive Officer of RSI, said, "We are thrilled to report an extraordinary 2025, delivering record-breaking performance across virtually every key metric. This exceptional performance reflects broad-based strength across all geographies and product verticals, as well as significant growth in our player base. During the fourth quarter, our monthly active users in North American online casino markets grew at the second fastest rate in four and a half years, which again drove outstanding growth in revenues. In addition, quarterly and annual results in Latin America demonstrated remarkable strength and resilience through regulatory headwinds. This broad-based growth drove record profits and demonstrates the powerful operating leverage that we’ve built within our business model.
“What makes our 2025 results particularly compelling is that they stem from systematic improvements we’ve made across nearly every aspect of our business - from customer acquisition and retention strategies to technological innovation and operational excellence. Our continued focus on providing a player-first experience has allowed us to grow and differentiate our brand.
"Looking ahead to 2026, we have tremendous confidence in our growth trajectory and our ability to continue executing on our strategy. We remain committed to delivering exceptional player experiences while creating long-term value for our shareholders and are confident in our ability to sustain this momentum."
Guidance
RSI is initiating Revenue and Adjusted EBITDA1 guidance for the full year ending December 31, 2026.
Revenue for full year 2026 is currently expected to be in the range of
Adjusted EBITDA for full year 2026 is currently expected to be in the range of
These guidance ranges reflect our confidence in the underlying strength of our business, while incorporating prudent assumptions about market maturation and competitive dynamics. Additional assumptions include that (i) only operations in live jurisdictions as of today’s date are included, and (ii) RSI continues to operate in markets in which it is live today under similar tax structures, including the emergency VAT tax decree in Colombia.
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast today at 6:00 p.m. Eastern Time (5:00 p.m. Central Time), during which management will discuss fourth quarter and full year 2025 results and provide commentary on business performance and its current outlook for 2026. A question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing 1-833-470-1428 (Toll Free) or 1-646-844-6383 (Local) or, for international callers, 1-929-526-1599. The conference call access code is 213687.
A live audio webcast of the earnings conference call may be accessed on RSI’s website at ir.rushstreetinteractive.com, along with a copy of this press release and an investor slide presentation. The audio webcast and investor slide presentation will be available on RSI’s investor relations website until at least March 17, 2026.
About Rush Street Interactive
RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio and Delaware, as well as in the regulated international markets of Colombia, Ontario (Canada), Mexico and Peru. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 by gaming industry veterans, RSI was named the 2025 EGR LatAm Awards Operator of the Year – North LatAm, the EGR North America Awards Customer Services Operator of the Year five years in a row (2020-2024), the SBC LatinoaméricaAwards 2024 Casino Operator of the Year, the 2022 EGR North America Awards Operator of the Year and Social Gaming Operator of the Year, and the 2021 Sportsbook Operator of the Year. RSI was also the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.
Non-GAAP Financial Measures
In addition to providing financial measurements based on accounting principles generally accepted in the United States of America (“GAAP”), this press release includes certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted Operating Costs and Expenses, Adjusted Earnings Per Share, Adjusted Net Income and Adjusted Weighted Average Common Shares Outstanding, each of which is a non-GAAP performance measure that RSI uses to supplement its results presented in accordance with GAAP. A reconciliation of each such non-GAAP financial measure to the most directly comparable GAAP financial measure can be found below. RSI believes that presentation of these non-GAAP financial measures provides useful information to investors regarding RSI’s results of operations and operating performance, as they are similar to measures reported by its public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for any GAAP financial measures and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
By providing full year 2026 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2026 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to RSI without unreasonable effort due to, among other things, the inherent difficulty in forecasting and quantifying the comparable GAAP measure and the applicable adjustments and other amounts that would be necessary for such a reconciliation, and certain of these amounts are outside of RSI’s control and may be subject to high variability or complexity. Preparation of such reconciliations would also require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to RSI without unreasonable effort. RSI provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, RSI cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. RSI provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with RSI’s results calculated in accordance with GAAP, provides useful information for the reasons noted herein. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
RSI defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Operating Costs and Expenses as RSI’s GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Earnings Per Share as Adjusted Net Income divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Income is defined as net income (loss) attributable to Rush Street Interactive, Inc. as used in the diluted earnings (loss) per share calculations, adjusted for the reallocation of net income (loss) attributable to non-controlling interests, share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Weighted Average Common Shares Outstanding is defined as the weighted average number of common shares outstanding as used in the diluted earnings (loss) per share calculation, adjusted for the assumed conversion of the non-controlling interest’s Rush Street Interactive, LP Class A units to Class A common stock of RSI on a one-to-one-basis and incremental shares from assumed conversion of stock options and restricted stock units not otherwise included in the diluted earnings (loss) per share calculation.
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI’s past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI’s management in operating our business. Management also believes these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Key Metrics
RSI provides certain key metrics, including MAUs and ARPMAU, in this press release. RSI defines MAUs as the number of unique users per month who have placed at least one real-money bet across one or more of our online casino, poker, or online sports betting offerings, and it defines ARPMAU as average revenue for the applicable period divided by the average MAUs for the same period.
The numbers RSI uses to calculate MAUs and ARPMAU are based on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base for the applicable period of measurement, there are inherent challenges in measuring usage and engagement with respect to RSI’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s key metrics and related estimates, including the definitions and calculations of the same, may differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," “propose”, "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding revenue and Adjusted EBITDA guidance, RSI’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives, outcomes of current or future regulatory developments and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws and regulations, applicable taxes and tax rates; RSI’s ability to manage and sustain growth; RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; new or competitive products offered by RSI’s competitors; general economic and market conditions impacting the demand for RSI’s products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation and interest rates and unemployment on RSI’s liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI's filings with the SEC. RSI cautions that the foregoing list of factors is not exclusive. RSI cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. RSI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Media Contacts:
Lisa Johnson
lisa@lisajohnsoncommunications.com
Investor Contact:
ir@rushstreetinteractive.com
| Rush Street Interactive, Inc. Consolidated Statements of Operations (Unaudited and in thousands, except per share data) | ||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 324,893 | $ | 254,167 | $ | 1,134,428 | $ | 924,083 | ||||||
| Operating costs and expenses | ||||||||||||||
| Costs of revenue | 213,168 | 161,622 | 741,664 | 602,036 | ||||||||||
| Sales and marketing | 46,336 | 43,990 | 164,650 | 158,590 | ||||||||||
| General and administrative | 26,215 | 26,624 | 100,720 | 106,206 | ||||||||||
| Depreciation and amortization | 10,464 | 9,076 | 39,970 | 32,203 | ||||||||||
| Total operating costs and expenses | 296,183 | 241,312 | 1,047,004 | 899,035 | ||||||||||
| Income from operations | 28,710 | 12,855 | 87,424 | 25,048 | ||||||||||
| Other income (expense) | ||||||||||||||
| Change in tax receivable agreement liability | 5,261 | (739 | ) | (107,776 | ) | (739 | ) | |||||||
| Interest income, net | 2,838 | 1,968 | 9,273 | 7,493 | ||||||||||
| Total other income (expense) | 8,099 | 1,229 | (98,503 | ) | 6,754 | |||||||||
| Income (loss) before income taxes | 36,809 | 14,084 | (11,079 | ) | 31,802 | |||||||||
| Income tax expense (benefit) | 17,667 | 7,596 | (85,108 | ) | 24,566 | |||||||||
| Net income | 19,142 | 6,488 | 74,029 | 7,236 | ||||||||||
| Net income attributable to non-controlling interests | 13,896 | 4,463 | 40,721 | 4,848 | ||||||||||
| Net income attributable to Rush Street Interactive, Inc. | $ | 5,246 | $ | 2,025 | $ | 33,308 | $ | 2,388 | ||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.05 | $ | 0.02 | $ | 0.35 | $ | 0.03 | ||||||
| Weighted average common shares outstanding – basic | 98,123,054 | 88,134,342 | 95,825,421 | 81,784,916 | ||||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.05 | $ | 0.02 | $ | 0.31 | $ | 0.03 | ||||||
| Weighted average common shares outstanding – diluted | 106,633,502 | 96,881,224 | 236,118,275 | 88,415,067 | ||||||||||
| Rush Street Interactive, Inc. Consolidated Statements of Comprehensive Income (Loss) (Unaudited and in thousands) | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Net income | $ | 19,142 | $ | 6,488 | $ | 74,029 | $ | 7,236 | |||||
| Other comprehensive income (loss) | |||||||||||||
| Foreign currency translation adjustment, net of tax | 3,247 | (3,636 | ) | 13,006 | (7,417 | ) | |||||||
| Comprehensive income (loss) | 22,389 | 2,852 | 87,035 | (181 | ) | ||||||||
| Comprehensive income attributable to non-controlling interests | 15,957 | 2,247 | 49,171 | 198 | |||||||||
| Comprehensive income (loss) attributable to Rush Street Interactive, Inc. | $ | 6,432 | $ | 605 | $ | 37,864 | $ | (379 | ) | ||||
| Rush Street Interactive, Inc. Consolidated Statements of Cash Flows (in thousands) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 74,029 | $ | 7,236 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Deferred income tax | (112,220 | ) | (143 | ) | ||||
| Change in tax receivable agreement liability | 107,776 | 739 | ||||||
| Depreciation and amortization expense | 39,970 | 32,203 | ||||||
| Share-based compensation expense | 26,261 | 35,288 | ||||||
| Noncash lease expense | 999 | 891 | ||||||
| Changes in assets and liabilities: | ||||||||
| Players’ receivables | (515 | ) | (4,814 | ) | ||||
| Due from affiliates | (1,737 | ) | 15,261 | |||||
| Prepaid expenses and other assets | (7,978 | ) | (7,765 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | 35,519 | 25,183 | ||||||
| Players’ liabilities | 2,900 | 2,370 | ||||||
| Net cash provided by operating activities | 165,004 | 106,449 | ||||||
| Cash flows from investing activities | ||||||||
| Internally developed software costs | (28,591 | ) | (24,420 | ) | ||||
| Acquisition of gaming licenses | (3,777 | ) | (4,081 | ) | ||||
| Acquisition of other intangibles | (2,627 | ) | (2,075 | ) | ||||
| Short-term investments | (1,029 | ) | (1,862 | ) | ||||
| Purchases of property and equipment | (767 | ) | (925 | ) | ||||
| Acquisition of developed technology | (225 | ) | — | |||||
| Net cash used in investing activities | (37,016 | ) | (33,363 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments for employee taxes related to shares withheld | (26,464 | ) | (1,160 | ) | ||||
| Repurchase of Class A Common Stock | (7,634 | ) | — | |||||
| Principal payments of finance lease liabilities | (2,718 | ) | (1,559 | ) | ||||
| Tax distributions to non-controlling interests | (724 | ) | — | |||||
| Proceeds from exercise of stock options | 176 | 67 | ||||||
| Net cash used in financing activities | (37,364 | ) | (2,652 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 17,124 | (8,655 | ) | |||||
| Net change in cash, cash equivalents and restricted cash | 107,748 | 61,779 | ||||||
| Cash, cash equivalents and restricted cash, at the beginning of the year | 232,756 | 170,977 | ||||||
| Cash, cash equivalents and restricted cash, at the end of the year | $ | 340,504 | $ | 232,756 | ||||
| Year Ended December 31, | ||||||
| 2025 | 2024 | |||||
| Supplemental disclosure of noncash investing and financing activities: | ||||||
| Right-of-use assets obtained in exchange for new or modified operating lease liabilities | $ | 1,349 | $ | 1,582 | ||
| Right-of-use assets obtained in exchange for new or modified finance lease liabilities | 3,482 | 1,986 | ||||
| Allocation of equity and non-controlling interests upon changes in RSILP ownership | 8,076 | 13,374 | ||||
| Shares withheld for employee taxes in Other Current Liabilities | 363 | 1,827 | ||||
| Investing activities in Accounts Payable and Accrued Expenses | 363 | 662 | ||||
| Supplemental disclosure of cash flow information: | ||||||
| Cash paid for income taxes | $ | 32,670 | $ | 16,549 | ||
| Cash paid for interest | 918 | 908 | ||||
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) | |||||||||||||||
| Adjusted EBITDA: | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 19,142 | $ | 6,488 | $ | 74,029 | $ | 7,236 | |||||||
| Interest income, net | (2,838 | ) | (1,968 | ) | (9,273 | ) | (7,493 | ) | |||||||
| Income tax expense (benefit) | 17,667 | 7,596 | (85,108 | ) | 24,566 | ||||||||||
| Depreciation and amortization | 10,464 | 9,076 | 39,970 | 32,203 | |||||||||||
| Share-based compensation expense | 4,971 | 8,714 | 26,261 | 35,288 | |||||||||||
| Change in tax receivable agreement liability | (5,261 | ) | 739 | 107,776 | 739 | ||||||||||
| Adjusted EBITDA | $ | 44,145 | $ | 30,645 | $ | 153,655 | $ | 92,539 | |||||||
| Adjusted Operating Costs and Expenses: | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 213,168 | $ | 161,622 | $ | 741,664 | $ | 602,036 | |||||||
| Sales and marketing | 46,336 | 43,990 | 164,650 | 158,590 | |||||||||||
| General and administrative | 26,215 | 26,624 | 100,720 | 106,206 | |||||||||||
| Depreciation and amortization | 10,464 | 9,076 | 39,970 | 32,203 | |||||||||||
| Total GAAP operating costs and expenses | $ | 296,183 | $ | 241,312 | $ | 1,047,004 | $ | 899,035 | |||||||
| Non-GAAP operating cost and expense adjustments: | |||||||||||||||
| Costs of revenue1 | $ | (81 | ) | $ | (256 | ) | $ | (304 | ) | $ | (1,116 | ) | |||
| Sales and marketing1 | (968 | ) | (882 | ) | (6,216 | ) | (2,748 | ) | |||||||
| General and administrative1 | (3,922 | ) | (7,576 | ) | (19,741 | ) | (31,424 | ) | |||||||
| Depreciation and amortization | — | — | — | — | |||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (4,971 | ) | $ | (8,714 | ) | $ | (26,261 | ) | $ | (35,288 | ) | |||
| Adjusted operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 213,087 | $ | 161,366 | $ | 741,360 | $ | 600,920 | |||||||
| Sales and marketing | 45,368 | 43,108 | 158,434 | 155,842 | |||||||||||
| General and administrative | 22,293 | 19,048 | 80,979 | 74,782 | |||||||||||
| Depreciation and amortization | 10,464 | 9,076 | 39,970 | 32,203 | |||||||||||
| Total adjusted operating costs and expenses | $ | 291,212 | $ | 232,598 | $ | 1,020,743 | $ | 863,747 | |||||||
- Non-GAAP operating cost and expense adjustments include Share-based compensation expense.
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands, except share and per share data) | |||||||||||||
| Adjusted Net Income, Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings Per Share: | |||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Adjusted net income | |||||||||||||
| Net income attributable to Rush Street Interactive, Inc. - basic | $ | 5,246 | $ | 2,025 | $ | 33,308 | $ | 2,388 | |||||
| Effect of diluted securities: | |||||||||||||
| Increase to net income attributable to non-controlling interests | — | — | 40,721 | — | |||||||||
| Net income attributable to Rush Street Interactive, Inc. - diluted | 5,246 | 2,025 | 74,029 | 2,388 | |||||||||
| Adjustments: | |||||||||||||
| Net income attributable to non-controlling interest(1) | 13,896 | 4,463 | — | 4,848 | |||||||||
| Share-based compensation expense | 4,971 | 8,714 | 26,261 | 35,288 | |||||||||
| Change in tax receivable agreement liability | (5,261 | ) | 739 | 107,776 | 739 | ||||||||
| Deferred tax benefit associated with initial recognition of deferred tax asset | — | — | (121,107 | ) | — | ||||||||
| Adjusted net income | $ | 18,852 | $ | 15,941 | $ | 86,959 | $ | 43,263 | |||||
| Adjusted weighted-average common shares outstanding | |||||||||||||
| Weighted-average common shares outstanding - basic | 98,123,054 | 88,134,342 | 95,825,421 | 81,784,916 | |||||||||
| Adjustments: | |||||||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | 8,510,448 | 8,746,882 | 7,587,778 | 6,630,151 | |||||||||
| Conversion of weighted average RSILP units to Class A Common Shares | — | — | 132,705,076 | — | |||||||||
| Weighted-average common shares outstanding - diluted | 106,633,502 | 96,881,224 | 236,118,275 | 88,415,067 | |||||||||
| Adjustments: | |||||||||||||
| Conversion of weighted average RSILP units to Class A Common Shares(1) | 131,215,701 | 137,585,335 | — | 143,091,720 | |||||||||
| Adjusted weighted-average common shares outstanding | 237,849,203 | 234,466,559 | 236,118,275 | 231,506,787 | |||||||||
| Adjusted earnings per share | |||||||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.05 | $ | 0.02 | $ | 0.35 | $ | 0.03 | |||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.05 | $ | 0.02 | $ | 0.31 | $ | 0.03 | |||||
| Adjusted earnings per share | $ | 0.08 | $ | 0.07 | $ | 0.37 | $ | 0.19 | |||||
(1) Adjusted net income includes the reallocation of net income attributable to non-controlling interests that is not otherwise included in net income attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted.
| Rush Street Interactive, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 336,256 | $ | 229,171 | |||
| Restricted cash | 4,248 | 3,585 | |||||
| Players' receivables | 15,859 | 14,910 | |||||
| Due from affiliates | 19,947 | 18,211 | |||||
| Prepaid expenses and other current assets | 30,481 | 19,169 | |||||
| Total current assets | 406,791 | 285,046 | |||||
| Intangible assets, net | 76,436 | 77,347 | |||||
| Property and equipment, net | 7,740 | 7,239 | |||||
| Operating lease assets | 3,056 | 2,419 | |||||
| Deferred tax assets, net | 157,862 | 522 | |||||
| Other assets | 6,627 | 6,893 | |||||
| Total assets | $ | 658,512 | $ | 379,466 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 41,585 | $ | 25,798 | |||
| Accrued expenses | 81,514 | 72,702 | |||||
| Players' liabilities | 47,669 | 43,703 | |||||
| Other current liabilities | 39,506 | 20,927 | |||||
| Total current liabilities | 210,274 | 163,130 | |||||
| Tax receivable agreement liability, non-current | 128,819 | 739 | |||||
| Other non-current liabilities | 15,928 | 17,281 | |||||
| Total liabilities | 355,021 | 181,150 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Class A common stock, | 10 | 9 | |||||
| Class V common stock, | 13 | 13 | |||||
| Treasury stock, at cost; 733,019 and nil shares as of December 31, 2025 and 2024, respectively | (3,177 | ) | — | ||||
| Additional paid-in capital | 251,579 | 217,675 | |||||
| Accumulated other comprehensive income (loss) | 1,431 | (3,090 | ) | ||||
| Accumulated deficit | (102,621 | ) | (135,929 | ) | |||
| Total stockholders’ equity attributable to Rush Street Interactive, Inc. | 147,235 | 78,678 | |||||
| Non-controlling interests | 156,256 | 119,638 | |||||
| Total stockholders’ equity | 303,491 | 198,316 | |||||
| Total liabilities and stockholders’ equity | $ | 658,512 | $ | 379,466 | |||
FAQ
What were Rush Street Interactive (RSI) Q4 2025 revenue and net income figures?
How did RSI perform for full year 2025 on revenue and adjusted EBITDA?
What guidance did RSI (NYSE: RSI) give for full year 2026 revenue and adjusted EBITDA?
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