Rush Street Interactive (NYSE: RSI) lifts 2026 outlook after record Q1 growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rush Street Interactive reported strong first quarter 2026 results with record performance across key metrics. Revenue reached $370.4 million, up 41% from $262.4 million a year earlier. Net income rose to $26.2 million, up 134% from $11.2 million.
Adjusted EBITDA was a record $60.2 million, an 81% increase from $33.2 million. Monthly Active Users reached about 839,000, up 51% year-over-year, including 62% growth in North American online casino markets and 54% growth in Latin America.
The company raised its full-year 2026 outlook, now expecting revenue between $1.49 billion and $1.54 billion and Adjusted EBITDA between $230 million and $250 million, implying year-over-year growth of 31%–36% for revenue and 50%–63% for Adjusted EBITDA.
Positive
- Record top-line and profitability growth: Q1 2026 revenue rose 41% to $370.4 million, net income more than doubled to $26.2 million, and Adjusted EBITDA increased 81% to $60.2 million, highlighting strong operating leverage.
- Upgraded full-year 2026 outlook: Management raised revenue guidance to $1.49–$1.54 billion and Adjusted EBITDA guidance to $230–$250 million, targeting year-over-year growth of 31%–36% and 50%–63%, respectively.
- Robust user and engagement trends: Monthly Active Users reached roughly 839,000, up 51% year-over-year, with 62% MAU growth in North American online casino markets and 54% growth in Latin America, supporting future revenue potential.
Negative
- None.
Insights
RSI posted record Q1 growth and raised 2026 guidance, signaling strong operating momentum.
Rush Street Interactive delivered 41% revenue growth to $370.4 million and expanded net income to $26.2 million, up 134% year-over-year. Record Adjusted EBITDA of $60.2 million, up 81%, indicates improving scale and operating leverage in its online casino and sports betting footprint.
Player metrics underline this performance. Monthly Active Users reached about 839,000, including 62% growth in North American online casino markets and 54% in Latin America. ARPMAU was $317 in the United States and Canada and $54 in Latin America, showing higher monetization in North America.
Management raised full-year 2026 guidance to revenue of $1.49–$1.54 billion and Adjusted EBITDA of $230–$250 million, implying 31%–36% and 50%–63% growth, respectively. Future quarterly filings will clarify how results track against these updated ranges and the planned July 2026 launch in Alberta.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $370.4 million
Q1 2026 Net Income: $26.2 million
Q1 2026 Adjusted EBITDA: $60.2 million
+5 more
8 metrics
Q1 2026 Revenue
$370.4 million
Three months ended March 31, 2026; up 41% vs. $262.4M in 2025
Q1 2026 Net Income
$26.2 million
Three months ended March 31, 2026; up 134% vs. $11.2M in 2025
Q1 2026 Adjusted EBITDA
$60.2 million
Three months ended March 31, 2026; up 81% vs. $33.2M in 2025
Q1 2026 Monthly Active Users
839,000 users
MAUs for Q1 2026; up 51% year-over-year
2026 Revenue Guidance
$1.49–$1.54 billion
Full year 2026 expected revenue; 31%–36% YoY growth range
2026 Adjusted EBITDA Guidance
$230–$250 million
Full year 2026 expected Adjusted EBITDA; 50%–63% YoY growth
Cash, cash equivalents and restricted cash
$331.6 million
Balance at March 31, 2026 on condensed consolidated balance sheet
Operating cash flow Q1 2026
$20.1 million
Net cash provided by operating activities, three months ended March 31, 2026 (vs. $28.7M in 2025)
Key Terms
Adjusted EBITDA, Monthly Active Users, ARPMAU, non-GAAP financial measures, +2 more
6 terms
Adjusted EBITDA financial
"Record Quarterly Adjusted EBITDA of $60.2 Million, up 81% Year-over-Year"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Monthly Active Users financial
"Monthly Active Users (“MAU”) totaled approximately 839,000, an increase of 51%"
Monthly active users are the number of unique individuals who engage with a product or service at least once within a month. This measure helps gauge how many people regularly use or rely on it, similar to counting how many customers visit a store each month. Investors look at this number to assess the popularity, growth, and overall health of a platform or service.
ARPMAU financial
"Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $317"
Average revenue per monthly active user (ARPMAU) measures how much money a company earns, on average, from each user who engages with its product at least once in a month. For investors, it shows how well a business turns user activity into revenue—like tracking how much each regular customer spends at a coffee shop—so rises or falls can signal improving monetization, pricing power, or customer engagement problems.
non-GAAP financial measures financial
"this press release includes certain financial measures that are not prepared in accordance with GAAP"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
tax receivable agreement liability financial
"Change in tax receivable agreement liability"
A tax receivable agreement liability is the recorded future obligation a company expects to pay under an agreement that shares tax savings generated after a corporate transaction. Think of it like promising to split a refund with a former owner: the company recognizes a future bill on its books that reduces cash available to shareholders and can affect valuation and debt capacity. Investors watch it because it represents a real, sometimes sizable, cash outflow tied to tax benefits realized over time.
Deferred tax assets financial
"Deferred tax assets, net"
An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.
Earnings Snapshot
Revenue: $370.4 million · Guidance included
Q1 2026
Revenue
$370.4 million
+41% YoY
Net income
$26.2 million
+134% YoY
Adjusted EBITDA
$60.2 million
+81% YoY
Monthly Active Users
839,000
+51% YoY
Guidance
For full year 2026, the company expects revenue of $1.49–$1.54 billion and Adjusted EBITDA of $230–$250 million, representing year-over-year growth of 31%–36% and 50%–63%, respectively.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (773 ) 893-5855
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On April 28, 2026 , Rush Street Interactive, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2026.
A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Press Release, dated April 28, 2026, reporting financial results for the first quarter ended March 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RUSH STREET INTERACTIVE, INC. | ||||||||
| By: | /s/ Kyle Sauers | |||||||
| Name: Kyle Sauers | ||||||||
| Title: President and Chief Financial Officer | ||||||||
Dated: | ||||||||
Exhibit 99.1
`
RUSH STREET INTERACTIVE ANNOUNCES FIRST QUARTER 2026 RESULTS AND RAISES FULL YEAR GUIDANCE
- Record Quarterly Revenue of $370.4 Million, up 41% Year-over-Year -
- Record Quarterly Net Income of $26.2 Million, up 134% Year-over-Year -
- Record Quarterly Adjusted EBITDA of $60.2 Million, up 81% Year-over-Year -
- Monthly-Active-User Growth of 62% in North American Online Casino Markets -
- Raising Full Year 2026 Revenue and Adjusted EBITDA Guidance -
CHICAGO – April 28, 2026 – 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 first quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Revenue was $370.4 million, a new quarterly record and an increase of 41%, compared to $262.4 million during the first quarter of 2025.
•Net income was $26.2 million, a new quarterly record and an increase of 134%, compared to $11.2 million during the first quarter of 2025.
•Adjusted EBITDA1 was $60.2 million, a new quarterly record and an increase of 81%, compared to $33.2 million during the first quarter of 2025.
•Adjusted sales and marketing expense1 was $46.2 million, representing 12.5% of revenue.
•Monthly Active Users (“MAU”) totaled approximately 839,000, an increase of 51% compared to the first quarter of 2025.
◦MAUs in North America were approximately 296,000, an increase of 46% year-over-year, driven by 62% year-over-year growth in online casino markets.
◦MAUs in Latin America (which includes Mexico) were approximately 543,000, an increase of 54% year-over-year.
•Average Revenue per Monthly Active User (“ARPMAU”) in the United States and Canada was $317 during the first quarter of 2026 while ARPMAU in Latin America was $54.
Richard Schwartz, Chief Executive Officer of RSI, said, "We are pleased to report another strong quarter of results, setting new records once again for revenue, net income and adjusted EBITDA.”
“The continued acceleration we've seen in revenue and player growth is particularly exciting. We've now achieved accelerating year-over-year player growth in each of the last four quarters, reflecting the strength in our business. In our North American online casino markets, MAUs grew an impressive 62%, surpassing the 51% growth we achieved in the fourth quarter of 2025. We also achieved record first-time depositors this quarter while maintaining disciplined marketing spend, showcasing our expanding brand awareness and the efficiency we've built into our customer acquisition and retention model. These results validate the customer-centric approach that has consistently driven our performance. The systematic enhancements we've made throughout the entire player journey have created a compounding dynamic where strong
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.
1
acquisition brings high-quality players, effective retention keeps them engaged, and exceptional experiences drive value.”
“Looking ahead, we have tremendous confidence in our trajectory. We're executing well, growing our player base rapidly and profitably, and preparing for an exciting new market launch in Alberta. We remain committed to delivering exceptional player experiences while creating long-term value for our shareholders.”
Guidance
The Company is raising its Revenue and Adjusted EBITDA1 guidance for the full year ending December 31, 2026.
Revenue for full year 2026 is now expected to be in the range of $1,490 and $1,540 million, representing year-over-year growth of 31% to 36%.
Adjusted EBITDA for full year 2026 is now expected to be in the range of $230 and $250 million, representing year-over-year growth of 50% to 63%.
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 and the expected July 2026 launch of Alberta are included, and (ii) RSI continues to operate in markets in which it is live today under similar tax structures, including the temporary emergency 16% tax decree in Colombia.
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast to discuss the first quarter 2026 financial results today at 6:00 p.m. Eastern Time (5:00 p.m. Central Time). A question-and-answer session will follow the prepared remarks.
The conference call may be accessed by dialing 1-833-444-1612 (Toll Free) or 1-206-407-3770 (Local). For international callers, please reference https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference call access code is 722298233.
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 May 28, 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 Latinoamérica Awards 2024 Casino Operator of the Year, the
2
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
3
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,"
4
"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
5
Rush Street Interactive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
| Revenue | $ | 370,361 | $ | 262,407 | ||||||||||
| Operating costs and expenses | ||||||||||||||
| Costs of revenue | 238,196 | 170,883 | ||||||||||||
| Sales and marketing | 47,392 | 42,139 | ||||||||||||
| General and administrative | 31,268 | 24,972 | ||||||||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||||||||
| Total operating costs and expenses | 327,583 | 247,485 | ||||||||||||
| Income from operations | 42,778 | 14,922 | ||||||||||||
Other income | ||||||||||||||
Interest income, net | 2,999 | 1,699 | ||||||||||||
Change in tax receivable agreement liability | — | (345) | ||||||||||||
Total other income | 2,999 | 1,354 | ||||||||||||
Income before income taxes | 45,777 | 16,276 | ||||||||||||
Income tax expense | 19,566 | 5,065 | ||||||||||||
| Net income | 26,211 | 11,211 | ||||||||||||
| Net income attributable to non-controlling interests | 17,141 | 5,892 | ||||||||||||
| Net income attributable to Rush Street Interactive, Inc. | $ | 9,070 | $ | 5,319 | ||||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.09 | $ | 0.06 | ||||||||||
| Weighted average common shares outstanding – basic | 102,185,221 | 93,850,707 | ||||||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.08 | $ | 0.05 | ||||||||||
| Weighted average common shares outstanding – diluted | 106,853,552 | 234,292,159 | ||||||||||||
6
Rush Street Interactive, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
| Net income | $ | 26,211 | $ | 11,211 | ||||||||||
| Other comprehensive income | ||||||||||||||
| Foreign currency translation adjustment, net of tax | 2,161 | 4,527 | ||||||||||||
| Comprehensive income | 28,372 | 15,738 | ||||||||||||
Comprehensive income attributable to non-controlling interests | 18,500 | 8,555 | ||||||||||||
| Comprehensive income attributable to Rush Street Interactive, Inc. | $ | 9,872 | $ | 7,183 | ||||||||||
7
Rush Street Interactive, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Cash flows from operating activities | |||||||||||
Net income | $ | 26,211 | $ | 11,211 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation and amortization expense | 10,727 | 9,491 | |||||||||
| Share-based compensation expense | 6,691 | 8,813 | |||||||||
| Deferred income taxes | 3,330 | 100 | |||||||||
| Noncash lease expense | 265 | 224 | |||||||||
Change in tax receivable agreement liability | — | 345 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Players’ receivables | (10,705) | (1,449) | |||||||||
| Due from affiliates | 740 | (2,832) | |||||||||
| Prepaid expenses and other assets | (7,021) | (35) | |||||||||
| Accounts payable, accrued expenses and other liabilities | (9,591) | 4,415 | |||||||||
| Players’ liabilities | (533) | (1,571) | |||||||||
| Net cash provided by operating activities | 20,114 | 28,712 | |||||||||
| Cash flows from investing activities | |||||||||||
| Internally developed software costs | (7,964) | (6,831) | |||||||||
| Acquisition of gaming licenses | (710) | (61) | |||||||||
Acquisition of other intangible assets | (285) | (276) | |||||||||
| Purchases of property and equipment | (252) | (161) | |||||||||
| Acquisition of developed technology | — | (225) | |||||||||
| Net cash used in investing activities | (9,211) | (7,554) | |||||||||
| Cash flows from financing activities | |||||||||||
| Payments for employee taxes related to shares withheld | (22,686) | (20,366) | |||||||||
| Principal payments of finance lease liabilities | (415) | (1,650) | |||||||||
Proceeds from exercise of stock options | 405 | — | |||||||||
| Repurchase of Class A Common Stock | — | (5,162) | |||||||||
| Net cash used in financing activities | (22,696) | (27,178) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,897 | 5,274 | |||||||||
| Net change in cash, cash equivalents and restricted cash | (8,896) | (746) | |||||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | 340,504 | 232,756 | |||||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | 331,608 | $ | 232,010 | |||||||
8
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||||||
| Right-of-use assets obtained in exchange for new or modified operating lease liabilities | $ | — | $ | 93 | |||||||
| Right-of-use assets obtained in exchange for new or modified finance lease liabilities | $ | 104 | $ | 3,085 | |||||||
| Allocation of equity and non-controlling interests upon changes in RSILP ownership | $ | 2,539 | $ | 3,224 | |||||||
| Shares withheld for employee taxes in Other Current Liabilities | $ | 7,783 | $ | 3,805 | |||||||
Investing activities in Accounts Payable and Accrued Expenses | $ | 2,895 | $ | 2,759 | |||||||
Re-issuance of treasury stock under the equity compensation plan | $ | 7,634 | $ | — | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid for income taxes | $ | 9,100 | $ | 3,067 | |||||||
| Cash paid for interest | $ | 213 | $ | 236 | |||||||
9
Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands)
Adjusted EBITDA:
| Three Months Ended March 31, | ||||||||||||||
| ($ in thousands) | 2026 | 2025 | ||||||||||||
| Net income | $ | 26,211 | $ | 11,211 | ||||||||||
| Interest income, net | (2,999) | (1,699) | ||||||||||||
Income tax expense | 19,566 | 5,065 | ||||||||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||||||||
| Share-based compensation expense | 6,691 | 8,813 | ||||||||||||
Change in tax receivable agreement liability | — | 345 | ||||||||||||
| Adjusted EBITDA | $ | 60,196 | $ | 33,226 | ||||||||||
Adjusted Operating Costs and Expenses:
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| GAAP operating costs and expenses: | ||||||||||||||
| Costs of revenue | $ | 238,196 | $ | 170,883 | ||||||||||
| Sales and marketing | 47,392 | 42,139 | ||||||||||||
| General and administrative | 31,268 | 24,972 | ||||||||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||||||||
| Total operating costs and expenses | $ | 327,583 | $ | 247,485 | ||||||||||
| Non-GAAP operating cost and expense adjustments: | ||||||||||||||
Costs of revenue1 | $ | (70) | $ | (63) | ||||||||||
Sales and marketing1 | (1,161) | (3,324) | ||||||||||||
General and administrative1 | (5,460) | (5,426) | ||||||||||||
| Depreciation and amortization | — | — | ||||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (6,691) | $ | (8,813) | ||||||||||
| Adjusted operating costs and expenses: | ||||||||||||||
| Costs of revenue | $ | 238,126 | $ | 170,820 | ||||||||||
| Sales and marketing | 46,231 | 38,815 | ||||||||||||
| General and administrative | 25,808 | 19,546 | ||||||||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||||||||
| Total adjusted operating costs and expenses | $ | 320,892 | $ | 238,672 | ||||||||||
1Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.
10
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 March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Adjusted net income | ||||||||||||||
Net income attributable to Rush Street Interactive, Inc. – basic | $ | 9,070 | $ | 5,319 | ||||||||||
| Effect of diluted securities: | ||||||||||||||
| Increase to net income attributable to non-controlling interests | — | 5,892 | ||||||||||||
| Net income attributable to Rush Street Interactive, Inc. - diluted | 9,070 | 11,211 | ||||||||||||
| Adjustments: | ||||||||||||||
Net income attributable to non-controlling interest(1) | 17,141 | — | ||||||||||||
| Share-based compensation expense | 6,691 | 8,813 | ||||||||||||
Change in tax receivable agreement liability | — | 345 | ||||||||||||
| Adjusted net income | $ | 32,902 | $ | 20,369 | ||||||||||
Adjusted weighted-average common shares outstanding | ||||||||||||||
Weighted-average common shares outstanding – basic | 102,185,221 | 93,850,707 | ||||||||||||
| Adjustments: | ||||||||||||||
Incremental shares from assumed conversion of stock options and restricted stock units | 4,668,331 | 6,376,325 | ||||||||||||
Conversion of weighted-average RSILP units to Class A Common Shares | — | 134,065,127 | ||||||||||||
Weighted-average common shares outstanding - diluted | 106,853,552 | 234,292,159 | ||||||||||||
Adjustments: | ||||||||||||||
Conversion of weighted-average RSILP units to Class A Common Shares(1) | 129,179,570 | — | ||||||||||||
Adjusted weighted-average common shares outstanding | 236,033,122 | 234,292,159 | ||||||||||||
| Adjusted earnings per share | ||||||||||||||
Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.09 | $ | 0.06 | ||||||||||
Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.08 | $ | 0.05 | ||||||||||
| Adjusted earnings per share | $ | 0.14 | $ | 0.09 | ||||||||||
(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.
11
Rush Street Interactive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and in thousands, except share and per share data)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 330,557 | $ | 336,256 | |||||||
| Restricted cash | 1,051 | 4,248 | |||||||||
| Players’ receivables | 26,600 | 15,859 | |||||||||
| Due from affiliates | 19,207 | 19,947 | |||||||||
| Prepaid expenses and other current assets | 37,742 | 30,481 | |||||||||
| Total current assets | 415,157 | 406,791 | |||||||||
| Intangible assets, net | 78,397 | 76,436 | |||||||||
| Property and equipment, net | 7,111 | 7,740 | |||||||||
| Operating lease assets | 2,754 | 3,056 | |||||||||
| Deferred tax assets, net | 167,297 | 157,862 | |||||||||
| Other assets | 6,569 | 6,627 | |||||||||
| Total assets | $ | 677,285 | $ | 658,512 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 42,742 | $ | 41,585 | |||||||
| Accrued expenses | 80,998 | 81,514 | |||||||||
| Players’ liabilities | 47,212 | 47,669 | |||||||||
| Other current liabilities | 41,084 | 39,506 | |||||||||
| Total current liabilities | 212,036 | 210,274 | |||||||||
| Tax receivable agreement liability, non-current | 132,142 | 128,819 | |||||||||
| Other non-current liabilities | 14,551 | 15,928 | |||||||||
| Total liabilities | 358,729 | 355,021 | |||||||||
Commitments and contingencies | |||||||||||
| Stockholders’ equity | |||||||||||
Class A common stock, $0.0001 par value, 750,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 103,184,195 and 100,691,255 shares issued as of March 31, 2026 and December 31, 2025, respectively; 103,184,195 and 99,958,236 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 10 | 10 | |||||||||
Class V common stock, $0.0001 par value, 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 129,049,014 and 129,609,532 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 13 | 13 | |||||||||
Treasury stock, at cost; nil and 733,019 shares as of March 31, 2026 and December 31, 2025, respectively | — | (3,177) | |||||||||
| Additional paid-in capital | 250,354 | 251,579 | |||||||||
Accumulated other comprehensive income | 2,300 | 1,431 | |||||||||
| Accumulated deficit | (93,551) | (102,621) | |||||||||
| Total stockholders’ equity attributable to Rush Street Interactive, Inc. | 159,126 | 147,235 | |||||||||
| Non-controlling interests | 159,430 | 156,256 | |||||||||
| Total stockholders’ equity | 318,556 | 303,491 | |||||||||
| Total liabilities and stockholders’ equity | $ | 677,285 | $ | 658,512 | |||||||
12
FAQ
How did Rush Street Interactive (RSI) perform in Q1 2026?
Rush Street Interactive reported strong Q1 2026 results, with revenue of $370.4 million, up 41% year-over-year. Net income reached $26.2 million, up 134%, and Adjusted EBITDA grew 81% to $60.2 million, all marking new quarterly records for the company.
What full-year 2026 guidance did Rush Street Interactive (RSI) provide?
Rush Street Interactive raised its full-year 2026 guidance, now expecting revenue between $1.49 billion and $1.54 billion. It also projects Adjusted EBITDA between $230 million and $250 million, implying year-over-year growth of 31%–36% for revenue and 50%–63% for Adjusted EBITDA.
How fast are Rush Street Interactive’s Monthly Active Users growing?
Monthly Active Users totaled about 839,000 in Q1 2026, a 51% year-over-year increase. North American MAUs were about 296,000, up 46%, while Latin American MAUs were about 543,000, up 54%, with 62% growth specifically in North American online casino markets.
What were Rush Street Interactive’s profitability metrics in Q1 2026?
In Q1 2026, Rush Street Interactive generated $26.2 million in net income, compared to $11.2 million a year earlier. Adjusted EBITDA was $60.2 million, up from $33.2 million, reflecting an 81% year-over-year increase and demonstrating improved operating efficiency.
What are Rush Street Interactive’s ARPMAU levels in Q1 2026?
In Q1 2026, Rush Street Interactive’s Average Revenue per Monthly Active User (ARPMAU) was $317 in the United States and Canada. In Latin America, ARPMAU was $54, reflecting different monetization dynamics across the company’s geographic markets.
How much cash did Rush Street Interactive hold at March 31, 2026?
As of March 31, 2026, Rush Street Interactive reported $330.6 million in cash and cash equivalents and $1.1 million in restricted cash. This totaled about $331.6 million in cash, cash equivalents and restricted cash on its condensed consolidated balance sheet.