STOCK TITAN
  1. Home
  2. Sec-filings
  3. RSI
  4. [8-K] Rush Street Interactive, Inc. Reports Material Event

Rush Street Interactive (NYSE: RSI) lifts 2026 outlook after record Q2 growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Rush Street Interactive reported a record second quarter for the period ended June 30, 2026, with revenue of $393.8 million, up 46% from $269.2 million a year earlier. Net income was $29.3 million, slightly above $28.8 million in the prior-year quarter, and Adjusted EBITDA reached $64.6 million, up 61% from $40.2 million.

Monthly Active Users rose to 949,000, up 58% year-over-year, including 296,000 in North America and 653,000 in Latin America. Online casino accounted for 72% of revenue. The company raised full-year 2026 guidance, now expecting revenue of $1,560–$1,600 million and Adjusted EBITDA of $245–$265 million, implying strong double-digit growth.

Positive

  • Revenue grew 46% year-over-year to $393.8 million in Q2 2026, setting a new quarterly record and demonstrating strong expansion across RSI’s markets.
  • Adjusted EBITDA increased 61% year-over-year to $64.6 million, indicating significant operating leverage and improved profitability on higher scale.
  • Monthly Active Users reached 949,000, up 58% year-over-year, with particularly strong growth in North American online casino and Latin American markets.
  • RSI raised full-year 2026 guidance to revenue of $1,560–$1,600 million and Adjusted EBITDA of $245–$265 million, reflecting confidence in continued high growth.

Negative

  • None.

Insights

Analyzing...

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.
Q2 2026 Revenue $393.8 million Quarter ended June 30, 2026; up 46% from $269.2 million in Q2 2025
Q2 2026 Net Income $29.3 million Quarter ended June 30, 2026; slightly above $28.8 million in Q2 2025
Q2 2026 Adjusted EBITDA $64.6 million Quarter ended June 30, 2026; up 61% from $40.2 million a year earlier
Q2 2026 MAUs 949,000 users Global Monthly Active Users; 58% year-over-year increase
2026 Revenue Guidance $1,560–$1,600 million Full-year 2026 expected revenue; 38%–41% year-over-year growth
2026 Adjusted EBITDA Guidance $245–$265 million Full-year 2026 expected Adjusted EBITDA; 59%–72% year-over-year growth
Cash & Restricted Cash $342.7 million Cash, cash equivalents and restricted cash at June 30, 2026
Online Casino Revenue Mix 72% of revenue Share of total revenue from online casino in Q2 2026
Adjusted EBITDA financial
"Record Quarterly Adjusted EBITDA of $64.6 Million, up 61% 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 949,000, an increase of 58%"
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 North America was $320"
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.
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.
non-controlling interests financial
"Net income attributable to non-controlling interests"
An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.
Revenue $393.8 million up 46% year-over-year from $269.2 million
Net income $29.3 million compared to $28.8 million in the prior-year quarter
Adjusted EBITDA $64.6 million up 61% year-over-year from $40.2 million
MAUs 949,000 up 58% year-over-year
2026 revenue guidance $1,560–$1,600 million represents 38%–41% year-over-year growth
Guidance

For full year 2026, revenue is expected between $1,560 and $1,600 million and Adjusted EBITDA between $245 and $265 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

How did RSI (RSI) perform financially in the second quarter of 2026?
RSI delivered record Q2 2026 results with revenue of $393.8 million, up 46% year-over-year. Net income was $29.3 million and Adjusted EBITDA was $64.6 million, a 61% year-over-year increase, highlighting stronger profitability.

What full-year 2026 guidance did RSI (RSI) provide for revenue and Adjusted EBITDA?
For 2026, RSI expects revenue between $1,560 and $1,600 million, representing 38%–41% year-over-year growth. It also guides to Adjusted EBITDA of $245–$265 million, implying 59%–72% growth, based only on markets where it currently operates.

How fast are RSI (RSI) Monthly Active Users growing and where?
Q2 2026 Monthly Active Users totaled 949,000, up 58% year-over-year. North America reached 296,000 MAUs, up 51%, driven by 64% growth in online casino, while Latin America reached 653,000 MAUs, up 62% year-over-year.

What were RSI (RSI) ARPMAU levels in North America and Latin America in Q2 2026?
In Q2 2026, RSI’s ARPMAU in North America was $320, reflecting higher-value users, while ARPMAU in Latin America was $55. These figures are based on average revenue per Monthly Active User in each region.

How important was online casino to RSI (RSI) revenue in Q2 2026?
Online casino represented 72% of RSI’s revenue in Q2 2026, underscoring the company’s casino-first strategy. This concentration indicates that online casino remains the primary driver of its business compared with sports betting.

What was RSI’s (RSI) cash position at June 30, 2026?
As of June 30, 2026, RSI reported cash, cash equivalents and restricted cash of $342.7 million. Net cash provided by operating activities for the first six months of 2026 was $72.2 million, indicating solid cash generation from operations.
0001793659FALSE00017936592026-07-292026-07-29

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): July 29, 2026
RUSH STREET INTERACTIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3923284-3626708
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
900 N. Michigan Avenue, Suite 950
Chicago, Illinois 60611
(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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading
Symbol(s)		Name of each exchange
on which registered
Class A common stock, par value $0.0001 per shareRSIThe New York Stock Exchange
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 July 29, 2026, Rush Street Interactive, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 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 July 29, 2026, reporting financial results for the second quarter ended June 30, 2026.
104Cover 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: July 29, 2026

Exhibit 99.1
`image_0.jpg
RUSH STREET INTERACTIVE ANNOUNCES SECOND QUARTER 2026 RESULTS AND RAISES FULL YEAR GUIDANCE

- Record Quarterly Revenue of $393.8 Million, up 46% Year-over-Year -
- Record Quarterly Net Income of $29.3 Million -
- Record Quarterly Adjusted EBITDA of $64.6 Million, up 61% Year-over-Year -
- Monthly-Active-User Growth of 64% in North American Online Casino Markets -
- Raising Full Year 2026 Revenue and Adjusted EBITDA Guidance -

CHICAGO – July 29, 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 second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

•Revenue was $393.8 million, a new quarterly record and an increase of 46%, compared to $269.2 million during the second quarter of 2025.
•Net income was $29.3 million, a new quarterly record, compared to $28.8 million during the second quarter of 2025.
•Adjusted EBITDA1 was $64.6 million, a new quarterly record and an increase of 61%, compared to $40.2 million during the second quarter of 2025.
•Adjusted sales and marketing expense1 was $48.6 million, representing 12.3% of revenue.
•Monthly Active Users (“MAU”) totaled approximately 949,000, an increase of 58% compared to the second quarter of 2025.
◦MAUs in North America were approximately 296,000, an increase of 51% year-over-year, driven by 64% year-over-year growth in online casino markets.
◦MAUs in Latin America (which includes Mexico) were approximately 653,000, an increase of 62% year-over-year.
•Average Revenue per Monthly Active User (“ARPMAU”) in North America was $320 during the second quarter of 2026 while ARPMAU in Latin America was $55.

Richard Schwartz, Chief Executive Officer of RSI, said, "We delivered another record quarter, setting all-time highs once again for revenue and Adjusted EBITDA, driven by continued share gains in online casino and our sports betting markets benefiting from the World Cup.”

“Our casino-first strategy continues to be the foundation of our business, with online casino representing 72% of our revenue this quarter. Player growth remained strong, with North American MAUs growing 51% year-over-year and Latin America MAUs growing 62% year-over-year. We were also pleased to have successfully launched online casino and online sports in Alberta earlier this month, and we are encouraged by the early trends we are seeing there.”

“Looking ahead, we are confident in the strength and durability of our business. We're executing well across our core markets, we're off to a strong start in Alberta, and we continue to see meaningful long-term opportunities ahead of us. We remain committed to delivering exceptional
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


player experiences, which, in turn, should continue to create 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 $1,560 and $1,600 million, representing year-over-year growth of 38% to 41%.

Adjusted EBITDA for full year 2026 is now expected to be in the range of $245 and $265 million, representing year-over-year growth of 59% to 72%.

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 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 second 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 1-833-461-5787 (Toll Free) or 1-585-542-9983 (Local). For international callers, please reference https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference call access code is 182025772.

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 August 31, 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. Founded in 2012 by gaming industry veterans, RSI was an early entrant in many regulated jurisdictions. Through its brands, BetRivers, PlaySugarHouse and RushBet, 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, Canada (Alberta and Ontario), 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. 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
2


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)
3


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 or recent 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
4


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
June 30,		Six Months Ended
June 30,
2026202520262025
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenue$393,776 $269,217 $764,137 $531,624 
Operating costs and expenses
Costs of revenue254,116 174,147 492,312 345,030 
Sales and marketing49,885 37,132 97,277 79,271 
General and administrative32,473 23,787 63,741 48,759 
Depreciation and amortization11,074 9,827 21,801 19,318 
Total operating costs and expenses347,548 244,893 675,131 492,378 
Income from operations46,228 24,324 89,006 39,246 
Other income (expense)
Interest income, net3,433 2,181 6,432 3,880 
Change in tax receivable agreement liability— (112,692)— (113,037)
Total other income (expense)3,433 (110,511)6,432 (109,157)
Income (loss) before income taxes49,661 (86,187)95,438 (69,911)
Income tax expense (benefit)20,366 (115,017)39,932 (109,952)
Net income29,295 28,830 55,506 40,041 
Net income attributable to non-controlling interests17,749 12,142 34,890 18,034 
Net income attributable to Rush Street Interactive, Inc.$11,546 $16,688 $20,616 $22,007 
Earnings per common share attributable to Rush Street Interactive, Inc. – basic$0.10 $0.18 $0.19 $0.23 
Weighted average common shares outstanding – basic110,930,443 95,053,473 106,581,990 94,455,413 
Earnings per common share attributable to Rush Street Interactive, Inc. – diluted$0.10 $0.12 $0.19 $0.17 
Weighted average common shares outstanding – diluted115,927,169 234,511,309 111,159,310 234,405,833 






6


Rush Street Interactive, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited and in thousands)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Net income$29,295 $28,830 $55,506 $40,041 
Other comprehensive income
Foreign currency translation adjustment, net of tax8,250 1,549 10,411 6,076 
Comprehensive income37,545 30,379 65,917 46,117 
Comprehensive income attributable to non-controlling interests22,645 13,474 41,145 22,029 
Comprehensive income attributable to Rush Street Interactive, Inc.$14,900 $16,905 $24,772 $24,088 
7


Rush Street Interactive, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and in thousands)
Six Months Ended
June 30,
20262025
(Unaudited)(Unaudited)
Cash flows from operating activities
Net income$55,506 $40,041 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense21,801 19,318 
Share-based compensation expense14,009 14,911 
Deferred income taxes 9,229 (122,119)
Noncash lease expense535 481 
Change in tax receivable agreement liability— 113,037 
Changes in operating assets and liabilities:
Players’ receivables(9,270)(5,574)
Due from affiliates4,830 1,900 
Prepaid expenses and other assets(11,063)(905)
Accounts payable, accrued expenses and other liabilities(13,906)(3,665)
Players’ liabilities501 (2,926)
Net cash provided by operating activities72,172 54,499 
Cash flows from investing activities
Internally developed software costs(15,703)(13,136)
Acquisition of gaming licenses(4,272)(2,949)
Acquisition of other intangible assets(2,513)(1,409)
Proceeds from (purchases of) short-term investments1,219 (1,029)
Purchases of property and equipment(599)(363)
Acquisition of developed technology— (225)
Net cash used in investing activities(21,868)(19,111)
Cash flows from financing activities
Payments for employee taxes related to shares withheld(30,521)(24,189)
Repurchase and retirement of Class A Common Stock(28,800)— 
Tax distributions to non-controlling interests(1,198)— 
Payments of tax receivable agreement liability(1,024)— 
Proceeds from exercise of stock options980 — 
Principal payments of finance lease liabilities(888)(2,028)
Repurchase of Class A Common Stock— (7,634)
Net cash used in financing activities(61,451)(33,851)
Effect of exchange rate changes on cash, cash equivalents and restricted cash13,380 7,659 
Net change in cash, cash equivalents and restricted cash2,233 9,196 
Cash, cash equivalents and restricted cash, at the beginning of the period (1)
340,504 232,756 
Cash, cash equivalents and restricted cash, at the end of the period (1)
$342,737 $241,952 

8


Six Months Ended
June 30,
20262025
(Unaudited)(Unaudited)
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for new or modified operating lease liabilities$— $487 
Right-of-use assets obtained in exchange for new or modified finance lease liabilities$416 $3,326 
Allocation of equity and non-controlling interests upon changes in RSILP ownership$18,932 $3,443 
Employee tax liability related to shares withheld in Other Current Liabilities$309 $174 
Investing activities in Accounts Payable and Accrued Expenses$681 $900 
Re-issuance of treasury stock under the equity compensation plan$7,634 $— 
Supplemental disclosure of cash flow information:
Cash paid for income taxes$30,859 $28,160 
Cash paid for interest$418 $465 


9


Rush Street Interactive, Inc.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited and in thousands)

Adjusted EBITDA:

Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands)2026202520262025
Net income$29,295 $28,830 $55,506 $40,041 
Interest income, net(3,433)(2,181)(6,432)(3,880)
Income tax expense (benefit)20,366 (115,017)39,932 (109,952)
Depreciation and amortization11,074 9,827 21,801 19,318 
Share-based compensation expense7,318 6,098 14,009 14,911 
Change in tax receivable agreement liability— 112,692 — 113,037 
Adjusted EBITDA$64,620 $40,249 $124,816 $73,475 

Adjusted Operating Costs and Expenses:

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
GAAP operating costs and expenses:
Costs of revenue$254,116 $174,147 $492,312 $345,030 
Sales and marketing49,885 37,132 97,277 79,271 
General and administrative32,473 23,787 63,741 48,759 
Depreciation and amortization11,074 9,827 21,801 19,318 
Total operating costs and expenses$347,548 $244,893 $675,131 $492,378 
Non-GAAP operating cost and expense adjustments:
Costs of revenue1
$(82)$(79)$(152)$(142)
Sales and marketing1
(1,306)(955)(2,467)(4,279)
General and administrative1
(5,930)(5,064)(11,390)(10,490)
Depreciation and amortization— — — — 
Total non-GAAP operating cost and expense adjustments$(7,318)$(6,098)$(14,009)$(14,911)
Adjusted operating costs and expenses:
Costs of revenue$254,034 $174,068 $492,160 $344,888 
Sales and marketing48,579 36,177 94,810 74,992 
General and administrative26,543 18,723 52,351 38,269 
Depreciation and amortization11,074 9,827 21,801 19,318 
Total adjusted operating costs and expenses$340,230 $238,795 $661,122 $477,467 

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
June 30,		Six Months Ended
June 30,
2026202520262025
Adjusted net income
Net income attributable to Rush Street Interactive, Inc. – basic
$11,546 $16,688 $20,616 $22,007 
Effect of diluted securities:
Increase to net income attributable to non-controlling interests— 12,142 — 18,034 
Net income attributable to Rush Street Interactive, Inc. - diluted11,546 28,830 20,616 40,041 
Adjustments:
Net income attributable to non-controlling interest(1)
17,749 — 34,890 — 
Share-based compensation expense7,318 6,098 14,009 14,911 
Change in tax receivable agreement liability— 112,692 — 113,037 
Deferred tax benefit associated with initial recognition of deferred tax asset— (121,107)— (121,107)
Adjusted net income$36,613 $26,513 $69,515 $46,882 
Adjusted weighted-average common shares outstanding
Weighted-average common shares outstanding – basic
110,930,443 95,053,473 106,581,990 94,455,413 
Adjustments:
Incremental shares from assumed conversion of stock options and restricted stock units4,996,7266,163,100 4,577,3206,272,617 
Conversion of weighted-average RSILP units to Class A Common Shares— 133,294,736 — 133,677,803 
Weighted-average common shares outstanding - diluted115,927,169 234,511,309 111,159,310 234,405,833 
Adjustments:
Conversion of weighted-average RSILP units to Class A Common Shares(1)
121,081,672 — 125,108,251 — 
Adjusted weighted-average common shares outstanding237,008,841 234,511,309 236,267,561 234,405,833 
Adjusted earnings per share
Earnings per common share attributable to Rush Street Interactive, Inc. – basic$0.10 $0.18 $0.19 $0.23 
Earnings per common share attributable to Rush Street Interactive, Inc. – diluted$0.10 $0.12 $0.19 $0.17 
Adjusted earnings per share$0.15 $0.11 $0.29 $0.20 
(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)

June 30,
2026		December 31,
2025
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents$339,910 $336,256 
Restricted cash2,827 4,248 
Players’ receivables25,385 15,859 
Due from affiliates15,117 19,947 
Prepaid expenses and other current assets41,525 30,481 
Total current assets424,764 406,791 
Intangible assets, net79,545 76,436 
Property and equipment, net6,975 7,740 
Deferred tax assets, net272,876 157,862 
Other assets9,124 9,683 
Total assets$793,284 $658,512 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$33,210 $41,585 
Accrued expenses95,141 81,514 
Players’ liabilities48,694 47,669 
Other current liabilities23,715 39,506 
Total current liabilities200,760 210,274 
Tax receivable agreement liability, non-current238,930 128,819 
Other non-current liabilities14,706 15,928 
Total liabilities454,396 355,021 
Commitments and contingencies
Stockholders’ equity
Class A common stock, $0.0001 par value, 750,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 115,463,461 and 100,691,255 shares issued as of June 30, 2026 and December 31, 2025, respectively; 115,463,461 and 99,958,236 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
12 10 
Class V common stock, $0.0001 par value, 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 116,305,345 and 129,609,532 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
12 13 
Treasury stock, at cost; nil and 733,019 shares as of June 30, 2026 and December 31, 2025, respectively
— (3,177)
Additional paid-in capital260,716 251,579 
Accumulated other comprehensive income6,341 1,431 
Accumulated deficit(82,005)(102,621)
Total stockholders’ equity attributable to Rush Street Interactive, Inc.185,076 147,235 
Non-controlling interests153,812 156,256 
Total stockholders’ equity338,888 303,491 
Total liabilities and stockholders’ equity$793,284 $658,512 
12

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents