Rush Street Interactive Financial Results

Rush Street Interactive Financials At A Glance

The table brings together the main measures from RSI's FY2025 Form 10-K and its 28 October 2026 third-quarter earnings release. All amounts are in US$ millions, rounded to one decimal place. FY2025 covers twelve months; Q3 2026 covers three months; 9M 2026 covers nine months. These columns describe different lengths of time and must not be read as like-for-like growth comparisons.

Two distinctions matter immediately. First, consolidated net income includes profit allocated to non-controlling owners; the separate attributable figure is the portion assigned to Rush Street Interactive, Inc. Second, Adjusted EBITDA removes specified accounting items. It is neither GAAP net income nor cash generated by the business.

By September 2026, RSI had recognised more nine-month revenue than it reported in all of 2025. This shows scale, not a valid year-on-year growth rate.

How Has Rush Street Interactive Revenue Changed?

Rush Street Interactive revenue rose each year from FY2023 to FY2025.

The FY2025 Form 10-K figures measure recognised revenue, not total bets placed, player deposits or betting handle.

The quarterly comparison provides the more recent direction. Revenue increased from US$277.9m in Q3 2025 to US$385.9m in Q3 2026, an increase of approximately 39%. Across the first nine months, revenue moved from US$809.5m in 9M 2025 to US$1,150.0m in 9M 2026, approximately 42% higher. These are matched-period comparisons, unlike a nine-month figure placed beside a previous full year.

RSI linked 2025 growth to established-market performance and expansion, including Peru, which launched in July 2024. Higher online casino and sports betting revenue outweighed a small decline in retail sports betting.

Revenue alone does not establish that each jurisdiction is profitable or acquiring customers more cheaply. Nor should 39% quarterly growth be mechanically annualised: sporting calendars, regulation and market launches can change the pattern.

For readers seeking the original documents, RSI's FY2025 Form 10-K is its latest completed Rush Street Interactive annual report. The company published its Q3 2026 earnings release on 28 October 2026 and filed its Form 10-Q for the quarter ended 30 September 2026 on 29 October 2026. Neither document reports a completed FY2026 financial year.

The annual Form 10-K and quarterly Form 10-Q are available through the SEC Filings section of RSI's Investor Relations website. Readers can also locate them through the SEC's EDGAR database using the legal company name, Rush Street Interactive, Inc.

Rush Street Interactive Earnings And GAAP Profitability

The most important distinction in Rush Street Interactive earnings is between profit from operations, profit before tax and the final amount attributable to RSI's public-company shareholders. These figures answer different financial questions.

Source: FY2025 Form 10-K, consolidated statements of operations and related tax notes. Figures are rounded, so displayed rows may not sum exactly.

This bridge explains an apparent contradiction. The business earned US$87.4m from operations, yet it reported a US$11.1m pre-tax loss. A US$107.8m charge associated with the change in its tax receivable agreement (TRA) liability more than offset operating income after net interest income was included. Then an income-tax benefit of US$85.1m turned the pre-tax loss into US$74.0m consolidated net income.

RSI attributes the tax result mainly to releasing a valuation allowance against deferred tax assets, reflecting its assessment that some tax benefits were more likely to be realised. This is an accounting benefit, not US$85.1m of cash received from a tax authority. The TRA adjustment concerns obligations arising from specified tax benefits and ownership transactions, not ordinary bank interest.

The parent-company number matters too. Of the US$74.0m consolidated profit, US$40.7m was allocated to non-controlling interests, leaving US$33.3m attributable to Rush Street Interactive, Inc. This allocation reflects the company's partnership and ownership structure, explained separately in our RSI ownership and management profile. Reporting either amount without its label risks overstating what belongs to the listed parent.

The more recent quarterly numbers provide a useful cross-check. RSI's Q3 2026 operating income was US$42.7m, compared with US$19.5m in Q3 2025. Consolidated net income increased from US$14.8m to US$28.7m, while the amount attributable to RSI Inc. increased from US$6.1m to US$11.8m. For 9M 2026, operating income was US$131.7m and consolidated net income US$84.2m; the latter included US$51.7m attributable to non-controlling interests.

The comparative 9M 2025 period also contained substantial tax and TRA effects. That makes matched-period operating income and the tax notes essential context for headline net-income growth.

What Does Adjusted EBITDA Tell Us?

Adjusted EBITDA is RSI's own non-GAAP measure of operating performance. The company starts with consolidated net income and adjusts for net interest, income taxes, depreciation and amortisation, share-based compensation and specified other items, including changes in its TRA liability where applicable. The measure can help compare operating trends, but its exclusions are economically important and the calculation may not be directly comparable with another operator's version.

In its FY2025 reconciliation, RSI began with US$74.0m GAAP net income, added back the US$107.8m TRA adjustment, US$40.0m depreciation and amortisation and US$26.3m share-based compensation, and removed the US$85.1m income-tax benefit and US$9.3m net interest income. The result was US$153.7m Adjusted EBITDA, a measure that deliberately excludes costs and gains recognised under GAAP.

For Q3 2026, Adjusted EBITDA reached US$62.2m against US$36.0m a year earlier. That is a stronger indication of improving underlying operating scale than a comparison based only on FY2025's tax-influenced net income. Nevertheless, neither Adjusted EBITDA nor GAAP earnings per share tells us how much cash is available to spend. RSI reported GAAP basic and diluted earnings per share of US$0.10 for Q3 2026; that figure must not be confused with any separately calculated adjusted EPS.

Cash Flow, Liquidity And Financial Obligations

Cash flow gives another view of whether accounting profits are being supported by cash from day-to-day operations. RSI's cash-flow statements show positive operating cash generation across the latest comparable annual and nine-month periods.

The increase from US$106.4m in FY2024 to US$165.0m in FY2025 was accompanied by higher reported operating income. The 9M comparison is similarly positive: US$143.3m of operating cash flow in 9M 2026, versus US$95.9m in 9M 2025. These figures are not adjusted EBITDA, and they should not be presented as free cash flow without a clearly specified treatment of investment spending.

Investment still uses cash. In 9M 2026, RSI recorded US$34.1m of net investing outflows, including US$23.7m in internally developed software costs and further spending on intangible assets. Technology development may support future growth while reducing cash remaining after investment.

At 30 September 2026, RSI held US$381.9m in cash and cash equivalents and separately reported US$4.0m in restricted cash. Restricted funds are not automatically available to deploy; customer liabilities, taxes and other commitments also matter.

The balance sheet recorded a US$243.4m non-current TRA liability at 30 September 2026, against US$128.8m at 31 December 2025. This estimated tax-related obligation is not a conventional loan. RSI made US$1.1m of TRA payments during 9M 2026; the liability balance does not indicate when all future cash outflows will occur.

For me, the combination of operating cash flow, investment spending and disclosed obligations is more useful than any single 'cash-rich' or 'debt-free' label.

What Is Driving Revenue And Margins?

RSI earns revenue principally through its consumer-facing online casino and sports betting operations. The recognised revenue then has to cover gaming taxes, market access arrangements, payment processing, customer acquisition, staff and product development. Our explanation of RSI's business model and technology covers those mechanics in more depth; the BetRivers, PlaySugarHouse and RushBet brand map shows where the consumer names fit.

The following figures explain margins without implying that every market performs alike.

• Cost discipline alongside scale. FY2025 revenue rose approximately 23%, while sales and marketing expense increased about 4%. Marketing represented around 15% of annual revenue, down from around 17% in FY2024. Over the same period, RSI's operating margin increased from approximately 2.7% to 7.7%, reflecting changes across its consolidated operating costs. This is a comparison of consolidated operating results, not a disclosed margin for a specific brand.
• Market-related costs. Costs of revenue remained around 65% of revenue in FY2025. Gaming taxes, market access fees, payment processing and operations all contributed to the absolute increase in costs. Revenue growth does not remove those obligations, and regulatory changes can change the economics of a market.
• More active customers. In Q3 2026 RSI reported approximately 907,900 monthly active users, up 42% year on year, comprising about 300,600 in North America and 607,300 in Latin America including Mexico. The company defines a monthly active user by real-money betting activity, with exclusions for certain promotional-only activity.
• Different revenue per user. Q3 2026 average revenue per monthly active user was US$309 in North America and US$58 in Latin America including Mexico. Those figures are calculated for different regional player populations. Their gap does not establish a like-for-like profit margin, customer lifetime value or cost of acquisition in either region.

Management identifies online casino as a profitability driver and reports growth in Latin America alongside newer-market investment in Alberta. That does not establish casino-only profit by country. See RSI markets and licences for geographic context.

RSI's 2026 Guidance And Financial Outlook

In its results announcement on 28 October 2026, RSI reiterated, rather than increased, the following forecasts for the full year ending 31 December 2026:

These figures are management expectations, not reported FY2026 results. The assumptions cover jurisdictions in which RSI was operating at the date of the announcement and broadly similar tax structures, expressly including Colombia's temporary emergency 16% tax decree. Changes in local taxation, market growth or competitive conditions could affect the outcome.

In assessing the eventual FY2026 report, I would first compare audited or reported annual revenue with this dated range, then check operating income, the attributable share of profit and the cash-flow statement. That is a more disciplined test than treating Adjusted EBITDA guidance as a promise of net earnings. Our separate financial risks and opportunities analysis examines the wider sensitivities, while RSI shares and market chart covers share-price questions outside this financial reporting review.

The evidence to date points to expanding revenue, better operating income and higher cash generation. The essential qualification is that FY2025 reported earnings were unusually affected by the TRA and deferred-tax accounting, while the most recent 2026 figures cover only nine months. Keeping those qualifications visible is what makes the financial comparison meaningful.

Sources: Rush Street Interactive, Inc., Annual Report on Form 10-K for the year ended 31 December 2025; Third Quarter 2026 Results, published 28 October 2026; and Form 10-Q for the quarter ended 30 September 2026, filed 29 October 2026. Annual figures are audited; quarterly and nine-month results are unaudited. Monetary amounts shown in millions have been rounded from the company's US-dollar statements.