Rush Street Interactive
RSI NYSE Casinos & Gaming Financials FY2019–FY2025
Rush Street Interactive's revenue rose 22.8% to $1.1 billion in fiscal 2025. Its operating margin was 7.7%, up from 2.7% a year earlier. Free cash flow was $164 million, up 55.6%. It paid out $8 million in dividends and buybacks, 5% of free cash flow. The diluted share count rose 167.1%.
Revenue
Total sales reported in the income statement.
$1.1B
22.8%
vs prior year
Operating margin
Operating income as a share of revenue.
7.7%
5.0 pts
Net income
Profit after all expenses, interest and tax.
$33.3M
1,287.5%
Free cash flow
Cash from operations minus capital spending.
$164M
55.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.8B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Rush Street Interactive does
No business description yet.
- Legal name
- Rush Street Interactive, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001793659-26-000009
0001793659
Revenue and margins
Rush Street Interactive had $1.1B of revenue in fiscal 2025, up 22.8% on the year before.
FY19
Revenue $63.7M
FY20
Revenue $279M
FY21
Revenue $488M
FY22
Revenue $592M
FY23
Revenue $691M
FY24
Revenue $924M
FY25
Revenue $1.1B
Q3 '23
Revenue $170M
Q4 '23
Revenue $194M
Q1 '24
Revenue $217M
Q2 '24
Revenue $220M
Q3 '24
Revenue $232M
Q4 '24
Revenue $254M
Q1 '25
Revenue $262M
Q2 '25
Revenue $269M
Q3 '25
Revenue $278M
Q4 '25
Revenue $325M
Q1 '26
Revenue $370M
Q2 '26
Revenue $394M
FY19
Gross —
Operating −35.1%
Net −35.3%
FCF −4.5%
FY20
Gross 31.5%
Operating −47.9%
Net 0.4%
FCF 5.1%
FY21
Gross 32.0%
Operating −19.3%
Net −4.0%
FCF −10.7%
FY22
Gross 30.0%
Operating −21.1%
Net −6.5%
FCF −10.9%
FY23
Gross 32.7%
Operating −7.5%
Net −2.7%
FCF −1.1%
FY24
Gross 34.9%
Operating 2.7%
Net 0.3%
FCF 11.4%
FY25
Gross 34.6%
Operating 7.7%
Net 2.9%
FCF 14.5%
Gross
Operating
Net
FCF
Q3 '23
Gross 31.6%
Operating −6.9%
Net −2.5%
FCF 17.7%
Q4 '23
Gross 32.0%
Operating −1.8%
Net −0.9%
FCF 0.3%
Q1 '24
Gross 33.5%
Operating 0.7%
Net −0.3%
FCF 14.1%
Q2 '24
Gross 34.4%
Operating 1.9%
Net −0.1%
FCF 9.0%
Q3 '24
Gross 34.8%
Operating 2.8%
Net 0.5%
FCF 12.6%
Q4 '24
Gross 36.4%
Operating 5.1%
Net 0.8%
FCF 10.1%
Q1 '25
Gross 34.9%
Operating 5.7%
Net 2.0%
FCF 10.9%
Q2 '25
Gross 35.3%
Operating 9.0%
Net 6.2%
FCF 9.5%
Q3 '25
Gross 34.0%
Operating 7.0%
Net 2.2%
FCF 14.8%
Q4 '25
Gross 34.4%
Operating 8.8%
Net 1.6%
FCF 21.2%
Q1 '26
Gross 35.7%
Operating 11.6%
Net 2.5%
FCF 5.4%
Q2 '26
Gross 35.5%
Operating 11.7%
Net 2.9%
FCF 13.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$22.4M
FY20
Net income $1.1M
FY21
Net income −$19.5M
FY22
Net income −$38.6M
FY23
Net income −$18.3M
FY24
Net income $2.4M
FY25
Net income $33.3M
Q3 '23
Net income −$4.2M
Q4 '23
Net income −$1.7M
Q1 '24
Net income −$0.7M
Q2 '24
Net income −$0.1M
Q3 '24
Net income $1.2M
Q4 '24
Net income $2.0M
Q1 '25
Net income $5.3M
Q2 '25
Net income $16.7M
Q3 '25
Net income $6.1M
Q4 '25
Net income $5.2M
Q1 '26
Net income $9.1M
Q2 '26
Net income $11.5M
FY19
Diluted EPS —
FY20
Diluted EPS −$0.01
FY21
Diluted EPS −$0.51
FY22
Diluted EPS −$0.61
FY23
Diluted EPS −$0.27
FY24
Diluted EPS $0.03
FY25
Diluted EPS $0.31
Q3 '23
Diluted EPS −$0.06
Q4 '23
Diluted EPS −$0.02
Q1 '24
Diluted EPS −$0.01
Q2 '24
Diluted EPS $0.00
Q3 '24
Diluted EPS $0.01
Q4 '24
Diluted EPS $0.03
Q1 '25
Diluted EPS $0.05
Q2 '25
Diluted EPS $0.12
Q3 '25
Diluted EPS $0.06
Q4 '25
Diluted EPS $0.08
Q1 '26
Diluted EPS $0.08
Q2 '26
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets 0.7%
FY21
Return on capital —
Return on equity —
Return on assets −5.4%
FY22
Return on capital —
Return on equity −54.6%
Return on assets −10.2%
FY23
Return on capital —
Return on equity −33.3%
Return on assets −5.5%
FY24
Return on capital —
Return on equity 3.6%
Return on assets 0.7%
FY25
Return on capital —
Return on equity 29.5%
Return on assets 6.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $164M in fiscal 2025, 14.5% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$2.9M
FY20
Free cash flow $14.3M
FY21
Free cash flow −$52.0M
FY22
Free cash flow −$64.5M
FY23
Free cash flow −$7.2M
FY24
Free cash flow $106M
FY25
Free cash flow $164M
Q3 '23
Free cash flow $30.1M
Q4 '23
Free cash flow $0.6M
Q1 '24
Free cash flow $30.6M
Q2 '24
Free cash flow $19.9M
Q3 '24
Free cash flow $29.3M
Q4 '24
Free cash flow $25.7M
Q1 '25
Free cash flow $28.6M
Q2 '25
Free cash flow $25.6M
Q3 '25
Free cash flow $41.2M
Q4 '25
Free cash flow $68.9M
Q1 '26
Free cash flow $19.9M
Q2 '26
Free cash flow $51.7M
FY19
Cash from operations −$2.5M
Capital spending $0.4M
FY20
Cash from operations $16.2M
Capital spending $1.9M
FY21
Cash from operations −$48.2M
Capital spending $3.8M
FY22
Cash from operations −$60.3M
Capital spending $4.2M
FY23
Cash from operations −$5.9M
Capital spending $1.3M
FY24
Cash from operations $106M
Capital spending $0.9M
FY25
Cash from operations $165M
Capital spending $0.8M
Cash from operations
Capital spending
Q3 '23
Cash from operations $30.4M
Capital spending $0.3M
Q4 '23
Cash from operations $0.8M
Capital spending $0.3M
Q1 '24
Cash from operations $30.9M
Capital spending $0.3M
Q2 '24
Cash from operations $20.2M
Capital spending $0.4M
Q3 '24
Cash from operations $29.4M
Capital spending $0.1M
Q4 '24
Cash from operations $25.9M
Capital spending $0.2M
Q1 '25
Cash from operations $28.7M
Capital spending $0.2M
Q2 '25
Cash from operations $25.8M
Capital spending $0.2M
Q3 '25
Cash from operations $41.4M
Capital spending $0.2M
Q4 '25
Cash from operations $69.1M
Capital spending $0.2M
Q1 '26
Cash from operations $20.1M
Capital spending $0.3M
Q2 '26
Cash from operations $52.1M
Capital spending $0.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Rush Street Interactive returned $7.6M to shareholders in fiscal 2025, 5% of free cash flow. The diluted share count rose 167.1%.
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $3.5M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $7.6M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $5.2M
Q2 '25
Dividends $0.0M
Buybacks $2.5M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.24B
Value Rush Street Interactive yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 236.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.6x · peers 14.3x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Rush Street Interactive can carry it.
FY19
Cash $6.9M
Debt —
FY20
Cash $256M
Debt —
FY21
Cash $281M
Debt —
FY22
Cash $180M
Debt —
FY23
Cash $171M
Debt —
FY24
Cash $234M
Debt —
FY25
Cash $343M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $281M | $180M | $171M | $234M | $343M |
| Interest coverage | −504.2x | −217.8x | −55.0x | 27.6x | 95.2x |
| Current ratio | 4.1x | 1.8x | 1.7x | 1.8x | 1.9x |
| Quick ratio | 4.1x | 1.8x | 1.7x | 1.8x | 1.9x |
| Total assets | $409M | $350M | $319M | $380M | $659M |
| Total liabilities | $101M | $160M | $153M | $181M | $355M |
| Shareholders' equity | $85.4M | $56.0M | $53.8M | $78.7M | $147M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$18.0M
4 insiders
Of sales under plans
98%
$17.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | Jack A. MarkellDirector | Bought | 1,500 | $19.35 | $0.0M | Form 4 |
| Sep 3, 2026 | Kyle SauersChief Financial Officer | Sold plan | 23,000 | $26.56 | $0.6M | Form 4 |
| Sep 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $25.68 | $0.5M | Form 4 |
| Sep 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 158,332 | $25.69 | $4.1M | Form 4 |
| Aug 3, 2026 | Kyle SauersChief Financial Officer | Sold plan | 23,000 | $26.65 | $0.6M | Form 4 |
| Aug 3, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $28.03 | $0.6M | Form 4 |
| Aug 3, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 158,334 | $28.02 | $4.4M | Form 4 |
| Jul 6, 2026 | Kyle SauersChief Financial Officer | Sold plan | 23,000 | $31.53 | $0.7M | Form 4 |
| Jul 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $31.22 | $0.6M | Form 4 |
| Jul 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 158,334 | $31.21 | $4.9M | Form 4 |
| Jun 25, 2026 | Paul WierbickiChief Legal Officer, Director | Sold | 10,000 | $30.12 | $0.3M | Form 4 |
| Jun 3, 2026 | Kyle SauersChief Financial Officer | Sold plan | 23,000 | $25.44 | $0.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.7% | −29.8% | −25.4% |
| Altman Z'' | 0.51 | 2.53 | 3.24 |
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|---|---|---|---|---|---|---|---|---|
| Rush Street Interactive RSI | $1.8B | 22.8% | 7.7% | 14.5% | — | — | — | |
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7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $63.7M | $279M | $488M | $592M | $691M | $924M | $1.1B |
| Gross profit | — | $87.6M | $156M | $178M | $226M | $322M | $393M |
| Operating income | −$22.3M | −$133M | −$94.3M | −$125M | −$51.6M | $25.0M | $87.4M |
| Interest expense | $0.1M | $0.1M | $0.2M | $0.6M | $0.9M | $0.9M | $0.9M |
| Pretax income | −$22.4M | −$129M | −$66.4M | −$125M | −$48.8M | $31.8M | −$11.1M |
| Income tax | $0.0M | $2.9M | $4.7M | $9.0M | $11.2M | $24.6M | −$85.1M |
| Net income | −$22.4M | $1.1M | −$19.5M | −$38.6M | −$18.3M | $2.4M | $33.3M |
| Diluted EPS | — | −$0.01 | −$0.51 | −$0.61 | −$0.27 | $0.03 | $0.31 |
| Diluted shares | — | 0.05B | 0.06B | 0.06B | 0.07B | 0.09B | 0.24B |
| Cash flow | |||||||
| Cash from operations | −$2.5M | $16.2M | −$48.2M | −$60.3M | −$5.9M | $106M | $165M |
| Capital expenditure | $0.4M | $1.9M | $3.8M | $4.2M | $1.3M | $0.9M | $0.8M |
| Free cash flow | −$2.9M | $14.3M | −$52.0M | −$64.5M | −$7.2M | $106M | $164M |
| Depreciation and amortization | $1.1M | $2.1M | $4.2M | $14.3M | $29.8M | $32.2M | $40.0M |
| Stock-based compensation | $13.4M | $145M | $24.9M | $18.7M | $30.0M | $35.3M | $26.3M |
| Acquisitions | $0.0M | $0.0M | $1.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $3.5M | $0.0M | $0.0M | $0.0M | $7.6M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $3.5M | $0.0M | $0.0M | $0.0M | $7.6M |
| Balance sheet | |||||||
| Cash and short-term investments | $6.9M | $256M | $281M | $180M | $171M | $234M | $343M |
| Finance lease liabilities | $0.0M | $0.0M | $0.4M | $0.3M | $2.2M | $2.6M | $3.4M |
| Current assets | $17.2M | $295M | $342M | $265M | $229M | $285M | $407M |
| Current liabilities | $26.1M | $401M | $83.9M | $144M | $138M | $163M | $210M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $0.6M | $2.0M | $4.9M | $6.9M | $4.6M | $3.1M | $2.4M |
| Total assets | $25.5M | $309M | $409M | $350M | $319M | $380M | $659M |
| Total liabilities | $28.9M | $576M | $101M | $160M | $153M | $181M | $355M |
| Shareholders' equity | $0.0M | −$61.8M | $85.4M | $56.0M | $53.8M | $78.7M | $147M |
| Margins | |||||||
| Gross margin | — | 31.5% | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% |
| Operating margin | −35.1% | −47.9% | −19.3% | −21.1% | −7.5% | 2.7% | 7.7% |
| EBITDA margin | −33.3% | −47.2% | −18.5% | −18.7% | −3.2% | 6.2% | 11.2% |
| Net margin | −35.3% | 0.4% | −4.0% | −6.5% | −2.7% | 0.3% | 2.9% |
| FCF margin | −4.5% | 5.1% | −10.7% | −10.9% | −1.1% | 11.4% | 14.5% |
| Returns | |||||||
| Return on capital employed | — | 286.9% | −81.2% | −47.0% | −26.7% | 12.6% | 26.3% |
| Return on equity | — | — | — | −54.6% | −33.3% | 3.6% | 29.5% |
| Return on assets | — | 0.7% | −5.4% | −10.2% | −5.5% | 0.7% | 6.4% |
| Growth | |||||||
| Revenue growth | — | 337.4% | 75.3% | 21.3% | 16.7% | 33.7% | 22.8% |
| Net income growth | — | — | −1,902.9% | — | — | — | 1,294.8% |
| EPS growth | — | — | — | — | — | — | 933.3% |
| FCF growth | — | — | −463.7% | — | — | — | 55.6% |
| Share count change | — | — | 9.9% | 10.6% | 7.8% | 29.1% | 167.1% |
| Financial health | |||||||
| Interest coverage | −181.5x | −988.3x | −504.2x | −217.8x | −55.0x | 27.6x | 95.2x |
| Current ratio | 0.7x | 0.7x | 4.1x | 1.8x | 1.7x | 1.8x | 1.9x |
| Quick ratio | 0.7x | 0.7x | 4.1x | 1.8x | 1.7x | 1.8x | 1.9x |
| Capital allocation | |||||||
| Capex / revenue | 0.7% | 0.7% | 0.8% | 0.7% | 0.2% | 0.1% | 0.1% |
| Stock comp / revenue | 21.1% | 52.0% | 5.1% | 3.2% | 4.3% | 3.8% | 2.3% |
| Payouts / FCF | — | 0.0% | — | — | — | 0.0% | 4.7% |
| Quality scores | |||||||
| Altman Z'' | −8.3 | −6.3 | 5.1 | 0.0 | 0.5 | 2.5 | 3.2 |
| Accruals ratio | — | −9.0% | 8.0% | 5.7% | −3.7% | −29.8% | −25.4% |
Source: SEC EDGAR XBRL filings (CIK 0001793659). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.