RSI NYSE Casinos & Gaming Financials FY2019βFY2025
Rush Street Interactive had $1.1B of revenue in fiscal 2025, up 22.8% on the year before. Over five years, revenue changed +32.4% a year on average.
Hi! I read Rush Street Interactiveβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+22.8%
Yes. Sales grew 22.8% last year.
Does it make a profit?
2.9%
A little. It keeps 2.9% of every sale as profit.
Does profit turn into cash?
14.5%
Yes. 14.5% of sales ends up as free cash.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Rush Street Interactive had $1.1B of revenue in fiscal 2025, up 22.8% on the year before. Over five years, revenue changed +32.4% a year on average. Its operating margin was 7.7%, up 5.0Β pts: of every 100 in sales, about 8 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Rush Street Interactive made $33.3M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $164M in fiscal 2025, 14.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Rush Street Interactive returned $7.6M to shareholders in fiscal 2025, 5% of free cash flow. The diluted share count rose 167.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $344M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$344M
7 insiders
Of sales under plans
20%
$67.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $20.31 | $0.5M | Form 4 |
| Oct 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,777 | $19.88 | $2.0M | Form 4 |
| Oct 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $19.87 | $0.4M | Form 4 |
| Sep 25, 2026 | Jack A. MarkellDirector | Bought | 1,500 | $19.35 | $0.0M | Form 4 |
| Sep 3, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $26.56 | $0.6M | Form 4 |
| Sep 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,777 | $25.69 | $2.6M | Form 4 |
| Sep 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $25.68 | $0.5M | Form 4 |
| Aug 3, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 158,334 | $28.02 | $4.4M | Form 4 |
| Aug 3, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $28.03 | $0.6M | Form 4 |
| Aug 3, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $26.65 | $0.6M | Form 4 |
| Jul 6, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $31.53 | $0.7M | Form 4 |
| Jul 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,778 | $31.21 | $3.2M | Form 4 |
| Jul 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $31.22 | $0.6M | 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, President | Sold plan | 23,000 | $25.44 | $0.6M | Form 4 |
| Jun 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,778 | $25.58 | $2.6M | Form 4 |
| Jun 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $25.63 | $0.5M | Form 4 |
| May 6, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold | 53,250 | $24.96 | $1.3M | Form 4 |
| May 6, 2026 | Neil BluhmExecutive Chairman, Director, 10% owner | Sold | 1,371,150 | $24.96 | $34.2M | Form 4 |
| May 6, 2026 | Mattias StetzChief Operating Officer | Sold | 11,175 | $24.96 | $0.3M | Form 4 |
| May 5, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold | 355,000 | $24.96 | $8.9M | Form 4 |
| May 5, 2026 | Neil BluhmExecutive Chairman, Director, 10% owner | Sold | 9,141,000 | $24.96 | $228M | Form 4 |
| May 5, 2026 | Mattias StetzChief Operating Officer | Sold | 74,500 | $24.96 | $1.9M | Form 4 |
| May 4, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $28.39 | $0.7M | Form 4 |
| May 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,779 | $28.13 | $2.9M | Form 4 |
| May 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $28.09 | $0.6M | Form 4 |
| Apr 29, 2026 | Judith GoldDirector | Sold plan | 50,000 | $27.58 | $1.4M | Form 4 |
| Apr 29, 2026 | Paul WierbickiChief Legal Officer, Director | Sold plan | 45,000 | $27.55 | $1.2M | Form 4 |
| Apr 29, 2026 | Mattias StetzChief Operating Officer | Sold plan | 50,000 | $27.44 | $1.4M | Form 4 |
| Apr 27, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $24.06 | $0.5M | Form 4 |
| Apr 17, 2026 | Judith GoldDirector | Sold plan | 48,286 | $23.07 | $1.1M | Form 4 |
| Apr 16, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 61,765 | $22.60 | $1.4M | Form 4 |
| Apr 8, 2026 | Paul WierbickiChief Legal Officer, Director | Sold plan | 15,000 | $23.00 | $0.3M | Form 4 |
| Apr 8, 2026 | Judith GoldDirector | Sold plan | 1,714 | $23.03 | $0.0M | Form 4 |
| Apr 6, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $22.62 | $0.5M | Form 4 |
| Apr 1, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $22.07 | $0.4M | Form 4 |
| Apr 1, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 90,482 | $22.04 | $2.0M | Form 4 |
| Mar 24, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $22.02 | $0.4M | Form 4 |
| Mar 24, 2026 | Paul WierbickiChief Legal Officer, Director | Sold plan | 15,000 | $22.00 | $0.3M | Form 4 |
| Mar 23, 2026 | Paul WierbickiChief Legal Officer, Director | Sold plan | 15,000 | $21.05 | $0.3M | Form 4 |
| Mar 9, 2026 | Daniel W YihDirector | Sold | 50,000 | $20.14 | $1.0M | Form 4 |
| Mar 4, 2026 | Mattias StetzChief Operating Officer | Sold plan | 15,290 | $20.22 | $0.3M | Form 4 |
| Mar 3, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 23,000 | $19.46 | $0.4M | Form 4 |
| Mar 3, 2026 | Mattias StetzChief Operating Officer | Sold plan | 29,725 | $20.07 | $0.6M | Form 4 |
| Mar 2, 2026 | Mattias StetzChief Operating Officer | Sold plan | 56,492 | $19.95 | $1.1M | Form 4 |
| Mar 2, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 247,113 | $19.83 | $4.9M | Form 4 |
| Feb 17, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 247,114 | $16.82 | $4.2M | Form 4 |
| Feb 4, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 247,114 | $17.61 | $4.4M | Form 4 |
| Feb 2, 2026 | Mattias StetzChief Operating Officer | Sold plan | 20,000 | $17.67 | $0.4M | Form 4 |
| Jan 9, 2026 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 102,779 | $19.22 | $2.0M | Form 4 |
| Jan 8, 2026 | Kyle SauersChief Financial Officer, President | Sold plan | 160,067 | $19.07 | $3.1M | Form 4 |
| Jan 2, 2026 | Mattias StetzChief Operating Officer | Sold plan | 110,000 | $19.09 | $2.1M | Form 4 |
| Dec 9, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 59,757 | $18.82 | $1.1M | Form 4 |
| Dec 8, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 134,148 | $18.37 | $2.5M | Form 4 |
| Dec 1, 2025 | Mattias StetzChief Operating Officer | Sold plan | 30,000 | $18.51 | $0.6M | Form 4 |
| Nov 11, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 72,446 | $17.41 | $1.3M | Form 4 |
| Nov 10, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 121,459 | $17.52 | $2.1M | Form 4 |
| Nov 3, 2025 | Mattias StetzChief Operating Officer | Sold plan | 30,000 | $17.09 | $0.5M | Form 4 |
| Oct 9, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 96,987 | $18.79 | $1.8M | Form 4 |
| Oct 8, 2025 | Richard Todd SchwartzChief Executive Officer, Director | Sold plan | 96,918 | $18.20 | $1.8M | Form 4 |
| Oct 1, 2025 | Mattias StetzChief Operating Officer | Sold plan | 30,000 | $20.10 | $0.6M | Form 4 |
| Oct 1, 2025 | Einar RoosilehtChief Information Officer | Sold plan | 70,000 | $19.96 | $1.4M | Form 4 |
| Sep 30, 2025 | Kyle SauersChief Financial Officer | Sold plan | 15,038 | $22.34 | $0.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Rush Street Interactive can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $281M | $180M | $171M | $234M | $343M |
| Interest coverage | β504.2x | β217.8x | β55.0x | 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β3.7% | β29.8% | β25.4% |
| Altman Z'' | 0.51 | 2.53 | 3.24 |
What does the share cost, and how does it compare?
KIRA Β· At $15.90 a share, the company is worth $1.8B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β and divides by 236.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 25.6x Β· peers 14.3x Β· sector 17.7x.
KIRA Β· Rush Street Interactive grew sales faster than 4 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Rush Street Interactive RSI | $1.8B | 22.8% | 7.7% | 14.5% | β | β | β | |
| Red Rock Resorts RRR | $3.0B | 3.7% | 29.7% | 14.4% | 14.7% | β | 7 | Compare β |
| Monarch Casino & Resort MCRI | $2.1B | 4.4% | β | 23.6% | β | 19.1x | β | Compare β |
| Churchill Downs CHDN | $5.9B | 7.0% | 23.4% | 23.9% | 8.4% | 14.3x | 6 | Compare β |
| Boyd Gaming BYD | $5.4B | 4.1% | 18.3% | 9.5% | 13.5% | 3.2x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $63.7M | $279M | $488M | $592M | $691M | $924M | $1.1B |
| Gross profit | β | $87.6M | $156M | $178M | $226M | $322M | $393M |
| Operating income | β$22.3M | β$133M | β$94.3M | β$125M | β$51.6M | $25.0M | $87.4M |
| Interest expense | $0.1M | $0.1M | $0.2M | $0.6M | $0.9M | $0.9M | $0.9M |
| Pretax income | β$22.4M | β$129M | β$66.4M | β$125M | β$48.8M | $31.8M | β$11.1M |
| Income tax | $0.0M | $2.9M | $4.7M | $9.0M | $11.2M | $24.6M | β$85.1M |
| Net income | β$22.4M | $1.1M | β$19.5M | β$38.6M | β$18.3M | $2.4M | $33.3M |
| Diluted EPS | β | β$0.01 | β$0.51 | β$0.61 | β$0.27 | $0.03 | $0.31 |
| Diluted shares | β | 0.05B | 0.06B | 0.06B | 0.07B | 0.09B | 0.24B |
| Cash flow | |||||||
| Cash from operations | β$2.5M | $16.2M | β$48.2M | β$60.3M | β$5.9M | $106M | $165M |
| Capital expenditure | $0.4M | $1.9M | $3.8M | $4.2M | $1.3M | $0.9M | $0.8M |
| Free cash flow | β$2.9M | $14.3M | β$52.0M | β$64.5M | β$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 | β$61.8M | $85.4M | $56.0M | $53.8M | $78.7M | $147M |
| Margins | |||||||
| Gross margin | β | 31.5% | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% |
| Operating margin | β35.1% | β47.9% | β19.3% | β21.1% | β7.5% | 2.7% | 7.7% |
| EBITDA margin | β33.3% | β47.2% | β18.5% | β18.7% | β3.2% | 6.2% | 11.2% |
| Net margin | β35.3% | 0.4% | β4.0% | β6.5% | β2.7% | 0.3% | 2.9% |
| FCF margin | β4.5% | 5.1% | β10.7% | β10.9% | β1.1% | 11.4% | 14.5% |
| Returns | |||||||
| Return on capital employed | β | 286.9% | β81.2% | β47.0% | β26.7% | 12.6% | 26.3% |
| Return on equity | β | β | β | β54.6% | β33.3% | 3.6% | 29.5% |
| Return on assets | β | 0.7% | β5.4% | β10.2% | β5.5% | 0.7% | 6.4% |
| Growth | |||||||
| Revenue growth | β | 337.4% | 75.3% | 21.3% | 16.7% | 33.7% | 22.8% |
| Net income growth | β | β | β1,902.9% | β | β | β | 1,294.8% |
| EPS growth | β | β | β | β | β | β | 933.3% |
| FCF growth | β | β | β463.7% | β | β | β | 55.6% |
| Share count change | β | β | 9.9% | 10.6% | 7.8% | 29.1% | 167.1% |
| Financial health | |||||||
| Interest coverage | β181.5x | β988.3x | β504.2x | β217.8x | β55.0x | 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 | β | 0.0% | β | β | β | 0.0% | 4.7% |
| Quality scores | |||||||
| Altman Z'' | β8.3 | β6.3 | 5.1 | 0.0 | 0.5 | 2.5 | 3.2 |
| Accruals ratio | β | β9.0% | 8.0% | 5.7% | β3.7% | β29.8% | β25.4% |
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 β not investment advice. Check the original filings before relying on any figure.
