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RSI

Rush Street Interactive, Inc.

RSI

Rush Street Interactive, Inc. • NYSE
$18.44 ▲ 3.02% (+0.54)
Market Cap $5.34 B
52w High $22.65
52w Low $9.54
Dividend Yield 0%
P/E 70.92
Volume 570.26K
Outstanding Shares 97.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $277.911M ▲ $74.977M ▲ $6.055M ▼ 2.179% ▼ $0.06 ▼ $32.211M ▼
Q2-2025 $269.217M ▲ $70.746M ▼ $16.688M ▲ 6.199% ▲ $0.18 ▲ $34.151M ▲
Q1-2025 $262.407M ▲ $76.947M ▼ $5.319M ▲ 2.027% ▲ $0.06 ▲ $24.068M ▲
Q4-2024 $254.167M ▲ $80.429M ▲ $2.025M ▲ 0.797% ▲ $0.023 ▲ $21.192M ▲
Q3-2024 $232.109M $74.231M $1.19M 0.513% $0.014 $14.935M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $273.495M ▲ $593.165M ▲ $318.8M ▲ $133.078M ▲
Q2-2025 $246.392M ▲ $543.021M ▲ $290.78M ▲ $122.934M ▲
Q1-2025 $232.818M ▲ $387.017M ▲ $191.656M ▲ $81.31M ▲
Q4-2024 $229.171M ▲ $379.466M ▲ $181.15M ▲ $78.678M ▲
Q3-2024 $216.266M $362.6M $173.799M $69.764M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.846M ▼ $41.416M ▲ $-9.756M ▲ $-552K ▲ $35.601M ▲ $41.189M ▲
Q2-2025 $28.83M ▲ $25.787M ▼ $-11.557M ▼ $-6.673M ▲ $9.942M ▲ $16.668M ▼
Q1-2025 $11.211M ▲ $28.712M ▲ $-7.554M ▼ $-27.178M ▼ $-746K ▼ $21.158M ▲
Q4-2024 $6.488M ▲ $25.896M ▼ $-7.148M ▲ $-1.97M ▼ $12.397M ▼ $20.823M ▼
Q3-2024 $3.239M $29.435M $-7.296M $-227K $21.505M $21.563M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Online Wagering
Online Wagering
 $250.00M ▲$260.00M ▲$270.00M ▲$280.00M ▲
Retail Sports Services
Retail Sports Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Social Gaming
Social Gaming
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Rush Street Interactive has grown its revenue steadily each year since going public, roughly more than tripling over the period shown. At the same time, it has moved from sizable operating losses toward a small operating profit, showing much better cost control and marketing discipline. Profit at the bottom line is still thin and can swing around break-even, but the direction of travel has clearly been toward improved profitability rather than pure “growth at any cost.” This suggests a maturing business model, though earnings remain sensitive to competitive and regulatory pressures in online gaming.

Balance Sheet

Balance Sheet The balance sheet is relatively simple and conservative: the company carries no financial debt and holds a meaningful amount of cash compared with its overall size. Equity has moved from negative to clearly positive over the last few years, reflecting the gradual repair of past losses and a stronger capital base. The absence of leverage reduces financial risk and interest burdens, but the overall asset base is still modest, so management has limited room for large missteps or prolonged cash burn. Overall, financial flexibility looks reasonable for a mid-sized operator in a volatile industry.

Cash Flow

Cash Flow Cash generation has improved materially. The business has shifted from burning cash in its earlier high-growth phase to producing positive operating cash flow and free cash flow more recently. Investment spending on technology and platforms appears steady and manageable, rather than heavy and volatile. This pattern indicates that current operations can now largely fund ongoing growth, but future cash flow will still depend heavily on how aggressively the company chooses to invest in new markets and products, and on regulatory developments in its key jurisdictions.

Competitive Edge

Competitive Edge RSI competes in a crowded online gaming and sports betting field but has carved out a niche by leaning into online casino games (iGaming) rather than focusing solely on sports betting. Its proprietary platform, early entry in several U.S. states, and ties to land-based casinos give it a recognizable brand and distribution advantages in selected markets. The company’s emphasis on omni-channel experiences and cross-selling between casino, sports, and social gaming adds some stickiness with customers. However, it still faces intense competition from much larger, heavily funded rivals, as well as ongoing regulatory and tax pressures that can squeeze margins and marketing effectiveness.

Innovation and R&D

Innovation and R&D Innovation is a central part of RSI’s strategy. The company controls its own technology stack, which allows it to rapidly add features like gamified promotions, flexible bonus tools, multi-player slot tournaments, integrated payment solutions, and a multi-state online poker network. It also provides its platform as a service to other operators, turning its tech investments into potential B2B revenue streams. Recent moves, such as strengthening its technology leadership and enhancing security and user experience, suggest ongoing commitment to product development. The key question is whether RSI can sustain this pace of innovation while also maintaining profitability in a fast-moving, feature-heavy industry.

Summary

Rush Street Interactive has evolved from a cash-burning, growth-focused online gaming player into a more balanced business showing steady revenue gains, improving margins, and positive cash flow. Its debt-free balance sheet and solid cash position give it a cushion to navigate a highly regulated and competitive environment. The company’s competitive edge rests on its proprietary technology, iGaming-first strategy, and ability to integrate online and land-based experiences, all supported by continuous product innovation. At the same time, its scale is still modest compared with leading peers, and future performance will hinge on how well it manages customer acquisition costs, regulatory changes, and expansion into new markets while preserving its recent financial discipline.

NEWS

October 29, 2025 · 4:15 PM UTC

Rush Street Interactive Announces Third Quarter 2025 Results and Raises Full Year Guidance

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October 15, 2025 · 8:30 AM UTC

Rush Street Interactive Promotes Kyle Sauers to President

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October 6, 2025 · 8:30 AM UTC

Rush Street Interactive Announces Third Quarter 2025 Earnings Release Date

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September 16, 2025 · 9:00 AM UTC

Rush Street Interactive Launches Industry's First Integrated Payments Debit Solution at BetRivers, in partnership with Sightline Payments

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September 4, 2025 · 8:30 AM UTC

Rush Street Interactive Appoints Tech Veteran Shubham Tyagi as Chief Technology Officer

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