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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Rush Street Interactive reported revenue of $1.1B in the fiscal year ended Dec 2025, up 22.8% from the year before. Operating income was $87M, an operating margin of 7.7%, and net income was $33M. Operating cash flow of $165M less capital expenditure of $767,000 left free cash flow of $164M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 488 | 592 | 691 | 924 | 1,134 |
| Cost of revenue | 332 | 415 | 465 | 602 | 742 |
| Gross profit | 156 | 178 | 226 | 322 | 393 |
| Operating income | −94.3 | −125 | −51.6 | 25.0 | 87.4 |
| Net interest incomeBanks | −0.2 | −0.6 | 2.8 | – | – |
| Interest expense | 0.2 | 0.6 | – | – | – |
| Pre-tax income | −66.4 | −125 | −48.8 | 31.8 | −11.1 |
| Income tax | 4.7 | 9.0 | 11.2 | 24.6 | −85.1 |
| Net income | −19.5 | −38.6 | −18.3 | 2.4 | 33.3 |
| Diluted EPS | −0.51 | −0.61 | −0.27 | 0.03 | 0.31 |
| Diluted shares | 57.4 | 63.5 | 68.5 | 88.4 | 236 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 281 | 180 | 168 | 229 | 336 |
| Receivables | 5.8 | 11.2 | 10.5 | 14.9 | 15.9 |
| Current assets | 342 | 264 | 229 | 285 | 407 |
| Net PP&E | 4.9 | 6.9 | 4.6 | 3.1 | 2.4 |
| Total assets | 409 | 350 | 319 | 379 | 659 |
| Payables | 6.5 | 29.8 | 32.3 | 25.8 | 41.6 |
| Deferred revenue | 4.6 | 7.8 | 7.0 | 10.8 | 11.7 |
| Current liabilities | 83.9 | 144 | 138 | 163 | 210 |
| Total liabilities | 101 | 159 | 152 | 181 | 355 |
| Shareholders' equity | 85.4 | 56.0 | 53.8 | 78.7 | 147 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −48.2 | −60.3 | −5.9 | 106 | 165 |
| Capital expenditure | 3.8 | 4.2 | 1.3 | 0.9 | 0.8 |
| Free cash flow | −52.0 | −64.5 | −7.2 | 106 | 164 |
| Depreciation & amortisation | 4.2 | 14.3 | 29.8 | 32.2 | 40.0 |
| Stock-based compensation | 24.9 | 18.7 | 30.0 | 35.3 | 26.3 |
| Share buybacks | 3.5 | 0.0 | 0.0 | 0.0 | 7.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | 16.7% | 33.7% | 22.8% |
| Operating income growth (YoY) | – | – | – | – | 249.0% |
| EPS growth (YoY) | – | – | – | – | 933.3% |
| Gross margin | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% |
| Operating margin | −19.3% | −21.1% | −7.5% | 2.7% | 7.7% |
| Net margin | −4.0% | −6.5% | −2.6% | 0.3% | 2.9% |
| Return on equityBlank when equity is negative | −22.8% | −68.9% | −34.0% | 3.0% | 22.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −29.0% | −60.5% | −28.5% | 11.6% | 19.5% |
| Free cash flow margin | −10.7% | −10.9% | −1.0% | 11.4% | 14.5% |
| Cash conversion (CFO ÷ net income) | 2.47x | 1.56x | 0.32x | 44.6x | 4.95x |
| Receivable days | 4 | 7 | 6 | 6 | 5 |
| Payable days | 7 | 26 | 25 | 16 | 20 |
| Interest cover | −504x | −218x | – | – | – |
| Current ratio | 4.07x | 1.84x | 1.66x | 1.75x | 1.93x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.