Rush Street Interactive (RSI) financial statements
Rush Street Interactive reported revenue of $1.1B in fiscal 2025, up 61.6% a year over 6 years.
Net income was $33M and the operating margin 7.7%, against -35.1% in 2019.
Free cash flow was $136M, and the company returned $8M in net buybacks.
The diluted share count rose 352% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Rush Street Interactive's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $64M | $278M | $488M | $592M | $691M | $924M | $1.1B |
| Cost of revenue | — | $191M | $332M | $415M | $465M | $602M | $742M |
| Gross profit | — | $88M | $156M | $178M | $226M | $322M | $393M |
| Selling, general and admin | $24M | $162M | $56M | $68M | $87M | $106M | $101M |
| Operating income | -$22M | -$133M | -$94M | -$125M | -$52M | $25M | $87M |
| Interest expense | $123,000 | $135,000 | $187,000 | $573,000 | — | — | — |
| Pre-tax income | -$22M | -$129M | -$66M | -$125M | -$49M | $32M | -$11M |
| Income tax | $0 | $3M | $5M | $9M | $11M | $25M | -$85M |
| Net income | -$22M | $1M | -$19M | -$39M | -$18M | $2M | $33M |
| EPS (diluted) | — | -$0.01 | -$0.51 | -$0.61 | -$0.27 | $0.03 | $0.31 |
| Diluted shares | — | 52M | 57M | 64M | 69M | 88M | 236M |
| 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% |
| Net margin | -35.3% | 0.4% | -4.0% | -6.5% | -2.6% | 0.3% | 2.9% |
Balance sheet
Fiscal years, from Rush Street Interactive's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $256M | $281M | $180M | $171M | $233M | $342M |
| Receivables | $2M | $779,000 | $6M | $11M | $11M | $15M | $16M |
| Total current assets | $17M | $294M | $342M | $264M | $229M | $285M | $407M |
| Property, plant and equipment | $581,000 | $2M | $7M | $10M | $9M | $7M | $8M |
| Total assets | $25M | $309M | $409M | $350M | $319M | $379M | $659M |
| Total current liabilities | $26M | $401M | $84M | $144M | $138M | $163M | $210M |
| Total liabilities | $29M | $576M | $101M | $159M | $152M | $181M | $355M |
| Shareholders' equity | $0 | -$62M | $85M | $56M | $54M | $79M | $147M |
| Net debt | -$7M | -$256M | -$281M | -$180M | -$168M | -$229M | -$336M |
Cash flow
Fiscal years, from Rush Street Interactive's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2M | $16M | -$48M | -$60M | -$6M | $106M | $165M |
| Capital spending | $430,000 | $2M | $8M | $21M | $24M | $25M | $29M |
| Free cash flow | -$3M | $14M | -$56M | -$81M | -$30M | $81M | $136M |
| Stock-based compensation | $13M | $145M | $25M | $19M | $30M | $35M | $26M |
| Share buybacks (net) | — | $0 | -$3M | $0 | $0 | $0 | -$8M |
| Free cash flow margin | -4.5% | 5.1% | -11.5% | -13.7% | -4.3% | 8.8% | 12.0% |
Questions
What was Rush Street Interactive's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Rush Street Interactive generate?
$136M in fiscal 2025 (operating cash flow minus capital spending).
From Rush Street Interactive's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.