Rush Street (RSI) | Financial Analysis & Statements
Rush Street Interactive Inc. Mid-cap Consumer Cyclical
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
324.9M
Gross Profit
111.7M
34.39%
Operating Income
28.7M
8.84%
Net Income
19.1M
5.89%
Balance Sheet Metrics
Total Assets
658.5M
Total Liabilities
355.0M
Shareholders Equity
303.5M
Debt to Equity
1.17
Cash Flow Metrics
Operating Cash Flow
72.6M
Free Cash Flow
63.6M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Rush Street Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 1.1B | 924.1M | 691.2M | 592.2M | 488.1M |
| Cost of Goods Sold | 741.7M | 602.0M | 465.0M | 414.7M | 332.1M |
| Gross Profit | 392.8M | 322.0M | 226.1M | 177.5M | 156.0M |
| Gross Margin % | 34.6% | 34.9% | 32.7% | 30.0% | 32.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 265.4M | 265.5M | 248.0M | 288.0M | 246.0M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 265.4M | 265.5M | 248.0M | 288.0M | 246.0M |
| Operating Income | 87.4M | 24.3M | -51.6M | -124.8M | -94.3M |
| Operating Margin % | 7.7% | 2.6% | -7.5% | -21.1% | -19.3% |
| Non-Operating Items | |||||
| Interest Income | 9.3M | - | - | - | - |
| Interest Expense | - | - | - | 573.0K | 187.0K |
| Other Non-Operating Income | -107.8M | - | - | - | 28.1M |
| Pre-tax Income | -11.1M | 31.8M | -48.8M | -125.4M | -66.4M |
| Income Tax | -85.1M | 24.6M | 11.2M | 9.0M | 4.7M |
| Effective Tax Rate % | 0.0% | 77.2% | 0.0% | 0.0% | 0.0% |
| Net Income | 74.0M | 7.2M | -60.1M | -134.3M | -71.1M |
| Net Margin % | 6.5% | 0.8% | -8.7% | -22.7% | -14.6% |
| Key Metrics | |||||
| EBITDA | 127.4M | 56.5M | -21.9M | -110.5M | -118.1M |
| EPS (Basic) | $0.35 | $0.03 | $-0.27 | $-0.61 | $-0.35 |
| EPS (Diluted) | $0.31 | $0.03 | $-0.27 | $-0.61 | $-0.51 |
| Basic Shares Outstanding | 95825421 | 81784916 | 68508093 | 63532906 | 56265541 |
| Diluted Shares Outstanding | 95825421 | 81784916 | 68508093 | 63532906 | 56265541 |
Income Statement Trend
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Rush Street Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 336.3M | 229.2M | 168.3M | 179.7M | 281.0M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 15.9M | 14.9M | 10.5M | 11.2M | 5.8M |
| Inventory | - | - | - | - | - |
| Other Current Assets | 30.5M | 19.2M | 13.7M | 11.3M | 7.4M |
| Total Current Assets | 406.8M | 285.0M | 228.6M | 264.5M | 341.8M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 17.0M | 12.9M | 12.2M | 10.4M | 8.2M |
| Goodwill | 76.4M | 77.3M | 74.9M | 69.0M | 53.4M |
| Intangible Assets | 76.4M | 77.3M | 74.9M | 69.0M | 53.4M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 164.5M | 7.4M | 5.2M | 5.2M | 4.8M |
| Total Non-Current Assets | 251.7M | 94.4M | 90.0M | 85.9M | 67.0M |
| Total Assets | 658.5M | 379.5M | 318.6M | 350.3M | 408.7M |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 41.6M | 25.8M | 32.3M | 29.8M | 6.5M |
| Short-term Debt | 2.4M | 2.0M | 621.0K | 722.0K | 509.0K |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 50.7M | 45.8M | 51.7M | 47.0M | 27.2M |
| Total Current Liabilities | 210.3M | 163.1M | 137.7M | 143.9M | 83.9M |
| Non-Current Liabilities | |||||
| Long-term Debt | 3.7M | 2.7M | 673.0K | 1.2M | 1.1M |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | 132.3M | 4.8M | 1.7M | 244.0K | 315.0K |
| Total Non-Current Liabilities | 144.7M | 18.0M | 14.8M | 15.5M | 17.1M |
| Total Liabilities | 355.0M | 181.2M | 152.5M | 159.5M | 101.0M |
| Equity | |||||
| Common Stock | 23.0K | 22.0K | 22.0K | 22.0K | 22.0K |
| Retained Earnings | -102.6M | -135.9M | -138.3M | -120.0M | -81.4M |
| Treasury Stock | 3.2M | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 303.5M | 198.3M | 166.1M | 190.9M | 307.7M |
| Key Metrics | |||||
| Total Debt | 6.1M | 4.6M | 1.3M | 1.9M | 1.7M |
| Working Capital | 196.5M | 121.9M | 90.9M | 120.5M | 257.8M |
Balance Sheet Composition
Rush Street Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 74.0M | 7.2M | -60.1M | -134.3M | -71.1M |
| Depreciation & Amortization | 40.0M | 32.2M | 29.8M | 14.3M | 4.2M |
| Stock-Based Compensation | 26.3M | 35.3M | 30.0M | 18.7M | 24.9M |
| Working Capital Changes | 36.2M | 38.7M | 1.3M | 26.8M | 3.9M |
| Operating Cash Flow | 173.0M | 114.2M | 1.5M | -73.9M | -23.9M |
| Investing Activities | |||||
| Capital Expenditures | -767.0K | -925.0K | -1.3M | -4.2M | -3.8M |
| Acquisitions | - | - | - | - | -1.5M |
| Investment Purchases | -1.0M | -1.9M | -3.5M | -689.0K | -2.2M |
| Investment Sales | 0 | 0 | 1.7M | - | - |
| Investing Cash Flow | -4.4M | -4.9M | -3.9M | -4.8M | -7.6M |
| Financing Activities | |||||
| Share Repurchases | -7.6M | - | 0 | 0 | -3.5M |
| Dividends Paid | - | - | - | 0 | 0 |
| Debt Issuance | - | - | - | 0 | 0 |
| Debt Repayment | -2.7M | -1.6M | -518.0K | -1.2M | -2.1M |
| Financing Cash Flow | -37.5M | -2.7M | -518.0K | -1.2M | 125.6M |
| Free Cash Flow | 131.6M | 77.0M | -37.1M | -88.6M | -82.9M |
| Net Change in Cash | 131.0M | 106.6M | -2.9M | -80.0M | 94.1M |
Cash Flow Trend
Rush Street Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
74.16
Forward P/E
31.13
Price to Book
15.61
Price to Sales
4.72
PEG Ratio
0.49
Profitability Ratios
Profit Margin
2.94%
Operating Margin
8.84%
Return on Equity
29.51%
Return on Assets
10.53%
Financial Health
Current Ratio
1.94
Debt to Equity
2.02
Beta
1.46
Per Share Data
EPS (TTM)
$0.31
Book Value per Share
$1.47
Revenue per Share
$11.84
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| RSI | 5.4B | 74.16 | 15.61 | 29.51% | 2.94% | 2.02 |
| Flutter | 18.4B | 114.93 | 2.07 | -3.88% | -1.89% | 132.73 |
| DraftKings | 11.0B | 2,216.00 | 18.02 | 0.45% | 0.06% | 299.28 |
| Light & Wonder | 7.1B | 18.83 | 10.11 | 52.83% | 70.80% | 6.88 |
| Churchill Downs | 7.1B | 18.03 | 6.75 | 35.00% | 13.21% | 430.77 |
| Super Group (SGHC | 6.4B | 29.14 | 8.51 | 31.62% | 9.73% | 10.11 |
Financial data is updated regularly. All figures are in the company's reporting currency.





