Rush Street Interactive
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Rush Street Interactive (RSI) investor relations material

Rush Street Interactive Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved record full-year revenue of $1.13 billion in 2025, up 23% year-over-year, surpassing guidance.

  • Adjusted EBITDA for 2025 was $153.7 million, up 66% year-over-year, exceeding guidance.

  • Net income reached $74 million in 2025, up from $7.2 million in 2024.

  • Record monthly active users (MAUs) in North America and Latin America, with strong engagement and retention.

  • Casino-first strategy, operational improvements, and product innovation drove sustainable growth and profitability.

Financial highlights

  • Q4 2025 revenue was $324.9 million, up 28% year-over-year, marking the 11th consecutive quarter of sequential growth.

  • Adjusted EBITDA for Q4 2025 was $44.1 million, up 44% year-over-year.

  • Full-year gross margin was 34.6%, consistent with the prior year.

  • Marketing expenses for 2025 were $158.4 million (14% of revenue), down from 16.9% in 2024.

  • Unrestricted cash and cash equivalents at year-end: $336 million, up $107 million year-over-year.

Outlook and guidance

  • 2026 revenue guidance: $1.375–$1.425 billion, representing 21–26% growth.

  • 2026 adjusted EBITDA guidance: $210–$230 million, up 37–50% year-over-year.

  • Expect modest gross margin improvement in 2026.

  • Guidance assumes a 19% VAT on revenue in Colombia for the full year, though the tax is under court review.

  • Anticipated launch in Alberta and other new markets not included in guidance, providing potential upside.

Colombia 2026 tax strategy and impact
Drivers of NA iCasino MAU growth
2026 G&A growth: content & legalization
Colombia 2026 tax impact on EBITDA guidance?
What drives NA online casino MAU acceleration?
Detail 2026 G&A growth investment priorities
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Frequently asked questions

Rush Street Interactive, Inc. operates as an online casino and sports betting company in the United States and Latin America. The company's product portfolio consists of web-based interactive games for real money, including blackjack, white label casino games using branded content from Third Party Owners, video poker and other games offered by third party game suppliers both in a downloadable format or through a Flash or HTML5 web browser. The company also offers mobile products that provide access to real money gaming on smartphones and tablets. Rush Street Interactive, Inc. is based in Chicago, Illinois.

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