Rush Street Interactive (RSI) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $1.13 billion in 2025, up 23% year-over-year, surpassing guidance, with Q4 revenue of $324.9M–$325M, up 28% year-over-year.

• Adjusted EBITDA grew 66% year-over-year to $153.7M, with Q4 adjusted EBITDA of $44.1M, up 44% year-over-year, both exceeding guidance.

• Net income reached $74M for 2025, up from $7.2M in 2024, with Q4 net income of $19.1M.

• Record monthly active users (MAUs) across all geographies and product verticals, with North America MAUs up 37% and LatAm MAUs up 47% year-over-year in Q4.

• Strong operational execution, customer-centric improvements, and a casino-first strategy drove results.

Financial highlights

• Q4 revenue was $324.9M–$325M, up 28% year-over-year, marking the 11th consecutive quarter of sequential growth.

• Gross margin for Q4 was 34.4%; full-year gross margin was 34.6%, consistent with prior year.

• Marketing expenses were $158.4M for the year (14% of revenue), up 2% year-over-year, but down 290 basis points as a percentage of revenue.

• G&A expenses were $81M for the year (7.1% of revenue), down from 8.1% in 2024.

• Ended 2025 with $336M in unrestricted cash and no debt, up $107M year-over-year.

Outlook and guidance

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

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

• Expect gross margins to improve modestly in 2026.

• Marketing spend to increase, but at a slower rate than revenue, driving further leverage.

• Guidance assumes a 19% VAT tax on revenue in Colombia for the full year and continued operations in current jurisdictions.

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