Detailed financial statements for Rush Street Interactive, Inc. (RSI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Rush Street Interactive, Inc. (RSI) functions as a prominent online casino and sports betting enterprise, catering to markets in both the United States and Latin America. The company's diverse service portfolio includes real-money online casino games, options for both online and retail sports wagering, and social gaming platforms.
Analysis Summary
Rush Street Interactive, Inc. reported revenue of $1.13B in the most recent fiscal year, growing at a 5-year CAGR of 32.4%. Net income reached $33.3M, with a 98.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 35.0%, operating margin 10.0%, net margin 2.3%. Free cash flow grew at 67.7% CAGR over 5 years.
At the current price of $20.01, RSI trades at a P/E of 65.14 and an ROE of 22.62%. Market capitalisation stands at $5.0B.
Balance sheet quality for RSI: current ratio of 1.9, net cash position of $322.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $131.6M represents 395% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.2M | $63.7M | $278.5M | $488.1M | $592.2M | $691.2M | $924.1M | $1.13B |
| Cost of Revenue | $10.7M | $32.9M | $190.9M | $332.1M | $414.7M | $465.0M | $602.0M | $741.7M |
| Gross Profit | $7.5M | $30.8M | $87.6M | $156.0M | $177.5M | $226.1M | $322.0M | $392.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $17.3M | $52.0M | $219.0M | $246.0M | $288.0M | $248.0M | $265.5M | $265.4M |
| Operating Expenses | $18.2M | $53.1M | $221.0M | $250.2M | $302.3M | $277.8M | $297.7M | $305.3M |
| Operating Income | -$10.7M | -$22.3M | -$133.4M | -$94.3M | -$124.8M | -$51.6M | $24.3M | $87.4M |
| EBITDA | -$9.8M | -$21.2M | -$126.5M | -$62.0M | -$110.5M | -$19.1M | $65.0M | $28.9M |
| Interest Expense | 0 | $123,000 | $135,000 | $187,000 | $573,000 | 0 | $957,000 | 0 |
| Pre-tax Income | -$10.7M | -$22.4M | -$128.7M | -$66.4M | -$125.4M | -$48.8M | $31.8M | -$11.1M |
| Income Tax | 0 | 0 | $2.9M | $4.7M | $9.0M | $11.2M | $24.6M | -$85.1M |
| Net Income | -$10.7M | -$22.4M | $1.1M | -$29.1M | -$38.6M | -$18.3M | $2.4M | $33.3M |
| EPS | $-0.37 | $-0.82 | $0.02 | $-0.35 | $-0.61 | $-0.27 | $0.03 | $0.35 |
| EPS (Diluted) | $-0.37 | $-0.82 | $0.02 | $-0.51 | $-0.61 | $-0.27 | $0.03 | $0.14 |
| Shares Outstanding (Diluted) | $28.8M | $28.8M | $52.2M | $57.4M | $63.5M | $68.5M | $88.4M | $236.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $277.9M | $324.9M | $370.4M | $393.8M |
| Gross Profit | $94.4M | $111.7M | $132.2M | $139.7M |
| Operating Income | $19.5M | $28.7M | $42.8M | $46.2M |
| EBITDA | $32.2M | $47.3M | $53.5M | $57.3M |
| Net Income | $6.1M | $5.2M | $9.1M | $11.5M |
| EPS | $0.06 | $0.05 | $0.09 | $0.10 |
| EPS (Diluted) | $0.06 | $0.05 | $0.08 | $0.10 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.5M | $10.5M | $255.6M | $281.0M | $206.1M | $168.3M | $229.2M | $340.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $107,000 | $5.0M | $29.5M | $34.0M | $47.1M | $44.0M | $33.1M | $35.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.0M | $17.2M | $294.5M | $341.8M | $264.5M | $228.6M | $285.0M | $406.8M |
| Property, Plant & Equipment | $252,000 | $581,000 | $3.1M | $8.8M | $11.6M | $9.9M | $9.7M | $10.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $2.6M | $7.0M | $9.8M | $53.4M | $69.0M | $74.9M | $77.3M | $76.4M |
| Total Assets | $8.2M | $25.5M | $308.6M | $408.7M | $350.3M | $318.6M | $379.5M | $658.5M |
| Accounts Payable | $578,000 | $707,000 | $12.0M | $6.5M | $29.8M | $32.3M | $25.8M | $41.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | $722,000 | $621,000 | 0 | $4.3M |
| Total Current Liabilities | $9.8M | $26.1M | $401.0M | $83.9M | $143.9M | $137.7M | $163.1M | $210.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.5M |
| Total Liabilities | $9.8M | $28.9M | $575.9M | $101.0M | $159.5M | $152.5M | $181.2M | $355.0M |
| Retained Earnings | -$29.4M | -$3.4M | -$61.9M | -$81.4M | -$120.0M | -$138.3M | -$135.9M | -$102.6M |
| Total Equity | -$2.5M | -$3.4M | -$61.8M | $85.4M | $56.0M | $53.8M | $78.7M | $147.2M |
| Total Debt | 0 | 0 | $1.2M | $1.7M | $1.9M | $4.1M | $4.6M | $18.5M |
| Net Debt | -$1.5M | -$10.5M | -$254.4M | -$279.4M | -$204.2M | -$164.2M | -$224.5M | -$322.0M |
| Working Capital | -$4.8M | -$8.9M | -$106.5M | $257.8M | $120.5M | $90.9M | $121.9M | $196.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $273.5M | $340.5M | $331.6M | $342.7M |
| Total Assets | $593.2M | $658.5M | $677.3M | $793.3M |
| Total Liabilities | $318.8M | $355.0M | $358.7M | $454.4M |
| Total Equity | $133.1M | $147.2M | $159.1M | $185.1M |
| Total Debt | $5.8M | $18.5M | $15.7M | $14.8M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$10.7M | -$22.4M | -$131.6M | -$71.1M | -$134.3M | -$60.1M | $7.2M | $74.0M |
| Depreciation & Amortization | $898,000 | $100,000 | $2.1M | $4.2M | $14.3M | $29.8M | $32.2M | $40.0M |
| Stock-based Compensation | 0 | $13.4M | $144.7M | $24.9M | $18.7M | $30.0M | $35.3M | $26.3M |
| Change in Working Capital | $4.6M | $5.4M | $5.6M | $21.4M | $40.4M | -$6.8M | $31.0M | $28.2M |
| Operating Cash Flow | -$5.1M | -$2.5M | $16.2M | -$48.2M | -$60.3M | -$5.9M | $106.4M | $165.0M |
| Capital Expenditure | -$147,000 | -$5.8M | -$6.2M | -$34.8M | -$28.3M | -$31.2M | -$29.4M | -$33.4M |
| Acquisitions | 0 | 0 | 0 | -$1.5M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$3.5M | 0 | 0 | 0 | -$7.6M |
| Dividends Paid | 0 | 0 | -$5.2M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.3M | -$8.2M | $9.9M | -$82.9M | -$88.6M | -$37.1M | $77.0M | $131.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $41.4M | $69.1M | $20.1M | $52.1M |
| Capital Expenditure | -$11.2M | -$177,000 | -$252,000 | -$347,000 |
| Free Cash Flow | $30.3M | $68.9M | $19.9M | $51.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.4M | $5.0M | $6.7M | $7.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +249.3% | +337.4% | +75.3% | +21.3% | +16.7% | +33.7% | +22.8% | |
| Net Income Growth (YoY) | -109.1% | +104.8% | -2,788.1% | -32.9% | +52.6% | +113.0% | +1,294.8% | |
| EPS Growth (YoY) | -121.6% | +103.0% | -1,511.3% | -74.3% | +55.7% | +110.8% | +1,098.6% | |
| Shares Change (YoY) | +0.0% | +81.7% | +9.9% | +10.6% | +7.8% | +29.1% | +167.1% | |
| FCF Growth (YoY) | -55.7% | +220.7% | -934.7% | -6.9% | +58.1% | +307.5% | +70.9% | |
| Gross Margin | 41.2% | 48.3% | 31.5% | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% |
| Operating Margin | -58.7% | -35.1% | -47.9% | -19.3% | -21.1% | -7.5% | 2.6% | 7.7% |
| EBITDA Margin | -53.7% | -33.3% | -45.4% | -12.7% | -18.7% | -2.8% | 7.0% | 2.5% |
| Net Margin | -58.9% | -35.3% | 0.4% | -6.0% | -6.5% | -2.6% | 0.3% | 2.9% |
| FCF Margin | -29.0% | -12.9% | 3.6% | -17.0% | -15.0% | -5.4% | 8.3% | 11.6% |
| Effective Tax Rate | -0.0% | -0.0% | -2.3% | -7.1% | -7.1% | -22.9% | 77.2% | 768.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.18 | $-0.29 | $0.19 | $-1.44 | $-1.39 | $-0.54 | $0.87 | $0.56 |
| Dividends Per Share | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $28.8M | $28.8M | $43.6M | $56.3M | $63.5M | $68.5M | $81.8M | $95.8M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 22.62% |
| Return on Invested Capital | -129.10% |
| Return on Assets | 5.06% |
| Gross Margin | 34.97% |
| Operating Margin | 10.04% |
| Net Margin | 2.33% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 2.12 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 9.94 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -26.00 | -11.73 | 872.98 | -47.14 | -5.89 | -16.63 | 469.86 | 55.51 |
| P/B | -108.93 | -82.12 | -15.27 | 10.87 | 4.07 | 5.72 | 14.26 | 12.65 |
| P/S | 15.17 | 4.34 | 3.39 | 1.90 | 0.39 | 0.45 | 1.21 | 1.64 |
| Gross Margin | 41.2% | 48.3% | 31.5% | 32.0% | 30.0% | 32.7% | 34.9% | 34.6% |
| Operating Margin | -58.7% | -35.1% | -47.9% | -19.3% | -21.1% | -7.5% | 2.6% | 7.7% |
| Net Margin | -58.9% | -35.3% | 0.4% | -6.0% | -6.5% | -2.6% | 0.3% | 2.9% |
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