Rush Street Interactive Announces Third Quarter 2026 Results And Reiterates Full Year Guidance
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Revenue | $ | 385,851 | $ | 277,911 | $ | 1,149,988 | $ | 809,535 | ||||
| Operating costs and expenses | ||||||||||||
| Costs of revenue | 245,434 | 183,466 | 737,746 | 528,496 | ||||||||
| Sales and marketing | 56,001 | 39,043 | 153,278 | 118,314 | ||||||||
| General and administrative | 29,614 | 25,746 | 93,355 | 74,505 | ||||||||
| Depreciation and amortization | 12,149 | 10,188 | 33,950 | 29,506 | ||||||||
| Total operating costs and expenses | 343,198 | 258,443 | 1,018,329 | 750,821 | ||||||||
| Income from operations | 42,653 | 19,468 | 131,659 | 58,714 | ||||||||
| Other income (expense) | ||||||||||||
| Interest income, net | 4,137 | 2,555 | 10,569 | 6,435 | ||||||||
| Change in tax receivable agreement liability | - | - | - | (113,037 | ) | |||||||
| Total other income (expense) | 4,137 | 2,555 | 10,569 | (106,602 | ) | |||||||
| Income (loss) before income taxes | 46,790 | 22,023 | 142,228 | (47,888 | ) | |||||||
| Income tax expense (benefit) | 18,118 | 7,177 | 58,050 | (102,775 | ) | |||||||
| Net income | 28,672 | 14,846 | 84,178 | 54,887 | ||||||||
| Net income attributable to non-controlling interests | 16,838 | 8,791 | 51,728 | 26,825 | ||||||||
| Net income attributable to Rush Street Interactive, Inc. | $ | 11,834 | $ | 6,055 | $ | 32,450 | $ | 28,062 | ||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.10 | $ | 0.06 | $ | 0.30 | $ | 0.30 | ||||
| Weighted average common shares outstanding – basic | 115,708,955 | 96,223,133 | 109,657,744 | 95,051,128 | ||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.10 | $ | 0.06 | $ | 0.28 | $ | 0.23 | ||||
| Weighted average common shares outstanding – diluted | 120,847,062 | 236,373,831 | 114,358,682 | 234,958,924 |
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Comprehensive Income (Unaudited and in thousands) | |||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Net income | $ | 28,672 | $ | 14,846 | $ | 84,178 | $ | 54,887 | |||
| Other comprehensive income | |||||||||||
| Foreign currency translation adjustment, net of tax | 2,676 | 3,683 | 13,087 | 9,759 | |||||||
| Comprehensive income | 31,348 | 18,529 | 97,265 | 64,646 | |||||||
| Comprehensive income attributable to non-controlling interests | 18,371 | 11,185 | 59,516 | 33,214 | |||||||
| Comprehensive income attributable to Rush Street Interactive, Inc. | $ | 12,977 | $ | 7,344 | $ | 37,749 | $ | 31,432 |
| Rush Street Interactive, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited and in thousands) | |||||||
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 84,178 | $ | 54,887 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation and amortization expense | 33,950 | 29,506 | |||||
| Share-based compensation expense | 21,423 | 21,290 | |||||
| Deferred income taxes | 15,490 | (121,409 | ) | ||||
| Noncash lease expense | 875 | 740 | |||||
| Change in tax receivable agreement liability | - | 113,037 | |||||
| Changes in operating assets and liabilities: | |||||||
| Players' receivables | 1,169 | (6,603 | ) | ||||
| Due from affiliates | 1,398 | 804 | |||||
| Prepaid expenses and other assets | (6,072 | ) | (4,506 | ) | |||
| Accounts payable, accrued expenses and other liabilities | (10,988 | ) | 4,087 | ||||
| Players' liabilities | 1,911 | 4,082 | |||||
| Net cash provided by operating activities | 143,334 | 95,915 | |||||
| Cash flows from investing activities | |||||||
| Internally developed software costs | (23,746 | ) | (21,612 | ) | |||
| Acquisition of license fee intangible assets | (5,069 | ) | (3,178 | ) | |||
| Acquisition of other intangible assets | (4,980 | ) | (2,458 | ) | |||
| Purchases of property and equipment | (1,482 | ) | (590 | ) | |||
| Proceeds from short-term investments | 1,219 | - | |||||
| Purchases of short-term investments | - | (1,029 | ) | ||||
| Net cash used in investing activities | (34,058 | ) | (28,867 | ) | |||
| Cash flows from financing activities | |||||||
| Payments for employee taxes related to shares withheld | (30,940 | ) | (24,400 | ) | |||
| Repurchase and retirement of Class A Common Stock | (28,800 | ) | - | ||||
| Repurchase of Class A Common Stock | (13,528 | ) | (7,634 | ) | |||
| Principal payments of finance leases and other financing obligations | (5,112 | ) | (2,369 | ) | |||
| Tax distributions to non-controlling interests | (2,904 | ) | - | ||||
| Payments of tax receivable agreement liability | (1,066 | ) | - | ||||
| Proceeds from exercise of stock options | 980 | - | |||||
| Net cash used in financing activities | (81,370 | ) | (34,403 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 17,501 | 12,152 | |||||
| Net change in cash, cash equivalents and restricted cash | 45,407 | 44,797 | |||||
| Cash, cash equivalents and restricted cash, at the beginning of the period (1) | 340,504 | 232,756 | |||||
| Cash, cash equivalents and restricted cash, at the end of the period (1) | $ | 385,911 | $ | 277,553 |
| Nine Months Ended September 30, | |||||
| 2026 | 2025 | ||||
| (Unaudited) | (Unaudited) | ||||
| Supplemental disclosure of noncash investing and financing activities: | |||||
| Right-of-use assets obtained in exchange for new or modified operating lease liabilities | $ | - | $ | 487 | |
| Right-of-use assets obtained in exchange for new or modified finance lease liabilities | $ | 2,828 | $ | 3,482 | |
| Allocation of equity and non-controlling interests upon changes in RSILP ownership | $ | 19,151 | $ | 5,192 | |
| Employee tax liability related to shares withheld in Other Current Liabilities | $ | 149 | $ | 1,921 | |
| Investing activities in Accounts Payable and Accrued Expenses | $ | 643 | $ | 336 | |
| Acquisition of license fee intangible assets through recognition of a financing obligation | $ | 2,038 | $ | - | |
| Re-issuance of treasury stock under the equity compensation plan | $ | 7,634 | $ | - | |
| Supplemental disclosure of cash flow information: | |||||
| Cash paid for income taxes | $ | 37,659 | $ | 29,369 | |
| Cash paid for interest | $ | 618 | $ | 695 |
Adjusted EBITDA:
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income | $ | 28,672 | $ | 14,846 | $ | 84,178 | $ | 54,887 | |||||||
| Interest income, net | (4,137 | ) | (2,555 | ) | (10,569 | ) | (6,435 | ) | |||||||
| Income tax expense (benefit) | 18,118 | 7,177 | 58,050 | (102,775 | ) | ||||||||||
| Depreciation and amortization | 12,149 | 10,188 | 33,950 | 29,506 | |||||||||||
| Share-based compensation expense | 7,414 | 6,379 | 21,423 | 21,290 | |||||||||||
| Change in tax receivable agreement liability | - | - | - | 113,037 | |||||||||||
| Adjusted EBITDA | $ | 62,216 | $ | 36,035 | $ | 187,032 | $ | 109,510 |
Adjusted Operating Costs and Expenses:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| GAAP operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 245,434 | $ | 183,466 | $ | 737,746 | $ | 528,496 | |||||||
| Sales and marketing | 56,001 | 39,043 | 153,278 | 118,314 | |||||||||||
| General and administrative | 29,614 | 25,746 | 93,355 | 74,505 | |||||||||||
| Depreciation and amortization | 12,149 | 10,188 | 33,950 | 29,506 | |||||||||||
| Total operating costs and expenses | $ | 343,198 | $ | 258,443 | $ | 1,018,329 | $ | 750,821 | |||||||
| Non-GAAP operating cost and expense adjustments: | |||||||||||||||
| Costs of revenue1 | $ | (87 | ) | $ | (81 | ) | $ | (239 | ) | $ | (223 | ) | |||
| Sales and marketing1 | (1,318 | ) | (969 | ) | (3,785 | ) | (5,248 | ) | |||||||
| General and administrative1 | (6,009 | ) | (5,329 | ) | (17,399 | ) | (15,819 | ) | |||||||
| Depreciation and amortization | - | - | - | - | |||||||||||
| Total non-GAAP operating cost and expense adjustments | $ | (7,414 | ) | $ | (6,379 | ) | $ | (21,423 | ) | $ | (21,290 | ) | |||
| Adjusted operating costs and expenses: | |||||||||||||||
| Costs of revenue | $ | 245,347 | $ | 183,385 | $ | 737,507 | $ | 528,273 | |||||||
| Sales and marketing | 54,683 | 38,074 | 149,493 | 113,066 | |||||||||||
| General and administrative | 23,605 | 20,417 | 75,956 | 58,686 | |||||||||||
| Depreciation and amortization | 12,149 | 10,188 | 33,950 | 29,506 | |||||||||||
| Total adjusted operating costs and expenses | $ | 335,784 | $ | 252,064 | $ | 996,906 | $ | 729,531 |
| Rush Street Interactive, Inc. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands, except share and per share data) |
Adjusted Net Income, Adjusted Weighted Average Common Shares Outstanding and Adjusted Earnings Per Share:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Adjusted net income | ||||||||||||
| Net income attributable to Rush Street Interactive, Inc. – basic | $ | 11,834 | $ | 6,055 | $ | 32,450 | $ | 28,062 | ||||
| Effect of diluted securities: | ||||||||||||
| Increase to net income attributable to non-controlling interests | - | 8,791 | - | 26,825 | ||||||||
| Net income attributable to Rush Street Interactive, Inc. - diluted | 11,834 | 14,846 | 32,450 | 54,887 | ||||||||
| Adjustments: | ||||||||||||
| Net income attributable to non-controlling interest(1) | 16,838 | - | 51,728 | - | ||||||||
| Share-based compensation expense | 7,414 | 6,379 | 21,423 | 21,290 | ||||||||
| Change in tax receivable agreement liability | - | - | - | 113,037 | ||||||||
| Deferred tax benefit associated with initial recognition of deferred tax asset | - | - | - | (121,107 | ) | |||||||
| Adjusted net income | $ | 36,086 | $ | 21,225 | $ | 105,601 | $ | 68,107 | ||||
| Adjusted weighted-average common shares outstanding | ||||||||||||
| Weighted-average common shares outstanding – basic | 115,708,955 | 96,223,133 | 109,657,744 | 95,051,128 | ||||||||
| Adjustments: | ||||||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | 5,138,107 | 7,869,982 | 4,700,938 | 6,700,806 | ||||||||
| Conversion of weighted-average RSILP units to Class A Common Shares | - | 132,280,716 | - | 133,206,990 | ||||||||
| Weighted-average common shares outstanding - diluted | 120,847,062 | 236,373,831 | 114,358,682 | 234,958,924 | ||||||||
| Adjustments: | ||||||||||||
| Conversion of weighted-average RSILP units to Class A Common Shares(1) | 115,990,399 | - | 122,035,568 | - | ||||||||
| Adjusted weighted-average common shares outstanding | 236,837,461 | 236,373,831 | 236,394,250 | 234,958,924 | ||||||||
| Adjusted earnings per share | ||||||||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.10 | $ | 0.06 | $ | 0.30 | $ | 0.30 | ||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.10 | $ | 0.06 | $ | 0.28 | $ | 0.23 | ||||
| Adjusted earnings per share | $ | 0.15 | $ | 0.09 | $ | 0.45 | $ | 0.29 |
(1)Adjusted net income includes the reallocation of net income attributable to non-controlling interests that is not otherwise included in net income attributable to Rush Street Interactive, Inc. - diluted. Adjusted weighted-average common shares outstanding includes the assumed conversion of weighted-average RSILP units to Class A Common Shares that is not otherwise included in Weighted-average common shares outstanding - diluted.
| Rush Street Interactive, Inc. Condensed Consolidated Balance Sheets (Unaudited and in thousands, except share and per share data) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 381,910 | $ | 336,256 | |||
| Restricted cash | 4,001 | 4,248 | |||||
| Players' receivables | 14,938 | 15,859 | |||||
| Due from affiliates | 18,549 | 19,947 | |||||
| Prepaid expenses and other current assets | 36,768 | 30,481 | |||||
| Total current assets | 456,166 | 406,791 | |||||
| Intangible assets, net | 81,630 | 76,436 | |||||
| Property and equipment, net | 9,142 | 7,740 | |||||
| Deferred tax assets, net | 273,018 | 157,862 | |||||
| Other assets | 8,649 | 9,683 | |||||
| Total assets | $ | 828,605 | $ | 658,512 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 31,487 | $ | 41,585 | |||
| Accrued expenses | 97,804 | 81,514 | |||||
| Players' liabilities | 50,123 | 47,669 | |||||
| Other current liabilities | 26,436 | 39,506 | |||||
| Total current liabilities | 205,850 | 210,274 | |||||
| Tax receivable agreement liability, non-current | 243,389 | 128,819 | |||||
| Other non-current liabilities | 16,993 | 15,928 | |||||
| Total liabilities | 466,232 | 355,021 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Class A common stock, $0.0001 par value, 750,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 115,955,422 and 100,691,255 shares issued as of September 30, 2026 and December 31, 2025, respectively; 115,348,275 and 99,958,236 shares outstanding as of September 30, 2026 and December 31, 2025, respectively | 12 | 10 | |||||
| Class V common stock, $0.0001 par value, 200,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 115,830,345 and 129,609,532 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 12 | 13 | |||||
| Treasury stock, at cost; 607,147 and 733,019 shares as of September 30, 2026 and December 31, 2025, respectively | (6,750 | ) | (3,177 | ) | |||
| Additional paid-in capital | 264,708 | 251,579 | |||||
| Accumulated other comprehensive income | 7,497 | 1,431 | |||||
| Accumulated deficit | (70,171 | ) | (102,621 | ) | |||
| Total stockholders' equity attributable to Rush Street Interactive, Inc. | 195,308 | 147,235 | |||||
| Non-controlling interests | 167,065 | 156,256 | |||||
| Total stockholders' equity | 362,373 | 303,491 | |||||
| Total liabilities and stockholders' equity | $ | 828,605 | $ | 658,512 |

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