Rush Street Interactive (RSI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $370.4 million, up 41% year-over-year, with adjusted EBITDA of $60.2 million, up 81%, and net income of $26.2 million, up 134% year-over-year.

• Monthly active users (MAUs) grew 51% to 839,000, with North America MAUs up 46%–62% and Latin America MAUs up 54%, driven by record first-time depositors and strong engagement.

• Casino-first strategy and operational efficiency drove higher player engagement, retention, and lifetime value, differentiating from competitors.

• Raised full-year 2026 revenue and adjusted EBITDA guidance, reflecting strong business momentum and expansion plans.

Financial highlights

• Q1 2026 revenue was $370.4 million, up from $262.4 million in Q1 2025, with adjusted EBITDA of $60.2 million and net income of $26.2 million.

• Adjusted earnings per share for Q1 2026 was $0.14, up from $0.09 in Q1 2025; diluted EPS was $0.08, up from $0.05.

• Gross margin improved to approximately 36%, with adjusted EBITDA margin exceeding 16%.

• Marketing expenses were $46.2 million (12.5% of revenue), down as a percentage of revenue year-over-year.

• Cash and cash equivalents at quarter-end were $331 million, with no outstanding debt.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1.49–$1.54 billion (31–36% year-over-year growth), and adjusted EBITDA guidance raised to $230–$250 million (50–63% growth).

• Guidance includes the Alberta launch in July 2026 and assumes a temporary 16% tax in Colombia.

• Sufficient liquidity and cash flows from operations are expected to fund operations and capital expenditures for at least the next 12 months.