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.

• 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.