Rush Street Interactive, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Rush Street Interactive, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	63.7	279	488	592	691	924	1,134
Cost of revenue		191	332	415	465	602	742
Gross profit		87.6	156	178	226	322	393
Selling and marketing	28.3	56.5	190	220	161	159	165
General and administrative	23.6	162	55.5	67.6	87.3	106	101
Operating expenses	86	412
Operating income	-22.3	-133	-94.3	-125	-51.6	25	87.4
Interest expense	0.12	0.14	0.19	0.57
Other non-operating income	-0.12	4.69	27.9	-0.57	2.77	6.75	-98.5
Pre-tax income	-22.5	-129	-66.4	-125	-48.8	31.8	-11.1
Income tax	0	2.92	4.69	8.96	11.2	24.6	-85.1
Net income to minority interests	0	-133	-51.6	-95.7	-41.8	4.85	40.7
Net income	-22.5	1.08	-19.5	-38.6	-18.3	2.39	33.3
EBITDA	-21.2	-131	-90	-110	-21.9	57.3	127
EPS, basic		0.02	-0.35	-0.61	-0.27	0.03	0.35
EPS, diluted		-0.01	-0.51	-0.61	-0.27	0.03	0.31
Shares, basic (weighted)		43.6	56.3	63.5	68.5	81.8	95.8
Shares, diluted (weighted)		52.2	57.4	63.5	68.5	88.4	236

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.91	256	281	180	168	229	336
Short-term investments				0	3.1	4.3	6.19
Receivables	1.85	0.78	5.83	11.2	10.5	14.9	15.9
Other current assets	1.67	2.87	7.43	11.3	13.7	19.2	14.8
Total current assets	17.2	294	342	264	229	285	407
Property, plant and equipment	0.58	2.02	4.91	6.9	4.59	3.07	2.45
Lease right-of-use assets	0	1.1	1.56	1.85	1.28	2.42	3.06
Intangible assets	6.96	9.75	53.4	69	74.9	77.3	76.4
Other non-current assets	0.75	1.22	4.81	5.23	5.2	6.89	9.68
Total assets	25.5	309	409	350	319	379	659
Accounts payable	0.71	12	6.5	29.8	32.3	25.8	41.6
Accrued liabilities	0.02	27	48.3	64.9	51.1	72.7	81.5
Total current liabilities	26.1	401	83.9	144	138	163	210
Lease liabilities	0	0.98	1.15	1.18	0.67	1.37	1.75
Other non-current liabilities		0	0.32	0.24	14.8	17.3	15.9
Total liabilities	28.9	576	101	159	152	181	355
Paid-in capital	0	0	167	178	192	218	252
Retained earnings	0	-61.9	-81.4	-120	-138	-136	-103
Treasury stock		0				0	-3.18
Other comprehensive income	0	0.09	-0.48	-1.65	-0.1	-3.09	1.43
Shareholders' equity	0	-61.8	85.4	56	53.8	78.7	147
Minority interests	0	-206	222	135	112	120	156
Total equity	-3.37	-267	308	191	166	198	303
Total liabilities and equity	25.5	309	409	350	319	379	659

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-22.5	-132	-71.1	-134	-60.1	7.24	74
Depreciation and amortization	1.14	2.08	4.25	14.3	29.8	32.2	40
Stock-based compensation	13.4	145	24.9	18.7	30	35.3	26.3
Deferred income tax		0.21	-0.04	-0.02	-0.21	0.18	-112
Change in receivables	-1.8	1.07	-5.05	-5.35	0.66	-4.81	-0.52
Change in payables	0.13	11.2	-5.55	23.3	1.81
Cash from operations	-2.46	16.2	-48.2	-60.3	-5.93	106	165
Capital expenditures	-0.43	-1.87	-3.85	-4.16	-1.29	-0.93	-0.77
Purchases of investments			0	0	-3.06	-1.86	-1.03
Cash from investing	-5.77	-6.24	-37	-29	-33.8	-33.4	-37
Stock issued				0	0	0.07	0.18
Share buybacks		0	-3.47	0	0	0	-7.63
Cash from financing	15.5	241	126	-1.22	-0.52	-2.65	-37.4
Exchange rate effect	-0.01	0.52	-2.13	-3.72	5.13	-8.66	17.1
Net change in cash	7.31	252	38.3	-94.2	-35.1	61.8	108
Free cash flow	-2.89	14.3	-52	-64.5	-7.22	106	164
Interest paid		0	0.12	0.94	0.94	0.91	0.92
Income taxes paid		0.76	3.54	6.8	7.39	16.5	32.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.0%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	13.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.3%	Pre-tax income / revenue.
Net margin	2.3%	Net income / revenue.
FCF margin	13.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.4%	Cash from operations / revenue.
Effective tax rate	42.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.0%	Net income / average total assets.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	35.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	249.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	122.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,295.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	98.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	933.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	55.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	59.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	55.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	62.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	87.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	38.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	73.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	167.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	54.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	35.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.12x	Current assets / current liabilities.
Quick ratio	1.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.72x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.3%	Total liabilities / total assets.
Working capital	$224.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$105.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.72x	Revenue / average total assets.
Fixed asset turnover	196x	Revenue / average property, plant and equipment.
Receivables turnover	53.8x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.
FCF conversion	569.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.79	Revenue / diluted weighted shares.
FCF per share	$1.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.58	Cash from operations / diluted weighted shares.
Book value per share	$1.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.91	Tangible book value / shares outstanding.
Cash per share	$2.98	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.61B	Share price x shares outstanding.
Enterprise value	$4.26B	Market cap + total debt - cash - short-term investments.
P/E	144x	Market cap / net income. Only when net income is positive.
P/S	3.37x	Market cap / revenue.
P/B	24.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	43.6x	Market cap / tangible book value, when positive.
P/FCF	25.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.2x	Market cap / cash from operations, when positive.
EV/Sales	3.12x	Enterprise value / revenue.
EV/EBIT	31.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Rush Street Interactive, Inc.'s revenue in fiscal 2025?

Rush Street Interactive, Inc. reported revenue of $1.13B for fiscal 2025, 22.8% higher than the year before.

Was Rush Street Interactive, Inc. profitable in fiscal 2025?

Yes. Net income was $33.3M, a net margin of 2.9%.

How much free cash flow did Rush Street Interactive, Inc. generate in fiscal 2025?

Cash from operations of $165.0M minus capital expenditures of $767.0K left free cash flow of $164.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Rush Street Interactive, Inc.