Rush Street Interactive, Inc.

Rush Street Interactive, Inc. reported revenue of $1.13 billion for fiscal year 2025, generating a gross profit of $388.3 million (calculated as revenue minus costs of revenue of $741.7 million). The company achieved operating income of $87.4 million, but recorded a pre-tax loss of $11.1 million due to a $98.5 million total other expense, primarily driven by a $107.8 million change in tax receivable agreement liability. A significant income tax benefit of $85.1 million resulted in net income of $74.0 million, with $33.3 million attributable to Rush Street Interactive, Inc. The company generated strong operating cash flow of $165.0 million, ending the year with $336.3 million in cash and cash equivalents and total assets of $658.5 million. Key performance indicators include a gross margin of 34.4% and operating margin of 7.7%.

Key Takeaways