- Record Quarterly Revenue of
- Record Quarterly Net Income of
- Record Quarterly Adjusted EBITDA of
- Monthly-Active-User Growth of 62% in
- Raising Full Year 2026 Revenue and Adjusted EBITDA Guidance -
First Quarter 2026 Highlights
- Revenue was
$370.4 million , a new quarterly record and an increase of 41%, compared to$262.4 million during the first quarter of 2025. - Net income was
$26.2 million , a new quarterly record and an increase of 134%, compared to$11.2 million during the first quarter of 2025. - Adjusted EBITDA1 was
$60.2 million , a new quarterly record and an increase of 81%, compared to$33.2 million during the first quarter of 2025. - Adjusted sales and marketing expense1 was
$46.2 million , representing 12.5% of revenue. - Monthly Active Users (“MAU”) totaled approximately 839,000, an increase of 51% compared to the first quarter of 2025.
- MAUs in
North America were approximately 296,000, an increase of 46% year-over-year, driven by 62% year-over-year growth in online casino markets. - MAUs in
Latin America (which includesMexico ) were approximately 543,000, an increase of 54% year-over-year.
- MAUs in
- Average Revenue per Monthly Active User (“ARPMAU”) in
the United States andCanada was$317 during the first quarter of 2026 while ARPMAU inLatin America was$54 .
____________________________
1 This is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” for more information about this non-GAAP financial measure and “Reconciliations of GAAP to Non-GAAP Financial Measures” for any applicable reconciliation of the most comparable measure calculated in accordance with GAAP to this non-GAAP financial measure.
“The continued acceleration we've seen in revenue and player growth is particularly exciting. We've now achieved accelerating year-over-year player growth in each of the last four quarters, reflecting the strength in our business. In our North American online casino markets, MAUs grew an impressive 62%, surpassing the 51% growth we achieved in the fourth quarter of 2025. We also achieved record first-time depositors this quarter while maintaining disciplined marketing spend, showcasing our expanding brand awareness and the efficiency we've built into our customer acquisition and retention model. These results validate the customer-centric approach that has consistently driven our performance. The systematic enhancements we've made throughout the entire player journey have created a compounding dynamic where strong acquisition brings high-quality players, effective retention keeps them engaged, and exceptional experiences drive value.”
“Looking ahead, we have tremendous confidence in our trajectory. We're executing well, growing our player base rapidly and profitably, and preparing for an exciting new market launch in
Guidance
The Company is raising its Revenue and Adjusted EBITDA1 guidance for the full year ending
Revenue for full year 2026 is now expected to be in the range of
Adjusted EBITDA for full year 2026 is now expected to be in the range of
These guidance ranges reflect our confidence in the underlying strength of our business, while incorporating prudent assumptions about market maturation and competitive dynamics. Additional assumptions include that (i) only operations in live jurisdictions as of today’s date and the expected
Earnings Conference Call and Webcast Details
RSI will host a conference call and audio webcast to discuss the first quarter 2026 financial results today at
The conference call may be accessed by dialing 1-833-444-1612 (Toll Free) or 1-206-407-3770 (Local). For international callers, please reference https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference call access code is 722298233.
A live audio webcast of the earnings conference call may be accessed on RSI’s website at ir.rushstreetinteractive.com, along with a copy of this press release and an investor slide presentation. The audio webcast and investor slide presentation will be available on RSI’s investor relations website until at least
About
RSI is a trusted online gaming and sports entertainment company focused on markets in
Non-GAAP Financial Measures
In addition to providing financial measurements based on accounting principles generally accepted in
By providing full year 2026 Adjusted EBITDA guidance, RSI provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2026 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to RSI without unreasonable effort due to, among other things, the inherent difficulty in forecasting and quantifying the comparable GAAP measure and the applicable adjustments and other amounts that would be necessary for such a reconciliation, and certain of these amounts are outside of RSI’s control and may be subject to high variability or complexity. Preparation of such reconciliations would also require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to RSI without unreasonable effort. RSI provides a range for its Adjusted EBITDA forecast that it believes will be achieved; however, RSI cannot provide any assurance that it can predict all of the components of the Adjusted EBITDA calculation. RSI provides a forecast for Adjusted EBITDA because it believes that Adjusted EBITDA, when viewed with RSI’s results calculated in accordance with GAAP, provides useful information for the reasons noted herein. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income (loss) or cash flow from operating activities or as an indicator of operating performance or liquidity.
RSI defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization, share-based compensation, adjustments for certain one-time or non-recurring items and other adjustments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Operating Costs and Expenses as RSI’s GAAP operating costs and expenses adjusted to exclude the impacts of share-based compensation, certain one-time or non-recurring items and other adjustments. Adjusted Operating Costs and Expenses excludes certain expenses that are required in accordance with GAAP because certain expenses are either non-cash or are not related to our underlying business performance.
RSI defines Adjusted Earnings Per Share as Adjusted Net Income divided by Adjusted Weighted Average Common Shares Outstanding. Adjusted Net Income is defined as net income (loss) attributable to
RSI includes these non-GAAP financial measures because management uses them to evaluate RSI’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Management believes that these non-GAAP financial measures provide investors with useful information on RSI’s past financial and operating performance, enable comparison of financial results from period-to-period where certain items may vary independent of business performance, and allow for greater transparency with respect to metrics used by RSI’s management in operating our business. Management also believes these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Key Metrics
RSI provides certain key metrics, including MAUs and ARPMAU, in this press release. RSI defines MAUs as the number of unique users per month who have placed at least one real-money bet across one or more of our online casino, poker, or online sports betting offerings, and it defines ARPMAU as average revenue for the applicable period divided by the average MAUs for the same period.
The numbers RSI uses to calculate MAUs and ARPMAU are based on internal RSI data. While these numbers are based on what RSI believes to be reasonable judgments and estimates of its customer base for the applicable period of measurement, there are inherent challenges in measuring usage and engagement with respect to RSI’s online offerings across its customer base. Such challenges and limitations may also affect RSI’s understanding of certain details of its business. In addition, RSI’s key metrics and related estimates, including the definitions and calculations of the same, may differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in operations, offerings, methodology and access to information. RSI regularly reviews, and may adjust its processes for calculating, its internal metrics to improve their accuracy.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. RSI's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," “propose”, "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding revenue and Adjusted EBITDA guidance, RSI’s future results of operations, financial condition, cash flows or profitability (whether on a GAAP or non-GAAP basis), currency fluctuations, RSI’s strategic plans and focus, anticipated launches or withdrawals of RSI’s current or new offerings in existing or future jurisdictions, player growth and engagement, product initiatives, outcomes of current or future regulatory developments and the objectives of management for future operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside RSI's control and are difficult to predict. Factors that may cause such differences include, without limitation: changes in applicable laws and regulations, applicable taxes and tax rates; RSI’s ability to manage and sustain growth; RSI’s ability to execute its business plan, meet its projections and obtain relevant market access and/or gaming licenses; unanticipated product or service delays; new or competitive products offered by RSI’s competitors; general economic and market conditions impacting the demand for RSI’s products and services; economic and market conditions in the gaming, entertainment and leisure industry in the markets in which RSI operates; the potential adverse effects of general economic conditions, inflation and interest rates and unemployment on RSI’s liquidity, operations and personnel; and other risks and uncertainties indicated from time to time in RSI's filings with the
Media Contacts:
lisa@lisajohnsoncommunications.com
Investor Contact:
ir@rushstreetinteractive.com
Condensed Consolidated Statements of Operations (Unaudited and in thousands, except per share data) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue | $ | 370,361 | $ | 262,407 | ||||
| Operating costs and expenses | ||||||||
| Costs of revenue | 238,196 | 170,883 | ||||||
| Sales and marketing | 47,392 | 42,139 | ||||||
| General and administrative | 31,268 | 24,972 | ||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||
| Total operating costs and expenses | 327,583 | 247,485 | ||||||
| Income from operations | 42,778 | 14,922 | ||||||
| Other income | ||||||||
| Interest income, net | 2,999 | 1,699 | ||||||
| Change in tax receivable agreement liability | — | (345 | ) | |||||
| Total other income | 2,999 | 1,354 | ||||||
| Income before income taxes | 45,777 | 16,276 | ||||||
| Income tax expense | 19,566 | 5,065 | ||||||
| Net income | 26,211 | 11,211 | ||||||
| Net income attributable to non-controlling interests | 17,141 | 5,892 | ||||||
| Net income attributable to Rush Street Interactive, Inc. | $ | 9,070 | $ | 5,319 | ||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – basic | $ | 0.09 | $ | 0.06 | ||||
| Weighted average common shares outstanding – basic | 102,185,221 | 93,850,707 | ||||||
| Earnings per common share attributable to Rush Street Interactive, Inc. – diluted | $ | 0.08 | $ | 0.05 | ||||
| Weighted average common shares outstanding – diluted | 106,853,552 | 234,292,159 | ||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited and in thousands) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Net income | $ | 26,211 | $ | 11,211 | ||||
| Other comprehensive income | ||||||||
| Foreign currency translation adjustment, net of tax | 2,161 | 4,527 | ||||||
| Comprehensive income | 28,372 | 15,738 | ||||||
| Comprehensive income attributable to non-controlling interests | 18,500 | 8,555 | ||||||
| Comprehensive income attributable to Rush Street Interactive, Inc. | $ | 9,872 | $ | 7,183 | ||||
Condensed Consolidated Statements of Cash Flows (Unaudited and in thousands) | |||||||
| Three Months Ended | |||||||
| 2026 | 2025 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 26,211 | $ | 11,211 | |||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation and amortization expense | 10,727 | 9,491 | |||||
| Share-based compensation expense | 6,691 | 8,813 | |||||
| Deferred income taxes | 3,330 | 100 | |||||
| Noncash lease expense | 265 | 224 | |||||
| Change in tax receivable agreement liability | — | 345 | |||||
| Changes in operating assets and liabilities: | |||||||
| Players’ receivables | (10,705 | ) | (1,449 | ) | |||
| Due from affiliates | 740 | (2,832 | ) | ||||
| Prepaid expenses and other assets | (7,021 | ) | (35 | ) | |||
| Accounts payable, accrued expenses and other liabilities | (9,591 | ) | 4,415 | ||||
| Players’ liabilities | (533 | ) | (1,571 | ) | |||
| Net cash provided by operating activities | 20,114 | 28,712 | |||||
| Cash flows from investing activities | |||||||
| Internally developed software costs | (7,964 | ) | (6,831 | ) | |||
| Acquisition of gaming licenses | (710 | ) | (61 | ) | |||
| Acquisition of other intangible assets | (285 | ) | (276 | ) | |||
| Purchases of property and equipment | (252 | ) | (161 | ) | |||
| Acquisition of developed technology | — | (225 | ) | ||||
| Net cash used in investing activities | (9,211 | ) | (7,554 | ) | |||
| Cash flows from financing activities | |||||||
| Payments for employee taxes related to shares withheld | (22,686 | ) | (20,366 | ) | |||
| Principal payments of finance lease liabilities | (415 | ) | (1,650 | ) | |||
| Proceeds from exercise of stock options | 405 | — | |||||
| Repurchase of Class A Common Stock | — | (5,162 | ) | ||||
| Net cash used in financing activities | (22,696 | ) | (27,178 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,897 | 5,274 | |||||
| Net change in cash, cash equivalents and restricted cash | (8,896 | ) | (746 | ) | |||
| Cash, cash equivalents and restricted cash, at the beginning of the period | 340,504 | 232,756 | |||||
| Cash, cash equivalents and restricted cash, at the end of the period | $ | 331,608 | $ | 232,010 | |||
| Three Months Ended | |||||||
| 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 | $ | — | $ | 93 | |||
| Right-of-use assets obtained in exchange for new or modified finance lease liabilities | $ | 104 | $ | 3,085 | |||
| Allocation of equity and non-controlling interests upon changes in RSILP ownership | $ | 2,539 | $ | 3,224 | |||
| Shares withheld for employee taxes in Other Current Liabilities | $ | 7,783 | $ | 3,805 | |||
| Investing activities in Accounts Payable and Accrued Expenses | $ | 2,895 | $ | 2,759 | |||
| Re-issuance of treasury stock under the equity compensation plan | $ | 7,634 | $ | — | |||
| Supplemental disclosure of cash flow information: | |||||||
| Cash paid for income taxes | $ | 9,100 | $ | 3,067 | |||
| Cash paid for interest | $ | 213 | $ | 236 | |||
Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited and in thousands) | ||||||||
| Adjusted EBITDA: | ||||||||
| Three Months Ended | ||||||||
| ($ in thousands) | 2026 | 2025 | ||||||
| Net income | $ | 26,211 | $ | 11,211 | ||||
| Interest income, net | (2,999 | ) | (1,699 | ) | ||||
| Income tax expense | 19,566 | 5,065 | ||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||
| Share-based compensation expense | 6,691 | 8,813 | ||||||
| Change in tax receivable agreement liability | — | 345 | ||||||
| Adjusted EBITDA | $ | 60,196 | $ | 33,226 | ||||
| Adjusted Operating Costs and Expenses: | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| GAAP operating costs and expenses: | ||||||||
| Costs of revenue | $ | 238,196 | $ | 170,883 | ||||
| Sales and marketing | 47,392 | 42,139 | ||||||
| General and administrative | 31,268 | 24,972 | ||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||
| Total operating costs and expenses | $ | 327,583 | $ | 247,485 | ||||
| Non-GAAP operating cost and expense adjustments: | ||||||||
| Costs of revenue1 | $ | (70 | ) | $ | (63 | ) | ||
| Sales and marketing1 | (1,161 | ) | (3,324 | ) | ||||
| General and administrative1 | (5,460 | ) | (5,426 | ) | ||||
| Depreciation and amortization | — | — | ||||||
| Total non-GAAP operating cost and expense adjustments | $ | (6,691 | ) | $ | (8,813 | ) | ||
| Adjusted operating costs and expenses: | ||||||||
| Costs of revenue | $ | 238,126 | $ | 170,820 | ||||
| Sales and marketing | 46,231 | 38,815 | ||||||
| General and administrative | 25,808 | 19,546 | ||||||
| Depreciation and amortization | 10,727 | 9,491 | ||||||
| Total adjusted operating costs and expenses | $ | 320,892 | $ | 238,672 | ||||
1 Non-GAAP Operating Costs and Expense Adjustments include Share-based compensation expense.
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 | ||||||||
| 2026 | 2025 | |||||||
| Adjusted net income | ||||||||
| Net income attributable to | $ | 9,070 | $ | 5,319 | ||||
| Effect of diluted securities: | ||||||||
| Increase to net income attributable to non-controlling interests | — | 5,892 | ||||||
| Net income attributable to | 9,070 | 11,211 | ||||||
| Adjustments: | ||||||||
| Net income attributable to non-controlling interest(1) | 17,141 | — | ||||||
| Share-based compensation expense | 6,691 | 8,813 | ||||||
| Change in tax receivable agreement liability | — | 345 | ||||||
| Adjusted net income | $ | 32,902 | $ | 20,369 | ||||
| Adjusted weighted-average common shares outstanding | ||||||||
| Weighted-average common shares outstanding – basic | 102,185,221 | 93,850,707 | ||||||
| Adjustments: | ||||||||
| Incremental shares from assumed conversion of stock options and restricted stock units | 4,668,331 | 6,376,325 | ||||||
| Conversion of weighted-average RSILP units to Class A Common Shares | — | 134,065,127 | ||||||
| Weighted-average common shares outstanding - diluted | 106,853,552 | 234,292,159 | ||||||
| Adjustments: | ||||||||
| Conversion of weighted-average RSILP units to Class A Common Shares(1) | 129,179,570 | — | ||||||
| Adjusted weighted-average common shares outstanding | 236,033,122 | 234,292,159 | ||||||
| Adjusted earnings per share | ||||||||
| Earnings per common share attributable to | $ | 0.09 | $ | 0.06 | ||||
| Earnings per common share attributable to | $ | 0.08 | $ | 0.05 | ||||
| Adjusted earnings per share | $ | 0.14 | $ | 0.09 | ||||
(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
Condensed Consolidated Balance Sheets (Unaudited and in thousands, except share and per share data) | |||||||
2026 | 2025 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 330,557 | $ | 336,256 | |||
| Restricted cash | 1,051 | 4,248 | |||||
| Players’ receivables | 26,600 | 15,859 | |||||
| Due from affiliates | 19,207 | 19,947 | |||||
| Prepaid expenses and other current assets | 37,742 | 30,481 | |||||
| Total current assets | 415,157 | 406,791 | |||||
| Intangible assets, net | 78,397 | 76,436 | |||||
| Property and equipment, net | 7,111 | 7,740 | |||||
| Operating lease assets | 2,754 | 3,056 | |||||
| Deferred tax assets, net | 167,297 | 157,862 | |||||
| Other assets | 6,569 | 6,627 | |||||
| Total assets | $ | 677,285 | $ | 658,512 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 42,742 | $ | 41,585 | |||
| Accrued expenses | 80,998 | 81,514 | |||||
| Players’ liabilities | 47,212 | 47,669 | |||||
| Other current liabilities | 41,084 | 39,506 | |||||
| Total current liabilities | 212,036 | 210,274 | |||||
| Tax receivable agreement liability, non-current | 132,142 | 128,819 | |||||
| Other non-current liabilities | 14,551 | 15,928 | |||||
| Total liabilities | 358,729 | 355,021 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Class A common stock, | 10 | 10 | |||||
| Class V common stock, | 13 | 13 | |||||
| — | (3,177 | ) | |||||
| Additional paid-in capital | 250,354 | 251,579 | |||||
| Accumulated other comprehensive income | 2,300 | 1,431 | |||||
| Accumulated deficit | (93,551 | ) | (102,621 | ) | |||
| Total stockholders’ equity attributable to | 159,126 | 147,235 | |||||
| Non-controlling interests | 159,430 | 156,256 | |||||
| Total stockholders’ equity | 318,556 | 303,491 | |||||
| Total liabilities and stockholders’ equity | $ | 677,285 | $ | 658,512 | |||
Source: