Rush Street Interactive, Inc. (RSI) FY2025 10-K Annual Report
Rush Street Interactive, Inc. (RSI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Rush Street Interactive, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: real-money online casino and online sports betting leveraging proprietary platform for B2C and B2B models
- • NEW emphasis on online poker offered in 4 U.S. states as part of expanded customer engagement and platform capabilities
- • Strategic shift: won exclusive Delaware Lottery online gaming and sports wagering operator contract in 2023, requiring flexible multi-partner business model
- • Geographic expansion to 20 jurisdictions with over 360 million people, including U.S. states and international markets like Peru, Colombia, and Ontario
- • Noteworthy fact: Achieved fourth largest online casino brand in New Jersey within 3 years without owning a land-based casino, demonstrating competitive strength
Management Discussion & Analysis
- • Net cash from operations $165.0M, up $58.6M YoY from $106.4M in 2024 driven by net income increase of $66.8M
- • Net cash used in investing $37.0M, up $3.6M YoY, mainly from $4.2M higher software development spend
- • Net cash used in financing $37.4M, up $34.7M YoY due to $25.3M employee tax payments and $7.6M share repurchases
- • Exchange rate effect added $17.1M cash in 2025 vs a $8.7M reduction in 2024 from foreign currency fluctuations
- • No explicit revenue, profitability, or segment performance data disclosed; key risks include tax asset realizability and TRA liabilities
Risk Factors
- • Regulatory risk: Uncertainty in voiding bets linked to clear sports betting errors; potential for substantial liabilities if regulators disallow this practice
- • Geopolitical/macroeconomic risk: Sports event disruptions from wildfires and protests causing game postponements, affecting betting volume and revenues
- • Operational/supply chain risk: Dependence on local partners (casinos, tribes, lotteries) for market access; failure to maintain these harms growth and operations
- • Competitive risk: Increasing competition from CFTC-regulated “events contracts” providers with different regulatory, tax regimes creating competitive advantage
- • Financial risk: Tax Receivable Agreement obligations require paying 85% of net income tax savings to sellers, potentially resulting in substantial cash outflows
Rush Street Interactive, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.1B
▲ +22.8% YoY
Net Income
$33M
▲ +1294.8% YoY
Operating Margin
7.7%
▲ +508bp YoY
Net Margin
2.9%
▲ +268bp YoY
ROE
22.6%
▲ +1959bp YoY
Total Assets
$659M
▲ +73.5% YoY
EPS (Diluted)
$0.31
▲ +933.3% YoY
Operating Cash Flow
$165M
▲ +55.0% YoY
Source: XBRL data from Rush Street Interactive, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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