Short answer

Rush Street Interactive, Inc. (RSI) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $1.1B (+22.8% year over year) and net income of $33M.

Top risk flagged: Regulatory risk: Uncertainty in voiding bets linked to clear sports betting errors; potential for substantial liabilities if regulators disallow this practice

FY2025 key financial metrics · XBRL

Revenue: $1.1B; +22.8% YoY
Net income: $33M; +1294.8% YoY
Operating margin: 7.7%; +5.1 pp YoY
EPS (diluted): $0.31; +933.3% YoY
ROE: 22.6%; +19.6 pp YoY
Operating cash flow: $165M; +55.0% YoY

Source: XBRL data from the Rush Street Interactive, Inc. (RSI) FY2025 10-K on SEC EDGAR. USD.

Rush Street Interactive, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

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

Generated from the filing text; verify against the original. How to read a 10-K

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