Rush Street Interactive, Inc. (RSI) Cash Flow Statement

The ratio has ranged from negative to above 13x across the ten reported quarters, which suggests net income is a noisy measure of cash generation for this business. Working capital inflows of $16.3M in 2026Q3 and $30.3M in 2025Q4 contributed meaningfully to these periods, so investors should monitor whether conversion holds once working capital normalizes. Stock-based compensation of roughly $5-9M per quarter also depresses reported net income relative to cash earnings, warranting further investigation of how much of the gap is structural versus timing-driven.

Capital expenditure has remained minimal at roughly 0.1% to 3.5% of revenue, so nearly all operating cash flow reaches free cash flow, which suggests an asset-light operating model. The sustainability of an 18.2% margin, however, depends heavily on whether the 2026Q3 working capital contribution repeats, since the quarter's FCF was materially aided by timing effects. Investors should monitor whether the trajectory reflects durable operating leverage or a favorable quarterly cycle.

Such large reversals relative to quarterly net income of $5-12M suggest the company's cash position is sensitive to settlement timing and seasonal sports betting activity. The pattern does not establish a clear structural trend, and the absence of disclosed inventory data means the drivers cannot be fully isolated. Analysts should treat individual quarter cash flows with caution and focus on trailing cumulative figures.

The absence of recurring dividends and the intermittent nature of repurchases appear consistent with a management team prioritizing balance sheet flexibility and reinvestment over capital returns. Acquisition spending is not reported in the supplied data, so the extent of any inorganic deployment cannot be assessed. Investors should monitor whether repurchase activity becomes more consistent as free cash flow accumulates.