Revenue reached $385.9M in 2026Q3 with gross margin of 36.4% and operating margin of 11.1%, but net margin of 3.1% suggests the operating improvement has yet to fully translate into durable bottom-line earnings.
Rush Street Interactive, Inc. (RSI) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 1.47B | 1.13B | 924.08M | 691.16M | 592.21M | 488.11M | 278.5M | 63.67M | 18.23M |
| Revenue Growth % | 38.66% | 22.76% | 33.7% | 16.71% | 21.33% | 75.26% | 337.43% | 249.32% | - |
| Cost of Goods Sold | 950.91M | 741.66M | 602.04M | 465.01M | 414.66M | 332.14M | 190.87M | 32.89M | 10.71M |
| COGS % of Revenue | - | 65.38% | 65.15% | 67.28% | 70.02% | 68.05% | 68.54% | 51.66% | 58.76% |
| Gross Profit | 523.97M | 392.76M | 322.05M | 226.15M | 177.55M | 155.96M | 87.63M | 30.77M | 7.52M |
| Gross Margin % | 35.53% | 34.62% | 34.85% | 32.72% | 29.98% | 31.95% | 31.46% | 48.34% | 41.24% |
| Gross Profit Growth % | - | 21.96% | 42.41% | 27.37% | 13.84% | 77.98% | 184.74% | 309.39% | - |
| Operating Expenses | 363.6M | 305.34M | 297.74M | 277.76M | 302.35M | 250.24M | 221.05M | 53.1M | 18.21M |
| OpEx % of Revenue | - | 26.92% | 32.22% | 40.19% | 51.05% | 51.27% | 79.37% | 83.4% | 99.91% |
| Selling, General & Admin | 319.18M | 265.37M | 265.54M | 248M | 288.02M | 245.99M | 218.96M | 51.96M | 17.31M |
| SG&A % of Revenue | - | 23.39% | 28.73% | 35.88% | 48.63% | 50.4% | 78.62% | 81.62% | 94.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 39.97M | 32.2M | 29.76M | 14.32M | 4.25M | 2.08M | 1.14M | 0 |
| Operating Income | 160.37M | 87.42M | 24.31M | -51.61M | -124.8M | -94.28M | -133.42M | -22.33M | -10.69M |
| Operating Margin % | 10.87% | 7.71% | 2.63% | -7.47% | -21.07% | -19.32% | -47.91% | -35.07% | -58.67% |
| Operating Income Growth % | - | 259.64% | 147.1% | 58.64% | -32.37% | 29.34% | -497.57% | -108.8% | - |
| EBITDA | 204.78M | 127.39M | 56.51M | -21.85M | -110.47M | -90.03M | -131.34M | -21.19M | -9.79M |
| EBITDA Margin % | 13.88% | 11.23% | 6.12% | -3.16% | -18.65% | -18.45% | -47.16% | -33.28% | -53.74% |
| EBITDA Growth % | 87.76% | 125.43% | 358.61% | 80.22% | -22.7% | 31.45% | -519.87% | -116.31% | - |
| D&A (Non-Cash Add-back) | 44.41M | 39.97M | 32.2M | 29.76M | 14.32M | 4.25M | 2.08M | 1.14M | 898K |
| EBIT | 172.6M | -11.08M | 32.76M | -48.85M | -124.8M | -66.22M | -128.59M | -22.33M | -10.69M |
| Net Interest Income | 13.41M | 9.27M | 7.49M | 2.77M | -573K | -187K | -135K | -123K | 0 |
| Interest Income | 13.41M | 9.27M | 8.45M | 2.77M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 957K | 0 | 573K | 187K | 135K | 123K | 0 |
| Other Income/Expense | 18.67M | -98.5M | 7.49M | 2.77M | -573K | 27.88M | 4.69M | -123K | -42K |
| Pretax Income | 179.04M | -11.08M | 31.8M | -48.85M | -125.37M | -66.4M | -128.73M | -22.45M | -10.73M |
| Pretax Margin % | 12.14% | -0.98% | 3.44% | -7.07% | -21.17% | -13.6% | -46.22% | -35.26% | -58.9% |
| Income Tax | 75.72M | -85.11M | 24.57M | 11.21M | 8.96M | 4.69M | 2.92M | 0 | 0 |
| Effective Tax Rate % | 42.29% | 768.19% | 77.25% | -22.95% | -7.15% | -7.06% | -2.27% | 0% | 0% |
| Net Income | 37.7M | 33.31M | 2.39M | -18.3M | -38.63M | -29.06M | 1.08M | -22.45M | -10.73M |
| Net Margin % | 2.56% | 2.94% | 0.26% | -2.65% | -6.52% | -5.95% | 0.39% | -35.26% | -58.9% |
| Net Income Growth % | 25.29% | 1294.81% | 113.05% | 52.62% | -32.94% | -2788.07% | 104.82% | -109.13% | - |
| Net Income (Continuing) | 103.32M | 74.03M | 7.24M | -60.05M | -134.33M | -71.09M | -131.65M | -22.45M | -10.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 167.06M | 156.26M | 119.64M | 112.36M | 134.83M | 222.26M | -205.55M | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.14 | 0.03 | -0.27 | -0.61 | -0.51 | 0.02 | -0.82 | -0.37 |
| EPS Growth % | 4.94% | 418.52% | 110% | 55.74% | -19.61% | -2650% | 102.44% | -121.62% | - |
| EPS (Basic) | - | 0.35 | 0.03 | -0.27 | -0.61 | -0.35 | 0.02 | -0.82 | -0.37 |
| Diluted Shares Outstanding | 120.85M | 236.12M | 88.42M | 68.51M | 63.53M | 57.43M | 52.24M | 28.75M | 28.75M |
| Basic Shares Outstanding | 115.71M | 95.83M | 81.78M | 68.51M | 63.53M | 56.27M | 43.58M | 28.75M | 28.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | 480.3% | - | - |
Quick answers to the most common questions about buying RSI stock.
For fiscal year 2025, Rush Street Interactive, Inc. (RSI) reported total revenue of $1.13B. This represents a 6124.2% increase compared to $18.2M in 2018.
Rush Street Interactive, Inc. (RSI) is profitable, generating $33.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
Rush Street Interactive, Inc. (RSI) reported an operating income of $87.4M, resulting in an operating profit margin of 7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Rush Street Interactive, Inc. (RSI) generated $392.8M in gross profit for the year, representing a gross profit margin of 34.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Illinois gaming tax hike
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Through Recent Quarters
As reported in the income statement, RSI's revenue grew 46.3% year over year in 2026Q2 and 38.8% in 2026Q3, a marked re-acceleration from the 20-22% pace seen through 2025 that suggests demand momentum has strengthened.
The 2025 quarters clustered in a narrow 20-28% band, while the two most recent 2026 quarters reached 38.8% and 46.3%, which suggests either share gains or an event-driven lift. Management commentary attributes part of the strength to World Cup sports betting activity, a discrete tailwind that may flatter the current run-rate. Investors should monitor whether growth holds above 30% once that event-driven volume normalizes in subsequent quarters.
Gross Margin Stabilizing in the Mid-30s
Based on reported figures, RSI's gross margin moved from 34.4% in 2025Q4 to 36.4% in 2026Q3, sitting well below DraftKings' 41.3% and MGM's 44.4%, indicating a structurally lower take rate.
The margin band of roughly 34-36% across ten quarters suggests a cost base dominated by state gaming taxes and content royalties that caps upside. The gap to larger peers likely reflects a mix of lower proprietary content share and jurisdictional tax burdens rather than weaker pricing discipline. Sustained gross margin expansion above 37% would be needed to argue that scale is meaningfully improving unit economics.
Operating Margin Expansion Lagging Revenue Scale
As reported in financial statements, operating margin improved from 2.8% in 2024Q3 to 11.1% in 2026Q3, but SG&A has grown in absolute dollars alongside revenue, limiting how much incremental revenue drops to operating income.
Operating income rose from $6.5M to $42.7M over the period, implying meaningful operating leverage despite SG&A rising from $65.8M to $85.6M. The most recent quarter, however, shows operating margin slipping from 11.7% to 11.1% even as revenue grew, which suggests marketing and overhead reinvestment is absorbing gains. Investors should watch whether SG&A growth falls below revenue growth to confirm durable operating leverage.
Net Income Volatility Obscures Underlying Earnings Power
Based on RSI's reported figures, net margin swung between 0.5% and 6.2% across recent quarters, with the 2025Q2 spike of $16.7M net income appearing disconnected from operating income of $24.3M and a diluted EPS of $0.18.
The gap between operating income and net income in several quarters, such as 2026Q3 where $42.7M operating income produced only $11.8M net income, suggests material below-the-line items including interest, taxes, or non-operating charges. Stock-based compensation of roughly $5-9M per quarter is a recurring non-cash drag that may be understated in headline EPS comparisons. Investors should reconcile reported EPS with operating trends before extrapolating the most recent profitability inflection.
Growth Durability and Tax Overhang Risks
Bears would argue that RSI's 46.3% peak growth rate reflects a temporary World Cup event rather than structural share gains, and that potential Illinois gaming tax increases could compress a key profitable geography.
If the 2026Q2 and 2026Q3 revenue surge is largely event-driven, the subsequent comparison base could show sharp deceleration well below the 20% range seen in 2025. Net margin of only 2.4-3.1% in the latest quarters, combined with a gross margin structurally capped in the mid-30s, leaves limited cushion against higher state tax rates. Investors should weigh whether current operating margin gains are durable enough to absorb a tax shock without a reset in profitability targets.