TLDR
- Rush Street Interactive posted Q4 revenue of $324.9m, up 28% year-on-year, with net income rising to $19.1m from $6.5m
- Full-year 2025 revenue hit $1.134bn, up 23%, beating the top of its own guidance range
- Full-year net income surged to $74m from $7.2m in 2024; Adjusted EBITDA up 66% to $153.7m
- US and Canada monthly active users grew 37% YoY; Latin American MAUs up 47% to over 493,000
- 2026 guidance set at $1.375bn–$1.425bn revenue and $210m–$230m Adjusted EBITDA
Rush Street Interactive wrapped up 2025 with its strongest financial results to date, posting full-year revenue of $1.134bn — a 23% jump from 2024 and above the upper end of its own guidance range.
Full-year net income came in at $74m, a dramatic swing from just $7.2m the year prior. Adjusted EBITDA for the year totalled $153.7m, up 66% year-on-year.
Q4 alone delivered $324.9m in revenue, a 28% increase from the same quarter in 2024 and a new quarterly record for the company. Adjusted EBITDA for the quarter rose 44% to $44.1m.
Net income for Q4 reached $19.1m, compared to $6.5m in Q4 2024.
The user growth numbers are hard to ignore. Monthly active users in the US and Canada exceeded 278,000 during Q4, up 37% year-on-year. Online casino users in North America specifically climbed 51% over the same period.
Latin America also delivered. MAUs in that region topped 493,000 for the quarter, up 47% year-on-year.
Average revenue per monthly active user was $331 in the US and Canada, compared to $32 in Latin America — a gap that reflects the maturity difference between the two markets.
RSI also kept a lid on spending. Adjusted sales and marketing costs dropped to 14% of revenue in 2025, down from 16.9% the prior year — a sign the business is becoming more efficient as it scales.
The company ended the year with $336m in unrestricted cash.
Rush Street Interactive, Inc., RSI
User Growth Fuels Operating Leverage
CEO Richard Schwartz credited the results to improvements across customer acquisition, retention, and technology.
“Our continued focus on providing a player-first experience has allowed us to grow and differentiate our brand,” he said.
Analysts at Citizens were upbeat on the results. Analyst Jordan Bender described RSI as having “one of the most durable business models in the online gaming space.”
Bender pointed to several potential catalysts for 2026, including the FIFA World Cup, an earlier-than-expected launch of online gaming in Alberta, Canada, and improving customer economics.
iGaming Legalization Could Be a Wildcard
Bender also flagged iGaming legalization as a potential upside. Virginia appears to be moving toward passing a bill, which Citizens views as a “call option on the stock” — though the firm does not currently model it into estimates.
RSI would be among the largest beneficiaries of iGaming legalization as a percentage of total revenue, if it were to pass.
For 2026, RSI is guiding for revenue of between $1.375bn and $1.425bn, representing 21%–26% growth. Adjusted EBITDA is expected to come in between $210m and $230m, up as much as 50% on 2025.
The company says its guidance is based on its existing market footprint and current tax and regulatory structures — no new market wins are baked in.
RSI ended 2025 with $336m in cash and no reliance on speculative expansion to hit its targets.
