Rush Street Interactive (RSI) Financials

Rush Street Interactive’s financial results show a clear improvement in scale and profitability. Quarterly revenue increased from $148.0 million in Q3 2022 to $393.8 million in Q2 2026. The latest quarter’s revenue rose 46.3% from the restated $269.2 million reported in Q2 2025 and 6.3% from Q1 2026.

Profitability has also improved substantially. RSI generated $46.2 million of operating income in Q2 2026, compared with $24.3 million in Q2 2025 and an operating loss of $20.6 million in Q3 2022. The company reported $29.3 million of consolidated net income and $11.5 million attributable to common shareholders in Q2 2026, producing basic and diluted earnings per share of $0.10.

Cash generation is another important positive trend. Operating cash flow reached $52.1 million in Q2 2026, up from $20.2 million in Q1 and $25.8 million in the year-ago quarter. RSI has reported positive operating cash flow in each of the provided quarterly periods, including periods when it was still producing net losses.

• Strong revenue growth: Quarterly revenue has more than doubled since Q3 2022, while Q2 2026 revenue grew 46.3% year over year.
• Improving operating leverage: Q2 2026 operating expenses were approximately 23.7% of revenue, down from roughly 26.3% in Q2 2025. Operating income increased faster than revenue.
• Gross margin remains healthy: Gross profit was $139.7 million in Q2 2026, representing a margin of approximately 35.5%, broadly consistent with the year-ago period.
• Positive and rising operating cash flow: Q2 2026 operating cash flow of $52.1 million exceeded consolidated net income, providing funding for capital expenditures, acquisitions and shareholder returns.
• Solid liquidity: RSI held $339.9 million of cash and equivalents plus $2.8 million of restricted cash at June 30, 2026. Current assets of $424.8 million were more than twice current liabilities of $200.8 million.
• Share repurchases: The company repurchased $28.8 million of common equity in Q2 2026, which may support per-share results if repurchases continue at attractive valuations.
• Marketing efficiency is improving: Marketing expense increased year over year in dollars but declined to approximately 12.7% of revenue in Q2 2026 from about 13.8% in Q2 2025.
• Cash growth was partly supported by currency movements: Cash increased by $11.1 million during Q2 2026, but the reported change included a $10.5 million benefit from exchange-rate changes. Investors should focus on operating cash flow to assess the underlying trend.
• Common shareholders receive only part of consolidated earnings: $17.7 million of Q2 2026 net income was attributable to noncontrolling interests, leaving $11.5 million for common shareholders. This ownership structure limits the amount of companywide profit attributable to RSI investors.
• Balance-sheet liabilities have risen materially: Total liabilities reached $454.4 million at June 30, 2026, up from $290.8 million a year earlier. Much of the increase came from deferred and payable income-tax liabilities, which investors should monitor even though the company currently has strong liquidity.

RSI’s retained earnings remained negative at approximately $82.0 million, although this deficit has narrowed from roughly $130.6 million in Q1 2025 and $137.0 million in Q3 2023. Overall, the statements indicate a company transitioning from growth funded by operating losses toward sustained profitability and cash generation, but investors should continue watching noncontrolling interests, deferred-tax balances, acquisition spending and the durability of recent growth.