RUSH STREET INTERACTIVE ANNOUNCES THIRD QUARTER 2026 RESULTS AND REITERATES FULL YEAR GUIDANCE
Rush Street Interactive, Inc. (RSI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 ` RUSH STREET INTERACTIVE ANNOUNCES THIRD QUARTER 2026 RESULTS AND REITERATES FULL YEAR GUIDANCE - Quarterly Revenue of $385.9 Million, up 39% Year-over-Year - - Quarterly Net Income of $28.7 Million, up 93% Year-over-Year - - Quarterly Adjusted EBITDA of $62.2 Milli
How this was made
The 30-second read
Why it matters
The earnings beat and guidance reaffirmation are likely to drive short‑term buying interest, especially in after‑hours trading.
Market read
The results reinforce the growth narrative for the online gambling sector and may boost related stocks.
What to watch
Regulatory risks in new jurisdictions and potential cost pressures from marketing spend could temper upside.
Quarterly Revenue of $385.9 Million, up 39% Year-over-Year; Quarterly Net Income of $28.7 Million, up 93% Year-over-Year; Quarterly Adjusted EBITDA of $62.2 Million, up 73% Year-over-Year; reiterating full year guidance.
Revenue, net income and Adjusted EBITDA each grew strongly year over year, MAUs reached a record quarterly level in North America, and RSI reiterated its full-year revenue and Adjusted EBITDA guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $385.9M | – | 39% |
| Costs of revenue, three months ended September 30GAAP | $245.4M | – | – |
| Sales and marketing expense, three months ended September 30GAAP | $56.00M | – | – |
| General and administrative expense, three months ended September 30GAAP | $29.61M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $12.15M | – | – |
| Total operating costs and expenses, three months ended September 30GAAP | $343.2M | – | – |
| Income from operations, three months ended September 30GAAP | $42.65M | – | – |
| Interest income, net, three months ended September 30GAAP | $4.14M | – | – |
| Total other income (expense), three months ended September 30GAAP | $4.14M | – | – |
| Income before income taxes, three months ended September 30GAAP | $46.79M | – | – |
| Income tax expense, three months ended September 30GAAP | $18.12M | – | – |
| Net income, three months ended September 30GAAP | $28.67M | – | 93% |
| Net income attributable to non-controlling interests, three months ended September 30GAAP | $16.84M | – | – |
| Net income attributable to Rush Street Interactive, Inc., three months ended September 30GAAP | $11.83M | – | – |
| Basic earnings per common share attributable to Rush Street Interactive, Inc., three months ended September 30GAAP | $0.10 | – | – |
| Diluted earnings per common share attributable to Rush Street Interactive, Inc., three months ended September 30GAAP | $0.10 | – | – |
| Weighted average common shares outstanding, basic, three months ended September 30GAAP | 115,708,955 | – | – |
| Weighted average common shares outstanding, diluted, three months ended September 30GAAP | 120,847,062 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $62.22M | – | 73% |
| Adjusted costs of revenue, three months ended September 30non-GAAP | $245.3M | – | – |
| Adjusted sales and marketing expense, three months ended September 30non-GAAP | $54.68M | – | – |
| Adjusted sales and marketing expense as a percentage of revenue, three months ended September 30non-GAAP | 14.2% of revenue | – | – |
| Adjusted general and administrative expense, three months ended September 30non-GAAP | $23.61M | – | – |
| Total adjusted operating costs and expenses, three months ended September 30non-GAAP | $335.8M | – | – |
| Adjusted net income, three months ended September 30non-GAAP | $36.09M | – | – |
| Adjusted weighted-average common shares outstanding, three months ended September 30non-GAAP | 236,837,461 | – | – |
| Adjusted earnings per share, three months ended September 30non-GAAP | $0.15 | – | – |
| Revenue, nine months ended September 30GAAP | $1.15B | – | – |
| Total operating costs and expenses, nine months ended September 30GAAP | $1.02B | – | – |
| Income from operations, nine months ended September 30GAAP | $131.7M | – | – |
| Income before income taxes, nine months ended September 30GAAP | $142.2M | – | – |
| Net income, nine months ended September 30GAAP | $84.18M | – | – |
| Diluted earnings per common share attributable to Rush Street Interactive, Inc., nine months ended September 30GAAP | $0.28 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $187.0M | – | – |
| Adjusted net income, nine months ended September 30non-GAAP | $105.6M | – | – |
| Adjusted earnings per share, nine months ended September 30non-GAAP | $0.45 | – | – |
| Monthly Active Users, third quarterother | 907,881 | – | 42% |
| Monthly Active Users in North America, third quarterother | 300,572 | – | 34% year-over-year |
| Monthly Active Users in Latin America, third quarterother | 607,308 | – | 46% year-over-year |
| ARPMAU in North America, third quarterother | $309 | – | – |
| ARPMAU in Latin America, third quarterother | $58 | – | – |
Full year ending December 31, 2026 outlook
- Revenue$1.56 and $1.60 billion, representing year-over-year growth of 38% to 41%
- NoteAdjusted EBITDA of $245 and $265 million, representing year-over-year growth of 59% to 72%.
- NoteOnly operations in live jurisdictions as of today’s date are included.
- NoteRSI continues to operate in markets in which it is live today under similar tax structures, including the temporary emergency 16% tax decree in Colombia.
Capital returns
- Repurchase and retirement of Class A Common Stock was $28,800 (in thousands) for the nine months ended September 30, 2026.
- Repurchase of Class A Common Stock was $13,528 (in thousands) for the nine months ended September 30, 2026.
- Payments for employee taxes related to shares withheld were $30,940 (in thousands) for the nine months ended September 30, 2026.
- Tax distributions to non-controlling interests were $2,904 (in thousands) for the nine months ended September 30, 2026.
What drove it
- Revenue increased 39% year over year to $385.9 million.
- Monthly Active Users totaled 907,881, up 42% compared to the third quarter of 2025.
- North America MAUs increased 34% year over year to 300,572 and Latin America MAUs increased 46% year over year to 607,308.
- RSI stated that online casino remains the engine of its profitability.
- RSI stated that it invested more in marketing where it saw attractive returns and reported adjusted sales and marketing expense of $54.7 million, representing 14.2% of revenue.
- RSI stated that Latin America revenue growth remained strong on both a gross and net basis, and that customers acquired during the World Cup continued to play across products.
Concerns
- The full-year outlook incorporates prudent assumptions about market maturation and competitive dynamics.
- The guidance assumes RSI continues to operate in currently live markets under similar tax structures, including the temporary emergency 16% tax decree in Colombia.
- RSI said the Alberta ramp is expected to be gradual.
- Income tax expense was $18,118 (in thousands) in the third quarter of 2026, compared with $7,177 (in thousands) in the third quarter of 2025.
- Tax receivable agreement liability, non-current, increased to $243,389 (in thousands) at September 30, 2026 from $128,819 (in thousands) at December 31, 2025.
What to watch
- Execution against reiterated full-year 2026 revenue guidance of $1.56 and $1.60 billion.
- Execution against reiterated full-year 2026 Adjusted EBITDA guidance of $245 and $265 million.
- The pace of the Alberta launch ramp.
- North America MAU growth following the record quarterly result of 300,572.
- Marketing efficiency as RSI continues to invest where it sees attractive returns.
- The impact of market maturation, competitive dynamics and the temporary emergency 16% tax decree in Colombia.
Balance sheet and cash flow
- Net cash provided by operating activities was $143,334 (in thousands) for the nine months ended September 30, 2026, compared to $95,915 (in thousands) for the nine months ended September 30, 2025.
- Net cash used in investing activities was ($34,058) (in thousands) for the nine months ended September 30, 2026, compared to ($28,867) (in thousands) for the nine months ended September 30, 2025.
- Net cash used in financing activities was ($81,370) (in thousands) for the nine months ended September 30, 2026, compared to ($34,403) (in thousands) for the nine months ended September 30, 2025.
- Cash, cash equivalents and restricted cash at September 30, 2026 was $385,911 (in thousands), compared to $277,553 (in thousands) at September 30, 2025.
- Cash and cash equivalents at September 30, 2026 was $381,910 (in thousands), compared to $336,256 (in thousands) at December 31, 2025.
- Restricted cash at September 30, 2026 was $4,001 (in thousands), compared to $4,248 (in thousands) at December 31, 2025.
- Total assets at September 30, 2026 were $828,605 (in thousands), compared to $658,512 (in thousands) at December 31, 2025.
- Total liabilities at September 30, 2026 were $466,232 (in thousands), compared to $355,021 (in thousands) at December 31, 2025.
- Tax receivable agreement liability, non-current, was $243,389 (in thousands) at September 30, 2026, compared to $128,819 (in thousands) at December 31, 2025.
Analysis
RSI reported a strong third quarter, with revenue of $385,851 (in thousands), up 39% year over year, and net income of $28,672 (in thousands), up 93%. Income from operations was $42,653 (in thousands), compared with $19,468 (in thousands) a year earlier. Adjusted EBITDA rose to $62,216 (in thousands) from $36,035 (in thousands), while adjusted earnings per share increased to $0.15 from $0.09.
Customer activity was the principal disclosed operating indicator. MAUs totaled 907,881, up 42% year over year. North America MAUs reached a quarterly record of 300,572, up 34% year over year, while Latin America MAUs were 607,308, up 46% year over year. ARPMAU was $309 in North America and $58 in Latin America. Management identified online casino as the engine of profitability and described Latin America growth as strong on both a gross and net basis.
The cost base expanded alongside growth, with total operating costs and expenses of $343,198 (in thousands), compared with $258,443 (in thousands) in the prior-year quarter. GAAP sales and marketing expense was $56,001 (in thousands), while adjusted sales and marketing expense was $54,683 (in thousands), representing 14.2% of revenue. The company described this spending as increased marketing investment in areas where it saw attractive returns. Nine-month operating cash flow was $143,334 (in thousands), and cash and cash equivalents were $381,910 (in thousands) at September 30, 2026.
Capital allocation included $28,800 (in thousands) of repurchase and retirement of Class A Common Stock and $13,528 (in thousands) of repurchases of Class A Common Stock during the first nine months. RSI also had $243,389 (in thousands) of non-current tax receivable agreement liability at September 30, 2026. The company reiterated full-year revenue guidance of $1.56 and $1.60 billion and Adjusted EBITDA guidance of $245 and $265 million. That outlook assumes only current live jurisdictions, similar current tax structures, and includes the temporary emergency 16% tax decree in Colombia.
The main disclosed execution items for the fourth quarter are maintaining MAU growth and marketing efficiency, the gradual Alberta ramp, and performance amid market maturation and competitive dynamics. The filing does not provide prior-quarter figures, a reported gross margin, or a free-cash-flow measure, limiting sequential and margin analysis.
Management, verbatim
Our third quarter results demonstrated the scale we’ve built into our business model. We grew revenues 39% while demonstrating continued operating leverage, even as we invested more in marketing where we saw attractive returns. Online casino remains the engine of our profitability, and we’re pleased to have reached a new quarterly record this period for monthly active users in North America.
Richard Schwartz, Chief Executive Officer of RSI
In Latin America, revenue growth continues to be strong on both a gross and net basis, and we are encouraged that customers who joined us during the World Cup continue to play across our products. In Alberta, we are now more than three months into our launch, and while we expect the ramp to be gradual, we’re excited about the opportunities in this new market.
Richard Schwartz, Chief Executive Officer of RSI
We enter the fourth quarter with a strong balance sheet, a scalable profitability model, continued marketing efficiency, and the flexibility to be opportunistic on how we invest in long-term growth.
Richard Schwartz, Chief Executive Officer of RSI
Not in the filing
stated, not guessed- Prior-quarter revenue, earnings, expense, MAU and ARPMAU figures were not reported.
- Gross profit and gross margin were not reported.
- A reported tax rate was not provided.
- Free cash flow was not reported.
- Quarterly operating, investing and financing cash flow figures were not reported.
- Debt balances were not reported.
- Segment revenue and segment profitability were not reported.
- A previous-release outlook was not provided, so comparison of reported results with prior guidance is unavailable.
- No forward guidance was provided for gross margin, operating expenses, tax rate, EPS, cash flow, MAUs or ARPMAU.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Rush Street Interactive released its Q3 2026 earnings via an SEC Form 8‑K, highlighting strong revenue growth and reaffirming full‑year guidance.
Ticker impact
Reaffirmed full‑year 2026 revenue and adjusted EBITDA guidance after reporting Q3 revenue of $385.9 M, up 39% YoY.
likely upward pressure as investors price in strong growth and solid guidance.
Quarterly results exceeded prior year and the company confirmed its full‑year outlook, which typically supports a bullish reaction.
Market effects
Strengthens the online gaming and sports betting sector outlook, potentially lifting peers.
Positive for U.S. and Latin American gambling markets where RSI operates.
Limited to the niche gambling sector but may influence broader consumer discretionary sentiment.
Counterpoint
If the market has already priced in the growth, the reaffirmed guidance may be a neutral catalyst.
Key entities
- companyRush Street Interactive, Inc.
Online casino and sports betting operator listed on NYSE under ticker RSI.
