Rush Street Interactive (RSI)
NYSE:RSI
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Rush Street Interactive
(NYSE:RSI)
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Rating:73Outperform
Price Target:
$25.00
▲(10.28% Upside)
Action:ReiteratedDate:02/19/26
The score is driven primarily by strong financial improvement (profitability and cash flow strength with minimal leverage) and upbeat 2026 guidance. Offsetting factors are a mixed technical picture (negative MACD and trading below key mid-term averages) and a stretched valuation (high P/E with no dividend support).
Positive Factors
Sustained revenue scaling
Multi-year revenue growth from $278.5M (2020) to $1.134B (2025) shows durable market adoption and successful geographic expansion. A larger revenue base supports operating leverage, funds product investment and gives management runway to execute 2026 growth initiatives resiliently over the coming quarters.
Negative Factors
Colombia tax and regulatory uncertainty
Colombia is a material growth market (GGR +66% in 2025) but the assumed 19% revenue tax and pending legal challenges create persistent downside to margins and cash flow if upheld. Management conservatively models the tax, but sustained legal uncertainty could meaningfully compress regional profitability and planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue scaling
Multi-year revenue growth from $278.5M (2020) to $1.134B (2025) shows durable market adoption and successful geographic expansion. A larger revenue base supports operating leverage, funds product investment and gives management runway to execute 2026 growth initiatives resiliently over the coming quarters.
Read all positive factors
Rush Street Interactive (RSI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.30B
Dividend YieldN/A
Average Volume (3M)1.49M
Price to Earnings (P/E)55.9
Beta (1Y)0.86
Revenue Growth23.15%
EPS GrowthN/A
CountryUS
Employees883
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.08
Shares Outstanding103,175,026
10 Day Avg. Volume1,125,110
30 Day Avg. Volume1,485,007
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)12.65
Price to Sales (P/S)1.64
P/FCF Ratio11.34
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue4.41
Enterprise Value/Gross Profit12.75
Enterprise Value/Ebitda38.63
Forecast
1Y Price Target
$24.89Price Target Upside9.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.53
Revenue Forecast (FY)$1.41B
Rush Street Interactive Business Overview & Revenue Model
Company Description
Rush Street Interactive, Inc. operates as an online casino and sports betting company in the United States and Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the comp...
How the Company Makes Money
RSI primarily makes money from real-money online gaming (iGaming) and online sports betting by earning net gaming revenue from customer wagering activity on its platforms, subject to gaming taxes and contractual revenue shares. (1) Online casino (...
Rush Street Interactive Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyRush Street Interactive Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record revenue, substantial adjusted EBITDA and net income growth, broad-based MAU expansion, improved operating leverage and a confident 2026 guidance range. The primary negatives are regulatory and tax-related uncertainty in Colombia (which materially affected 2025 via $75M of bonusing and is assumed conservatively in 2026 guidance), ARPMAU dilution from rapid new-user growth, and evolving competitive/regulatory dynamics around prediction markets. Overall, the positives (strong growth, profitability, cash generation and clear growth initiatives) materially outweigh the manageable but notable risks, leading to a constructive outlook.Positive Updates
Record Annual Financial Performance
Full year 2025 revenue of $1.13 billion, up 23% year-over-year, exceeding the high end of raised guidance; adjusted EBITDA of $153.7 million, up 66% YoY and above guidance; net income of $74 million vs $7.2 million in 2024.
Negative Updates
Colombia VAT Deposit Tax Impacted 2025 Revenue and EBITDA
The temporary 2025 VAT on deposits led to approximately $75 million of incremental bonusing (direct revenue reduction) and an estimated $25–30 million EBITDA cost for the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Financial Performance
Full year 2025 revenue of $1.13 billion, up 23% year-over-year, exceeding the high end of raised guidance; adjusted EBITDA of $153.7 million, up 66% YoY and above guidance; net income of $74 million vs $7.2 million in 2024.
Read all positive updates
Company Guidance
The company guided 2026 revenue to $1.375–$1.425 billion (up ~21%–26% YoY) and adjusted EBITDA to $210–$230 million (up ~37%–50% YoY), noting cadence should improve through the year; guidance assumes the new 19% Colombia tax on revenue is in place for the full year (the decree was suspended but January will be paid). Management framed the outlook off a 2025 base of $1.13 billion revenue (+23% YoY) and $153.7 million adjusted EBITDA (+66% YoY), Q4 revenue of $324.9 million (+28% YoY), FY gross margin ~34.6% (Q4 34.4%), cash of $336 million, $142 million cash generation in 2025 (net of repurchases), ~$42 million remaining on a $50 million buyback, Q4 marketing $45.4 million / FY marketing $158.4 million (~14% of revenue, down 290 bps YoY), and FY G&A $81 million (~7.1% of revenue); they expect modest gross margin improvement, meaningful (but revenue‑outpacing) increases in marketing, G&A to grow more in line with revenue, and did not include potential upside from an Alberta launch in the guidance.Rush Street Interactive Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
88
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.13B | 924.08M | 691.16M | 592.21M | 488.11M |
| Gross Profit | 392.76M | 322.05M | 226.15M | 177.55M | 155.96M |
| EBITDA | 127.39M | 56.51M | -21.85M | -110.47M | -90.03M |
| Net Income | 33.31M | 2.39M | -18.30M | -38.63M | -29.06M |
Balance Sheet | |||||
| Total Assets | 658.51M | 379.47M | 318.58M | 350.35M | 408.73M |
| Cash, Cash Equivalents and Short-Term Investments | 340.50M | 229.17M | 168.33M | 206.08M | 281.03M |
| Total Debt | 18.46M | 4.64M | 4.13M | 1.90M | 1.66M |
| Total Liabilities | 355.02M | 181.15M | 152.45M | 159.47M | 101.03M |
| Stockholders Equity | 147.24M | 78.68M | 53.77M | 56.05M | 85.44M |
Cash Flow | |||||
| Free Cash Flow | 164.24M | 77.02M | -37.12M | -88.62M | -82.94M |
| Operating Cash Flow | 165.00M | 106.45M | -5.93M | -60.32M | -48.19M |
| Investing Cash Flow | -37.02M | -33.36M | -33.78M | -28.99M | -37.00M |
| Financing Cash Flow | -37.36M | -2.65M | -518.00K | -1.22M | 125.58M |
Rush Street Interactive Technical Analysis
Positive
22.67
Price Trends
20.13
Positive
19.39
Positive
19.00
Positive
Market Momentum
0.56
Positive
61.40
Neutral
76.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RSI, the sentiment is Positive. The current price of 22.67 is above the 20-day moving average (MA) of 21.77, above the 50-day MA of 20.13, and above the 200-day MA of 19.00, indicating a bullish trend. The MACD of 0.56 indicates Positive momentum. The RSI at 61.40 is Neutral, neither overbought nor oversold. The STOCH value of 76.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RSI.
Rush Street Interactive Risk Analysis
Rush Street Interactive disclosed 61 risk factors in its most recent earnings report. Rush Street Interactive reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rush Street Interactive Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.30B | 55.90 | 27.50% | ― | 23.15% | ― | |
73 Outperform | $5.63B | 17.39 | 30.38% | 1.34% | 29.54% | 4389.69% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $21.01B | 30.77 | 0.46% | ― | 18.51% | 37.25% | |
56 Neutral | $400.43M | ― | 8.20% | ― | 1.79% | ― | |
47 Neutral | $564.47M | -1.43 | -116.69% | ― | 0.36% | 47.55% |
* Consumer Cyclical Sector Average
RSI
Rush Street Interactive
22.67
11.34
100.09%
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23.74
-8.70
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BALY
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11.56
-4.96
-30.02%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.