Rush Street Interactive, Inc. (RSI)

Price$19.66Cached quoteAs of 2026-09-30 12:33 UTC

AI: Fair-priced

Price checkRapid growth supports the valuation, but the shares no longer offer an obvious bargain.

Rush Street's market value is about $6.0 billion and net cash is roughly $335 million. That leaves total business value near $5.6 billion, about 22 times the midpoint of management's 2026 adjusted operating-profit measure before interest, taxes and other adjustments. Trailing free cash flow, meaning operating cash after capital spending, is roughly $182 million, putting the shares near 33 times that cash. With revenue expected to grow almost 40%, the valuation looks demanding but defensible rather than clearly cheap or excessive.

Big pictureRevenue and profits are scaling rapidly as online casino growth becomes the main earnings engine.

Revenue increased from $924 million in 2024 to $1.13 billion in 2025, while operating income more than tripled to $87 million and operating cash flow rose to $165 million. The acceleration continued in the first half of 2026: revenue reached $764 million, up about 44%, and operating income more than doubled to $89 million. Second-quarter revenue rose 46% and adjusted operating earnings rose 61%. Online casino generated 72% of quarterly revenue, reducing dependence on the seasonal sports calendar.

Business strengthA debt-free balance sheet protects growth, while modest dilution and future tax payments reduce that advantage.

Rush Street held about $340 million of cash against only $5 million of debt at June's end, with current assets more than twice current liabilities. Total economic shares were about 232 million in late July versus roughly 230 million at year-end, so underlying dilution was modest despite the much larger increase in publicly traded Class A shares caused by ownership-unit conversions. Stock compensation was about $14 million in the first half. A tax-sharing agreement could also require roughly $239 million of payments after the next twelve months.

What could change the storyNew casino markets could sustain exceptional growth, while higher gaming taxes would quickly pressure returns.

The bull case is continued online-casino expansion: North American monthly users grew 51% in the second quarter, Latin American users grew 62%, and Alberta added another regulated casino and sportsbook market in July. Management now expects $1.56 billion to $1.60 billion of 2026 revenue. The bear case is that growth slows as existing markets mature while taxes rise; current guidance assumes similar tax structures, including Colombia's temporary 16% decree. Sustained growth above 25% with rising cash flow would make today's valuation attractive; rapid deceleration would not.

AI: News

Record quarter still sells offExcellent results failed to satisfy elevated expectations, producing a sharp post-earnings stock decline.

On July 29, Rush Street reported record quarterly revenue of $393.8 million, up 46%, and adjusted operating earnings of $64.6 million, up 61%. It also raised full-year revenue and profit guidance. Nevertheless, the shares fell about 13% the following session on unusually heavy volume. Contemporary reporting described the move as a possible valuation-driven sell-the-news reaction. That explanation is plausible, but price timing alone cannot establish why investors sold.

Alberta market opensBetRivers entered a new regulated Canadian market, adding another path for online casino growth.

On July 13, Rush Street launched BetRivers online casino and sports betting across Alberta, expanding its Canadian presence beyond Ontario. The company later said early trends were encouraging and incorporated the live market into its raised 2026 guidance. Shares rose about 2.3% on launch day, but that same-day move cannot confidently be attributed to the announcement alone. Alberta matters because new regulated casino markets can add users and revenue without requiring Rush Street to build physical properties.

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Revenue

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.13B	$924.1M	$691.2M	$592.2M	$488.1M	$278.5M	$63.7M
Gross profit	$392.8M	$322.0M	$226.1M	$177.5M	$156.0M	$87.6M	—
Gross margin	34.62%	34.85%	32.72%	29.98%	31.95%	31.46%	—
Operating expenses	$1.05B	$899.0M	$742.8M	$717.0M	$582.4M	$411.9M	$86.0M
Operating income	$87.4M	$25.0M	−$51.6M	−$124.8M	−$94.3M	−$133.4M	−$22.3M
Operating margin	7.71%	2.71%	−7.47%	−21.07%	−19.32%	−47.91%	−35.07%
EBITDA	$127.4M	$57.3M	−$21.9M	−$110.5M	−$90.0M	−$131.3M	−$21.2M
EBITDA margin	11.23%	6.20%	−3.16%	−18.65%	−18.45%	−47.16%	−33.28%
Net income	$33.3M	$2.4M	−$18.3M	−$38.6M	−$19.5M	$1.1M	−$22.4M
Net profit margin	2.94%	0.26%	−2.65%	−6.52%	−3.99%	0.39%	−35.26%
Basic EPSper basic share	$0.35	$0.03	-$0.27	-$0.61	-$0.35	$0.02	—
Diluted EPSper diluted share	$0.31	$0.03	-$0.27	-$0.61	-$0.51	-$0.01	—

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)150$436.37M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4	WIERBICKI PAULChief Legal Officer	SellClass A Common Stock	10.0K	$30.12	$301.2K	93.3K
Jun 3, 2026Form 4 · 10b5-1	Sauers KyleChief Financial Officer	SellClass A Common Stock	23.0K	$25.44	$585.1K	631.3K
Jun 1, 2026Form 4 · 10b5-1	STETZ MATTIASChief Operating Officer	SellClass A Common Stock	20.0K	$25.63	$512.6K	217.9K
Jun 1, 2026Form 4 · 10b5-1	SCHWARTZ RICHARD TODDChief Executive Officer	SellClass A Common Stock · indirect	55.6K	$25.58	$1.42M	0
Jun 1, 2026Form 4 · 10b5-1	SCHWARTZ RICHARD TODDChief Executive Officer	SellClass A Common Stock · indirect	55.6K	$25.58	$1.42M	0