Rush Street Interactive (NYSE: RSI) reported record fourth‑quarter 2025 revenue of $324.9 million, up 28% year‑over‑year, and full‑year revenue of $1,134 million, a 23% increase that topped the high end of guidance. Net income for the quarter was $19.1 million and $74.0 million for the year. Adjusted EBITDA reached $44.1 million in Q4 and $153.7 million for the year, a 44% and 66% year‑over‑year rise, respectively. The company’s diluted earnings per share were $0.05 for the quarter and $0.08 for the year, both below the consensus estimate of $0.11, indicating an EPS miss despite the top‑line strength.
The revenue growth was driven by a 30% increase in online casino sales and a 20% rise in sports‑betting revenue in Q4, while the full‑year mix saw casino revenue up 28% and sports‑betting up 7%. Geographic performance mirrored this trend: North America revenue grew 29% in Q4 and 25% for the year, whereas Latin America revenue increased 17% in Q4 and 12% for the year, underscoring the company’s expanding presence in both core markets.
Headwinds included a temporary VAT tax in Colombia that triggered $75 million of incremental bonusing, costing an estimated $25‑$30 million in EBITDA for the year. The tax environment remains a concern for 2026, but management expects the impact to be less severe than the previous year’s experience.
Management highlighted the results as a product of systematic improvements across acquisition, retention, technology, and operations. CEO Richard Schwartz said, "We are thrilled to report an extraordinary 2025, delivering record‑breaking performance across virtually every key metric. This exceptional performance reflects broad‑based strength across all geographies and product verticals, as well as significant growth in our player base." CFO Kyle Sauers noted, "Fourth quarter revenue of $324.9 million, up 28% year‑over‑year, set another record high and marks our 11th consecutive quarter of sequential revenue growth."
The company reiterated its 2026 outlook, projecting revenue of $1,375 million to $1,425 million and adjusted EBITDA of $210 million to $230 million. Management expressed confidence in sustaining momentum, stating, "Looking ahead to 2026, we have tremendous confidence in our growth trajectory and our ability to continue executing on our strategy. We remain committed to delivering exceptional player experiences while creating long‑term value for our shareholders and are confident in our ability to sustain this momentum."
Investors responded favorably to the revenue beat and optimistic guidance, though the EPS miss tempered enthusiasm. The market reaction was driven primarily by the strong top‑line performance and the company’s confidence in future growth, while the earnings miss highlighted the impact of the Colombia tax headwind and the need for continued cost discipline.
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