Rush Street Interactive Inc (RSI)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business works — after the first quarter of 2026 there is not much to argue about: 41 percent revenue growth, $42.8 million of operating income, $330.6 million of cash and no financial debt. The balance sheet is unremarkable too; the largest liabilities are player balances and accruals from ordinary operations. Two material operating questions remain open. First, earnings quality: the reported record profit for 2025 was made in the tax line, not in the business, and a single clean operating year is not yet a track record. Second, market access: in most U.S. states the permission hangs on a local license partner, and some of those partners belong to the executive chairman and his family. This is not an existential question — a debt-free company with positive cash flow does not fail over it. But it is more than a formality. Hence yellow. The decision is yours.
symbol.quality_note
Rush Street Interactive is growing fast: $370.4 million of revenue in the first quarter of 2026, up 41 percent, and net income of $26.2 million. But $17.1 million of that went to owners whose stakes never trade on the NYSE. The quarterly report filed April 29, 2026, spells it out in a single sentence: 55.57 percent of the operating business does not belong to Class A shareholders. Not investment advice — just the question of who actually owns this growth.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at RSI since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 23 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 26.90 $ — 59% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIDer Geschäftsbericht 10-K für 2025 sagt ausdrücklich, dass das Unternehmen KI-Lösungen in sein Geschäft eingebunden hat und weiter einbinden will; KI ist dabei keine eigene Umsatzquelle, sondern Betriebsmittel.
View the full file — quotes, sources, reviewed filings
„We have incorporated and will likely continue to incorporate artificial intelligence (“AI”) solutions into our business, and applications of AI may become important in our operations over time."
Wir haben Lösungen der künstlichen Intelligenz (KI) in unser Geschäft eingebunden und werden dies voraussichtlich weiter tun; Anwendungen von KI könnten im Lauf der Zeit für unseren Betrieb wichtig werden.
„Our competitors or other third parties may incorporate AI into their product development, product offerings, and technology more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations."
Unsere Wettbewerber oder andere Dritte könnten KI schneller oder erfolgreicher in ihre Produktentwicklung, ihr Produktangebot und ihre Technologie einbinden als wir, was unsere Fähigkeit zum wirksamen Wettbewerb beeinträchtigen und unser Betriebsergebnis nachteilig beeinflussen könnte.
Filings Reviewed: 10-Q 2026-04-29 · 10-K 2026-02-18 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2025-02-28
Rated on July 26, 2026 · How the Rating Is Built
Analysts & Price Target
The price target sits 33.8% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 7
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.62 | 0.61 – 0.64 | 1,588 | 67.6% | 9 |
| 12/31/2027 | 0.85 | 0.75 – 0.98 | 1,837 | 36.6% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.02 | – | 254 | 31.10 | 0.80 | 26 | 21 |
| 2025: Q1 | 0.05 | – | 262 | 20.70 | 2.00 | 29 | 21 |
| 2025: Q2 | 0.18 | – | 269 | 22.20 | 6.20 | 26 | 17 |
| 2025: Q3 | 0.06 | 343.50 | 278 | 19.70 | 2.20 | 41 | 30 |
| 2025: Q4 | 0.05 | 135.40 | 325 | 27.80 | 1.60 | 69 | 69 |
| 2026: Q1 | 0.08 | 54.60 | 370 | 41.10 | 2.40 | 20 | 20 |
| 2026: Q2 | 0.10 | -44.40 | 394 | 46.30 | 2.90 | 52 | 52 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 18 | -11 | -11 | -0.37 | -5 | -3 | 8 |
| 2019 | 64 | -22 | -22 | -0.78 | -2 | -3 | 25 |
| 2020 | 279 | -133 | 1 | 0.02 | 16 | -62 | 309 |
| 2021 | 488 | -94 | -29 | -0.51 | -48 | 85 | 409 |
| 2022 | 592 | -125 | -39 | -0.61 | -60 | 56 | 350 |
| 2023 | 691 | -52 | -18 | -0.27 | -6 | 54 | 319 |
| 2024 | 924 | 24 | 2 | 0.03 | 106 | 79 | 379 |
| 2025 | 1,134 | 87 | 33 | 0.14 | 165 | 147 | 659 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose from $691.2 million (2023) to $924.1 million (2024) and $1,134.4 million (2025) — and by 41 percent to $370.4 million in the first quarter of 2026. The pace is accelerating, not fading. Latin America is doing more and more of the lifting: $87.8 million in the first quarter of 2026 after $37.5 million a year earlier.
A $51.6 million operating loss in 2023 turned into $25.0 million of operating income in 2024 and $87.4 million in 2025; the first quarter of 2026 delivered $42.8 million after $14.9 million. The operating margin climbed from 5.7 to 11.6 percent year over year. Operating cash flow reached $165.0 million in 2025 after $106.4 million.
As of March 31, 2026, the listed corporation owned just 44.43 percent of the operating partnership. Of the $26.2 million of quarterly net income, $17.1 million was therefore attributed to non-controlling interests and $9.1 million to Class A shareholders. On top of that sits the 2020 tax receivable agreement: 85 percent of certain tax savings go to the pre-IPO owners, carried at $133.4 million as of March 31, 2026.
The $74.0 million of 2025 net income is not an operating result: pre-tax the company posted an $11.1 million loss because the tax receivable agreement cost $107.8 million, and only an $85.1 million tax benefit flipped the sign. The first quarter of 2026 managed without such items — $45.8 million pre-tax, $19.6 million of tax expense, $26.2 million of net income.
Online casino is legal in only nine U.S. states. In most markets, the 2025 annual report says, RSI depends on a local license holder; if the partnership ends, the company may not operate there. Several states have raised gaming tax rates or proposed increases, and Colombia issued two state-of-emergency decrees on a value-added tax for online betting in 2025, the most recent one at 19 percent.
At roughly $7.28 billion of market capitalization (data as of July 24, 2026) against $1,242.4 million of revenue over the last four quarters, price-to-sales stands at roughly 5.9. After deducting cash, enterprise value equals 38 times adjusted EBITDA and 60 times operating income over those same four quarters. The mean analyst price target of $30.18 sits below the implied price of roughly $31.
Rush Street Interactive is a fast-growing, now profitable company with one design detail you have to know about: less than half of it trades on the NYSE. Revenue of $1,134.4 million in 2025, up 41 percent in the first quarter of 2026, $165.0 million of operating cash flow and no financial debt stand against 55.57 percent of non-controlling interests, a $133.4 million tax receivable agreement in favor of the pre-IPO owners, a $287.0 million secondary offering in May 2026 and a business that hangs on a license in every single state. Buying here means buying a minority stake in a partnership — alongside a co-owner who controls 43.0 percent of the votes. Not investment advice.
- Rush Street Interactive reached our research list through our in-house stock scanner: the stock sits in the U.S. selection of the "Fundamental Rank (A / A+)" screen, which sorts companies by the quality of their numbers (as of July 26, 2026; 38 U.S. names meet the criteria, the page shows the first 25). On the same date RSI appeared in 22 screens at once, among them the Buffett criteria, quality growth, institutional accumulation and Stan Weinstein stage 2. The screens are recalculated daily.
- Recency: this analysis draws on the annual report 10-K for 2025 (February 18, 2026), the quarterly report 10-Q as of March 31, 2026 (April 29, 2026) and every filing submitted afterwards — in particular the prospectus supplement 424B4 dated May 5, 2026, the current report 8-K dated May 7, 2026, on the secondary offering, and the 8-K dated June 3, 2026, on the annual meeting. Share counts in the text therefore come from April 28, 2026, and from the prospectus supplement dated May 5, 2026 (whose share counts are as of May 4, 2026), not from the year-end accounts.
- Valuation figures are dated and evergreen: the implied price of roughly $31 comes from a market capitalization of $7.28 billion (data as of July 24, 2026) divided by the 232,699,126 shares of both classes. Cross-check against the last closing price documented in a filing, $29.17 on May 5, 2026: $6.79 billion, a deviation of roughly 7 percent. Analyses are evergreen; a daily price is not a reason to buy.
- Not to be confused: the listed Rush Street Interactive, Inc. is not the same as Rush Street Gaming, LLC — the Bluhm family land-based casino business, which is not publicly traded but is a commercial partner of RSI.
About the Company
Rush Street Interactive, Inc. ist als Online-Casino- und Sportwettenunternehmen in den USA, Kanada und Lateinamerika tätig.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 912 |
| Headquarters | Chicago, IL |
| Address | 900 North Michigan Avenue, 60611 Chicago, United States |
| Phone | 773 893 5855 |
| Website | rushstreetinteractive.com |
| IPO Date | 23. Apr 2020 |
| ISIN | US7820111000 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Neil Gary Bluhm CPA | Co-Founder & Executive Chairman | 1938 |
| Richard Todd Schwartz | Co-Founder, CEO & Director | 1975 |
| Mattias Stetz | Chief Operating Officer | 1980 |
| Paul Wierbicki Esq., J.D. | General Counsel, Chief Legal Officer & Director | 1980 |
| Shubham Tyagi | Chief Technology Officer | – |
| Laura McAllister Cox | Chief Compliance Officer | 1960 |
| Brian Sapp | Chief Marketing Officer | – |
| Michelle Armer | Chief People Officer | – |
| Bruce Caughill | Managing Director of Canada | – |
| Rob Picard | Chief Strategy Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 6. Jul 2026 | Sauers Kyle | Chief Financial Officer | Sell | 23,000 | 31.53 | 725,190 |
| 17. Apr 2026 | Judith Gold | Director | Sell | 48,286 | 23.07 | 1,113,958 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.