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Rush Street Interactive, Inc. (NYSE: RSI) reported record-breaking financial results for the fourth quarter and full year 2025, with quarterly revenue reaching $324.9 million and full year revenue of $1,134 million, surpassing the high end of company guidance.
Fourth Quarter Performance Exceeds Expectations
The online casino and sports betting operator achieved revenue of $324.9 million during the fourth quarter of 2025, representing a 28% increase compared to $254.2 million in the same period of 2024. Net income for the quarter reached $19.1 million, nearly triple the $6.5 million reported in Q4 2024.
Adjusted EBITDA set a new quarterly record at $44.1 million, up 44% year-over-year from $30.6 million. The company’s adjusted sales and marketing expense represented 14% of revenue, demonstrating improved efficiency in customer acquisition.
The operator reported significant user base expansion, with total Monthly Active Users (MAU) in the United States and Canada exceeding 278,000, up 37% year-over-year. Online casino MAU growth was particularly strong at 51% year-over-year. In Latin America, including Mexico, MAUs surpassed 493,000, reflecting 47% year-over-year growth.
Average Revenue per Monthly Active User (ARPMAU) reached $331 in the United States and Canada during the fourth quarter, while Latin America ARPMAU was $32.
Full Year 2025 Delivers Record Profitability
For the full year 2025, RSI generated revenue of $1,134 million, exceeding the high end of guidance and representing 23% growth compared to $924 million in 2024. Net income reached $74.0 million for the year, a substantial increase from $7.2 million in 2024.
Full year Adjusted EBITDA totaled $153.7 million, also exceeding guidance and reflecting 66% growth year-over-year from $92.5 million. Adjusted sales and marketing expense for the full year was $158.4 million, representing 14% of revenue and showing a 290 basis point improvement from 16.9% in 2024.
The company’s balance sheet strengthened significantly, with unrestricted cash and cash equivalents reaching $336 million as of December 31, 2025, an increase of $107 million for the year.
Management Commentary
“We are thrilled to report an extraordinary 2025, delivering record-breaking performance across virtually every key metric,”
said Richard Schwartz, Chief Executive Officer of RSI.
“This exceptional performance reflects broad-based strength across all geographies and product verticals, as well as significant growth in our player base. During the fourth quarter, our monthly active users in North American online casino markets grew at the second fastest rate in four and a half years, which again drove outstanding growth in revenues.”
Schwartz highlighted the company’s performance in Latin America, noting
“quarterly and annual results in Latin America demonstrated remarkable strength and resilience through regulatory headwinds. This broad-based growth drove record profits and demonstrates the powerful operating leverage that we’ve built within our business model.”
“What makes our 2025 results particularly compelling is that they stem from systematic improvements we’ve made across nearly every aspect of our business – from customer acquisition and retention strategies to technological innovation and operational excellence,” Schwartz added. “Our continued focus on providing a player-first experience has allowed us to grow and differentiate our brand.”
2026 Guidance Projects Continued Growth
RSI initiated guidance for the full year ending December 31, 2026, projecting revenue between $1,375 million and $1,425 million, representing year-over-year growth of 21% to 26%. Adjusted EBITDA is expected to range between $210 million and $230 million, reflecting anticipated growth of 37% to 50%.
The guidance incorporates assumptions that only operations in currently live jurisdictions are included, and that RSI continues to operate in existing markets under similar tax structures, including the emergency VAT tax decree in Colombia.
“Looking ahead to 2026, we have tremendous confidence in our growth trajectory and our ability to continue executing on our strategy,” Schwartz stated. “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.”
About Rush Street Interactive
Rush Street Interactive is a leading online casino and sports betting company operating in the United States and the rest of the Americas. The company is listed on the New York Stock Exchange under the ticker symbol RSI.
Source: Rush Street Interactive
