Rush Street Interactive — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue was $385.9 million, a 39% increase year-over-year from $277.9 million in the third quarter of 2025.
• Net income for the third quarter was $28.7 million, a 93% increase year-over-year from $14.8 million in the third quarter of 2025.
• Adjusted EBITDA for the third quarter was $62.2 million, a 73% increase year-over-year from $36.0 million in the third quarter of 2025.
• Adjusted sales and marketing expense was $54.7 million, representing 14.2% of revenue.
• Nine months ended September 30, 2026 revenue was $1.15 billion, compared to $809.5 million in the same period of 2025.
• Nine months ended September 30, 2026 net income was $84.2 million, compared to $54.9 million in the same period of 2025.
• Nine months ended September 30, 2026 Adjusted EBITDA was $187.0 million, compared to $109.5 million in the same period of 2025.
• Cash, cash equivalents, and restricted cash totaled $385.9 million as of September 30, 2026, compared to $277.6 million as of September 30, 2025.
• Total assets were $828.6 million as of September 30, 2026, compared to $658.5 million as of December 31, 2025.
• Total liabilities were $466.2 million as of September 30, 2026, compared to $355.0 million as of December 31, 2025.

Guidance and Future Outlook:

• The company reiterated full-year 2026 revenue guidance of $1.56 billion to $1.60 billion, representing 38% to 41% year-over-year growth.
• The company reiterated full-year 2026 Adjusted EBITDA guidance of $245 million to $265 million, representing 59% to 72% year-over-year growth.
• Guidance assumptions include operations only in live jurisdictions as of the release date and continued operation under similar tax structures, including the temporary 16% emergency tax decree in Colombia.

Business Segments and Product Lines:

• Monthly Active Users (MAU) totaled 907,881, a 42% increase year-over-year from the third quarter of 2025.
• MAUs in North America were 300,572, a 34% increase year-over-year.
• MAUs in Latin America (including Mexico) were 607,308, a 46% increase year-over-year.
• Average Revenue per Monthly Active User (ARPMAU) in North America was $309 for the third quarter of 2026.
• Average Revenue per Monthly Active User (ARPMAU) in Latin America (including Mexico) was $58 for the third quarter of 2026.
• Online casino remains the primary driver of profitability.
• The company launched operations in Alberta, Canada, over three months prior to the report, with expectations of a gradual ramp.
• The company operates in fifteen U.S. states: New Jersey, Pennsylvania, Indiana, Colorado, Illinois, Iowa, Michigan, Virginia, West Virginia, Arizona, New York, Louisiana, Maryland, Ohio, and Delaware.
• The company operates in regulated international markets: Colombia, Canada (Alberta and Ontario), Mexico, and Peru.

Market and Competitive Landscape:

• Customer retention in Latin America remains strong following the World Cup, with customers continuing to play across products.
• The company notes continued operating leverage despite increased marketing investment yielding attractive returns.

Risks and Challenges:

• Forward-looking statements involve risks including changes in applicable laws, regulations, taxes, and tax rates.
• Risks include the ability to manage and sustain growth, execute business plans, and obtain market access or gaming licenses.
• Potential impacts from unanticipated product delays, new competitive products, and general economic conditions affecting demand are noted.
• Currency fluctuations and the temporary emergency tax decree in Colombia are specific factors mentioned in guidance assumptions.

Management Commentary and Tone:

• CEO Richard Schwartz stated the results demonstrated the scale of the business model and continued operating leverage.
• Management expressed confidence in the underlying strength of the business, a scalable profitability model, and continued marketing efficiency.
• Management indicated a strong balance sheet and flexibility to be opportunistic on long-term growth investments.

Other Key Points:

• During the nine months ended September 30, 2026, the company repurchased and retired Class A Common Stock for $28.8 million and repurchased Class A Common Stock for $13.5 million.
• The company paid $30.9 million in employee taxes related to shares withheld during the nine months ended September 30, 2026.
• Net cash provided by operating activities was $143.3 million for the nine months ended September 30, 2026, compared to $95.9 million in the prior year period.
• Net cash used in investing activities was $34.1 million for the nine months ended September 30, 2026.
• Net cash used in financing activities was $81.4 million for the nine months ended September 30, 2026.
• The company received the 2025 EGR LatAm Awards Operator of the Year – North LatAm and the 2022 EGR North America Awards Operator of the Year.
• The company was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council.