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Rush Street Interactive, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release. Guidance figures: 2 raised. The quarter’s numbers.

Key takeaways

  • Record revenue, net income and EBITDA: Revenue rose 41% to $370.4 million, net income rose 134% to $26.2 million and adjusted EBITDA rose 81% to $60.2 million. The company reported each as a quarterly record. Source
  • North American player growth led: North American MAUs were about 296,000, up 46%, with online casino markets up 62% year-over-year. The company compared this with 51% growth in the fourth quarter of 2025. Source
  • Total player base reached 839,000: Total MAUs were about 839,000, up 51% compared with the first quarter of 2025. Source
  • Player growth accelerated for four quarters: Management said year-over-year player growth accelerated in each of the last four quarters, which it attributed to the strength of the business. Source
  • Adjusted sales and marketing at 12.5%: Adjusted sales and marketing expense was $46.2 million, or 12.5% of revenue. The fourth quarter of 2025 was 14% of revenue. Source
  • Operating cash flow fell: Net cash provided by operating activities was $20.1 million against $28.7 million. Players’ receivables rose $10.7 million on the cash flow statement. Source
  • New Alberta market launch in preparation: Management said the company is executing well and preparing for a new market launch in Alberta, adding a jurisdiction to its live markets. Source

“The continued acceleration we've seen in revenue and player growth is particularly exciting.”

Richard Schwartz, Chief Executive Officer of RSI

Guidance

AreaPeriodFigureAgainst last quarter
Revenue SourceFull year 2026$1,490 and $1,540 millionRaised from $1,375 and $1,425 million
Adjusted EBITDA SourceFull year 2026$230 and $250 millionRaised from $210 and $230 million

What changed from last quarter

  • Guidance raised: Full-year 2026 revenue guidance raised from $1,375 to $1,425 million to $1,490 to $1,540 million. Source
  • Guidance raised: Full-year 2026 Adjusted EBITDA guidance raised from $210 to $230 million to $230 to $250 million. Source
  • New: Guidance assumptions now include the expected July 2026 launch of Alberta, which was not in the prior assumptions. Source
  • New: The Colombia tax assumption now refers to a temporary emergency 16% tax decree. The prior release referred to an emergency VAT tax decree. Source

Results and growth drivers

  • Record revenue, net income and EBITDA: Revenue rose 41% to $370.4 million, net income rose 134% to $26.2 million and adjusted EBITDA rose 81% to $60.2 million. The company reported each as a quarterly record. Source
  • Operating income rose to $42.8 million: Income from operations was $42.8 million against $14.9 million a year earlier. Interest income, net was $3.0 million compared with $1.7 million. Source
  • Diluted and adjusted EPS increased: Diluted EPS was $0.08 against $0.05, and adjusted EPS was $0.14 against $0.09. Adjusted net income was $32.9 million compared with $20.4 million. Source
  • Tax and minority interest expense rose: Income tax expense was $19.6 million against $5.1 million. Net income attributable to non-controlling interests was $17.1 million against $5.9 million. Source

Segments and regions

  • North American player growth led: North American MAUs were about 296,000, up 46%, with online casino markets up 62% year-over-year. The company compared this with 51% growth in the fourth quarter of 2025. Source
  • Latin America player base up 54%: Latin America MAUs, which include Mexico, were about 543,000, up 54% year-over-year. Source
  • Latin America revenue per user rose: ARPMAU in the United States and Canada was $317 against $331 in the fourth quarter of 2025. Latin America ARPMAU was $54 against $32.

“We remain committed to delivering exceptional player experiences while creating long-term value for our shareholders.”

Richard Schwartz, Chief Executive Officer of RSI

Players and marketing

  • Total player base reached 839,000: Total MAUs were about 839,000, up 51% compared with the first quarter of 2025. Source
  • Player growth accelerated for four quarters: Management said year-over-year player growth accelerated in each of the last four quarters, which it attributed to the strength of the business. Source
  • Record first-time depositors reported: Management said the company recorded a record number of first-time depositors while keeping marketing spend in check, citing brand awareness. Source

Costs and margins

  • Adjusted sales and marketing at 12.5%: Adjusted sales and marketing expense was $46.2 million, or 12.5% of revenue. The fourth quarter of 2025 was 14% of revenue. Source
  • Cost of revenue rose with revenue: Costs of revenue were $238.2 million against $170.9 million a year earlier, the largest operating cost line. Source
  • G&A costs increased: General and administrative expense was $31.3 million against $25.0 million. Adjusted G&A was $25.8 million against $19.5 million. Source
  • Share-based compensation declined: Share-based compensation expense was $6.7 million against $8.8 million. Depreciation and amortization was $10.7 million against $9.5 million. Source

“Looking ahead, we have tremendous confidence in our trajectory.”

Richard Schwartz, Chief Executive Officer of RSI

Cash, capital and shareholder returns

  • Operating cash flow fell: Net cash provided by operating activities was $20.1 million against $28.7 million. Players’ receivables rose $10.7 million on the cash flow statement. Source
  • Cash balance slightly lower: Cash and cash equivalents were $330.6 million at March 31, 2026, against $336.3 million at December 31, 2025. Source
  • No share repurchases this quarter: The cash flow statement shows no repurchase of Class A common stock in the quarter, against $5.2 million in the first quarter of 2025. Source
  • Employee tax payments on withheld shares: Payments for employee taxes related to shares withheld were $22.7 million against $20.4 million. Source

Strategy and player experience

  • Acquisition, retention and experience linked: Management described player acquisition, retention and experience as linked drivers, with high-quality players kept engaged and experiences driving value. Source
  • New Alberta market launch in preparation: Management said the company is executing well and preparing for a new market launch in Alberta, adding a jurisdiction to its live markets. Source

Coming up, as management said on 28 April 2026

  • Alberta launch expected July 2026: Guidance includes the expected July 2026 launch of Alberta, together with operations in markets already live. Source

Figures management reported

FigureReported
Monthly Active Users, total Sourceapproximately 839,000
MAUs, North America Sourceapproximately 296,000
MAUs, Latin America Sourceapproximately 543,000
ARPMAU, United States and Canada Source$317
ARPMAU, Latin America Source$54

Risks management discussed

  • External: Guidance incorporates assumptions about market maturation and competition, which management said are prudent. Source
  • Regulatory: Guidance assumes operations continue under similar tax structures, including the temporary 16% emergency tax decree in Colombia. Source

Earlier plans management reported on

  • Not stated: Earlier 2026 guidance ranges are now raised, according to the release. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.