Rush Street Interactive Inc (NYSE:RSI)

Q4 2025 Rush Street Interactive Inc Earnings Call Transcript

Feb 17, 2026 / 11:00 PM GMT

Release Date Price: $16.94 (+5.68%)

Transcript 10-K8-K

Key Points

Positve

Rush Street Interactive Inc (RSI) achieved record revenue of $1.13 billion in 2025, representing a 23% year-over-year growth.
Adjusted EBITDA grew by 66% year-over-year to a record $153.7 million, demonstrating strong operating leverage.
Monthly active users (MAUs) in North America grew by 37% year-over-year in Q4, with a 51% increase in online casino markets.
RSI successfully navigated the challenging tax environment in Colombia, achieving a 66% growth in gross gaming revenue.
The company plans to increase investments in developing differentiated casino content and online casino legalization efforts in 2026.

Negative

The temporary VAT tax in Colombia led to a $75 million reduction in revenue due to increased bonusing strategies.
North American average revenue per user (ARPU) declined by 5% year-over-year, reflecting the dilution from new player acquisition.
Latin American ARPU was down 21% year-over-year in Q4 due to extra bonusing in Colombia.
The new 19% VAT tax on revenue in Colombia, although less punitive, is expected to impact profitability in 2026.
RSI did not repurchase any shares under its $50 million share repurchase program during the fourth quarter.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

RSI.N - Rush Street Interactive Inc
Q4 2025 Rush Street Interactive Inc Earnings Call
Feb 17, 2026 / 11:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, ladies and gentlemen.

Thank you for standing by. Welcome to the Rush Street Interactive Fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note that this conference call is being recorded today, February 17, 2026. I will now turn the call over to Kyle Sowers, President and Chief Financial Officer.

Thank you. You may go ahead.

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Unidentified_2 [2]
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Thank you, operator, and good afternoon. By

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