Rush Street Interactive, Inc.

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

RSI$11.97-1.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities
Net income (loss)	$74,029	$7,236	$(60,055)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Deferred income tax	(112,220)	(143)	(255)
Change in tax receivable agreement liability	107,776	739	—
Depreciation and amortization expense	39,970	32,203	29,759
Share-based compensation expense	26,261	35,288	30,020
Noncash lease expense	999	891	697
Long-lived assets write-off	—	—	683
Changes in assets and liabilities:
Players’ receivables	(515)	(4,814)	658
Due from affiliates	(1,737)	15,261	2,433
Prepaid expenses and other assets	(7,978)	(7,765)	(228)
Accounts payable, accrued expenses and other liabilities	35,519	25,183	(9,267)
Players’ liabilities	2,900	2,370	(377)
Net cash provided by (used in) operating activities	165,004	106,449	(5,932)
Cash flows from investing activities
Internally developed software costs	(28,591)	(24,420)	(22,619)
Acquisition of gaming licenses	(3,777)	(4,081)	(7,279)
Acquisition of other intangibles	(2,627)	(2,075)	(765)
Short-term investments	(1,029)	(1,862)	(3,061)
Purchases of property and equipment	(767)	(925)	(1,291)
Acquisition of developed technology	(225)	—	—
Investments in equity securities	—	—	(470)
Proceeds from long-term time deposits	—	—	1,705
Net cash used in investing activities	(37,016)	(33,363)	(33,780)
Cash flows from financing activities
Payments for employee taxes related to shares withheld	(26,464)	(1,160)	—
Repurchase of Class A Common Stock	(7,634)	—	—
Principal payments of finance lease liabilities	(2,718)	(1,559)	(518)
Tax distributions to non-controlling interests	(724)	—	—
Proceeds from exercise of stock options	176	67	—
Net cash used in financing activities	(37,364)	(2,652)	(518)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	17,124	(8,655)	5,126
Net change in cash, cash equivalents and restricted cash	107,748	61,779	(35,104)
Cash, cash equivalents and restricted cash, at the beginning of the year	232,756	170,977	206,081
Cash, cash equivalents and restricted cash, at the end of the year	$340,504	$232,756	$170,977

	Year Ended December 31,
	2025	2024	2023
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for new or modified operating lease liabilities	$1,349	$1,582	$210
Right-of-use assets obtained in exchange for new or modified finance lease liabilities	3,482	1,986	2,423
Allocation of equity and non-controlling interests upon changes in RSILP ownership	8,076	13,374	4,988
Shares withheld for employee taxes in Other Current Liabilities	363	1,827	—
Investing activities in Accounts Payable and Accrued Expenses	363	662	821
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$32,670	$16,549	$7,385
Cash paid for interest	918	908	938

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