Rush Street Interactive, Inc.RSI

Rush Street Interactive, Inc. Earnings Per Share Disclosure

10-KFiled Feb 18, 20262 min read
Earnings (Loss) Per Share 
Basic earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to RSI by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to RSI, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares.
The computation of earnings (loss) per share attributable to RSI and weighted-average shares of the Company’s Class A Common Stock outstanding for the years ended December 31, 2025, 2024 and 2023 are as follows (amounts in thousands, except for share and per share amounts):
Years Ended
December 31,
202520242023
Numerator:
Net income (loss)
$74,029 $7,236 $(60,055)
Less: Net income (loss) attributable to non-controlling interests
40,721 4,848 (41,750)
Net income (loss) attributable to Rush Street Interactive, Inc. – basic
33,308 2,388 (18,305)
Effect of dilutive securities:
Increase to net income attributable to non-controlling interests
40,721 — — 
Net income (loss) attributable to Rush Street Interactive, Inc. – diluted
$74,029 $2,388 $(18,305)
Denominator
Weighted average common shares outstanding – basic95,825,421 81,784,916 68,508,093 
Adjustments:
Conversion of weighted average RSILP Units to Class A Common Shares
132,705,076 — — 
Incremental shares from assumed conversion of stock options and restricted stock units(1)
7,587,778 6,630,151 — 
Weighted average common shares outstanding – diluted236,118,275 88,415,067 68,508,093 
Earnings (loss) per Class A Common Share - basic
$0.35 $0.03 $(0.27)
Earnings (loss) per Class A Common Share - diluted
$0.31 $0.03 $(0.27)
(1)In period of Net loss, assumed conversion of stock-based awards and RSILP units are anti-dilutive and therefore excluded from the diluted loss per share calculation. For the year ended December 31, 2024, assumed conversion of RSILP units are anti-dilutive and therefore excluded from the diluted earnings per share calculation.
Shares of the Class V Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V common stock under the two-class method has not been presented.
The Company excluded the following securities from its computation of diluted shares outstanding, as their effect would have been anti-dilutive:
December 31,
202520242023
RSILP Units(1)
— 143,091,720 150,434,310 
Unvested RSUs
139,235 998,448 9,218,142 
Vested RSUs(2)
— — 1,104,629 
Outstanding Stock Options
344,391 727,724 1,971,611 
(1)RSILP Units that are held by non-controlling interest holders and may be exchanged, subject to certain restrictions, for Class A Common Stock. Upon exchange of an RSILP Unit, a share of Class V Common Stock is canceled.
(2)RSUs that vested but the resulting shares of Class A Common Stock have not yet been issued.

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 28, 2025
2023Mar 7, 2024
2022Mar 2, 2023
2021Mar 7, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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