Rich text lookup field not displaying correct when emailing a report

Is the Message format set to HTML?

Are you sure the field type is Rich Text?

This is one version I use for emailable  buttons

var text URL = url goes here;


var text ButtonWords = "Click here to Update ETD and ETA dates";

// Begin button style
var text bgcolor = "#34A853";
var text txtcolor = "white";
var text style = "style=\"text-decoration: none; width: 250px; text-align: center; background:" & $bgcolor & "; border-radius: 5px; padding: 8px 10px; color: " & $txtcolor & "; display: inline-block; font: normal 700 24px/1 \"Calibri\", sans-serif; text-shadow: none;";
// End button style

"<a " & $style & " href=" & $URL & ">" & $ButtonWords & "</a>"

This isn't a subscription email.  I am on my report, and then just click on the 3 dots, and am selecting email.  In that screen (see attached) does not have that option.  

I created a new Formula Rich Text and put an image in it.   Then I used the In Record Email option.

How does your field display in the record as opposed to the email?